Portugal is a sunny destination, that offers mild weather, great safety, amazing quality of life and the ideal location, with easy access to the rest of Europe. It is no wonder this charming country has also become one of expats' favorite places to apply for a residency permit, given that it also has one of the most successful Golden Visa programmes in the world. For Indian citizens, this is a great pathway to gain freedom of travel and to access valuable opportunities. In this article we gathered all the information you need to have on how Indian investors can apply for a Portugal Golden Visa.
Why is Portugal Great for Indians?
If you are an Indian citizen aiming to improve your quality of life on the short and long terms, then Portugal might be the perfect choice for you. First of all, the country offers amazing quality of life, the 7th cleanest air in Europe and is a safe haven with great options for public and private education, with many international schools that teach in English, and quality universal healthcare.
Portugal also has a rather small population, great climate and affordable cost of living. But what is most maybe the most important part for you as an Indian citizen is that Portugal has a great Golden Visa programme that allows you and your family to live, work and study in the country for an extended period of time. After five years, you can ask for a permanent residency permit and live in Portugal for as long as you would like, with no need of giving up your status as an Indian citizen. Let us dive into Portugal Golden Visa and explain how this pathway to residency through investment works for you.
Portugal Golden Visa’s 2024 Status: Open for Indian Investors
The Portugal Golden Visa is a Residency by Investment programme that was created in 2012 with the goal of enhancing Portugal’s economy by attracting foreign investors to the country. With the Portugal Golden Visa, Indian citizens can obtain a residency permit in exchange for an investment in pre-defined options.
In October 2023, the Portuguese government discontinued the real estate option – the most popular one up until that point -, which made some people believe that the whole programme was over, which is a misconception. The Portugal Golden Visa remains fully operational in 2024 and gives no sign of being interrupted any time soon.
That means that the Portugal Golden Visa for Indians is an available and great option for obtaining a new residency permit, and we will explain further in detail how this can be achieved.
Benefits of the Golden Visa in Portugal for Indian Citizens
Portugal Golden Visa offers a wide array of benefit for Indian investors. The most straightforward one is the Portuguese residency permit that will allow you to work, live and study in Portugal. However, that very tangible asset translates to much more.
With an amazing quality of life that can be fully enjoyed due to the laidback Portuguese lifestyle, the country also offers a great private and public healthcare system, and quality education. Also, as a resident, you will be able to travel visa-free to all of the 28 other countries within the Schengen Area and stay there for up to 90 days, in a 180-day period.
And the good news keeps on coming: Indian investors can also include their direct family and dependents on the process, extending all the benefits to them as well. It is no wonder that, according to AIMA, the Portuguese Agency for Integration, Migration and Asylum, in 2023, Indian citizens were among the top 5 most representative foreign population in Portugal, behind only of Brazilians, the British, Cape Verdeans and Italians.
With all those benefits, instant opportunities will be at the disposal if Indian investors, both in their personal and in their business life. That is why it is no wonder that, in 2023, 199 high-net worth Indian individuals secured their Golden Visa in Portugal.
However, down the road the gain can be even greater as holders of a Portugal Golden Visa that maintain their investments for 5 years are eligible to apply for a permanent residency or for Portuguese Citizenship. Keep in mind that Indian citizens cannot have Dual Citizenship so, to apply for Portuguese nationality they have to give up their status as Indians which, in some cases, might be worth it. After all, while the Indian Passport currently ranks at 74th in the Global Passport Index ranking, Portugal has the 4th most powerful passport in the world. The other possibility is to apply for permanent residency.
How Can Indians Be Eligible for the Golden Visa in Portugal?
There are a few requirements Indian citizens, as any other third-country national, need to fulfill in order to successfully apply for a Portugal Golden Visa.
The main applicant can also bring to Portugal a spouse, dependent children, including adopted, and full age children who are still studying, dependent parents from either the Golden Visa holder or spouse, and minor dependent brothers or sisters who are under the guardianship of the main Golden Visa applicant. Therefore, you do not have to worry about your family and loved ones as they can also be eligible to become a part of the Golden Visa application, regardless of how many they are, and will be able to join you in Portugal with the same benefits that you will have.
Portugal Golden Visa Investment Options for Indians
Although the real estate option has been discontinued since October 2023, the Portugal Golden Visa still offers many paths for Indian Investors seeking to make the best of Portugal’s opportunities.
Investment Funds
One of the pathways to the Golden Visa is by choosing one or more preferred funds that will be managed by a financial services and management company, who will strategically redirect the capital from the investor into select assets. Most Golden Visa-eligible investment funds focus on private equity or venture capital in the Portuguese manufacturing sector, in mid-sized, and prime hospitality assets and in sports and media assets. The operation is regulated under the Bank of Portugal and is currently the best one available, since it can turn into profit to the investors after the minimum period required for the investment.*
>> Investment amount: €500,000
Job Creation
Another option to be eligible for the Golden Visa is by creating 10 job posts in the most populated areas of Portugal, or 8 job posts in territories with less than 100 inhabitants per sq.km. or with GDP per head that is less than 75% of the national average. Employees must be registered, along with the respective individual employment contracts.
