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Portugal

Frequently Asked Questions on the Portugal Golden Visa

Today we look at some of the frequently asked questions about the Portugal Golden Visa. Before you begin do not forget to register for our upcoming webinar; Portugal Golden Visa – A definite way towards EU citizenship. Register

  • Which Golden Visa program is the best? Comparison: Portugal vs Spain vs Greece

It depends on the criteria of the investor and there are many variables that go into answering that question. Nevertheless, for those interested in obtaining European citizenship, Portugal Golden Visa stands out in comparison to Spanish and Greek Golden Visas. 

Read Portugal is officially a millionaire hotspot !!

Also read The Portugal Golden Visa: All you need to know in 2022.

  • What is Portugal’s golden visa?

It is a residence by investment program offered by the Portuguese government to non-EU, non-EEA, and non-Swiss citizens, willing to make a qualifying investment in Portugal. It is an investment immigration program bringing funds from foreign investors into the Portuguese economy.

  • What are the advantages of the Golden Visa?

The advantages of the Portugal Golden Visa include visa-free travel across the Schengen states, the right to live and work in Portugal, the ability to include each qualifying family member within the residence program, and the possibility to apply for Portuguese citizenship once you held your Golden Visa for at least five years.

Also read 11 Reasons to Move to Portugal in 2022 from India

  • Which requirements do investors have to comply with?

The main applicant has to be a non-EU, non-EEA, and a non-Swiss citizen of 18 years or older, and make a qualifying investment within Portugal.

  • What are the specific requirements for each type of qualifying investment?

Real Estate acquisitions: Buying any real estate in Portugal worth at least €500,000 or buying real estate in an urban rehabilitation project worth at least €350,000. Both amounts drop 20 percent further, as long as the investment is in a low-density population area in the country.

Transfer of funds: €1.5 million transfer of capital to a Portuguese bank account or €500,000 subscription in one of the qualifying Portuguese venture capital funds.

Job creation: Creation of at least 10 jobs in Portugal.

Financial contribution: €250,000 contribution to cultural heritage or €500,000 contribution to research carried out by public or private scientific research institutions.

  • Who in my family benefits from my Golden Visa?

The main applicant’s spouse, minor children, dependent children, and dependent parents also obtain the Golden Visa through family reunification.

  • How much does the process of obtaining the Portuguese Golden Visa cost?

The cost of the Golden Visa depends on the investment route that is chosen. On top of the deployed amount, there are acquisition costs, legal costs, and Golden Visa fees paid to the Portuguese government. 

  • How long is the wait/processing time for the Golden Visa in Portugal?

The wait time for the Golden Visa application changes constantly and it highly depends on which SEF (Immigration and Borders) office you applied to. Typically SEF offices in major cities like Lisbon have a high wait time, whereas those in rural areas are less. Currently, from the moment you make your investment, it takes approximately six to eight months to receive your Golden Visa residence card.

  • Should all supporting documents be translated to Portuguese?

Most of the supporting documents to Portugal Golden Visa need to be translated into Portuguese or English. 

  • Can you make the investment through a limited company?

The Golden Visa investment needs to be performed by the main applicant as an individual. The only exception is if the main applicant establishes a company and invests at least €1.5 million as capital into the company. Then the limited company may make investments on behalf of the investor with that capital.

  • Can I take a mortgage to make my investment?

Portugal requires the minimum investment amount to be brought into the country by the main applicant. That amount cannot be borrowed from a bank in Portugal. It can be taken as a loan from a non-Portuguese bank, outside of Portugal. However, if the investment exceeds the required investment amount, anything above the required amount can technically be borrowed from a Portuguese bank. Learn more about foreigners getting a mortgage in Portugal.

  • Can I do the Portugal Golden Visa process on my own?

You may. However, you’ll be making a significant investment in order to apply for the Portuguese Golden Visa. So, it’s highly recommended that you use a professional advisor and a legal representative in pursuing the program.

  • Do I need to get a lawyer for the Golden Visa application?

You’re not required to get a lawyer to apply for the Golden Visa, however, it’s highly advisable that you have a local Portuguese lawyer in assisting you with your application process.

  • What are the Portugal Golden Visa Tax considerations? Do I have to pay taxes in Portugal?

Having a Golden Visa in Portugal doesn’t automatically make you a tax resident in Portugal. Unless you become a tax resident in Portugal, you don’t need to pay any taxes on your non-Portuguese income. Your income within Portugal, however, needs to be declared in Portugal and you need to pay taxes on that income. Thanks to Double Taxation Treaties, you won’t be taxed multiple times on the same income.

  • What taxes apply to income generated in Portugal?

Your real estate rental income in Portugal is taxed at a flat rate of 28 percent in Portugal. Real estate investments that are not rented out or generating income do not lead to any income tax.

  • Does the investor have to pay taxes in Portugal on his/her worldwide income?

No. If the investor doesn’t spend 183 days or more in Portugal within a year, the investor is not a domicile. In that case, the investor doesn’t pay taxes in Portugal on the worldwide income, apart from that in Portugal.

  • Is the cost of living in Portugal low or high?

Portugal has a low cost of living compared to the rest of Europe.

  • Do I have to register and pay Social Security contributions in Portugal?

No, you’re not required to register or pay Social Security contributions in Portugal. However, you do need to get private health insurance to cover your healthcare costs in Portugal.

  • How is the Education System in Portugal?

Portugal has a high standard of public and private schools.

  • What is a fiscal number?

A fiscal number in Portugal is called a NIF. You’ll need a NIF in order to perform any official transaction in Portugal. This includes opening a Portuguese bank account, purchasing real estate, etc.

  • What are the taxes and costs for property acquisition and ownership?

There are certain taxes and costs associated with buying a property in Portugal. These include IMT (ranges between five percent to seven percent depending on the type and price) and stamp duty (0.8 percent). Costs include notary fees, which would be around €1,000, and legal fees, which depend on the law firm. If you are part of the residency permit by investment scheme, there are also Golden Visa fees to be paid to the government.

Also read Portugal Golden Visa getting cancelled. What this will mean for Indian Investors.

  • Do I need to reside in Portugal or can I live in other countries?

Portugal doesn’t require you to live in the country full time if you have a Golden Visa. You merely need to stay in Portugal for at least seven days per year. Besides that, you may live in your country of origin or any other place you wish to live in.

  • Can I use cryptocurrency such as Bitcoin to apply for the Portugal Golden Visa?

We are proud to accept all our fees in Bitcoin. However, the Portuguese government does not accept the Portugal Golden Visa investment to be made in any other currency than Euros.

  • Should I avoid certain firms offering Golden Visa services?

Absolutely. Just as in any business, there are many inexperienced individuals and firms claiming to provide services within the RCBI field as well. Make sure that you go on to vet the firm that will advise you in such a significant commitment.

  • How do I find good real estate investment opportunities in Portugal?

If you want to find good opportunities for real estate investments in Portugal, you can start by working with an experienced chartered real estate investment professional. You can provide them with your criteria and ask them to come up with a shortlist of regions, cities, neighborhoods, and then particular properties for you, in order. The real estate market in Portugal proved to be a robust one, exhibiting great promise for the future.

