The Portugal Golden Residence Permit: a gateway to the EU
As one of the few programs of its kind that is accepted by the Organisation for Economic Co-operation and Development, the Portugal Golden Residence Program (GRP) is a highly sought-after immigrant investor opportunity.
The GRP is designed for foreign nationals who wish to obtain their Portuguese permanent residency and, potentially, citizenship at the five-year mark. This is one of the simplest paths to obtaining citizenship from an EU country, and one that requires very little input from the applicant aside from their initial investment.
GRP eligibility requirements
- Purchasing property
- Investing in a qualifying Investment Fund
- Transferring capital to a Portuguese bank account
- Purchasing shares or investing in a company
- Creating jobs for Portuguese nationals
Each investment path requires a different amount of funds, but the required amount typically ranges between €350,000 to €500,000. Take note, however, that these figures are due to increase at the end of 2021, so eligible foreign nationals should capitalize on this opportunity before it becomes less accessible.
Will the QIIP be Suspended Until 2023? Quebec Officials Say No
On March 31, 2021, the Quebec government published a ministerial decree suspending the QIIP’s intake until April 1st, 2023. While the decree is likely to bring concern to aspiring QIIP applicants who are hoping to participate in the program soon, immigration officials have made it clear that there is no reason to worry.
According to various independent sources, representatives of the Quebec Ministry of Immigration have reassured program stakeholders at a special meeting on March 30 that the decree was a purely administrative measure intended to give federal and provincial authorities the time and flexibility to iron out the remaining details of the program’s new features before its final rollout later this year.
The previous decree suspending the program’s intake was set to expire on April 1st, 2021 and a temporary extension of the suspension was required to finish the last steps of this process. According to Quebec’s Immigration Law, such program suspension decrees have a maximum validity period of 24 months.
The decree makes it clear, however, that a subsequent decree can supersede the March 31 announcement at any time, at the discretion of the Quebec Minister of Immigration. The superseding order is expected in a matter of months, officials insisted.
Benefits of obtaining your Portuguese GRP
- The permit holder is able to bring the following dependents with them:
- Spouse
- Children under 18
- Dependent adult children who are full-time students (26 and under)
- Applicant’s dependent parents or spouse’s dependent parents
- Any other dependents, i.e. minor siblings
- The permit holder and their dependents are able to travel anywhere inside the Schengen Zone without any additional visa requirements.
- The permit holder must be in Portugal for at least 7 days in the first year in order to maintain their status; after that, the golden visa can be renewed every two years providing the applicant spends two weeks in the country every two years.
- If desired, the permit holder and their dependents can live in Portugal full-time while enjoying access to the country’s healthcare and education systems
- The permit holder will be eligible for Portuguese citizenship after 5 years. This translates to the ability to settle, work, and study anywhere in the EU, as well as conduct business with fellow EU countries.
Start the process before the minimum investment increases
As of Jan. 1, 2022, nearly every GRP investment category will be increasing its minimum investment. If you are a foreign national who is looking to obtain European permanent residency, whether on your own or with your family, now is the time to get the ball rolling. Reach out to the experts at Exeo today to get professional help with your GRP application, from exploring each investment opportunity in-depth to verifying that your application is complete and accurate.
