Portugal’s golden visa/ARI scheme launched in 2012 has propelled into a great success in 2016. The golden visa scheme offers immediate schengen residence visa to foreign investors who buy a real estate in Portugal for 500,000 euros or 1 million euro business investment.
There are no residence requirements, PR issued after 5 years under Aliens Act – Act number 23/2007 of 4 July) and can “naturalize” for Portuguese citizenship after 6 years under Nationality Act (Act number 37/81 of 3 October. The residence visa issued by Portugal allows free movement in Schengen states move through port of entry and exit in any schengen state including Switzerland.
The 2016 four year data released from portugal immigration office, shows Russians and South Africans top the charts in 2nd and 3rd positions only next to chinese who are 1st. Only 48 lebanese nationals applied for Portugal golden visa in 4 years.
China -2457
Brazil -140
Russia -108
South Africa – 82
Lebanon – 48
The main reason for the surging demand for golden visas is many business travelers, want visa free travel freedom which their home passports cannot offer. According to latest Henley & Partners 2016 report, South africans with their home passport can travel only to 97 countries, Russians 105 countries, Lebanese 39 countries. All of them, cant go to Schengen states and need a separate visa.
St Kitts and Antigua instant citizenship programs are also very popular with South africans and Russians under real estate investment ($400,000 + fees), almost close to Portugal costs. Investors who were issued Caribbean passports can stay in UK for maximum 6 months, EU schengen states for maximum 3 months in a 6 month sliding window period.
Coming back to Portugals scheme, non-EU/EEA nationals holding EU residence permit issued under Portugal golden visa, cannot visit UK, as UK is not a part of Schengen and they need a separate UK visa. They can stay in EU member states other than Portugal including Switzerland for 6 months maximum.
EU residence permit holders (non-EU nationals) can also visit all non-Schengen EU member countries such as Croatia, Romania, Cyprus, Macedonia, Montenegro, Moldova, Georgia under visa waiver agreements without the need for separate visa. Visiting Turkey is also possible with e-visa with EU residence permit.
Portugal golden visa scheme is open to nationals of all countries including those from Middle Eastern Gulf countries such as Syria, Egypt, Libya, Lebanon, Jordan, Iran, Iraq, Palestine, Yemen, Qatar, Bahrain, Kuwait and Saudi Arabia. Indians and Pakistanis have shown tremendous interest for investing in a Portugal real estate sector and take advantage of golden visa.
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