What Should UK Citizens Do Next? Andrew Henderson is the world's most sought-after consultant on international tax planning, investment immigration, and global citizenship. Investor Visas in Europe (Part of the best Golden Visa programs in Europe) Golden visa programs from different EU countries grant immediate residency visa or even citizenship directly to foreign investors against a lump sum investment, no less than €250,000 in real estate, or in business & commerce. Since the Golden Visa program does not require you to be a resident, you wouldn’t have to migrate yourself or your entire company to the Iberian Peninsula to qualify. If you are interested in the program and how it could fit into your holistic offshore strategy, feel free to apply for a. he Nomad Capitalist team has helped hundreds of people create and execute prolific offshore plans to help them legally reduce their taxes, become dual citizens, and live the Nomad Capitalist lifestyle of successWould you like to be next? The Risks with Dual Citizenship and CBI programs. And for the folks with enough money, Portugal’s Golden Visa program is the European equivalent of an open-door invitation to do just that. It is quick and asy and you can have permanent residence in a very short period of time. If it is outside the main cities, the investment goes down. If you already found your property, purchase it and submit your application as soon as possible. Would that investor be able to get GV benefits for his unmarried partner with whom he has been living in Japan for more than two years? by Joel Nagel. Portugal’s Golden Visa program requires an investment in either real estate, business, or capital contributions. However, you have to pre-register before you can apply. Bulgaria is similar to Malta. As discussed, your residence permit will be valid for one year. The Ireland Immigrant Investor Program was established in 2012 to allow wealthy individuals and families from outside the European Union to obtain residency in Ireland in exchange for making an approved investment in the Irish economy. T. hey want to promote investment in the following areas: Activities in high environmental or social value, and, The good news is that the program is still open. For instance: Mikkel asks, Is that investment in the Passport? In relation to those who are resident in Portugal, including those who follow the residence-by-investment program, it is possible to apply for citizenship after five years of legal residence in Portugal, if: The applicant is at least 18 years of age The applicant has been a resident in Portugal for at least five years The prices in Portugal have gone up and the yields have gone down. Here are just a few of the reasons: CBI was set up for wealthy people that could come full or part-time to a country they see as a nice addition to the country they were born into. If you would like to stay up to date with all new content that comes out at The Expat Money Show make sure you sign up below for our newsletter; EMS Pulse. In all, Portugal issued 1,245 golden visas to investors and more than 2,000 visas to their dependent family members. You are buying government bonds. Once you are pre-approved, you can then make your appointment. Mikkel and Joel Nagel talk about the cost of obtaining both residency by investments and citizenship by investment in different countries. Those wealthy people buy homes, cars, food, The retail stores benefit, the lawyers, doctors, all benefit (you get the idea). In addition to those fees, there is also a processing fee of 514,80€ ($590.00) for the main applicant and an additional 80,29€ ($92.00) for each family member that must be paid with the initial application and with each renewal. Below, I’ll cover: Portugal hasn’t always held its doors open to foreigners, but when the Great Recession crippled its economy, Portugal looked outward for solutions. What’s unique about the permit is that the investor only has to spend about seven days per year in Portugal to maintain the residency, while still reaping all the benefits of being an EU resident—including visa-free travel in the e… They needed it when they were down on their luck, and that’s when you should have jumped in. More than 90% of all applicants obtained their residence permits via real estate acquisitions, which is by far the most popular form of investment. Investment can take many forms (such as creating a business that provides local jobs, investing in research, or investing in culture) but it can be as simple as purchasing a property in Portugal.Properties should be valued at €500,000 or more, unless the property is more than 30 years old or in an area of urban renovation. You’ll need to get a Portuguese NIF or fiscal number and open a Portuguese bank account, as well. Or, if you don’t want the risk of missing the cutoff date, just go directly to the interior to find property deals. Each year more and more countries get on board as they see their neighbouring countries being infused with new cash and a more stable economy. Ireland Investment Visa. Each country has their own rules for entry. Keeping with Iraq, their citizens have visa-free or visa on arrival access to 28 countries and territories, ranking the Iraqi passport 104th in the world according to the Visa Restrictions Index. When it comes to paperwork, Portugal’s process is more straightforward than many citizenship by investment programs in the Caribbean. However, you have to pre-register before you can apply. In your appointment, an immigration official will interview you and they will collect your biometric data. Investment can take many forms (such as creating a business that … There is also no requirement to visit the country for receiving citizenship or passport initially. Portuguese companies pay 23.75% of gross wages to social security and employees pay a rate of 11% on their salary. While you are waiting for your investment to finalize, you can focus on getting your documents translated into Portuguese. At its core, the true appeal of the Golden Visa is that you will be given preferential treatment during the immigration process in exchange for your investment in the country. A capital transfer with a value equal to or above 1.000.000€ ($1,139,000). Both of these things can take place remotely, so you can get ahead of the game before you arrive in Portugal. Here are the details for the three different investment types: The Portuguese government offers three different real estate investment categories for investors. Our team has helped six- and seven-figure entrepreneurs like you to successfully obtain Portugal’s Golden Visa. If you’ve maintained your investment and your minimum residency requirements, you can apply for Portuguese citizenship after your five years of “golden residence.”