The Portuguese Golden Visa is a special residence permit for investors which enables non-EU individuals to become resident in Portugal and move freely within the Schengen Zone. Please take a look at RPBA's detailed and updated presentation.

1. The Portuguese
Golden Visa
Regime
www.rpba.pt | March, 2021
In 2002 a new special residence through investment permit for
investors (Golden Visa) was approved.
This measure is directed at non-EU nationals intending to invest
in Portugal and significantly eases their access to the Portuguese
territory and to the Schengen Area.

2. Contents
PAGES: PAGES:
Introduction 3 Family reunification 19
PART I Implementation of new procedures 20
Residence in Portugal 4 Government fees 21
Golden Visa 5 PART II
Benefits 6 Tax implications 22
Updated full investment types and requirements 7/8/9 PART III
Residence through real estate investment 10 Portuguese residence and citizenship 23
Conveyance costs 11
From residence to Portuguese nationality: relevant
steps
24/25
Residence through capital investment 12 Processing & waiting times 26
Amendments to the Golden Visa regime 13 Appendix I - Traveling to Portugal 27
Impact of the changes 14 Appendix II - Visa options & Residence 28/29
Date in which changes come into effect 15 Appendix III - Countries who need Schengen Visa 30
Inland territories 16/17 How can RPBA help? 31
Updated main qualifying investments 18 Meet the team leader 32

3. Introduction
RPBA aims to help travelers, foreigners and
investors understand the legal requirements
for becoming a resident in Portugal. We have a
section below explaining the potentially
attractive parts of the Portuguese tax system as
most of our clients are interested in tax-related
issues.
3

4. Portugal has a long tradition of hosting foreign travellers,
investors and workers. Portuguese immigration law is
committed to this tradition. Holding a residence card may afford
access to attractive taxation.
In line with this tradition, Portugal launched a program in 2012
to attract foreign investors: The Golden Visa (Residence through
Investment).
The Golden Visa program is especially designed to attract
foreigners interested in investing in Portugal. Investors, along
with their family members, can qualify for residence through
real estate investments, capital investments or job creation.
Residence in Portugal
4
PART I

5. Portugal grants a temporary residence permit and waives the visa
requirement for those who have entered the country legally to
pursue investment activities. No residence requirement exists but,
for the purpose of renewing permits, applicants must submit
evidence that they have spent a minimum of 7 days in Portugal in the
first year and 14 days in the following periods of 2 years.
After 5 years of living legally in Portugal investors and family
members can apply for a permanent residence and also qualify for
the Portuguese citizenship by naturalization, provided that all other
requirements of the Citizenship Act are fulfilled.
Golden Visa
5

6. Benefits
▪ waiver of residence visa for entering Portugal;
▪ live, work and study in Portugal;
▪ conduct investments in Portugal;
▪ visa exemption for travelling within the Schengen Area (26
countries, including Iceland, Norway and Switzerland);
▪ become a Portuguese tax resident and have access to
favourable conditions for non-habitual tax residents,
provided that all other requirements laid down by tax law
are fulfilled (optional);
▪ remain a non-resident (in Portugal) for tax purposes
(optional);
▪ family reunification;
▪ after 5 years, apply for permanent residence;
▪ after 5 years, apply for Portuguese citizenship by
naturalization, provided that all other requirements of the
Citizenship Act are fulfilled.
Minimum investment activity & waiting times
▪ The Golden Visa program requires a financial Investment,
an investment in real estate, I&D, regulated funds, or a
company incorporation;
▪ Investors must maintain their investment for at least 5
years;
▪ All investments may generate income.
We will mainly focus on real estate investment throughout
this presentation as it is the most popular among clients.
For information about all the different types of investments,
please check slides 12 to 14.
6

7. Updated full investment types and requirements
► Minimum investment in Portuguese real estate of at least € 500,000
U n t i l 3 1 . 1 2 . 2 0 2 1 – w i t h o u t t e r r i t o r i a l r e s t r i c t i o n s . | A f t e r 0 1 . 0 1 . 2 0 2 2 – I n v e s t m e n t i n
r e a l e s t a t e f o r h a b i t a t i o n u s e o n l y q u a l i f i e s i f i n A z o r e s , M a d e i r a o r i n l a n d t e r r i t o r i e s .
| I n v e s t o r s m a y b e n e f i t f r o m a 2 0 % r e d u c t i o n i n c a s e o f i n v e s t m e n t s m a d e i n r e g i o n s
w i t h l o w p o p u l a t i o n d e n s i t y.
► Minimum investment of € 350,000 in Portuguese real estate and refurbishment
U n t i l 3 1 . 1 2 . 2 0 2 1 - P u r c h a s e o f r e a l e s t a t e i n P o r t u g a l – w i t h c o n s t r u c t i o n d a t i n g b a c k
m o r e t h a n 3 0 y e a r s o r l o c a t e d i n u r b a n r e g e n e r a t i o n a r e a s – f o r r e f u r b i s h m e n t . |
P u r c h a s e a n d r e n e w a l c o s t s t o t a l i n g a m i n i m u m o f € 3 5 0 , 0 0 0 . | I n v e s t o r s m a y b e n e f i t
f r o m a 2 0 % r e d u c t i o n i n c a s e o f i n v e s t m e n t s m a d e i n r e g i o n s w i t h l o w p o p u l a t i o n
d e n s i t y. | A f t e r 0 1 . 0 1 . 2 0 2 2 – I n v e s t m e n t i n r e a l e s t a t e f o r h a b i t a t i o n u s e o n l y q u a l i f i e s
i f i n A z o r e s , M a d e i r a o r i n l a n d t e r r i t o r i e s .
► Capital transfer of at least € 1,000,000 (until 31.12.2021) or € 1,500,000 (after 01.01.2022)
B a n k a c c o u n t d e p o s i t i n P o r t u g a l | P u r c h a s e o f P o r t u g u e s e P u b l i c D e b t i n s t r u m e n t s |
P u r c h a s e o f b o o k - e n t r y s e c u r i t i e s | P u r c h a s e o f p a p e r s e c u r i t i e s h e l d i n d i v i d u a l l y a n d
n o t i n t e g r a t e d i n a c e n t r a l s e c u r i t i e s ’ d e p o s i t o r y | P u r c h a s e o f p a p e r s e c u r i t i e s
i n t e g r a t e d i n a c e n t r a l s e c u r i t i e s ’ d e p o s i t o r y | P u r c h a s e o f s h a r e c a p i t a l i n c o m m e r c i a l
c o m p a n i e s .
OR
OR
OR
7