  • What’s the best way to get a Portugal Golden Visa?

The best way is the way that fits your specific criteria. In other words, it completely depends on the investor and the investor’s needs. So far, the overwhelming majority of Portugal Golden Visa investors have opted to move ahead with a real estate acquisition.

  • What are the investment options for a Golden Visa in Portugal?

The Golden Visa endowment routes include real estate acquisition, transfer of capital, creation of 10 jobs, and financial support in national activities in Portugal. 

  • Which investment funds are available for a Golden Visa?

There are a number of different venture capital funds with different investment strategies and features available in the market, which qualify their subscribers to apply to the Golden Visa in Portugal. For a comprehensive list of funds and their details, feel free to get in touch with us.

  • How long does it take before I can apply for Portuguese citizenship and passport?

You are eligible to apply for citizenship in Portugal at the end of your fifth year as a Golden Visa holder. Once you are naturalized as a citizen, you can then obtain your passport right away.

  • How can I get Portuguese citizenship by investment?

You can invest in a qualifying investment to obtain your temporary Portuguese residency permit through Portugal’s Golden Visa. Once you have your Golden Visa, provided that you maintain your investment for a minimum of five years, you have the right to apply for naturalization in Portugal.

  • Does Portugal allow dual citizenship?

Yes, Portugal allows for dual citizenship.

  • Does Golden Visa in Portugal lead to citizenship?

Yes, the Golden Visa Portugal leads to citizenship, indirectly. Once a five-year period lapses with the Golden Visa, you can then become eligible for citizenship.

  • How much does Portuguese citizenship cost?

Assuming that you will apply for citizenship through the Golden Visa Portugal, it depends on which qualifying investment you choose to move ahead with. 

  • Do I need a language test for Golden Visa program Portugal?

No, you do not need to pass a language test in order to qualify for the Golden Visa. You only have to pass a Portuguese test if you decide to become a permanent resident or citizen in Portugal after five (5) years of holding a Golden Visa. 

  • What does “basic knowledge” of Portuguese mean?

In order to prove your basic knowledge of the Portuguese language, you will have to be able to write, read, and speak in Portuguese at a preliminary level. This includes a thorough understanding of common phrases and vocabulary.

  • Is level A2 the only accepted exam?

Yes, the A2 level Portuguese language test is the only accepted exam in order to satisfy the citizenship requirement in Portugal.

  • Where can you learn Portuguese and prepare for the test?

There are many resources online that you can prepare for the Portuguese test. Depending on where you are, the Portugal and Brazil embassies also typically have offline courses available. In order to learn more about the resources, feel free to contact us.

  • When must the test be taken?

The Portuguese test should only be taken if and once you decide to apply for PR or citizenship in Portugal. However, you are free to take the test at any time you wish throughout your golden residence status.

  • Do I have to learn Portuguese before getting my citizenship?

Yes, you should learn Portuguese, enough to pass an A2-level language exam. That corresponds to a basic knowledge of the language.

  • Can same-sex couples also apply for the Golden Visa in Portugal?

Yes, Portugal allows Golden Visa applicants to include their same-sex partners within the program through family reunification.

  • Is Portugal LGBT-friendly?

Yes, Portugal is among the most LGBT-friendly countries in Europe. There is supportive legislation and a high level of societal acceptance for the community.

  • How long is the Golden Visa valid for?

Your first Golden Visa card is valid for a two-year period; you should satisfy the stay requirement of 14 days in two years. You may then renew your Golden Visa residence card and the next cards will each be valid for three years at a time. Within those three years, you should spend at least twenty-one days in Portugal. As long as you maintain your investment, you may renew your Golden Visa card as many times as you wish.

  • What countries are included in the Schengen Area?

The 26 Schengen countries include Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland.

  • What happens to the investment after five years? Can it be sold, transferred, etc.?

At that point, you have three options as a Golden Visa holder: (1) to continue with the Golden Visa for Portugal, (2) to become a permanent resident, (3) to become a Portuguese citizen. If you choose to become a permanent resident or a Portuguese citizen, you can then sell or liquidate your investment as you wish. You only need to hold on to it if you decide to continue with the Golden Visa temporary residence program instead.

  • Can the investor sell the investment at any time if he/she no longer needs the Golden Visa?

Yes, absolutely.

  • Does the investor need to live in/use the property he/she is purchasing, or can it be rented out?

The investor is not required to live in or use the real estate. It can be rented out or used as the investor wishes.

  • How long does it take to get a PR in Portugal?
  • Five years after you start your Golden Visa scheme, you’re eligible to get permanent residency in Portugal.

To Learn more about the Portugal Golden visa and start your application, Get in touch with My Global Citizenship.

Categories
News

Latvia Terminates Its Golden Visa Program

Last week, the immigration by investment world was met with terrible news. Authorities in Latvia have decided to abolish their Golden Visa Program after the latter has often been in the spotlight for being involved in many unlawful affairs.

The decision has been confirmed by the country’s Prime Minister, Krišjānis Kariņš while he stressed that the Ministry of the Interior is drafting necessary legislative amendments.

Through the Golden Visa Program, wealthy internationals were eligible to acquire residency in Latvia if they met specific requirements and made a specific amount of money in this country, such as buying expensive apartments and villas.

Jūris Pūce, chairman of Development for a political group in the Saeima, has emphasized that the ban on the Citizenship by Investment scheme in this way would apply to citizens of Russia and Belarus.

Pūce has said that a legal regulation regarding the issue will be prepared in the following days and put before the relevant Saeima committee, whose members will decide on it on Wednesday. Then, lawmakers will review the matter at a Saeima plenary.

The Citizenship by Investment Program has significantly helped the economy of European countries that run such schemes.

According to a recent analytic tool called the Best Investment Migration Real Estate Index, which Henley and Partners conducted, together with Deep Knowledge Analytics, Spain, Montenegro, Turkey, Portugal as well as Greece have been ranked as the best countries in Europe for real estate investments for residence and also citizenship rights.

However, the Golden Visa Program that is run in several European countries has often been considered as an open door to money laundering and other unlawful affairs.

In addition, the Committee on Civil Liberties, Justice, and Home Affairs of the EU Parliament previously urged the Member States to impose stricter conditions under which they issue golden visas to third-country citizens.

“Noting the difference in the severity of the risks posed by ‘residence by investment’ schemes -that give foreigners residence rights in exchange for a financial contribution-, the draft report asks for common EU rules to harmonize standards and strengthen the fight against money laundering, corruption, and tax evasion,” a press release of the EU Parliament revealed.

The sanctions imposed by European countries on Russia, which have been considered among the harshest in recent years, have reinforced the desire to terminate such schemes in European countries.

Due to Russia’s invasion of Ukraine other European countries have already suspended the Golden Visa Program for Russian citizens, including here the Czech Republic, Ireland, Greece, Portugal, Malta, and Spain.

This is a sad turn of events but do not feel discouraged as there are many more countries with Golden Visa opportunities to choose from such as Portugal and Greece.

Join our Portugal Golden Visa webinar on April 22nd, 2022 to know more. Register at https://cutt.ly/0DPui2v

Categories
Canada

7 reasons why Canada is meant for you.