Company Creation With 5 Permanent Job Posts
It is also possible to apply for a Portugal Golden Visa by opening a company in Portugal that will have at least 5 permanent job posts for a minimum period of 3 years.
>> Investment amount: €500,000
Donation to the Arts and Cultural Heritage
By making a qualifying investment to an eligible cultural heritage institution or art project it is also possible to apply for a Golden Visa in Portugal.
>> Investment amount: €250,000
Donation to Scientific Research
Non-Portuguese citizens who transfer capital to be donated to a public or private or scientific research institutions also have a route to the Golden Visa.
>> Investment amount: €500,000
Documents Indians Need to Present to Apply to a Golden Visa in Portugal
After deciding what type of investment is the best for you, it is time to collect a list of documents to start your application process for the Golden Visa.
The required documentation is:
- The Golden Visa application form;
- A copy of your passport;
- A police clearance with a background check;
- Proof of the contracted health insurance in Portugal;
- A declaration issued by the Bank of Portugal, confirming the funds of the chosen investment have been transferred from abroad to a Portuguese bank account;
- A declaration of honour that the investment made will be kept for 5 years;
- A clearance document from Portugal’s Tax Authority;
- A clearance document from Portugal’s Social Security;
- The receipt of the paid Golden Visa application process fee.
It is important to know that all documents must be legally translated to Portuguese and then certified. This is done by the Portuguese consulate or by apostilling the documents according to the Hague Apostille Convention.
To help investors like you, Portugal Homes has an entire department dedicated to help you with the necessary requirements such as Tax Representation services and document check. Our After Sales team will secure a carefree experience when it comes to your income and tax obligations in Portugal. From Obtaining a Portuguese Tax Number, to open your Portuguese Bank Account, our team of professionals are specialists in Golden Visa applications, with 100% success application rate.
Portugal Golden Visa - Step by Step Process for Indians
The process that Indian investors have to go through to apply for a Golden Visa is pretty straightforward. However, important decisions must be made, documents are to be collected, and some actions are necessary prior to the application itself. Here is a breakdown of the Golden Visa process for Indian citizens:
Step 1 – Research and Decision Making
The very first thing you, as an Indian investor, should do, is to research the investment options the Golden Visa programme provides in Portugal and to choose the one that is the most suitable for your goals.
We strongly advise seeking professional consultation with one of our Golden Visa advisors, to better understand in detail the pros and cons of each option and to help you in all the following steps as well.
Step 2 – Prepare the Investment and Documentation
Now that you know how much you will be required to invest in order to apply for the Portugal Golden Visa under your chosen option, you will have to gather the necessary amount, as well as prepare all the documents that should be presented at the application.
Here, at Portugal Homes, we have a dedicated department that is prepared to review all the paperwork to make sure there is nothing missing.
Step 3 – Get a NIF and Open Bank Account
Before proceeding with the application, Indian citizens are required to open a Portuguese bank account to which they will later on transfer their investment. However, this is only possible after obtaining a NIF, or the Portuguese Fiscal Number.
The Portugal Homes’ team can also assist with that, helping you getting your NIF number and opening a Bank account with no need for you to come to Portugal for that.
Step 4 – Make Your Investment
Now everything is ready, it is time to transfer your investment to your Portuguese bank account and then to the chosen investment option.
Step 5 – Submit the Application
Investment made, it is time to start the online application for your Golden Visa, sending all the documents that you have gathered, translated and got apostilled.
Step 6 – Visit Portugal to Collect Biometrics
If everything is in order with your documents, your request will be pre-approved. Around 2 months later, it will be necessary to come to Portugal for the first and only time during the application period, in order to collect your biometric information in person.
Step 7 – Receive Your Golden Visa
After the collection of your biometrics, it will take around 4 months for your documents to be analysed by AIMA (the Agency for Integration, Migration and Asylum). Once your Golden Visa is authorised, you will then pay the application cost.
How Can Indian Citizens Obtain Portuguese Citizenship Through the Golden Visa
Whether you choose to live in Portugal or not after obtaining your Golden Visa (keep in mind that you only need to be in the country for 7 days each year), you can always apply for the Portuguese nationality afterwards.
In order to do that, you will have to hold your investment for at least 5 years and maintain all conditions you had to comply to at the time of the application process, thus making sure you keep your Golden Visa and residency permit valid.
After that, you are eligible to start the naturalisation through time of residency process that will lead to Portuguese citizenship and passport.
However, the Constitution of India does not allow its citizens to hold citizenship of a foreign country simultaneously to their own. That leaves Indian investors with two options: they can either give up their Indian Citizenship and become Portuguese Citizens only or they can apply for a permanent residence in Portugal instead.
D2 Visa: Another Option for Indian Investors
The Portugal Golden Visa is an excellent Residency by Investment programme for Indians, especially if you have proper advice, and support from a local partner. However, it is not the only one.