8. ► Capital transfer of at least € 350,000 (until 31.12.2021) or € 500,000 (after 01.01.2022)
F o r i n v e s t i n g i n r e s e a r c h a c t i v i t i e s c o n d u c t e d b y p u b l i c o r p r i v a t e s c i e n t i f i c i n s t i t u t i o n s
i n v o l v e d i n t h e n a t i o n a l s c i e n t i f i c o r t e c h n o l o g i c s y s t e m . | I n v e s t o r s m a y b e n e f i t f r o m a
2 0 % r e d u c t i o n i n c a s e o f i n v e s t m e n t s m a d e i n r e g i o n s w i t h l o w p o p u l a t i o n d e n s i t y.
► Capital transfer of at least € 250,000
F o r i n v e s t i n g i n a r t i s t i c o u t p u t o r s u p p o r t i n g t h e a r t s f o r r e c o n s t r u c t i o n o r
r e f u r b i s h m e n t o f t h e n a t i o n a l h e r i t a g e , t h r o u g h t h e l o c a l a n d c e n t r a l a u t h o r i t i e s ,
p u b l i c i n s t i t u t i o n s , p u b l i c c o r p o r a t e s e c t o r, p u b l i c f o u n d a t i o n s , p r i v a t e f o u n d a t i o n s o f
p u b l i c i n t e r e s t , n e t w o r k e d l o c a l a u t h o r i t i e s , l o c a l c o r p o r a t e s e c t o r o r g a n i z a t i o n s , l o c a l
a s s o c i a t i o n s a n d p u b l i c c u l t u r a l a s s o c i a t i o n s , p u r s u i n g a c t i v i t i e s o f a r t i s t i c o u t p u t , a n d
r e c o n s t r u c t i o n o r m a i n t e n a n c e o f t h e n a t i o n a l h e r i t a g e . | I n v e s t o r s m a y b e n e f i t f r o m a
2 0 % r e d u c t i o n i n c a s e o f i n v e s t m e n t s m a d e i n r e g i o n s w i t h l o w p o p u l a t i o n d e n s i t y.
OR
OR
8
Updated full investment types and requirements

9. ► Capital transfer of at least: € 350,000 (until 31.12.2021) or € 500,000 (after 01.01.2022)
F o r p u r c h a s i n g u n i t s i n i n v e s t m e n t f u n d s o r i n v e n t u r e c a p i t a l f u n d s i n c o r p o r a t e d u n d e r
t h e P o r t u g u e s e l e g i s l a t i o n g e a r e d t o c a p i t a l i z e e n t e r p r i s e s w h o s e i n v e s t m e n t s h a v e a
m a t u r i t y o f a t l e a s t f i v e y e a r s , b e i n g t h a t a t l e a s t 6 0 % o f i t s h o u l d b e m a d e i n
c o m p a n i e s w i t h h e a d o f f i c e i n P o r t u g a l .
► Capital transfer of at least € 350,000 (until 31.12.2021) or € 500,000 (after 01.01.2022)
F o r i n c o r p o r a t i o n o f a c o m m e r c i a l c o m p a n y w i t h h e a d o f f i c e i n P o r t u g a l , c o m b i n e d w i t h
t h e c r e a t i o n o f f i v e p e r m a n e n t w o r k i n g j o b s . | F o r s h a r e c a p i t a l i n c r e a s e i n a
c o m m e r c i a l c o m p a n y w i t h h e a d o f f i c e i n P o r t u g a l , c o m b i n e d w i t h t h e c r e a t i o n o r
m a i n t e n a n c e o f 5 p e r m a n e n t j o b s f o r a m i n i m u m p e r i o d o f 3 y e a r s .
► Creation of at least 10 jobs
I n v e s t o r s m a y b e n e f i t f r o m a 2 0 % r e d u c t i o n i n c a s e o f i n v e s t m e n t s m a d e i n r e g i o n s w i t h
l o w p o p u l a t i o n d e n s i t y.
OR
OR
9
Updated full investment types and requirements