. Established in 2012, Portugal’s Golden Residence Permit Program(ARI) enables non-EU/EEA citizens to obtain a special residence permit in exchange for a 5-year investment in Portugal. Portugal’s real estate market was never prone to wild speculation either (unlike in the US where unqualified buyers were looking to become “no money down millionaires” before the bubble burst). Caribbean citizenship-by-investment programs are some of the best established and most trusted investment schemes. There is no requirement to live in the country after making the investment. https://nomadcapitalist.com/second-passport/ In this video, we're giving you the overview of all 12 citizenship by investment (CBI) programs for 2019. If you schedule your interview in a less populated district, you might be able to reduce your waiting time. CYPRUS. 3. Business owners and investors looking to spend all of their time in Europe. However, as we go through the process of leaving the UAE and moving to Panama on the Friendly Nations Visa, I wouldn’t do it by myself. The Golden Visa scheme allows investors to stay in Portugal (and to travel within the Schengen Area) for 5 years. Obtain citizenship status in portugal in 5 years'. If you are interested in the program and how it could fit into your holistic offshore strategy, feel free to apply for a Strategy Call. You will also have to submit a copy of all of the required documents at this time. You can find a list of SEF branches, One final note that cannot go unmentioned when it comes to any of. While it depends on which investment bracket you choose, you are safe expecting to pay around 9%-10% of your investment in these fees. Discover the world's best Investment Residency Programmes in 2019 and get your Plan B in place, whether you are South African, African, or from the Middle East. On top of those documents, you have to prove that you are committed to maintaining your investment for at least five years, as well as proof of your investment. Portugal’s Golden Visa gives you unlimited access to the EU, so if your goal is to be able to live, do business and travel to the EU beyond the 90 or 180 days of visa-free access that you have on your current passport, a Portuguese residence permit may do the trick. Lawyer & Law Firm. As the Citizenship by Investment (CBI) Index indicated: “Before the Covid-19 crisis, investors looked to second citizenship as a platform from which to dive head-on into a world of greater interaction, travel, and globalization. or another country might make more sense for you. From €350k + costs His goal now is to help Expats just like you to generate additional streams of income, eliminate your tax bill, and take advantage of offshore structures so you can travel the world freely and never have to worry about money again. Another benefit that is unique to Portugal’s Golden Visa program is the possibility of establishing non-habitual residence and tapping into the incredible tax savings this program offers, especially by Western European standards. If you are not willing to pay these fees, then you should consider a different residence by investment program. Some passports are exceptional like Singapore and others are crap, like Iraq. Visa Waiver Search. It is difficult to know if the pros outweigh the cons with Portugal’s Golden Visa program because it all comes down to your individual needs and circumstances. If you have the money, consider it. A lot of new changes and amendments happened to citizenship by investment programs in 2019, some countries have tightened the rules while others simplified the acquisition of citizenship through investments. Potentially, you could jump in now and still make it. We will address this particular benefit in more detail below. Thanks for all the free information you provide. At Nomad Capitalist, we’ve encountered some deals for this investment bracket before. Things have obviously changed since then, but the concept remains the same. Nevertheless, it is a very good option for someone with a bit more money and a bigger staff who’s willing to spend more hiring Western Europeans instead of going and living somewhere else. Despite total investment falling by more than 11 percent in 2019 as compared to the previous year, Portugal still netted more than €740 million from wealthy foreign investors applying to its golden visa program. Joel lives in Austria, so he will explain this in more detail. The scheme began in 2012, and by May 2020 has been credited with investments of over 5.2 billion euros from over 20,000 persons (8,736 investors and 14,936 family members),. This may also help you find deals that will qualify you for the second or third options and reduce your required investment level. As is common with investments of this kind, all applicants will need to provide proof of investment to the government. Save my name, email, and website in this browser for the next time I comment. If you have a smaller scale business, are on more of a budget and are interested in living overseas, then Lithuania or another country might make