Please find a round up all the latest GV news from here in Portugal, don’t hesitate to ask if any questions and I’ll always reply as soon as possible.
100% financing being offeredfrom credit institutions –is it worth the cost?
Last year we saw property investment removed from the criteria, in turn increasing the minimum investment to 500,000 EUR, from the previous 280,000 EUR entry. That’s quite an uplift and although certain investments can be made with as little as 325,000 EUR of investor capital, for many, the higher level is simply out of budget.
Until now, the only way to qualify with less, is to donate 250,000 EUR to the Portuguese government. Historically, this route is rarely utilised however remains an option none the less.
For those seeking the golden visa on a budget, or an alternative to the donation there is now an option for 100% financing of the 500,000 EUR, for a fee of 168,000 EUR.
Albeit still a hefty chunk of change, thiswill allowfor applicant and their family to qualify for the visa with significantly less capital.
With this now added, below are the current entry points of investor capital, eligible to qualify for the Golden Visa –
168,000 EUR– Full financing of 500,000 EUR, for a fee of 168,000 EUR.
250,000 EUR–A donation to the Portugal Government
325,000 EUR* – Investment of 500,000 EUR with 101,000EUR return paid upfront + 74,000 EUR loan
399,000 EUR* – Investment of 500,000 EUR with 101,000EUR return paid upfront
500,000 EUR – All other investment routes
Increasing demand from US citizens
Applications from US citizens have continued to increase over the first six months of the year and accelerating. Although the numbers for those planning to move this year remain stable, more are seeking a “plan B” due to political uncertainly.
Many report being unsure of what the future may hold and the thought of an EU passport in 5 years’ time is attractive. The golden visa allows a passport to be granted, without having to move your tax residency to Portugal. The minimum stay is only 2 weeks in each two-year period, allowing relocation to an EU country on demand, without having to leave the USA straight away (the same applies for all nationalities).
Retirement accounts being used instead of cash
Following my announcement back in February, many clients are now opting to invest whilst keeping the funds within their retirement accounts for tax purposes. It can allow for the investment to be funded without facing significant taxes and potential penalties for withdrawing below a certain age.
Although the process takes little longer,savings held within a 401k and IRA can be used with many applicants already savingthemselves more than 100,000 EUR. For further guidance on this, please ask and I will be happy to introduce you to a representative of the relevant advisory.
Register for July Webinar – Live Q&A
I’ll be covering all these topics and more during my live webinar next week. You will also have chance to ask any questions at the end during a live Q&A. The event is complimentary, to receive the link just click below.
Portugal Golden Visa 2024 – Everything you need to know
Wednesday 17th July at 6.00pm Lisbon
You can watch my June update on YouTube here – Portugal Golden Visa – June 2024 Update
Get in touch
If unable to make the webinar, you’re welcome to schedule a personal discussion with me on Zoom.I can provide a full breakdown on all current investment options and naturally answer any questions you have.
Please ask for next availability, alternatively you can choose a convenient time here.
In the meantime, please feel free to ask if any questions and I’ll continue to share important information with you this year, keeping you up to speed with any changes here in Portugal.
I hope you found this update helpful, and I look forward to speaking with you soon.