10. Most Golden Visa applicants choose to
invest in real estate. The conveyance
process is the most common concern for
potential investors. We will focus here on
the classical procedure for obtaining
residential real estate but investors may
purchase any kind of real estate asset as
long as it complies with the minimum
investment requirements.
Benefits:
▪ recoverable investment;
▪ rental income;
▪ speedy process.
Residence through real
estate investment
Minimum investment (after 01.01.2022 –
Investment in real estate for habitation use only
qualifies if in Azores, Madeira or inland
territories):
▪ Acquisition of real estate with a minimum
value of €500 thousand;
▪ The purchase of real estate in need of
renovation, built at least 30 years ago or
located in an urban regeneration area, with a
minimum value of €350 thousand.
Main Steps:
1. Choose a property.
2. Obtain information about the property.
3. Sign a reservation agreement (optional).
4. Technical survey (optional).
5. Sign a promissory contract.
6. Preliminary registration of ownership.
7. Pay taxes.
8. Execute deed.
9. Register the property.
10. Communicate changes in ownership to the
tax authority.
11. Communicate changes in ownership to the
condominium management.
10

11. The table above shows the estimated transaction costs for a
typical residential real estate transaction.
Brokerage commissions are not included as they are paid by the
seller in most cases. These may vary but normally range from 3%
to 5%, plus 23% VAT.
Notary fees are determined by each Notary at his/her discretion
and may therefore vary. We have estimated them at €1,000.
Taxes such as IMT (Municipal Property Transfer Tax) and Stamp
Duty vary according with the selling price and may be lower in
cases where a property is acquired as a permanent residence. For
the purposes of our estimate, we assumed that the purchase is for
secondary housing (not a main and habitual abode).
Conveyance costs
Item
Purchase
property for
€500,000
Purchase
property for
€730,000
Purchase price €500,000 €730,000
IMT (Property Transfer Tax) €28,965 €43,800
Stamp Duty (0.8%) €4,000 €5,840
Notary’s fee - purchase €1,000 €1,000
Registration fee €250 €250
Total cost of conveyance €534,215 €780,890
Post-conveyance costs & income
Ownership of real estate can generate income by renting out the
property either under a lease agreement for a period of 1 to 5 (or
more) years or under short-term rentals. The costs associated
with property ownership vary.
Please note that the following costs apply:
▪ IMI: Municipal Property Tax (for standard cases between
0.30% and 0.45% annually of the tax value of the property)
▪ Condominium expenses
▪ Insurance
▪ Annual municipality charges
11

12. Residence through capital investment
Includes investment in joint stock limited companies and private limited companies.
To obtain the Golden Visa under the capital investment one of the following type of investment has to be performed:
▪ Capital investment of at least € 1 million (€ 1,5 million for applications submitted after 01.01.2022); or
▪ Capital investment in mutual funds or venture capital funds geared to the capitalization of small and medium enterprises of at least € 350 thousands (€
500 thousand for applications submitted after 01.01.2022)
How to prove the investment?
Company incorporation:
▪ Up-to-date certificate from the commercial registry attesting the ownership of a company.
For capital transfer:
▪ Depending on type of investment (bank deposit, Portuguese public debt instruments, securities, social participation and others).
▪ Statement from a financial institution operating in Portugal attesting that a transfer of the amount legally required has been performed, and the money
has been transferred into a sole account held by the applicant, or into a joint account, or that it has been used to preform the investment.
For investment funds:
▪ Statement from a financial institution operating in Portugal attesting that a transfer of the amount legally required has been performed, and the money
has been transferred into a sole account held by the applicant, or into a joint account, or that it has been used to preform the investment.
▪ Statement of ownership of the investment units, free from any charges and obligations;
▪ Declaration issued by the managing company of the investment fund attesting the feasibility of the capitalization plan, the maturity of, at least, five
years, and the application of at least 60% of the investment in commercial companies with head office in the Portuguese territory.
12

13. ▪ According to the legislative authorization, the Government approved the Decree-Law no. 14/2021, of 12 February, which amended the legal regime of
Golden Visa.
▪ The main change was based on the increase of the minimum value of some investments;
▪ Capital transfer in the amount of 1.5 million euros or more;
▪ Transfer of capital in an amount equal to or greater than € 500,000, which is applied to research activities carried out by public or private scientific
research institutions, integrated into the national scientific and technological system;
▪ Transfer of capital in an amount equal to or greater than € 500,000, intended for the acquisition of units in investment funds or venture capital funds
dedicated to the capitalization of companies, which are constituted under Portuguese legislation, whose maturity , at the time of the investment, be at
least five years and at least 60% of the value of the investments be made in commercial companies based in the national territory;
▪ Transfer of capital in an amount equal to or greater than € 500,000, intended for the incorporation of a commercial company with headquarters in the
national territory, combined with the creation of five permanent jobs, or for the reinforcement of the social capital of a commercial company with head
office in national territory, already established, with the creation or maintenance of jobs, with a minimum of five permanents, and for a minimum period of
three years;
▪ The investments restricted to the Autonomous Regions of the Azores and Madeira or inland territories were:
▪ the acquisition of real estate with a value of € 500.000,00 or more.
▪ the acquisition of real estate whose construction was completed at least 30 years ago or located in an urban rehabilitation area and carrying out rehabilitation
works, in the amount equal to or greater than € 350,000.00.
Amendments to the Golden Visa regime
13