Who doesn’t dream of living in Canada ? I certainly have this dream and if you are reading this, I am guessing you do too.

Canada is a blissful country with excellent diversity and inclusion policies, healthcare, education, career opportunities to name a few but as if you do not already know this, I would love to give you detailed reasons of why Canada is a boss country and you should apply for a Canada start up visa today.

Also read Canada experiencing high job demand and shortage in labour market.

1 Economy

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There is unlimited opportunity and potential to be found in Canada’s fast growing and industrialized economy. As one of the riches countries, Canada also offers the highest standard of living while decreasing taxes and strengthening their economy with a 2.3% inflation rate.

Canadians also get to keep an increasing amount of their income each year, with the average annual income being around $40,000. The economy continues to improve with the lowest unemployment rate since 1976 (6.8%) and hundreds of thousands of new jobs created annually. Aside from the economic facts and statistics, the currency in Canada is truly awesome. They use colorful paper money, one dollar coins (Loonies) and two dollar coins (Toonies).

2 Health

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Canadians consider health care to be a fundamental right. This is why free healthcare is such an important part of what makes Canada awesome. While the process may be slower, the quality of health care is among the highest in the world, and everyone has access to the medical treatment that they need. The cost of recovery is never a concern, no matter what health challenges you face. The access to social assistance programs and affordable housing also contribute to the overall wellbeing and health of the nation that takes care of its people.

Aside from free health care, there is a social health consciousness that can be seen in traditions like the Wednesday yoga class on the lawn of the nation’s capital. Every Wednesday in the summertime, yoga enthusiasts can join in on this one hour yoga class tradition that has included as many as 2,500 people at one time, and averages 1,000 participants per class.

3 Education

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Canada spends more money on the education of their citizens than any other nation. Primary and secondary education are free along with post-secondary studies. Canadian colleges and universities are known for the superb reputations throughout the world. Canada is also the most educated country in the world with the highest proportion of college graduates at 51% (Organization for Economic Cooperation and Development Report on Global Education).

4 Culture

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Canada is a truly multicultural country with a rich ethnic diversity… and we’re proud of it! Multiculturalism was even adopted in Canada as a national policy. For example, Canada recognized dual citizenship, it supports media such as newspapers, etc. in several languages (Portuguese, Italian, Arabic, Chinese…), it encourages minorities representation in the work force and in education and it offers support and help for newcomers in Canada (translation services, immigration advices etc.).

Canada is a country that is entirely multicultural and even has an official national policy of multiculturalism. Some examples of this policy include having media (like newspapers) in several languages, including Italian, Chinese, Portuguese, Arabic, etc. Canada also encourages immigrants and minorities to hold onto their cultures and represent their nationality in education and the work force. They offer services for translation and immigration advices to support newcomers.

Canada is a wonderful example to the world as a leader in cultural diversity, tolerance, peaceful society, and safety. They legalized same-sex marriage in 2005 (4th country to do this), and they keep their citizens safer with the lowest crime rates that continue to decline thanks to a fair justice system, strict gun control laws, and community policing.

Because Canada is such a large country, their population is small in comparison with one of the lowest population densities in the world. There are ten provinces and three territories with motto of Ad Mari Usque Ad Mare (From Sea to Sea). There is a whole lot of space across the mountains and prairies and between British Columbia and the Maritimes with numerous roads, mixed ethnicity neighborhoods, unique language quirks, and intriguing cultural diversity.

5 Scenery

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Canada is famous for the gorgeous scenery and uninhabited land. The views of the untouched and natural environment are breathtaking and composed of beautiful lakes and rivers. There are three oceans, mountains, plains, and some of the most attractive cities in the world, like Toronto.

Then there is the view of the Aurora Borealis (Northern Lights) from sites like Yellowknife where the nights are clear, the landscape is flat, and the Northern Lights are perfectly visible. You can also view the beauty of giant icebergs from shore or on a tour boat. Iceberg Alley is a famous location where ice bergs from western Greenland glaciers float down an amazing path. Then there is one of the most dynamic bays in the world where people can walk or paddle through an area where more than 100 billion tons of water flows in and out each day. Fundy Bay stretches from Nova Scotia to New Brunswick and the powerful tides expose fossils and sometimes rise over 50 feet. There are some places, like Hopewell Rocks, N.B., where one can kayak in an area that will be dry ocean floor by the end of the day.

Canada is filled with famous attractions and awe inspiring scenery that combine to make this country one of the most awesome places to live or visit in the world. There are small towns like Balm Beach, Deep River, Niagara on the Lake and Rapides-des-Joachims. There are large famous cities like Montreal, Toronto, and Vancouver. There are attractions like the Thousand Islands and Niagara Falls. And of course, there are the Northern Lights and Ice, beautiful bays, mountain skylines, and enormous icebergs. When it comes to scenery, Canada is hard to beat.

6 Wildlife

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Wildlife is a major part of the identity of Canada. When a wildlife enthusiast leaves the cities, they will find polar bears, moose, whales, 462 species of birds, and much more. The greatest diversity of birds can be found in Ontario and British Columbia, and the common loon is Canada’s national bird.

When it comes to whales, one of the most popular attractions is the springtime migration of around 20,000 Gray Whales which swim towards the western coast of Vancouver Island to get to the Bering Sea where they feed during the summer. The round trip of the Gray Whales is 16,000 to 22,500 kilometers and they can be seen from shore or from tour boats. There is even an annual Pacific Rim Whale Festival celebrated in the middle of March by Tofino Ucluelet and Pacific Rim National Park Reserve.

Then you have the Orca (Killer Whales) who are fearsome and easily recognizable predators of belugas, seals, and other whales. These animals are fast, moving up to 40 kilometers per hour with their aerodynamic bodies and black and white coloring being instantly recognized by anyone along the Inside Passage to Alaska or Vancouver Island.

If you happen to find yourself in Ontario, visiting Cochrane will give you the chance to get as close as you can to swimming with real polar bears. There is a small wading pool which is right next to the polar bear pool and visitors get their pictures taken with 740 pound polar bears, with a strong and thick plexiglass separating each person from the danger of powerful bear.

7 Food

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Some of our favorite foods come from Canada, like Hawaiian Pizza that, as it turns out, isn’t from Hawaii at all. With pineapple, ham, and even mushrooms sometimes, this pizza was created by Canadian pizzeria owner in Sam Panopoulosof Chatham, Ontario in 1962.

Then, you’ve got Tim Hortons which has expanded into the United States and offers some of the best coffee and Maple Dipped Doughnuts in the world.

Does this sound like your ideal country of residence ? Well contact My Global Citizenship today to get started on your Canada Startup Visa and immigrate to Canada with your family via investment.

Categories
Portugal

The Portugal Golden Visa: All you need to know in 2022.

Portugal’s Golden Visa program is one of the most popular residence by investment programs in Europe and in the world. The program started in October 2012 and since then more than 10,000 applicants have received their Golden Visas.

What makes Portugal Golden Visa so sought after?