more sense for you. Visit our bookstore to purchase it today! But if you do the math, 700 x 2 million euros, that’s 1,4B Euros infused into the economy. However, Portugal is still cheap by European standards. In his case, he could hire ten Portuguese employees and automatically qualify for second residency without having to live in Portugal. So this podcast will for everyone. Programs are constantly changing, and usually not in your favor. So, don’t count on the program being around forever. Most investors who have elected to go with this option have focused on properties in Lisbon, Porto, or along the coast, putting current applicants at risk of being rejected due to the looming changes. Do your due diligence and if you don’t want to use a lawyer, that’s up to you. Citizenship by investment programs legally confer citizenship status faster than traditional immigration processes and do so without requiring investors to put their lives on hold. If that’s the case, what’s the estimated timeline for that? Here is the link https://nomadcapitalist.com/apply. As long as you maintain your residency be spending roughly seven days a year in Portugal, you’re set. Holistic planning in these cases is essential because messing up can cost you a fortune. Follow Mikkel Thorup on Social Media: Save my name, email, and website in this browser for the next time I comment. The fees paid to a lawyer are well worth the knowledge they have and the ease of knowing it is done right. For foreign investors looking for access to the EU and a powerful passport, the fees and cost may just be worth the trouble. What is the carrot that gets the investor over the top? In some countries, you can get a residence permit by hiring a few employees. There is a lot of fraud and abuse out there. If you decide to go the real estate investment route, you’ll need to factor in taxes, stamp duty, and other fees as well. Portugal is a full member of the EU. What a huge podcast this is. By doing this, you will save yourself months of application processing time. The program itself is also considered quite stable as it has support from almost all of the political parties in Portugal. If the property falls into the … Fortunately, when you renew your visa, the fees are slashed to 50% of those original rates. Robert Kiyosaki Quotes on How the Rich Choose Friends, What to Do When “America First” Outlives Trump, Opportunities to Hire, Invest, and Bank in Armenia. Retirement-aged parents in the family can qualify for this visa, as well. The investment can be in one property or ten properties. Create a new company with at least 10 permanent employees based in Portugal. By spreading your investment over several properties, you can use part of that value for your overseas residence and the remaining portion for investment. The US has the US EB5 Immigrant Investor Program and the EB2 Visa (Green Card). So, if you’d rather spend your time working and living outside of Portugal while you wait for citizenship via naturalization, you can. As always, understand that I am not a lawyer or accountant and any information provided here should not be considered financial or legal advice. Portugal’s entrepreneur program is not a great fit for the one-man business start-up. If you are currently in the process of finding a property in one of these places, look for a developer who is willing to let you back out of the deal if you are unable to obtain the Golden Visa through the investment. After 6 years, investors can apply for Portuguese citizenship. And if you already started the program, the changes should not affect you. The program’s application and approval process has become slower in recent years, though, due to some resistance and the general bureaucratic nonsense you would expect from a western country. The application process requires that you submit personal documents as well as proof of your investment(s), including the following: Apart from the noted exception, all documents have to be valid for at least 180 days before submitting your application. Finally, there are other ways to become a resident of Portugal, including demonstrating certain assets, getting a job in the country, or having a Portuguese spouse or domestic partner. Portugal’s government simply wants to direct your money where it’s needed. Latest Updates. Usually, the developer will sell shares of the property. Hello, Andrew – very helpful analysis, thanks. You must spend at least seven days in Portugal during your first year as a resident, at which time you must renew your permit. To successfully combine an international tax strategy with Portuguese citizenship, comprehensive planning is necessary. 2 Million Euros and in 6 months you have permanent residency. Unless you plan to move to Portugal and get a part-time job while you work on renovating, completing a renovation project on your own is unlikely. It is a great program that not many people consider. Use this information as a springboard to consider whether the residence program is a potential solution for your individual needs. Portugal definitely isn’t cheap compared to all of the Eastern European countries that. Portugal Citizenship by Investment. How am I going to be protected? Although permanent residence is not offered by the program, once the appropriate conditions are met … Thanks to the thousands of Golden Visa investors, the great deals are fewer and farther between than before and the coming changes to the program will likely change this as well. Take care to keep any and all receipts regarding this transaction. In light of the ensuing changes, this option has become much more attractive for its simplicity. Outside of the real estate investment and entrepreneur route, there are also various capital contribution options available. But we are split equally between all generations right up to 70. For the Portugal Golden Visa, investments start from €280K, whereas for the Spain Golden