Applying for Portugal’s Golden Visa as a UK citizen

Ever since the UK voted to leave the EU, some UK citizens have been concerned about their rights to travel, live and work in the European Union, with many looking for alternative ways to get around new restrictions. One way could be to use the Portugal Golden Visa program, which makes it easier for non-EU nationals to fast-track citizenship using investments and retain EU visaless travel rights in the Schengen area.

Since the UK left the EU, UK citizens are now eligible to apply for the Portugal Golden Visa.

Portugal’s Golden Visa - what is it?

If you’re a non-EU resident with money to invest then the Portugal Golden Visa is an effective means to gain Portugeuse citizenship (along with an EU passport) in five-years, providing you meet the investment criteria. If you do, you and your family will have the right to live, work and study in Portugal during the five-year investment period, and qualify for free movement in the Schengen economic area. After five-years, providing you’ve continually met all the investment and Portugeuse immigration criteria, you can apply for full citizenship.

What are the rules for UK citizens?

Investment rules will be changed from January 1, 2022, having originally been set to change in July 2021. It means that from next year you’ll need to invest 500,000€ in a property within a low density area of Portugal. Also, investments in metropolitan or coastal areas of the country won’t qualify for the investment scheme such as Lisbon or coastal Algarve. This is because the Portugeuse government is trying to spread investment around the country rather than have it concentrated in existing high-investment areas.

If you’ve already started an application or are investing in the scheme already, the planned 2022 changes won’t affect you. During the five-year scheme you’ll have to go through three renewal processes if you plan to apply for full citizenship. One after the first year, again after the 2nd and 3rd years and finally after the 4th and 5th years. At each renewal you’ll have to provide proof that you’re continuing to meet the requirements set out in the scheme.

What are the benefits for British citizens?

The key benefit many UK citizens are using the Golden Visa scheme for is the visa-free access to other EU countries during the initial 5 years, plus the ability to qualify for an EU passport quicker. Plus, Portugal itself is becoming an attractive option for investors while those looking to settle in a warmer climate find it an attractive option to the coastal weather and affordable cost of living.

How to qualify for a Golden Visa

There’s some key information you’ll need to provide if you want to qualify for the scheme. This includes providing proof of your investment funds (including that you plan to invest for the whole five years and can remain financially independent during that time) as well as proof of a clean criminal record and valid health insurance.

All applications can be made online.

How much will it cost?

The fees per application are 5,336.40€ plus an initial application fee of 533€. When renewing your visa at the end of the 1st, 3rd and 5th year you’ll pay additional fees of about 2,668€ (50% of the first application fee). You’ll also pay a processing fee as the main applicant of about 500€ plus an additional 80€ for each other family member.

Want help navigating the Portugal residence permit application process?

Get in touch with us and one of our expert advisors will be able to answer any further questions you might have about the citizenship-by-investment scheme. You can register with the ARI portal here to start your application.