The 350k golden visa in Portugal

The 350k option for the golden visa was designed by the government to increase infrastructure renovations in the Portugal. To make this option more attractive the government reduced the total investment to 350k instead of 500k. If the investment is well made, the 350k option is a good option not only because of the 150k that can be saved.

 

A 350k EUR investment implies the acquisition of a real estate asset with construction completed at least 30 years ago or located in an urban rehabilitation area, with execution of rehabilitation works for a total value of at least 350.000 euros. This amount can be lower by 20% if the property is found in a low density area. 

 

Important are the rehabilitation works. Many applications fail because the investors underestimate the importance of showing the SEF (Immigration and Borders Service) the necessary documents or attempt to just do minor renovations in the property. The SEF only accepts fundamental renovations. Here are same important points to consider:

  • the SEF accepts only quotations from an official IMPIC construction company
  • the internal SEF reference is 20% of the property value for the renovations
  • substantial renovations with new bathrooms, windows, floor, plumbing, electricity etc. are required. Furniture does not count as renovation
  • you need an official project, approved by the city hall
  • the property can not have experienced similar renovations in the recent past
  • you can only apply for the visa if the property is purchased and registered in your name as well as the budget for the renovations are on a Portuguese bank account. The bank will supply your with a certificate for the SEF
  • the transfers to purchase the property as well as to deposit money in Portugal have to come from accounts in your name. You can not transfer money or make purchases from other peoples or company accounts