In a nutshell:

  • It provides a range of relatively affordable investment options for you to choose from in obtaining your residence permit.
  • You are only required to spend a minimum of seven days in Portugal per year.
  • It gives you visa-free access to the Schengen states.
  • You can become a Portuguese citizen within five to six years.
  • Portugal is a safe, secure, affordable country with a high quality of life, solid infrastructure, superb climate, and good health and education systems.

Read Portugal is officially a millionaire hotspot !!

Also read Portugal Golden Visa getting cancelled. What this will mean for Indian Investors.

What Is the Portugal Golden Visa?

The Portugal Golden Visa program, also known as the residence permit for investment activity (ARI), is a residency by investment scheme designed for non-EU citizens.

Portugal launched the program in October 2012. The main objective was to attract international capital into the country, as it was much in need after the 2008 economic crisis. The program proved to be a great success, raising over €6 billion since then.

Portugal offers a dreamy landscape, a wide coastline, a climate full of sunshine, hospitable people, and delicious cuisine. Better yet, it provides this high quality of life at a very affordable cost of living. These features make Portugal a very attractive destination for international investors to invest in and obtain the right to live, work, and study in the country.

Furthermore, the Portugal Golden Visa program provides the opportunity to become a permanent resident or a citizen in Portugal in only five years.

Benefits: What Are the Benefits of the Portugal Golden Visa?

  • You can qualify for residency by investing €280,000 which is one of the lowest investment thresholds in Europe.
  • You don’t have to move to Portugal to keep your residence permit. Staying in the country for seven days on average per year will suffice.
  • You can be eligible to apply for Portuguese citizenship in five years. This is one of the quickest in Europe.
  • Once you become a Portuguese citizen, you get visa-free access to 188 countries.
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Travel and Visa-Free Countries

The Golden Visa permit registers you in the Schengen Area central system. So, you can freely travel within Europe without an additional visa.

At the end of five years, if you decide to get Portuguese citizenship, you can get a Portuguese passport. The Portuguese passport allows you to travel to 188 countries without the need for a visa.

Living, Working, and Studying

The Portuguese Golden Visa allows you to live, work, and study in Portugal.

If you decide to live in Portugal full-time with this permit, then you will be required to have medical insurance. You will, however, have full access to all public services including healthcare and education.

State schools follow the Portuguese curriculum, though there are numerous private British and American international schools.

The work permit allows you to work anywhere, as well as start and run your own business in Portugal.

Read Frequently Asked Questions on the Portugal Golden Visa

Family Reunification

As the main applicant, you may extend the Golden Visa to your family members. The application process is simultaneous for the main applicant and the dependents

Following members of the family are eligible to apply along with the main applicant:

  • Spouse,
  • Children under the age of 18,
  • Dependent children under the age of 26, provided that they are full-time students and not married,
  • Parents of the main applicant, if over the age of 65 years old.

Citizenship and Passport

You may apply for citizenship after five years of holding a Golden Visa in Portugal.

In order to qualify for citizenship, you must have:

  • No outstanding tax payments in Portugal,
  • Clean criminal records from Portugal and from your home country,
  • Entered and passed a basic language test in Portuguese.

Tax Benefits

The Golden Visa program will not bring any tax responsibility to you unless you spend more than 183 days of the year in Portugal. In case you do, then you become a tax resident in Portugal.

Portugal has a favorable tax regime for foreigners who consider relocating to Portugal and becoming tax residents. Through the non-habitual residency (NHR) program, the country offers certain exemptions from income tax for the first 10 years of residence. The program slightly changed in 2020, exempting foreign pensioners from getting tax breaks on their pension income.

Overall Benefits

As a Golden Visa applicant, you have the right to live and work in Portugal, but there is no requirement to do so. The country offers a favorable tax regime if you decide to relocate to Portugal. With your Golden Visa, you can enjoy free travel within the European Schengen visa zone. After holding a Golden Visa for five years, you can apply for citizenship or permanent residency in Portugal, leading to a passport. The Portuguese passport allows you to live, work, study anywhere within the European Union.

Eligibility: Who Is Eligible for a Golden Visa in Portugal?

Nationalities

Any non-EU/EEA/Swiss national can apply for the Portugal Golden Visa.

Pr-requisites

You’re required to be at least 18 years old and hold a clean criminal record from your home country, as well as from Portugal. The funds for the investment should arrive from outside of Portugal.

Golden Visa Minimum Investment

In order to qualify for the program, a qualifying investment has to be made. Investment categories include real estate, venture capital fund, transfer of capital, company formation, and donation. Later on in this guide, you can find a list of qualifying investments.

Family Members

Under family reunification, you may extend the Golden Visa to the rest of the family members. A comprehensive list of eligible dependents is listed in the previous section.

Portugal Golden Visa Investment Options: What Types of Investments Qualify for the Golden Visa

Portugal Golden Visa program offers different investment options.

  • Real Estate Acquisition
  • Fund Subscription
  • Capital Transfer
  • Company
  • Donation

Real Estate Acquisition

Acquire real estate worth more than €500,000 in Portugal,

→If in a low-density area in Portugal, the minimum amount drops 20 percent to €400,000

Acquire real estate that is older than 30 years old, in an urban rehabilitation area, and renovate it for a minimum of €350,000 in Portugal.

→If in a low-density area in Portugal, the minimum amount drops 20 percent to €280,000

The real estate acquisition does not need to pertain to one property necessarily. As long as the minimum amount is met in total, the transaction may include the purchase of multiple properties.

Conversely, if multiple applicants are purchasing one property of a larger purchase amount, they may also combine their investments. This means that if two siblings purchase real estate worth €1 million, they may each apply for the Portugal Golden Visa, as they each spend €500,000 in total.

*Note that residential properties in Lisbon, Porto, and coastal towns of the mainland don’t qualify investors for a Portuguese Golden Visa. However, you can choose a commercial property in these locations and still qualify.

Capital Transfer

Capital transfer of a minimum of €1,5 million to Portugal.

Fund Subscription

A minimum of €500,000 subscription in a qualifying Portuguese fund.

Company

Creation of a minimum of 10 new full-time jobs in a Portuguese business that is owned by yourself as the main applicant.

→Create a minimum of eight new full-time jobs in a Portuguese business formed in a low-density area in Portugal, owned by the main applicant.

Invest a minimum of €500,000 in an existing Portuguese business, where the incorporated business must create a minimum of five new full-time jobs for at least three years.

Donation

Invest a minimum of €250,000 in preserving national heritage in Portugal.

Invest a minimum of €500,000 in a research and development activity in Portugal.

Are Loans Allowed for the Golden Visa Investment in Portugal?

A common question is if you can use a loan or a mortgage in making your Golden Visa investment in Portugal. Portugal expects you to bring in the minimum required amount from outside of Portugal into the country. So the minimum amount cannot be taken out as a loan from a Portuguese financial institution.

However, you can take the amount as a loan from a non-Portuguese financial institution and then bring it into Portugal. Additionally, if your investment exceeds the minimum amount, there is nothing stopping you from taking a loan for the exceeding amount from a Portuguese bank.Requirements: What Are The Golden Visa Portugal Requirements?

Minimum Residence Requirement

Portugal Golden Visa program has a low stay requirement. Portugal requires the Golden Visa residents to spend a minimum of seven days annually on average in the country.

