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Europe - Portugal

Portugal, officially the Portuguese Republic, is a country located in south western Europe, on the Iberian Peninsula. It is the westernmost country of mainland Europe, and is bordered by the Atlantic Ocean to the west and south and by Spain to the north and east.

The Portuguese Republic holds sovereignty over the Atlantic archipelagos of Azores and Madeira, which are autonomous regions of Portugal and the country is named after its second largest city, Porto.

Portugal is a highly developed country, the world’s 27th highest quality of life and one of the world’s most globalized and peaceful nations.

Portugal is a member of the European Union and the United Nations and a founding member of NATO, the eurozone and the Schengen Agreement.

The climate is primarily Mediterranean, featuring mild, wet winters and hot, dry summers especially in the coastal areas and islands whilst the inland and mountain regions have a temperate climate with cold, damp snowy winters and hot, dry summers with frequent thunderstorms.

The capital is Lisbon, the official language is Portuguese and the currency is the Euro.

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In October 2012, the Government of Portugal made changes to the Immigration Law which allows non-EU country residents to receive a temporary EU residence permit for up to 5 years in exchange for investments in Portugal’s real estate.

Upon purchasing real estate with a value of €500,000 Euros (approximately $666,150 US Dollars), the Golden Residence Permit will be issued temporarily for an initial period of one year which can then subsequently be renewed for two consecutive periods of two years making a total of five years. After the five years has elapsed, the holder may apply for a renewal of the permit every two years, or they can apply for a permanent residence permit which may lead to eventual Portuguese citizenship.

The residential properties may be used for profit (rental income) and it is not necessary to actually occupy the properties but permit holders must physically reside in Portugal for a minimum 7 days per year and must maintain ownership of the property throughout.

The Golden Residence Permit extends to spouses and dependent children (under 18 yrs of age), allows all holders to work in Portugal and allows freedom to travel within the Shengen area

 

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