International Residence Permit: Golden Visa Programs for Portugal and Spain

Many countries have started residence permit programs for investors under the names of “golden visa”, “investor visa” etc. in the recent years. These programs may be categorized in citizenship programs and permanent residence programs.

Main countries which grant citizenship by investment programs are Antigua Barbuda, Cyprus, Austria, Dominica, Malta and St Kitts & Nevis. Countries which offer permanent residence permit by investment programs are Canada, Greece, Portugal, Spain, Switzerland, England and USA. These programs consist of two trivets as investors and states. The most attractive side of these programs for investors is that these lead the investors and their family members to EU citizenship in shortest and fastest way. On the other side, a significant contribution is provided to the economy of these countries.

The success of the programs vary depending on the set forth criteria such as investment amount, residency conditions, bureaucracy. Therefore, the results of these programs vary depending on the relevant country. Programs for Portugal and Spain may be given as example for this fact. Accordingly, Portugal has better results than Spain in Golden Visa Program due to its simple and flexible conditions. Golden Visa Programs for Portugal and Spain contain similarities in certain points, however, these programs differ in investment amounts and types, citizenship procedures. In order to show these differences better, Golden Visa Programs for these countries should be reviewed from a closer perspective.

Golden Visa Program is one of the most attractive residence permit programs for investors. Golden Visa Program in Portugal offers different investment options to the investors such as purchase of real estate in the amount of EUR 500.000 in Portugal or purchase of a real estate in the amount of at least EUR 350.000 in the urban transformation regions which has been built at least 30 years ago; investment of at least EUR 1.000.000 in a local bank in Portugal, investment of at least EUR 250.000 in national heritage projects or artistic productions or creation of at least 10 local jobs in Portugal. Investors are obligated to keep the investments 5 years and bring the investment funds from abroad.

Investors holding Golden Visa for Portugal are eligible to travel visa free to Portugal and Schengen area. There is also the possibility to live and work in Portugal even if the visa holder resides in another country. Another reason of preference of this program is the requirement of residence of only 35 days at least, within 5 years. Investors may obtain permanent residence permit within five years period. Moreover, Golden Visa holders may apply for Portugal citizenship within 6 years.

Spain has adopted the Golden Visa Program in order to attract investors from Non-EU countries. Investors have various options in order to apply for Golden Visa Program in Spain. These are the purchase of a real estate in the amount of at least EUR 500.000, investment of at least EUR 2.000.000 to Spain government bonds, possession of shares in a Spanish company in the amount of at least EUR 1.000.000, investment of EUR 1.000.000 in a Spanish bank or undertaking a business project for general interest in Spain. Investors are obligated to keep the investments 5 years and bring their investment from abroad.

Spanish Golden Visa holders may travel to Spain and Schengen countries with one visa. Even if the visa holder resides in another country, he/she has the possibility to live and work in Spain. Investors may obtain permanent residence permit within five years. Moreover, Golden Visa holders may apply for Spanish citizenship within 10 years.