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Important Note: As of April 2020, the initial residence permits became valid for two years (used to be one year) and the subsequent permits became valid for three years each. This was due to a legislative change in the Portuguese immigration law. In case the change is permanent, it is expected that the initial card that is valid for two years will require the cardholder to spend at least fourteen days within that two-year period physically in Portugal. Then the renewal cards will be valid for three years each and the applicants will need to spend at least twenty-one days physically in Portugal within the three-year periods.

Make and Maintain a Qualified Investment for Five Years

You’re required to present supporting evidence that you have individually made the investment of the minimum amount required. As the main applicant, you must maintain the investment as long as you and your dependents hold the Golden Visa residency status.

If and once you become a permanent resident or a Portuguese citizen, the investment no longer needs to be maintained. You can then liquidate whichever investment you made.

Proper Documentation

You need to provide the following documents in order to apply for the Golden Visa;

1) Copy of a passport or other government-issued travel document,

2) Proof of evidence of the qualifying investment made by the main applicant individually:

→ If real estate; a deed or promissory sale agreement with proof of deposit payment,

→ If investment fund; proof of fund subscription from the fund management.

3) Declaration from Portuguese financial institution confirming the transfer of funds,

4) Proof of healthcare coverage:

→ If in Portugal, from the National Health System in Portugal,

→ If outside of Portugal, from an internationally covered insurance company.

5) Criminal record of the current country of residence,

→ Must be issued within three (3) months of the form submission.

6) A completed form authorizing SEF to access criminal records in Portugal,

7) A sworn declaration on compliance with the minimum investment requirements for the necessary time period of five years,

8) Documents outlining good standing with the Portuguese Tax and Customs Authority & Social Security system,

→ Must be issued within 45 days of the form submission.

9) Receipt of ARI application payment,

Unless otherwise stated, it is best to have the documentation issued within three months of your Golden Visa application submission.

Legalizing Documents

All the above documents issued by a non-Portuguese entity need to be legalized. The legalization must have an apostille if the subject country is part of the Hague convention.

Translating Documents

Any original document that is not in Portuguese needs to be translated into Portuguese and certified. The certification is typically performed by a notary.

Below is a chart of Portugal Golden Visa government application fees;

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Bank Account and NIF Number

Portugal requires you, the main applicant, to make the investment from your bank account in Portugal. Accordingly, it is mandatory for you to have an account in a Portuguese bank. You must also have a NIF number, which is a tax identification number in Portugal, to open the account.

Both obtaining a NIF number and opening a bank account in Portugal are pretty straightforward. They can both be done in half a day.

Getting a NIF Number

  • Get a proof of address from your country of residence,
  • Bring a government-issued identification and your proof of address to a Finanças office in Portugal,
  • Get your NIF number on the spot within an hour.

You can also provide your lawyer with a power of attorney and they can complete this step without you even being present in Portugal.

Opening a Portuguese Bank Account

Unlike many countries in the world, Portuguese banks make it quite easy to open a bank account for non-residents and foreigners. The banking and maintenance fees are also quite low compared to the rest of Europe. Just follow the below steps:

What you will need:

  • Passport or government-issued travel document,
  • NIF number,
  • Portuguese phone number,
  • Proof of address from your country of residence,
  • Proof of income/payslip,

What you will do:

  • Go to the bank branch and open your account.

Simple as that. Typically, each law firm has one or more banks and branches they work closely with. It is best to get their advice in order to keep things moving quickly.

How To Get a Golden Visa in Portugal: Application Process

The Golden Visa application in Portugal is quite straightforward. Below is a detailed list of steps to take toward a successful application process.

Step One: Decide on Your Investment Type

First things first. You need to analyze the list of available investment types and decide on which investment you will move forward with. Tip: More than 90 percent of all Portugal Golden Visa applicants have chosen to move ahead with a real estate investment. Nevertheless, the fund option also started gaining traction in recent years.

Step Two: Gather All Necessary Documents

You need to gather all necessary documents for yourself, the main applicant, as well as all those for your dependents if you have any. This step may get a bit tiring, especially with all the translations, notarizing, apostilles, and certifications. However, a professional advisor will help alleviate the boredom.

Step Three: Get a NIF and Open a Bank Account

As mentioned above in the article, getting a NIF and opening a bank account in Portugal can practically both be done within a day. This is a task that you can delegate to your lawyers to complete without your presence in the country.

Step Four: Finalize the Investment

Now that you chose which investment type to go with, it’s time to pay up and lock in your investment in Portugal.

Step Five: Submit Pre-Application

With your qualifying investment made and your paperwork ready, you will submit your pre-application online to SEF. In most cases, your law firm will do this on your behalf and notify you if there is anything missing.

In standard times, it takes roughly two months from the time you submit your documents until your appointment date.

Step Six: Schedule and Attend Your SEF Appointment

After analyzing your per-application, SEF will provide you with a set of available dates for a biometrics appointment. On the chosen appointment date, you and your dependents need to physically show up at the corresponding SEF office in order to submit your fingerprints and make your application official.

Step Seven: Get Your Golden Visa and Renew

Bingo! You and your dependents receive your Golden Visa residence cards. Your law firm or your professional advisor will collect the cards and send them your way. Each card is valid for two years and at the end of the validity period, you will renew your Golden Visa card to receive a new one.

In standard times, it takes roughly four months from your biometrics appointment until you receive your cards.

Step Eight: Become a Portuguese Citizen

After you renew your initial Golden Visa card twice and complete a total of five years, you are eligible to apply for permanent residency or citizenship in Portugal. The citizenship application typically takes anywhere from six months up to a year. Once you receive your permanent residence or citizenship, you will no longer need to maintain your investment in Portugal.

Timeline: What Is the Timeline for the Golden Visa Process?

The initial application and the supporting documents are submitted online to Serviço de Fronteiras e Estrangeiros (SEF). SEF is the official immigration and border services office in Portugal. Once they approve your application, you then need to appear for an interview in person.

There are numerous SEF offices across Portugal, and you may apply for any of them, regardless of where you made your investment. That way, you can avoid districts with long waitlists such as the SEF office in Lisbon. It can take up to six months for SEF to approve and provide a biometrics appointment date, as long as it is not one of the high-demand locations.

As the main applicant, you and all your dependents can book the SEF appointment simultaneously. After the in-person interview, you will receive your Golden Visa cards. It typically takes around four months to receive these residence permit cards.

Your residence clock starts ticking on the day your Golden Visa card is issued.

Year One and Two

Your initial Golden Visa residence card will be valid for two (2) years. In these two years, you must spend a total of fourteen (14) days in Portugal.

At the end of this period, you need to renew your residence permit. So, between 30-90 days prior to the expiration date of your card, you need to repeat the above SEF appointment to renew your cards. For the renewal, you need to re-submit the up-to-date documentation (ie. criminal records), biometrics, and necessary application processing fee.

Year Three, Four, and Five

Your renewed Golden Visa residence permit will be valid for three (3) years. Within those three years, you must spend at least twenty-one (21) days in Portugal.

