New legal provisions open up the possibility of foreign investors applying for a residency permit to pursue investment activities.
Holders of Residency Permits for Investment Activity have the right to family reunification, access to the permanent residency permit, as well as Portuguese nationality, in accordance with the provisions of the legislation in force.
Who can apply for a residency permit for investment activity?
Third country nationals who carry out investment activity, personally or through a company, and achieve at least one of the following situations in Portugal for a minimum period of five years:
1. Capital transfer of an amount equal or superior to €1.000.000;
2. Creation of at least 10 jobs;
3. Acquiring real estate with value equal or superior to €500,000;
4. Acquisition of real estate whose construction was concluded at least 30 years ago, or located in a urban rehabilitation area, and rehabilitation works on the acquired real estate in a global amount equal or superior to €350.000;
5. Capital transfer of an amount equal or superior to €350.000, applied in research activities developed by public or private institutions in scientific research integrated in the national scientific and technological system;
6. Capital transfer in an amount equal or superior to €250.000, applied in investment or support to the artistic production, recovery or maintenance of the national cultural patrimony, through the central and peripheral direct administration services, public institutions, entities integrated in the public business sector, public foundations, private foundations with a public mission, inter-municipal authorities, entities integrated in the local business sector, municipal associations and public cultural associations that carry out their tasks in the artistic production, recovery or maintenance of the national cultural patrimony;
7. Capital transfer of an amount equal or superior to €500.000, destined to the acquisition of participation units in investment funds or venture capital designed to capitalize small and medium-sized companies which, for that effect, present their respective capitalization plan demonstrating it as viable;
How to apply for a residency permit for investment activity?
Applications may be formulated as follows:
2. Submit the request at the Portuguese diplomatic posts and consulates abroad;
3. Submit the request at the Regional Directorate or Delegation of the Foreigners and Borders Service (Serviço de Estrangeiros e Fronteiras).
The required documents to request a residency permit for investment activity are:
1. Valid passport or other travel document;
2. Proof of legal entry and stay in Portugal;
3. Proof of health insurance;
4. Request for consultation of the Portuguese Criminal Record by the Foreigners and Borders Service (Serviço de Estrangeiros e Fronteiras);
5. Criminal record certificate from the country of origin or the country of residence for over a year; and
6. Proof that Tax and Social Security payments are up to date by submitting updated non-debt declarations emitted by the Autoridade Tributária e Aduaneira (Tax and Customs Authority) and the Segurança Social (Social Security).
Investment Activity Requirements
The documentation required to demonstrate that one of the required investments, from the section "Who can apply for a residency permit for investment activity?", was carried out is:
1. Declaration under oath that you will carry out the investment for a minimum period of five years and one of the following three documents:
a) Declaration from a financial institution attesting the transfer of 1 million euros to an account where you are the only or first person named as owner of the capital, or for acquisition of shares or holdings in partnerships;
b) Up to date social security certificate attesting that you provide 10 jobs;
c) Proof of ownership of real estate property through the purchase Deed or the purchase commitment where there is a record of a declaration from a financial institution authorized to exercise their activity in Portugal attesting to the effective transfer of capital for your acquisition or for a down payment for a purchase in an amount equal to or greater than 500 thousand euros and the up to date Certificate from the Conservatória do Registo Predial (Land Registry Office), which should always include, in the case of purchase commitment contracts and where legally feasible, the respective registration.
Holders of residency permits for investment activity may apply for family reunification in accordance with the general law.
Persons considered conventional family members are:
. Minor children or incapacitated children dependent on the couple or one of the spouses;
. Minors adopted by the applicant when he/she is not married, by the applicant or by the spouse, by decision of the competent authority of the country of origin, provided that the law of that country gives adoptees identical rights and obligations as are given to natural children and that such decision is recognised in Portugal;
. Children of age, who are dependent on the couple or one of the spouses, provided they are single and studying in a teaching establishment in Portugal;
. First degree ascendants (parents) of the applicant or of the spouse, provided they are dependant;
. Minor siblings, under the custody of the resident by order of a legal decision by the relevant authorities of the country of origin and as long as such order is recognised in Portugal.
Persons considered non-marital partnership family members are:
. Life partner that has a non-marital partnership with the foreign citizen resident, either in national territory or abroad, duly proven in accordance with the law;
. Minor, single or incapacitated children, including children who have been adopted by the life partner, as long as he/she has been given legal custody of those children.
The request for family reunification must be submitted at the Regional Directorate or Delegation of the Foreigners and Borders Service (Serviço de Estrangeiros e Fronteiras).
To renew a residency permit for investment activity, you have to show the following:
. During the first year you have resided in Portugal for a minimum of 7 days, consecutively or non-consecutively;
. In the two years following you resided in Portugal 14 consecutive or non-consecutive days.
THIS INFORMATION DOES NOT REPLACE THE REVIEW OF THE APPLICABLE LEGISLATION
Sources: Portal das Finanças (Tax Authority Online); Serviço de Estrangeiros e Fronteiras (Foreigners and Borders Service)