More on the Golden Visa: how it works

South Africans can enjoy great benefits

The benefits of a Golden Visa are a five-year and renewable residency permit, completely free visa travel in Schengen countries, the option of family reunification, being able to work or study in Europe and a big opportunity for Portuguese nationality or permanent residency in Portugal after six years.

Requirements

To qualify for a Golden Visa, one has to buy a property costing no less than €500,000. This entitles the applicant to the Golden Visa for the applicant, as well as his/her spouse and children under 18 years of age. When buying a €1m property, two visas become available (two families). A bank account must be opened in Portugal and there must be proof of import of funds into a Portuguese bank account from outside Portugal (minimum 500,000€). In addition, a good conduct certificate from the applicant's country of origin is required and the applicant must have a private medical insurance.

The Golden Visa may be granted only to foreigners from a non-EU country. However, the applicant must meet the following criteria. He or she must be in Portuguese territory and hold a valid Schengen visa and must apply for the Golden Visa within 90 days of their first entry into Portugal. He or she must invest for a minimum period of five years. In order to be granted a Golden Visa, the applicant must spend at least seven days in Portugal during the first year and 14 days during the second year and for each period of two years.

Application process

In order to apply for the Golden Visa, the individual should book a flight to the Lisbon International Airport and a four-day stay in a hotel in Cascais or Lisbon. Then the applicant must invest in a property costing at least 500,000€ (residential, touristic, agricultural or commercial). To choose the most suitable property and get exclusive and customised advice, the applicant must contact a Golden Visa real estate agent and spend at least two days looking at properties.

The visa offers a Plan B

The Golden Visa real estate experts then take the buyer to their lawyers to open a Portuguese bank account and to process all legal requirements. The buyer will then have to go to the Portuguese Service of Foreigners and Boarders (SEF) with the appointed lawyers in order to file a final application.

Linda Erasmus, CEO of Fine & Country International Realty, sub-Saharan Africa, says, "First-time property investors should always invest first and foremost in their own country. The seasoned and experienced property investor will finally look for opportunities outside the borders of South Africa. Many South Africans have already opted for opportunities on nearby islands, such as Mauritius and the Seychelles. Europe has always been the biggest attraction to South African, more so due to the large number of people of European descent living in South Africa. This Portugal opportunity comes highly recommended."

According to Charles Roberts, Managing Partner of IRG International Realty in Portugal, which is affiliated to Fine & Country International Realty, the Golden Visa is popular for high net worth individuals and families from outside the EU who have concerns about either the political or financial stability of their country of residence.

"Basically, it offers a Plan B for these people if they wish to leave their own country. The visa is for five years, can be applied to the full family, is valid throughout the Schengen area and can be converted into a full Portuguese passport in the sixth year," he says.