14. ▪ Changes to the Golden Visa will have a positive impact in many areas:
▪ Quality of life - Outside the metropolitan areas of Lisbon and Porto one will find cities that are quieter and more
peaceful.
▪ Mobility - Due to the excellent motorway network in Portugal one will continue to be able to move easily to urban
centres and airports.
▪ Cost - On the outskirts of Lisbon and Porto for half a million euros one will get a larger and more spacious home.
▪ Safety - Portugal remains the third safest country in the world, allowing the possibility to move freely in the
Schengen area and to obtain the Portuguese nationality for you and your family. These investments in Portugal
provide investors a "plan B", taking into account economic and political uncertainty.
Impact of the changes
14

15. ▪ The changes will come into effect on the 1st January 2022.
▪ Recent changes only apply to requests made after 1st January 2022.
▪ For Applications submitted until the 31st December 2021:
i. Investors can base their residence authorization request for investment activity with the acquisition of real
estate situated in the metropolitan areas of Lisbon and Porto and in the entire coastal areas, like the Algarve;
ii. The granting or renewal of residence permits for family reunification continues to be allowed.
Date in which changes come into effect
15

16. NUT III Areas
Alentejo Central Alandroal, Arraiolos, Borba, Estremoz, Évora, Montemor -o -Novo, Mora, Mourão, Portel Redondo, Reguengos de
Monsaraz, Vendas Novas, Viana do Alentejo, Vila Viçosa
Alentejo Litoral Alcácer do Sal, Grândola, Odemira, Santiago do Cacém
Algarve Alcoutim, Aljezur, Castro Marim, Monchique Vila do Bispo
Alto Alentejo Alter do Chão, Arronches, Avis, Campo Maior Castelo de Vide, Crato, Elvas, Fronteira, Gavião, Marvão, Monforte,
Nisa, Ponte de Sor, Portalegre, Sousel
Alto Minho Arcos de Valdevez, Melgaço, Monção, Paredes de Coura, Ponte da Barca, Vila Nova de Cerveira
Alto Tâmega Boticas, Chaves, Montalegre, Ribeira da Pena Valpaços, Vila Pouca de Aguiar
Área Metropolitana do Porto Arouca
Ave Cabeceiras de Basto, Fafe, Mondim de Basto, Póvoa de Lanhoso, Vieira do Minho
Baixo Alentejo Aljustrel, Almodôvar, Alvito, Barrancos, Beja Castro Verde, Cuba, Ferreira do Alentejo Mértola, Mour, Ourique,
Serpa, Vidigueira
Beira Baixa Castelo Branco, Idanha -a -Nova, Oleiros, Penamacor, Proença -a -Nova, Vila Velha de Ródão
Beiras e Serra da Estrela Almeida, Belmonte, Celorico da Beira, Covilhã, Figueira de Castelo Rodrigo, Fornos de Algodres, Fundão, Gouveia,
Guarda Manteigas, Meda, Pinhel, Sabugal, Seia, Trancoso
Cávado Terras de Bouro, Vila Verde
Douro Alijó, Armamar, Carrazeda de Ansiães, Freixo de Espada à Cinta, Lamego, Mesão Frio, Moimenta da Beira, Murça,
Penedono, Peso da Régua, Sabrosa, Santa Marta de Penaguião, São João da Pesqueira, Sernancelhe, Tabuaço,
Tarouca, Torre de Moncorvo, Vila Nova de Foz Côa, Vila Real
Inland territories
16

17. NUT III Areas
Lezíria do Tejo Chamusca, Coruche
Médio Tejo Abrantes, Constância, Ferreira do Zêzere, Mação, Sardoal, Sertã, Vila de Rei, Vila Nova da Barquinha
Região de Aveiro Sever do Vouga
Região de Coimbra Arganil, Góis, Lousã, Miranda do Corvo, Mortágua Oliveira do Hospital, Pampilhosa da Serra, Penacova, Penela,
Soure, Tábua, Vila Nova de Poiares
Região de Leiria Alvaiázere, Ansião, Castanheira de Pêra, Figueiró dos Vinhos, Pedrógão Grande
Região de Viseu Dão Lafões Aguiar da Beira, Carregal do Sal, Castro Daire, Mangualde Nelas, Oliveira de Frades, Penalva do Castelo, Santa
Comba Dão, São Pedro do Sul, Sátão, Tondela, Vila Nova de Paiva, Vouzela
Tâmega e Sousa Baião, Celorico de Basto, Cinfães, Resende
Terras de Trás-os-Montes Alfândega da Fé, Bragança, Macedo de Cavaleiros Miranda do Douro, Mirandela, Mogadouro, Vila Flor, Vimioso,
Vinhais
Algarve Loulé; Silves; Tavira
Alto Minho Caminha, Ponte de Lima, Valença, Viana do Castelo
Área Metropolitana do Porto Vale de Cambra
Ave Guimarães
Cávado Amares
Lezíria do Tejo Santarém
Médio Tejo Tomar, Ourém
Região de Aveiro Águeda
Região de Coimbra Condeixa-a-Nova
Região de Leiria Pombal
Região de Viseu Dão Lafões Viseu
Tâmega e Sousa Amarante, Castelo de Paiva, Marco de Canaveses 17
Inland territories

