The Portuguese Golden Residence Permit Program, which we refer to at Henley&Partners as PRIP–thePortugalResidence- by-Investment Program, is a five year investment-based residence process for non EU nationals. The residence permit allows free circulation in the Schengen Zone of 26 states and only requires an average of seven days per year stay in Portugal over this period, which can also count towards citizenship eligibility after six years.
2. Procedures and time frame
The Henley process accompanies the applicant’s needs and
fully meets the requirements of Portugal’s Golden Residence
Permit regulations. Following an initial contact, we will
provide information on Henley & Partners Portugal and an
overview of the process to assist the applicant’s assessment,
including the terms of our Client Service Agreement (CSA).
We will share data with our Head Office for due diligence
processing and request payment of a retainer (linked to
the CSA) to put the process in motion. At this stage, the
applicant should clarify the chosen qualifying investment
option. When this is concluded, the required documentation
assembled and financial arrangements completed, the
process is formally submitted to the Portuguese authorities.
Finally, the applicant will be asked to visit Portugal for
identification at his convenience. Henley will look after
these arrangements, as well as provide specialist advice
on taxation and schooling matters during the visit. This
entire process can often be concluded in less than two
months, subject to having complete documentation and the
investment option already made.
Requirements
The Portuguese Golden Residence Permit Program, which we
refer to at Henley & Partners as PRIP – the Portugal Residenceby-Investment Program, is a five year investment-based residence
process for non EU nationals. The residence permit allows free
circulation in the Schengen Zone of 26 states and only requires
an average of seven days per year stay in Portugal over this
period, which can also count towards citizenship eligibility after
six years. The program qualifying investments are:
The transfer of capital with a minimum value of
€1 million
The acquisition of real estate with a minimum value
of €500,000
The creation of at least 10 new jobs registered with
the social security department
The applicant will be required to choose the investment
route he intends to follow at the start of the process.
The capital transfer option is a straightforward route and
can include investments in stocks and shares. Henley Estates
has an excellent real estate offering, whether for lifestyle or
investment, with a large geographic, environment and pricepoint diversity, and many applicants desire to combine the
residence permit’s mandatory qualifying stay (an average of
seven days per year) with longer visits to Portugal. We will
endeavour to match the applicant’s personal objectives with
the program’s requirements, aiming for a rapid and seamless
process which combines the residence permit procedure
and the parallel investment. The application for the Golden
Residence Permit must be submitted by the applicant directly
or by his legal representative (for which Henley & Partners will
provide the necessary Power of Attorney) using the procedure
defined by the Portuguese Foreign Border Service (SEF).
Henley & Partners | Portugal Residence-by Investment Program | November 2013
Henley will start the process by requesting basic applicant
information (identification, address and elementary
personal data) for a preliminary check. If these are
favourable, an initial retainer fee is required to start
the application process. A residency permit application
form must be completed and submitted with a full set of
qualifying documents, including:
The applicant may also apply for family reunification which
may run at the same time or at a later stage, according to the
applicant’s preference. It will be dependent on a successful
main application.
for citizenship. This also requires some knowledge (level A2)
of the Portuguese language, and a criminal record clean of
crimes implying more than three years imprisonment.
Citizenship
Naturalization as a citizen is possible after at least 6 years of
legal residence. Portugal allows dual citizenship.
Taxation
Personal taxation for non-residents on Portuguese sourced
employment and pension income is charged at a preferential
rate of 25%, although interest and rental income, dividends
and capital gains are taxed at 28%.
For new residents wanting to stay for longer periods
and possibly reside in Portugal, there is a Non-Habitual
Residents (NHR) regime which may be more beneficial.
Once NHR tax status is obtained, income derived from a
Portuguese source through a number of defined, high-value
professions will be subject to income tax at a flat rate of
20%, though some surcharges may apply.
Income derived from a foreign source and relating to
employment income, pension income and business and
professional income can be subject to exemption. Portugal
does not apply a wealth tax. There is no tax on gifts or
inheritances between parents, children and grandchildren.
The Golden Residence Permit is valid for a period of one
year after issue, and renewable for two subsequent periods
of two years making a total of five years for the program.
There is then an option of another one year extension, and
after residence in Portugal for six years, it is possible to apply
A valid passport
Proof of legal entry and permanence in Portuguese
territory
Proof of international health insurance valid in
Portugal
A signed application enabling consultation of the
Portuguese Criminal Record by SEF
A Criminal Record Certificate from the relevant
authority of the applicant’s home country or from
the country where the applicant has been residing
for over a year
Proof of the qualifying investment
A declaration confirming the absence of debts
issued by the Portuguese Inland Revenue and
Customs Authority and by Social Security (this
document is only required where the investment
option is the creation of 10 new jobs)
Key Advantages
The residency program requires a total of only 35
days stay in Portugal during the five year period
It is a fast track process
A single process-motivated visit is feasible
The residence permit allows access to the 26
Schengen Area countries
Six years as a resident (including one additional
renewal) creates eligibility for citizenship
An affidavit signed by the investor that he/she will
comply with the minimum quantitative investment
requirements
A receipt for the payment of the application fees
Henley & Partners | Portugal Residence-by Investment Program | November 2013