Year Five

At the end of the fifth year, you have three options:

  • Apply for Permanent Residence in Portugal
  • Apply for Citizenship in Portugal
  • Continue with the Golden Visa temporary residence program

If you decide to become a permanent resident or a citizen in Portugal, you no longer need to maintain the Golden Visa investment you made in the country.

The above application, stay, and renewal requirements always apply to all Golden Visa cardholders, including the main applicants and the dependents.

In addition to the minimum investment you make and the necessary fees related to the transaction of the investment property, you will be faced with legal fees and government application fees. Below, you may find a detailed list of all the associated costs.

Government Fees

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Legal Fees

The legal fees depend on the law firm you choose to work with.

The Portugal Golden Visa investment is quite a sizable one, so it is best if you assign an experienced law firm to take care of your due diligence, as well as the application and renewal process. The legal fees can add up to a significant amount, but it is best not to take chances by going with a newbie in the field.

The fees can land somewhere between €10,000 all the way up to €30,000 for a family of four, taking into account the complete five-year span. The good thing is, you will not have to pay this upfront, but in installments depending on the completed tasks within the five years.

We would be happy to guide you to a number of different experienced law firms in the field of Portuguese Golden Visa.

Costs Related to Investment

Depending on your preferred type of investment, the associated costs differ. Below, you can find a table that covers the costs associated with the most popular investment types; real estate acquisition, fund investment, and transfer of capital:

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* Varies on the fund, it is typical for the performance fee to be between 20 percent-50 percent above a hurdle on the profit

** Varies on the fund, it is typical for the annual management fee to be between one percent-two percent of the invested amount

*** Legal fees vary widely between law firms, the number of dependents, and other variables; it would not greatly differ between different investment routes

Taxes: What Are the Portuguese Golden Visa Tax Implications?

Tax Implications

Tax residency and legal residency are different concepts. Becoming a Golden Visa holder in Portugal does not necessarily turn you into a Portuguese tax resident.

Even as only a legal resident, however, you will pay taxes related to your investment in Portugal, as long as the investment generates an income.

If you decide to become a tax resident in Portugal, you will need to spend more than 183 days out of a fiscal year in Portugal. Becoming a tax resident in Portugal has some appealing advantages, thanks to the Non Habitual Resident (NHR) tax program.

Non-Habitual Resident (NHR) Tax Program

Through the non-habitual resident tax regime, Portugal attracts professionals and investors of high cultural and economic value to the country. The program grants significant tax savings to foreigners of qualifying professions, planning to move their tax residence to Portugal.

The scheme started in 2009 and now holds over 10,000 applicants. In 2020, the program went through a few changes, mainly preventing foreign pensioners from tax breaks on their pension income.

Real Estate Tax Implications

Buying a property in Portugal comes with a number of acquisition costs that we laid out earlier in the guide.

Real estate acquisition taxes are significant, however, the costs do not stop there. There are also annual local taxes and rental income taxes, in case you rent your property out.

Annual Local Taxes

Imposto Municipal Sobre Imoveis (IMI) is the annual tax rate that needs to be paid by property owners in Portugal. The IMI tax rate ranges from 0.3 percent to 0.8 percent depending on the type, age, and location of the real estate.

Property Rental Taxes

Regardless of your residency, the income from Portuguese property rental is always taxable in Portugal. The net rental income faces a flax tax rate of 28 percent.

Maintenance, repair costs and IMI may be deducted from this tax amount.

The rental income taxes may differ if you decide to rent out your property on a short-term basis to tourists.

If you decide to sell your property at a profit someday, capital gains tax applies for property purchased after 1988.

Statistics on Portugal Golden Visa

Below you may find the overall statistics regarding the Portugal Golden Visa program between October 8th, 2012, and February 28th, 2022.

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The total number of main applicants reached 10,442 with 17,426 dependents accompanying them. These applications directed over €6 billion of global funds into Portugal.

Investment Type

Out of all the applications, the investment types were:

Real Estate Acquisition: 9,729 residence permits

→Real Estate at a minimum value of €500,000: 8,667 residence permits

→Real Estate urban rehabilitation at €350,000: 1,131 residence permits

Capital Transfer: 693 residence permits

→Capital Transfer in a Portuguese Bank: 510 residence permits

→Investment Fund: 198 residence permits

→ Capital Transfer + Creation of Jobs: 6 residence permits

→Donation to cultural heritage in Portugal: 3 residence permit

Creation of Ten Full Time Jobs: 20 applications

2022 Portugal Golden Visa Changes

The Portuguese Parliament passed a budget proposal in February 2020, which seeks to change the Portuguese Golden Visa program. The objective of the parliament is to promote investment in low-density areas, urban renovation, job creation, and cultural heritage.

IMPORTANT February 12, 2021 Update: In February 2021, the official changes and their timeline were announced by the Portuguese Government.

Check out our article on the Portugal Golden Visa Changes in 2022.

What Are the Changes?: Portugal Golden Visa New Rules

The approved changes refer to two different aspects:

  • The required investment amounts in the various Portugal Golden Visa investment types to be raised
  • Investment Fund option increased from €350,000 to €500,000
  • Capital Transfer option increased from €1 million to €1,5 million
  • Other options went through a change,too
  • The real estate investment route locations to only cover property investments made in low-density areas within Portugal
  • This means that buying residential real estate in Lisbon or Porto will no longer qualify for the Golden Visa program
  • The properties have to be located in the Autonomous Regions of the Azores and Madeira or in the interior territories

Lisbon and Porto have been the most popular real estate acquisition destinations among the Golden Visa applicants in Portugal. However, the proposed changes only allow the real estate purchases in municipalities of the interior or the autonomous regions of Azores and Madeira to qualify for the program. So, this is quite a major proposal.

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When Were the Changes Be Implemented?

The Portugal Golden Visa changes came into effect on January 1, 2022.

Objectives Behind the Proposal

The Portuguese Parliament chose to propose changes on possibly the most popular residence by investment program in Europe. There are a number of reasons for this proposal.

  • To protect the locals in large cities from having to move out of the cities due to the rising prices,
  • To stimulate investment in the interior parts of Portugal,
  • To alleviate the pressure of the European Commission on the Portugal residence by investment program.

The Effect

The most popular form of investment for the Portugal Golden Visa is the real estate acquisition option. The Golden Visa real estate investors have chosen Lisbon and Porto as investment destinations, with a landslide.

This potential change prevents applicants from buying residential real estate in major cities like Lisbon and Porto. Nevertheless, there are still attractive destinations among the interior municipalities of Portugal such as part of the Algarve region in the south or areas like Braga and Guimaraes in the north.

Investment options that are not related to real estate such as transfer of capital or creation of a company will continue to be available to prospective Golden Visa applicants.

My Global Citizenship: Who We Are and How We Can Help You

My Global Citizenship is a bespoke investment advisory firm in Ahmedabad, India. We help people get an additional residency and citizenship by making a qualifying investment through property acquisition, fund subscription, or other investment vehicles.

With our team of partner specialists in Lisbon and Porto, we offer our clients a tailor-made and transparent journey in their quest for Portugal Golden Visa through real estate acquisition and investment funds.

Contact us and talk to one of our experienced team members to help you with any and all your questions.