18. Updated main
qualifying
investments
TOPIC CHANGE UNTIL 31.12.2021 AFTER 01.01.2022
Financial
Investment
INCREASE OF THE
MINIMUM
AMOUNT
Capital transfer in an
amount equal to or above
1 million euros.
Capital transfer in an
amount equal to or above
1,5 million euros.
Real Estate TERRITORIAL
RESTRICTIONS
Acquisition of property of
an amount equal to or
above 500.000€.
Housing purpose only
allowed when the dwelling
is located in the
Autonomous Regions of
the Azores and Madeira or
in inland territories.
I&D INCREASE OF THE
MINIMUM
AMOUNT
Capital transfer in an
amount equal to or
higher than 350.000€.
Capital transfer in an
amount equal to or higher
than 500.000€, which is to
be applied in research
activities developed by
public or private scientific
research institutions.
Investment Funds INCREASE OF THE
MINIMUM
AMOUNT
Capital transfers equal to
or higher than 350.000€,
for the acquisition of
investment units in
investment funds
Capital transfers equal to or
higher than 500.000€, for
the acquisition of
investment units in
investment funds.
Company
incorporation
INCREASE OF THE
MINIMUM
AMOUNT
Capital transfers in an
amount equal to or
higher than 350,000€.
Capital transfers in an
amount equal to or higher
than 500.000€.
Residence permit for investment activity:
This table contains an update of the main
qualifying investments for the purposes of
applying for a Portuguese residence
permit by performing an investment
activity (i) until 31.12.2021, or (ii) from
01.01.2022 onwards. Additional types of
investment remain available.
Changes:
18
 Changes are applicable to procedures started after 31 December 2021.
 Inland territories: as set on Ministerial Order no. 208/2017, of 13 July.

19. For your children, who are over 18 years and
married, we can consider other solutions, like:
Family reunification
Spouse;
Minors; Incapacitated children under the
custody of the couple or one of its
members;
Life partners with registered
partnerships;
Children who are of full age,
unmarried and dependent of the
couple or of one of the spouses,
and study in an education
establishment, regardless of the
country in which that
establishment is located;
First-degree relatives in the direct ascending line
of the resident or his/her spouse, provided that
they are dependent on them.
▪ You can jointly perform an investment of €1,5
million in real estate property as long as each
investor applies € 500 thousand.
▪ Your children can invest € 500 thousand or make
a lower investment of € 350 thousand, or;
1
2 3
4
5
6
The Golden Visa regime provides the right to
request the entrance in Portugal of family
members under general family reunification rules.
The following are considered family members that
could benefit from this rule.
19

20. ▪ Making an investment &
gathering documents;
▪ Submitting an online application;
▪ Waiting time for an appointment
to apply for a Golden Visa;
▪ Administrative processing.
The SEF has implemented measures to improve and expedite the
application process. SEF’s online platform has been greatly
improved and the application process is now as follows:
1. Mandatory online pre-registration by the investor.
2. Online submission of documents pertaining to the investor,
investment compliance and family members.
3. Payment of Government fees to SEF for processing the Golden
Visa application.
4. Pre-analysis and validation of the documentation by SEF.
5. Scheduling of biometrics appointments at any location which
has a SEF office on the Portuguese mainland and on the
islands of Madeira and Azores.
6. Collection of biometric data and submission of original
documents.
7. Final analysis by the Portuguese Immigration Authorities and
their decision.
8. Payment of Government fees to SEF for granting the Golden
Visa Residence Cards and subsequent collection of the cards.
Advance travel planning and an
early choice of investment are
important.
Implementation of
new procedures
20

21. Submission and analysis of the application for the
residence permit or its renewal for the investor
Submission and analysis of the application for the
residence permit and its renewal for relatives
(family reunification)
Issue of the residence permit for investment
purposes
Issue of the renewal of the residence permit
for investment purposes
Issue of the residence permit of the investors’
relatives
Renewal of the residence permit of the
investors’ relatives
€ 533
€ 533
€ 5.336,40
€ 2.668,20
per person
€ 5.336,40
per person
€ 2.668,20
per person
GOVERNMENT
FEES
Government fees
Estimated costs for the temporary residence (along the 5 years): € 12.271,80 (per person).
Please note that these fees are subject to changes.
21