Visa, investments start from €500K. There are multiple ways to get second citizenship in countries other than where you were born. Unlike neighboring Spain, where squatting and apartment “occupations” became the norm following the recession and government seizure of private property has become more common in recent years, Portugal has had constitutional property protections in place since 1974 that prevented such issues. You cannot be a stateless person. October 11 th 2018 Following the recent concerns voiced by the European Commissioner of Justice, Vera Jourova, the question of whether or not the EU will start to legislate against it’s citizenship by investment programmes looms. As a result of Portugal’s more reserved real estate market, some old-school tourist destinations that have retained their authentic charm are still available for sale. The only missing informations are the requirements to apply for the NHR status, Lawyer’s fees for the Portugal Golden Visa process can cost anywhere between 4.000€ to 5.000€ ($4,500 – $5,700). You will likely need to apply for permanent residence before qualifying for citizenship, so don’t assume that they’ll just hand you a passport at the end of year five. Your Golden Visa residence permit will grant you visa-free travel privileges within. There are substantial fees involved because the entire program is set up so that they can make money off of the process. But you won’t have to wait for citizenship to enjoy travel benefits. Since Portugal’s residence by investment scheme can be quite complicated, your lawyer or another legal representative is likely to handle this for you. Over half of all current applicants are from China, but that number has gone down as applicants from other countries such as Russia, Turkey, South Africa, Brazil, and others has slowly grown over time. As long as you are willing to pay your employees subject to Portuguese standards, you can hire just about anyone. Portugal’s quality of life is a big draw for those looking to reside in or become a citizen of a European country. A deal might occur in the form of a developer wanting to renovate an old building and searching for investors. How to Get Irish Citizenship by Descent from Grandparents or Great Grandparents. Eliminating the distance factor greatly improves the documentation process. All citizens are eligible to get an Investor Visa in Portugal Conditions to get an INVESTOR VISA. Caribbean Citizenship. If you’re looking for a European property investment with a warm-weather climate, Portugal is worth considering. Under this investment option, the investor/main applicant can gain Portugal residency by investing under any of the following option: Acquire a property of minimum €500,000 or more worth. is that most of these programs do not waive their taxation requirements for Golden Visa residents. You cannot apply directly for the citizenship without getting the permanent residency first. Acquire a minimum 30-year-old or refurbishing requiring urban property hotel project of minimum €350,000 worth. We will shorten it to CBI if that’s okay with you. However, this first group may be better off building a passport portfolio of various Tier B passports rather than giving up US citizenship just to take on the bureaucracy of another big government. Questions you would ask yourself? Portugal is the one exception… as long as you are structured properly. What are the tax ramifications? If you are applying with your family, be sure to bring them along so that you can submit all of the applications simultaneously. Invest 350.000€ ($398,700) in an existing Portuguese company alongside creating five permanent jobs for a minimum of three years. CBI Price Calculator. Today, the laws are considerably stricter and to become a Canadian citizen can take 5 years or more. Foremost is the fact that Portugal offers a top-notch Tier A passport. Go someplace quiet with a pen and notepad because you’re going to want to take notes! In 2019, a total of 65 US citizens obtained … On February 5, 2020, Portugal’s parliament passed a budget proposal that essentially amends the underlying laws of the Golden Visa program. The other piece of good news is that any changes to the program will not go into effect until the latter half of this year. Golden Visa Portugal is becoming popular for citizenship by investment. Requesting police checks can take some time, so while you are waiting to receive that document, you can work on getting your Portuguese credentials. Each country has different rules because they all have different needs. To qualify, you must either be a Portuguese citizen or a resident, both of which are made possible through the Golden Visa program. ( USD 100.000 minimum) These changes are effective from July 5, 2019. What are the advantages to the country? OR is there an investment and you get the passport as a by-product. If you haven’t started the program, this may be a good time to consider your other options as Portugal is just one of several Golden Visa programs in the world. Countries like the US and Canada were built on immigrants coming from European countries. It is called The Ultimate Guide To Going Offshore. Citizenship by investment is the process of obtaining a second citizenship and passport by investing in the economy of the host country. The first option is to invest in any property worth 500.000€ ($570,000) or more. For many investors, the biggest plus is the path to a Tier A passport. So, it’s no surprise that offers for this bracket are few and far between. Thank you for a very well written and informed article. Not everyone needs a passport, they just want to live somewhere if something happens to their country. This program is best suited to a certain type of entrepreneur, especially Nomad Capitalist entrepreneurs who are growing their business and amassing staff around the world. 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