Categories
Events

Innovisa – Your start-up to life in the UK

Topic

Innovisa – Your start-up to life in the UKDescription

In this webinar we shall be discussing the United Kingdom Innovator visa.

Attendees will learn how Latitude’s Innovisa allows:

-Qualified applicants and their families to become UK residents by making an active investment in a Start-up for as little as £250,000.
-Allows the principal applicant to apply for permanent residency after only 3 years.
– Allows the applicant to earn some employment income from the start-up over those 36 months.

Perks:
Government processing time is typically between 2-6 weeks.
Less expensive than most international residency programs.

Who should attend:
Business persons and professionals looking for 2nd residency options in the UK.
Entrepreneurs.
Partners & immigration service providers.
Investment advisors.
Business Consultants.
Wealth and financial managers.

About My Global Citizenship:
My Global Citizenship is a top immigration consultancy firm in India. We provide immigration guidance in second citizenship programs while promoting the acquisition of residency and citizenship through investment routes.​
We curate a range of services that are essential to protect and grow your wealth. However, as we often act as close advisors to our clients, we intentionally refrain from offering property advice, investment advice or asset management. In these sectors, we work together with many of the world’s leading developer

About Latitude:
Latitude’s team of specialists offer leading insight and expertise to investors who are prepared to make an important economic contribution to gain residency or citizenship privileges in a selected country.
They also provide government advisory services, helping nations to create residency and citizenship-by-investment programs that attract this privileged segment of the world population to their shores.Time

May 27, 2022 04:00 PM in India

Registration Link: https://us06web.zoom.us/webinar/register/WN_ww2QdlOYQ4KH9ecxxk0BQA

Categories
Events

Indian EB-5 Market Update: Act before it is too late

Topic

Indian EB-5 Market Update: Act before it is too lateDescription

In this Webinar, Mr Jordan Lawrence will be introducing EB-5 Projects with Veteran Immigration Lawyer Mr Edward Beshara shedding light on the best EB-5 Investment options as per policy. Mr DhananJay will talk about Issues faced by Indian EB-5 Investors in the past and together they will advise on the way forward in 2022.

Also read Questions and Answers: USA EB-5 Visa frequently Asked Questions !!

Who should attend ?

1.You are planning to file for the EB5.
2.You are looking to get a Green card for yourself and your family via investment route.
3.EB5 Immigration Consultants

Talking Points;

1. Moderno EB-5; the most successful non real-estate EB-5 project in the market with more than 50 investors subscribed.
2. Fredericksburg Mixed-Use; another landmark development from the team at DC Partners fulfilling the luxury tourism demand for the highly popular travel destination in Texas Hill Country.
3. Advising on best options as per policy.
4. Addressing Issues faced by Indian EB-5 Investors in the past.
5. Timeline for I-526 Approval for Indian Investors.
6. Implications of retrogression on Indian Investor’s application.
7. Q&A

About My Global Citizenship:
My Global Citizenship is a top immigration consultancy firm in India. We provide immigration guidance in second citizenship programs while promoting the acquisition of residency and citizenship through investment routes.​

About Beshara Global Migration Law Firm:
They are a specialized immigration law firm providing services for foreign and U.S. individuals, corporations, and organizations to obtain non immigrant visas, immigrant visas, and naturalization processes for individuals, families, employers, employees, investors, and professionals.

About Houston EB5:
Houston EB5 now holds over a decade of experience and is one of the only regional centers to successfully assist clients from obtaining conditional residency to the repayment of investment with profits. Our completed projects range from multi-family, retail, residential, and operational business.Time

May 23, 2022 06:30 PM in India

Registration Link: https://us06web.zoom.us/webinar/register/WN_ww2QdlOYQ4KH9ecxxk0BQA

Categories
Events

Portugal Golden Visa – A definite way towards EU citizenship

Portugal Golden Visa – A definite way towards EU citizenshipDescription

In this webinar we shall be discussing the Portugal Golden Visa requirements, procedures and eligible projects for investors.

Agenda:
– Why invest in Portugal
– Golden Visa Program in Portugal
– Indian Investors FAQ
– Mercan Proprieties Projects

Who should attend:
Business persons and professionals looking for 2nd residency options.
Investors looking for real estate investments in EU with residency benefits.
Partners & immigration service providers.
Investment advisors.
Real estate consultants.
Wealth and financial managers.

About My Global Citizenship:
My Global Citizenship is a top immigration consultancy firm in India. They provide immigration guidance in second citizenship programs while promoting the acquisition of residency and citizenship through investment routes.

About Mercan Properties:
Mercan Properties is the company of the Mercan Group responsible for the development of real estate projects in the tourism sector in Portugal and currently has 17 projects in locations such as Porto, Vila Nova de Gaia, Matosinhos, Lisbon, Amarante, Évora and Algarve.

Speakers:
1. DhananJaySinh
C.E.O.
My Global Citizenship™

2. Mafalda Luís
Immigration and Real Estate Lawyer
International Atlantic Services

3. Francisco Queiroz
Investor Relations l Business Development Director
Mercan Properties

Date: 22nd April 2022, Time: 3:30 PM Indian Standard time

Registration Link: https://us06web.zoom.us/webinar/register/WN_EaCX097_QCumpn43HP1Fqw

Categories
Events

USA EB-5 Visa, WHATS NEW IN 2022 !

Topic

USA EB-5 Visa, WHATS NEW IN 2022 !

Description

Who should attend ?

1. People who have filed for an EB5 Visa and waiting approval.
2. People who are planning to file for the EB5 Visa.
3. People looking to get a USA green card for themselves and their family via investment route.
4. Consultants who want to understand the changes in EB5 Visa policies and its implications.

During this webinar, veteran immigration attorney Edward Beshara will discuss in detail the EB-5 visa program, timeline, and updates. Additionally, Dhananjaysinh will present direct EB-5 investment information for Indian Citizens and My Global Citizen‘s Immigration Consultancy benefits and procedures.

Talking Points;

1. EB-5 Regional Center re-authorization and new requirements.
2. EB-5 Direct program which does not need re-authorization is a viable choice.
3. A quick process for US visa entry to live and work in the US in a few months while waiting for the longer EB-5 petition process to be approved.

Don’t delay! Register now for this free opportunity, space is limited.

When: Thursday, March 17th, at 6:30 PM IST (UTC +5:30 )

Registration Link: https://us06web.zoom.us/webinar/register/WN_qRMDvwwNTz2UiXH1deg-jA

Categories
Immigration

Immigration by Investment; the perfect step for crypto investors and traders in India.

Cryptocurrency is a booming industry in many parts of the globe today. It is one of the most convenient forms of making transactions and provides utmost flexibility too. Even better is that it offers a new type of individual empowerment that is both exciting and dynamic. The digital asset is also flourishing for many other reasons. It protects against inflation, is cost-effective, and is also a secure way to make payments. What is even more interesting about this is that it is a private method that is self-governed and managed. 

Today, we’ll look at some top crypto friendly countries where cryptocurrency can be used without any objections and these countries all have impeccable immigration by investment policies. So why not move there today ? 