22. RPBA can assist you with any tax questions you may have about your investment or residence.
Portugal is an attractive location for both employers and investors. Please note the following main rules, especially the benefits that
can be derived through point 3:
1. Non-Portuguese tax residents only pay taxes on income deemed to be obtained in Portugal;
2. Portuguese tax residents pay taxes on the basis of their worldwide income;
3. Certain new Portuguese tax residents may claim generous tax relief under the “Non-Habitual Residents” regime. The NHR regime
establishes, under certain conditions, Personal Income Tax exemptions on foreign source income, as well as a limited 20% taxation
of income from employment and independent personal services, in both cases if deriving from listed high value-added activities.
This special taxation applies to people who have not been Portuguese tax residents for the previous 5 years. If these conditions
are met, they may apply to be taxed as “Non-Habitual Residents”.
Tax implications
For more information:
Please see our NHR regime presentation
Please see our NHR regime Information Note
Please see our Frequently Asked Questions and Reasons to Move to Portugal presentation
22
PART II

23. Portugal grants the possibility to obtain Portuguese residence after living
legally in Portugal for 5 years and the chance of obtaining citizenship after
5 years in Portugal.
Benefits:
▪ Portuguese identity card;
▪ Portuguese passport;
▪ travel, work and live in the EU without needing a visa;
▪ travel to all Schengen countries (including Iceland, Norway and
Switzerland) without needing a visa;
▪ travel to over 26 countries without needing a visa;
▪ citizenship of a founder country of the CPLP – Community of
Portuguese-Speaking Countries (Angola, Brazil, Cape Verde Islands,
Guinea-Bissau, Equatorial Guinea, Mozambique, Saint Thomas and
Prince Islands and East Timor)
▪ lifelong citizenship;
▪ no residence requirements;
▪ dual-citizenship benefits;
▪ peaceful country;
▪ good private healthcare system;
▪ good public schools, especially universities. University tuition fees cost
approximately €1,000 per year. Students are eligible to join the EU-
wide Erasmus program. The main universities have postgraduate
cooperation programs with universities abroad.
Portuguese residence and citizenship
If this is a point of attraction for you, please visit the websites
of the main universities:
▪ Universidade Católica portuguesa - “https://www.ucp.pt/pt-pt”
▪ Universidade de Coimbra - “https://www.uc.pt/en”
▪ Universidade do Porto – “https://sigarra.up.pt/up/en/”
▪ Universidade Nova de Lisboa - “https://www.unl.pt/en”
23
PART III

24. Procedure Summary
1. Residence Visa
Residence Visa waiver
(or Schengen visa)
• If you desire to establish yourself in Portugal you will need to obtain a Residence Visa at a Portuguese Consulate
(at your country of residence),
• Except: if you are willing to perform a relevant investment that will allow you to get a Residence Permit without
a Residence Visa, mainly through the Residence Permit via Investment Activity (ARI)/Golden Visa (GV).
2. Temporary residence
5 years
• A Temporary Residence Permit in granted for the first 5 years of legal living in Portugal (1year+2years+2years).
• It is a 3-steps’ residence: you get a Temporary Residence Permit for one year. Afterwards, you renew your
Temporary Residence for 2 more years and, finally, there is a renovation for a last period of 2 years.
• After 5 years you can:
o Apply for a Permanent Residence in Portugal.
o Apply for the Portuguese Nationality.
3. Permanent residence • After 5 years with a Temporary Residence Permit you can apply for a Permanent Residence Permit in Portugal.
Due to the increase of interest in the qualification for a Portuguese nationality via a prior residence we hereby present the
relevant steps involved:
24
From residence to Portuguese nationality: relevant steps

25. Procedure Summary
4. Portuguese
nationality
• After 5 years of legally living in Portugal a foreign national can apply for the Portuguese citizenship, by
naturalization. The following conditions are:
1. Legally living in Portugal in the previous 5 years.
2. Legal age (above 18 years old).
3. Knowledge of the Portuguese language.
4. Link to the Portuguese community.
5. Not having been convicted of a crime with a jail sentence of three or more years.
6. Not having exercised public duties (excluding technic or administrative)in favour of a foreign State.
7. Not having rendered non-mandatory military service for a foreign State.
8. Not representing a danger or threat to national security or defense (in accordance with the Terrorist Act).
Family reunification
• Close family members, like spouse, underaged family children and dependent ascendants in direct line are entitled to
family reunification.
Presence in Portugal
• Holders of a Temporary Residence Permit should typically remain in Portugal.
• Holders of an ARI / GV residence have to remain in Portugal for at least 7 days in the first year and 14 days in each
period of 2 years.
Taxes in Portugal
• Portuguese tax residents: Personal Income Tax (PIT) on Portuguese and overseas income (overall worldwide income).
• Portuguese tax residents under the special non-habitual regime (NHR): they benefit from relevant tax relief relating
to foreign-source or high value-added income. Access available for holders of a Temporary/Permanent Residence.
• Non-Portuguese tax residents: PIT on Portuguese source income only.
From residence to Portuguese nationality: relevant steps
25

