For those who have never heard of a Golden Visa, it essentially represents a method of obtaining citizenship or residency for foreign nationals by investment. It allows foreign nationals to obtain a degree of residency and citizenship by simply investing huge amounts of money or by purchasing an estate.
How to Get a Golden Visa
Therefore gaining the Golden Visa status. The program has attracted many wealthy individuals around the world.
However, if you are thinking of enrolling in the program and obtaining a degree of residency or citizenship, you might rethink the initial proposal of purchasing, maybe a fund is a better option.
Here are some essential things to know about this visa before you start.
The Preparation Phase
First and foremost, there are several things to know, in this particular phase, you’ll need a fiscal representative and a lawyer.
Your lawyer essentially is your safeguard as he’ll help you manage through the whole process and simplify the legal phrases and documents for you.
The fiscal representative is taking care of your taxes, actually what we call tax preparation and it is important for the steps following the initial preparation phase.
The Advantages of a Fund Over Purchases
The last year has been extremely unpredictable and unfortunately. A lot of the usual economic dynamic has been completely disturbed due to the pandemic.
The outbreak made it in most cases almost impossible for the buyers to come and take a look at the estate they are supposedly buying.
As most people prefer a personal first look, a fund has become a better and safer option.
Another factor is the changing prices on the market as nobody can predict the direction the prices will take, and for instance, Portugal golden visa changes are on the way with some coastal areas not allowing an application already.
Therefore, the best option stays investing in a fund as it allows more flexibility and lower fee rates. It also distances you from any ongoing changes in the market and the economy.
The steps are simple, and the whole process does not take a lot of time.
Numero de Identificacion fiscal
The second step will actually be taken care of by the fiscal representative you hired, the process is simple and easy to understand.
Once your accounts are all checked out, and you are ready to invest in a fund, prior to that you’ll open a NIF, or ID tax number. This will essentially allow you to open a Portuguese bank account. Meaning you can then leave the money in the account into the fund.
Before you decide and make your final decision, take into account all the different advantages of investing in a fund and purchasing an estate.
We already clarified some of the benefits and once you have set your mind on it. You can proceed with the investment. While your lawyer will take care of the Visa application program and all the paperwork.
The fund allows for more possible financial strategies and more flexibility as opposed to one-time purchases, and also we should mention the exit fees are practically 0%.
Once you have finished all the mentioned, there is a step requiring your personal presence, as this cannot be done remotely out of safety reasons.
All your legal documentation has been carefully looked through and everything is taken into account, the next step is an interview to establish your identity and if it matches with the person submitting for the visa.
Once everything is clear, you’ll go on to give your fingerprints, personal data, photos, etc. Basically, the whole ordeal, once you have finished, you move on to the next step. The whole process is needed to protect you from any sort of identity theft.
The receiving of the Golden Visa
The last thing to know and make you more aware of the whole process is the final step-requiring the Visa. You usually wait for half a year and afterward the Visa will be sent to you after you pay the initial Visa fees.
Which with a fund are lesser than with real estate purchases. When it comes to the renewal of the visa, it usually comes after the first two years.
That is the time of the first renewal, then again a second renewal of the visa follows after five years.
After five years, you can finally apply for real citizenship and you can hope for citizenship status. Fortunately, most of these activities are easily dealt with and done remotely while only the interview requires your personal presence.