Expats rush to secure ‘Golden Visa’ for Portugal as scheme set to change within months
Boris Johnson 'needs to step up for British expats' says expert
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But time is running out for British expats to easily secure a Golden Visa to enjoy a dream lifestyle in Portugal. The scheme will change on January 1, 2022 and minimum investment requirements are set to rise.
The Golden Visa is a residence visa available to non-EU citizens who make a significant investment in Portugal.
British expats can score a Golden Visa currently by investing in property in Portugal, whether that’s in the capital city of Lisbon or the sunny shores of the Algarve region.
Golden Visas are a speedy route to obtain Portuguese citizenship as those on it can achieve citizenship within just five years.
However, from January 2022, British citizens buying property in Lisbon, Porto or the Algarve will no longer qualify for a Golden Visa.
The Portuguese Government is hoping to encourage foreign citizens to invest in quieter areas of the country and has disqualified the popular areas from the scheme.
The Golden Visa has been in place for 10 years and the majority of applicants obtained one through purchasing property.
Experts have advised British expats hoping to score a dream property in Lisbon, Porto or the Algarve and get a Golden Visa to apply now.
The minimum investment level for fund subscription to get a Golden Visa will also increase to 500,000 euros from the current low level of 350,000 euros in January.
Expats are full of praise for the Golden Visa scheme and have made money on their investments.
One person applying for a Golden Visa, said: “I’m still in the process of applying for a Golden Visa but if successful it would give me a solid and immediate Plan B in these uncertain times and also something to look forward to in retirement.”
Another said: “It looks like there are some good opportunities for a return on my investment. I’m now looking forward to retiring in Portugal and also to the long-term opportunities for my children as dual nationals.”
Get Golden Visa, a company that assists non EU citizens with the Golden Visa process is encouraging UK expats to apply now.
Werner Gruner, partner of Get Golden Visa, said: “Portugal loves to welcome different cultures- it’s in our DNA to make bridges between nationalities and continents.
“This beautiful country has a strategic location in the world, it’s part of Europe – within two hours of Paris and Frankfurt – but easy to reach from North America.
“Furthermore it ranked four out of 193 countries in the Global Peace Index 2021.
“Not only is it a safe country but it has an excellent health system, English is also spoken everywhere throughout the country and the cost of living is still more affordable than many other European destinations.”
British expats are now the second largest nationality in Portugal, only behind Brazilian nationals.
The majority of British retirees have settled in the Algarve, for its beautiful beaches and world-renowned golf scene.
Portugal is one of the cheapest countries in Western Europe and offers expats more for their money than nearby Spain.
Frequent low cost flights are also available from the UK to Portugal, making it simple for expats to visit home.
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