26. The Portuguese Government grants
citizenship to foreigners who have resided
lawfully in Portuguese territory for a
minimum of 5 years and who satisfy the
following criteria:
▪ are of legal age (18 years of age under
Portuguese law);
▪ have sufficient knowledge of the
Portuguese language (except for
descendants of Sephardic Jews);
▪ have not been the subject of a final
decision convicting them of a crime
punishable under Portuguese law by a
term of imprisonment of at least 3
years;
▪ have ties with the national community;
▪ have not held public office (of a
predominantly non-technical nature)
or done non-compulsory military
service in a foreign country.
Applications for citizenship are granted by way of
a decision of the Minister of Justice.
The Public Prosecutor’s Office has 1 year to
oppose the acquisition of Portuguese citizenship
on the grounds of:
a) lack of ties with the national community;
b) conviction of a crime punishable under
Portuguese law by a term of imprisonment of
at least 3 years;
c) having held public office (of a predominantly
non-technical nature) or having done non-
compulsory military service in a foreign
country.
The estimated waiting time for Portuguese
citizenship (after the application and all
documents have been submitted) is around 6 to 9
months. This estimate does not include the small
number of applications that require further
administrative processing. These applications are
usually dealt with in under 1 year.
Processing & waiting times
26
The Portuguese Government
may grant Portuguese
citizenship by naturalization in a
number of cases, including to:
▪ a foreigner who has resided
lawfully in Portuguese
territory for a minimum of 5
years;
▪ a foreigner who has been in
a heterosexual or
homosexual marriage to a
Portuguese national for
more than 3 years;
▪ a foreigner who lives in a de
facto heterosexual or
homosexual union with a
Portuguese national;
▪ descendants of Sephardic
Jews.

27. If you plan to visit, invest or have a short-term
stay in Portugal you need a Schengen Visa
(short-stay visa) if you come from one of the
countries listed on slide 30. Countries that are
not listed do not need to apply.
With a Schengen visa or travelling under a visa
waiver you can stay in Portugal for 90 days in
every 180-day period.
You can apply for a Schengen visa at any
Portuguese consulate abroad. The estimated
time for getting an appointment varies from
consulate to consulate. For more precise
information, you should call the consulate office
in your country of residence.
We can help you obtain a Schengen Visa.
However, the purpose of your trip determines
the type of visa required under Portuguese law.
Traveling to Portugal
27
Appendix I

28. Law no. 23/2007, of 4 July,
provides for several types of
visa depending on the reason
for your trip.
The table below shows the main
visa categories.
Any of these visas will allow you
to stay in Portugal for a period
of 4 months in order to apply
for residence.
Before you apply, RPBA can
help you decide which kind of
visa is suitable for you and
whether you meet all the
requirements. We can also help
our Clients to apply for a visa at
Portuguese consulates abroad.
For employment work
Requires an employment contract or promise
of employment contract; declaration from
the Portuguese Employment and Training
Institute (IEFP – Instituto do Emprego e
Formação Profissional) confirming that the
job offered is within the legally established
quota; declaration attesting the skills for
carrying out a profession, when the latter is
regulated in Portugal.
To carry out a professional activity
or for business people
Requires a contract of association or
contract proposal for the provision of
independent professional services;
document issued by the relevant authority
stating that the person has the skills to work
in the national territory; statement
regarding accomplishment or intention to
make an investment of economic, social,
scientific, technological or cultural
importance in the national territory;
certificate stating that the person has made
the investment or has the available financial
resources in the national territory to do so.
Visa options & Residence
28
Appendix II

29. For family
reunification
To engage in scientific research, to teach
at a higher education institution or to
carry on a highly qualified activity.
To study or to participate in a
student exchange program,
professional internship or as a
volunteer.
For pensioners, clergy
members and independent
wealthy people.
The application for family
reunification must first be
requested from the Foreigners
and Borders Service (SEF -
Serviço de Estrangeiros e
Fronteiras).
This visa is for higher education students
who are resident in a European Union
Member State and wish to apply to
continue a study program they have
already begun or to complement it with
another related study program; certificate
of participation in a community or a
bilateral exchange program, or a
certificate that the person has been a
student in a Member State for a period of
at least 2 years; certificate issued by the
education institution stating that the
student has been admitted or meets the
required conditions for admission.
Please note that this table does not contain a full list for all travel purposes. A temporary stay visa allows the applicant to remain for a 4-month period and to
leave and return multiple times. There are 7 subtypes of visa depending on the reason for the stay (e.g. medical treatment, transfer of workers between
countries within the World Trade Organization (WTO) and to provide services or training).
29
For higher education
mobility programs
Appendix II Visa options & Residence