Indian citizens can also get a residence permit in Portugal through the D2 Visa programme, that focuses on the opening or branching out of a company. Very similar to the Golden Visa, the D2 Visa is an efficient way of obtaining Residency within the European Union with benefits such as family reunification and visa-free travel over the Schengen Zone and most cost-effective path to citizenship in the EU.
If this route seems more interesting to you, contact us so we can give you more detailed information about this option.
How to Apply for Golden Visa with Portugal Homes
Even though, as an Indian Investor, you have a straightforward path towards Portugal Golden Visa, there are many details that, if not done correctly, could delay the process. Portugal Homes’ team of experts can help throughout the whole procedure, from advising on the best type of investment for your profile to sending you your Golden Visa once is issued, and beyond.
We have years of experience in helping out investors to obtain residency in Portugal, always through the option that best suit each client’s needs, and we are proud of never having an application denied. That is because we are always on top of all the changes the Residency by Investment programmes in Portugal have faced in the past years and we know every detail of the process.
If you are interested in moving from India to Portugal, the mechanism is very simple: just contact us and let us call you back. It takes less than 24 working hours before we reach to you, and we are always ready to start your application as soon as possible.
FAQ
Is the Portugal Golden Visa Over?
No, the Golden Visa programme in Portugal is fully functional. Only the real estate option was discontinued and, therefore, purchasing a property is no longer a valid investment to apply for a Golden Visa. Other options such as investing in funds, opening job posts and donation to the arts and science are still available.
What Are the Investment Options Currently Available for Indians Seeking to Get a Portugal Golden Visa?
In order to apply for a golden visa in Portugal, Indian investors can make:
- An investment of €500,000 in selected private or public funds;
- A donation to the arts and culture with the minimum amount of €250,000;
- A donation of €500,000 in Scientific Research;
- A capital transfer: €500,000 in the constitution of a company that creates at least 5 job posts for at least 3 years;
- The creation of 10 job posts.
Do Indian Citizens Have to Move to Portugal in Order to Get a Portugal Golden Visa?
No. With the help of a trusted local partner, the process can be almost entirely done online, with the need physical presence only once to collect biometric information. After the Golden Visa is issued, to secure your residency permit, it is necessary to be personally in Portugal for 7 days in the first year and 14 days, every two years after that.
How Long is the Golden Visa Valid for?
Holders of a Portuguese Golden Visa are given a temporary Residency Permit in Portugal for 2 years, which is renewable for another 2 years. It is mandatory to apply for renew at least 30 days before the expiration date of the visa.
How Long Does It Take for an Indian Investor to Get a Golden Visa Permit in Portugal?
From the beginning of the process to the issuing of the Golden Visa, the process time is of around 18 months.
Can Indians Include Family in the Golden Visa Application?
Yes, direct family and dependents can be included in the application. Extra fees per person included will be applied.
Can Indians Work in Portugal with a Golden Visa Permit?
Yes. Indian citizens as well as family and dependents that were included in the application process can live, work and study in Portugal for as long as their residence permit is valid.
Is It Possible to Get a Permanent Residence Permit or Portuguese Citizenship with the Portugal Golden Visa?
Yes. After 5 years of holding a Golden Visa, Indian citizens and family that were added to the application can apply for a permanent residency or Portuguese citizenship. In case of applying for a Portuguese Citizenship, they would have to give up their Indian Citizenship, as India does not allow Dual Citizenship.
As an Indian, Do I Have to Give Up on Indian Citizenship When Applying for Portugal Golden Visa?
No. As the Portugal Golden Visa grants a residency permit and not citizenship, Indian nationals do not need to give up their first citizenship in order to apply or maintain their Golden Visa. That would only be necessary if, after five years of holding your visa, you decide to apply for a Portuguese citizenship rather than to a permanent residency.
Can Indians Travel to Portugal Visa-free?
No. In order to enter Portugal, Indian citizens need to apply for a temporary visa. However, once you have your Golden Visa, this is something you will not have to worry about anymore, as you will be able to enter Portugal and all of the Schengen Area with no need to apply for any extra visas.
How Does the Portugal Golden Visa Differ from the UAE Golden Visa, and which one is Easiest to Have a Successful Application on?
The main difference between the Portugal Golden Visa and the United Arab Emirates Golden Visa is the fact that, in Portugal, the visa needs to be updated every two years, while in the UAE the validity of the Visa can get to 10 years. However, in Portugal you will be able to apply for permanent residence or even for citizenship after maintaining your Golden Visa for 5 years, while this is not possible in the UAE, no matter how long you stay.
As you need to be physically in the UAE during its Golden Visa process, while in Portugal just one visit to collect biometrics is required, the Portugal Golden Visa is considered to be the easiest choice.
Is It Difficult for Indian Citizens to Apply for a Golden Visa?
No, the application process is straightforward and, with the assistance from Portugal Homes, everything will go smoothly. Indians have been successfully applying for the Portugal Golden Visa for many years now and it is not uncommon for Indian investors to be in the top 5 main nationalities receiving residency permits through investment in Portugal.
*This page is intended solely for professional investors for informational purposes only. It does not constitute an offer to buy or sell any security or investment, nor is it an invitation to subscribe to any fund's units.
