Residency and citizenship specialist Monarch&Co says that the Portuguese Golden Visa programme is the most popular European scheme for South Africans due to its investment options, minimal stay requirements, and travel and lifestyle benefits.
And at €280,000 (R4.5 million), the cost makes it a compelling programme, the Sandton based firm said.
At launch of the Portugal programme, the initial requirement was a real estate investment of €500,000 which allows a main applicant and their qualifying dependents to apply for Portuguese residency initially and citizenship after 5 years.
The Portuguese government however, some time back, discounted the €500,000 threshold to €350,000 if real estate investments are located within areas of urban regeneration, were built more than 30 years ago and refurbishment works are planned to be executed.
“This was again further discounted to €280,000 if the investment meets the above criteria and is situated in a low density area – regions with less than 100 inhabitants per square kilometre or with GDP per head less than 75% of the national average,” Monarch&Co said.
Advantages of the Golden Visa
- It removes the need for a visa to enter Portugal or travel through Europe (Schengen Area);
- You can live and work in Portugal, even with residency in a different country;
- Portuguese residency can extend to dependant family members;
- It has extremely low minimum stay periods (total of 35 days in five years);
- Potential to attain permanent residency or citizenship after five years.
Monarch&Co said pointed out that all of its €350,000 and €280,000 investment properties that qualify for the Portugal Golden Visa, come with the following:
- Approved plans and works schedule for the refurbishment required on the property;
- Fully managed refurbishment process by a local team of professionals with a proven track record;
- Refurbishment work comes with a 5-year guarantee;
- Rental guarantee for the investor for at least 3 years from time of signing of the deed, usually greater than 4% net yield (before tax);
- Significant capital growth prospects through careful property and location selection.