30. AFGHANISTAN
BOSNIA-
HERZEGOVINA
CUBA
GUINEA
(CONAKRY)
KAZAKHSTAN
MARSHALL
ISLANDS
PHILIPPINES
SAINT VINCENT AND
THE GRENADINES
TRINIDAD AND
TOBAGO
SOUTH AFRICA BOTSWANA DOMINICA
GUINEA-
BISSAU
KUWAIT MOROCCO PAKISTAN SWAZILAND TUNISIA
ALBANIA BULGARIA EGYPT
EQUATORIAL
GUINEA
LAOS MAURITANIA KENYA SENEGAL TURKMENISTAN
ANGOLA BURKINA FASO
UNITED ARAB
EMIRATES
HAITI LESOTHO MOZAMBIQUE KYRGYZSTAN SERRA LEONE TURKEY
SAUDI ARABIA BURUNDI ECUADOR INDIA LEBANON MOLDAVIA
CENTRAL AFRICAN
REPUBLIC
SYRIA TUVALU
ALGERIA BHUTAN ERITREA IVORY COAST LIBERIA MONGOLIA
DEMOCRATIC
REPUBLIC OF CONGO
SOMALIA UKRAINE *
ARMENIA
CAPE VERDE
ISLANDS
ETHIOPIA INDONESIA LIBYA NAMIBIA
DOMINICAN
REPUBLIC
SRI LANKA UGANDA
AZERBAIJAN CAMEROONS FIJI IRAN MADAGASCAR NAURU REPUBLIC OF KOSOVO SUDAN UZBEKISTAN
BANGLADESH CAMBODIA GABON IRAQ MALAWI NEPAL RUANDA SURINAM QATAR
BAHRAIN CHAD GAMBIA JAMAICA MALDIVES NIGERIA RUSSIA THAILAND VANUATU
BELIZE CHINA GHANA DJIBOUTI MALI NORTH KOREA SAMOA TAJIKISTAN YEMEN
BENIN COMOROS GRANADA JORDAN
NORTH MARIANAS
ISLANDS
OMAN SANTA LUCIA TANZANIA ZAMBIA
BYELORUSSIA CONGO GUYANA KIRIBATI MYANMAR
PAPUA-NEW
GUINEA
SAINT THOMAS AND
PRINCE ISLANDS
TOGO ZIMBABWE
Countries who need Schengen Visa
• Given that Ukraine has a biometric passport its citizens may stay in the Schengen area without visa during 90 days out of 180 or 180 days out of 360.
Please check here updates to this information.
30
Appendix III

31. ▪ Legal assistance with your investment – whether real
estate, incorporating a company or a financial
investment;
▪ Assistance in obtaining the Portuguese documents
required for the Golden Visa process;
▪ Assistance in administrative processing;
How can we help?
▪ Assistance with the tax implications of your
investment;
▪ Registering at the tax office – either as a non-resident
for tax purposes or as a tax resident, and / or apply
for the special non-habitual tax resident regime;
▪ Post-investment assistance.
RPBA offers you a one-stop-shop service especially designed to help individuals and families obtain a
Portuguese residence permit (Golden Visa):
31

32. Meet the team leader dedicated to bringing a new
perspective to your issue
(+351) 218 058 523
alexandra@rpba.pt
Alexandra Gonçalves Marques is a Lawyer. She joined the Portuguese Bar Association in 2002
and works as Assistant Lecturer at University of Lisbon Law School in the area of Economy and Public
Finance. Between 2002 and 2015 she practiced law as a sole practitioner. She has experience in Civil
Litigation (including in cases of contractual or tort liability), labour, criminal, insolvency, family and
minors, and tax matters. Legal advice in civil matters, labour, nationality, aliens, golden visa program,
corporate, real estate, family and tax. Execution of legal opinions on tax matters.
Tax Arbitrator at Centre of Administrative Arbitration (CAAD), since 2015.
She obtained a Law degree from the University of Lisbon Law School, in July 1998. Post-graduation
course in Banking, Stock Market and Insurance Law (Coimbra University Law School, 1999). Post-
graduation Studies in Tax Law (Economic, Finance and Tax Institute, Lisbon University Law School).
Master in Economic Sciences (Tax Law), from Lisbon University Law School, in 2012.
Guest speaker, between 2012 and 2014, in the seminar on “Tax Arbitration”, in the course of “Major
Substantive and Procedural Aspects of the main Portuguese Taxes”.
Co-author, in 2010/2014, of “Constitutional Jurisprudence - Portugal” regarding tax matters in
decisions held by the Portuguese Constitutional Court for the European Review of Public Law.
32

33. General warning, disclaimer,
copyright and authorised use
▪ In the preparation of this presentation, every effort has been made to offer current, correct and clearly expressed information. However,
the said information is intended to afford general guidelines only. This presentation reflects information current at March 24th, 2021.
▪ This presentation is distributed with the understanding that RICARDO da PALMA BORGES & ASSOCIADOS, SOCIEDADE DE ADVOGADOS,
S.P., R.L. is not responsible for the result of any actions taken on the basis of information herein included, nor for any errors or omissions
contained herein.
▪ RICARDO da PALMA BORGES & ASSOCIADOS, SOCIEDADE DE ADVOGADOS, S.P., R.L. is not attempting through this work to render legal or
tax advice and the information in this presentation should be used as a research tool only, and not in lieu of individual professional study
with respect to client legal matters.
▪ RICARDO da PALMA BORGES & ASSOCIADOS, SOCIEDADE DE ADVOGADOS, S.P., R.L. is the copyright owner of this presentation and
hereby grants you a non-exclusive, non-transferable license to use this presentation provided that you do not modify its content in any
way, that you keep its proprietary notices of RICARDO da PALMA BORGES & ASSOCIADOS, SOCIEDADE DE ADVOGADOS, S.P., R.L. and that
you do not retain any copyright or other proprietary notices displayed on such content.
33

34. (+351) 212 402 743
geral@rpba.pt
www.rpba.pt
www.linkedin.com/company/rpba
www.slideshare.net/rpba