Golden opportunity

Together with its striking natural and cultural assets, Portugal’s residence programme is shining a light on this enigmatic corner of Europe. The county, which claims Europe’s oldest fixed borders, measures just 561 km by 218 km. But within these diminutive dimensions, Portugal offers a patchwork of widely differing landscapes, a multi-layered history and culture, and a people, who, although reputedly reserved, are in fact warm-hearted, unpretentious, and undeniably peaceful.

Despite being one of the creators of the euro currency and a founding member of NATO, Portugal has been an inconspicuous and largely overlooked country on the continent’s southwest rim. Yet it offers a high quality of life, great security, a rich culture, and a cuisine that gives those of France and Italy a run for their money.

These assets, together with its very successful Golden Residence Permit Programme, which offers qualifying applicants access to the entire schengen zone, are increasingly attracting the attention of those seeking to protect themselves from an uncertain future and expand their business interests in the global economy.

“Portugal has produced streamlined legislation to create an efficient process by which non-eu residents can obtain a residence permit through investment,” says Nigel Barnes, Managing Partner at leading residence and citizenship advisory firm, Henley & Partners.

Barnes explains that the Golden Residence Permit Programme offers three qualifying investment routes, which must be maintained for a minimum period of five years, to obtain Portuguese resident status. “The capitalinvestment options range from a minimum of EUR 250,000 to EUR 1 million depending on the type of investment made. The most affordable route is an investment in support of the country’s national cultural heritage – and the amount is reduced by 20% in cases where the investment is made in a low populationdensity area.”

For property pundits, there are also a number of real estate-investment options. “The minimum investment amount is EUR 350,000 if one is planning to refurbish a property older than 30 years or invest in an area of urban regeneration,” he says, adding that entrepreneurs, meanwhile, are drawn to the business investment option, which grants residency should they create at least 10 new jobs in the country.

For job creators, it’s worth noting that while Portugal is shifting towards business services, a third of its economy remains in manufacturing. “It is also the world’s largest supplier of cork and enjoys the benefits of a very strong tourism industry,” Barnes points out.

“The capital transfer option is a straightforward route and can include investments in stocks and shares,” he says, adding that Portugal also boasts an excellent property offering, whether for lifestyle or investment, with large geographic, environment, and price-point diversity. “The country’s capital, lisbon, and its surrounding urban areas are the centre of culture and business. Further north is Porto, the birthplace of port wine and the heart of the more industrialised part of the country. In the south is the beautiful Algarve, Portugal’s most important tourist region and home to one of its three international airports.”

while the Golden Residence Permit only requires an average stay of seven days per year in the country over the five-year investment period (this can also count towards citizenship eligibility after six years), most applicants choose to combine the mandatory qualifying stay with longer visits, Barnes explains.

And it’s not difficult to understand why. You need only walk lisbon’s cobbled lanes and visit its grand squares, reminders of the country’s seafaring glory days, or step back into history at the palaces in sintra and the bone chapel of Évora, or soak up the sun at the Algarve beach of your dreams, to be seduced by Portugal’s infinite charms. And, when evening comes, and you’re enjoying a dinner of fragrant caldeirada (fresh seafood stew), you’ll no doubt be inclined to raise a glass of port in toast to your good fortune.

For more information, please email southafrica@henleyglobal.com or visit www.henleyglobal.com.