Malta

Malta has been using cryptocurrencies for the longest time now. For example, Binance returned from Japan to Malta because they thought Malta was more favorable. Malta is claimed as one of the most crypto friendly countries. Now, cryptocurrencies are also being used for trading purposes. 

Authorities have passed the below bills to make the island a global leader in cryptocurrency regulations:

  • The Innovative Technology Arrangements and Services Act
  • Malta Digital Innovation Authority Act 
  • Virtual Financial Asset Act

Agribank, Paytah, Founders Bank are the crypto friendly banks in Malta.

So hurry up and get the Malta Citizenship by investment today.

In Canada, no laws have been enacted that officially call cryptocurrencies illegal. That is why many cryptocurrency businesses can function in the country without any objections. Such an open-minded attitude helps people try out something new and make the most of new technology for future opportunities and advancement. However, we think that this type of attitude might not be present for too long here. Even so, Canada is considered a crypto friendly country.

In Canada, there are 1,464 bitcoin-friendly ATMs. It can be said that Canada is one of the cryptocurrency legal countries.

Start your application for the Canada Startup Visa and enjoy a crypto friendly lifestyle.

Portugal

Today, if you are looking for some of the most crypto friendly countries in the world, Portugal is bound to reach the top. Cryptocurrency is tax-free in the country and many crypto traders have already made Portugal their second home. The enthusiasm related to crypto in Portugal is very high. Portugal established a “Digital Transitional Action Plan” in April 2020 to promote digitization. The government declared that this plan would create the appropriate climate for business innovation and digital transformation. The action plan also includes “Technological Free Zones” to enable blockchain and other field experiments. Therefore, Portugal is the leader of countries supporting cryptocurrency. Hurry up and begin your pathway to EU Citizenship with the Portugal Golden Visa today.

Germany

Germany has a unique approach when it comes to cryptocurrency taxes. The country favors individual investment and it regards bitcoin as private money rather than a currency, commodity, or stock in the country. According to German laws, bitcoin and other cryptocurrencies are exempt from capital gains tax if held for more than a year. On sale and purchase, they are not subject to VAT. 

If you exchange the funds for cash or other cryptos within a year, your profit will be tax-free if it is less than €600. Thus, Germany can be considered as one of the cryptocurrency friendly countries. Become a German resident today with the Germany Residency by Investment program.

Singapore

Within Southeast Asia, Singapore is renowned as a fintech hotspot. The central bank of Singapore, the Monetary Authority of Singapore, believes that the cryptocurrency ecosystem should be closely supervised to avoid money laundering and other criminal activities, but that innovation should not be impeded. Thus, it makes Singapore a crypto friendly country.

There is no capital gains tax in Singapore. Individual and corporate cryptocurrency funds are not subject to taxation. However, if a corporation is based in Singapore and operates as a crypto trading company or accepts crypto payments, it is subject to income tax. Get your Singapore PR by Investment and live on our favorite high tech island.

If you plan to make bitcoin investments or use another type of cryptocurrency, these crypto friendly countries could help you. So, make sure you invest in their residency and citizenship programs after careful inspection and leave no stone unturned for safety. Also, note that as regulations of crypto countries might change from time to time, it’ll be wise to check the updated information before you make any investment in a country.

You can also speak to our immigration by investment experts to help you. Since they have professional knowledge, they can be better equipped to guide you. Contact My Global Citizenship today. We hope you enjoyed our guide to top crypto countries for residency by investment.

Categories
Canada

Bringing your Spouse to Canada: IRCC back to 12-month processing for spousal sponsorship applications

After the pandemic slowed IRCC operations, spousal sponsorship is back to service standard, government says.

According to a government media release, efforts to modernize the Canadian immigration system have allowed Immigration, Refugees and Citizenship Canada (IRCC) to get back on track. IRCC also launched a portal where spousal and child sponsorship applicants can track their immigration applications online.

The service standard of 12 months is the same whether spouses are applying as inland or outland applicants. In both cases, the processing time includes the time required for applicants to give biometrics, for IRCC to assess the sponsor and the person being sponsored, as well as the time needed to ensure applicants meet eligibility requirements.

Eligibility for spousal sponsorship

Canadians may be eligible to sponsor if they:

  • are at least 18 years old;
  • are a Canadian citizen or permanent resident, or they are an Indigenous person registered under the Canadian Indian Act;
  • demonstrate they are not receiving social assistance unless they have a disability; and
  • can provide for the financial needs of the sponsored person.

Also Read 7 reasons why Canada is meant for you

Eligibility to be sponsored

The person being sponsored needs to meet the following eligibility criteria:

  • Spouse: They must have been legally married to the sponsor at an in-person ceremony.
  • Common-law partner: They must have lived with the sponsor for at least 12 straight months.
  • Conjugal partner: They must have been in a relationship with the sponsor for at least one year, live outside of Canada, and cannot live with the sponsor in their country or marry them due to significant legal or immigration causes. For example, they live in a country where same-sex marriage or divorce is not allowed. Sponsors need to prove to IRCC they could not live together or get married in their partner’s country.

Foreign nationals must be at least 18 years old to be sponsored for immigration under all of these categories.

Also, foreign nationals must pass a health, security, and criminality screening and therefore be considered admissible to Canada.

How to apply

There are two types of sponsorship processes: inland and outland sponsorship. The key difference is that couples applying for sponsorship from within Canada are considered inland, while those whose foreign national spouse is abroad will be filed under outland.

To be eligible for inland sponsorship, the foreign spouse or common-law partner must also have valid temporary status in Canada, either as a worker, student, or visitor. During the inland sponsorship application process, the sponsored person will be able to continue to live, work or study in Canada. While pursuing inland sponsorship, the sponsored spouse may be able to get a Spousal Open Work Permit, which would allow them to work while they are waiting on the results of their application.

It is generally expected that inland sponsorship applicants will remain in Canada while their application is being processed. If the spouse or common-law partner does not plan to stay in Canada or needs to be able to travel outside the country while the application is being processed, outland sponsorship may be a better option.

Outland sponsorship is for foreign spouses who are not legally living in Canada at the time of the application. Applicants residing in Canada may also opt for outland sponsorship as it allows for travel to and from Canada while the application process is underway. It may be the best option for those whose work or personal situation requires them to leave the country.

Canadian permanent residents can sponsor their spouse as an outland applicant only if they are living in Canada, whereas Canadian citizens can sponsor their spouse as an outland applicant from abroad. If they do this though, they will have to demonstrate that they will return to Canada with their spouse if the application is approved.

In addition to married and common-law partners, is also possible to sponsor conjugal partners through outland sponsorship. Conjugal partners are couples who have been in an ongoing and committed relationship for a period of at least 12 months but, due to significant legal constraints or other factors beyond their control, they cannot live together.

Steps to submit a sponsorship application

Applicants will submit two applications together. One is for sponsorship and the other is a permanent residence application.

Step 1: Get an application package from IRCC.

Step 2: Pay the application fees to IRCC, which include processing fees, a right of permanent residence fee, and a biometrics fee. These fees need to be paid on IRCC’s website.

Step 3: Mail the completed application to IRCC.

IRCC’s processing standard is 12 months.