In this article, we will be focusing on Brexit and the benefits of the Portuguese Golden Visa.
Wednesday 31st March marked 90 days since the end of the Brexit transition period. This means that any UK nationals who have been living in the EU, and who haven’t applied for residency, will now be required to leave the block or apply for a visa in order to comply with immigration rules. Any UK nationals who want to move to the EU for the first time following the end of the transition period, will also now need to apply for a residency visa.
For British citizens looking for long term access to the EU, one route is to apply for a Golden Visa. Designed for people who want to take full advantage of all of the benefits offered by the EU with flexible residency options, the Golden Visa could give you the freedom you’re looking for. To help you find the best visa option for your needs, here’s our guide to the Golden Visa, Brexit and everything else you need to know.
Brexit and Visas for British Citizens
Prior to the end of January 2020, any UK citizen that relocated to the EU had the right to apply for residency in their chosen country. However, Brexit has put an end to freedom of movement and Brits, like all other non-EU nationals, are now required to apply for visas if they want to stay in the block for more than 90 days.
These strict rules have hit a lot of second homeowners and business people hard. Prior to Brexit a lot of Brits moved easily between the UK and their chosen EU nation, living, working and enjoying life in two countries at once.
Subsequently, many UK nationals exploring visa options have been attracted to the Golden Visa. A number of EU countries offer Golden Visas to non-EU residents. However, few options are as flexible, or as attractive, as the Portuguese Golden Visa scheme.
Minimal Residency Requirements
Unlike other Golden Visa schemes, the Portuguese Golden Visa allows the holder to continue to live in their home country virtually full time while enjoying all of the travel, work and health benefits offered by the EU.
In fact, Golden Visa holders only need to spend seven days in Portugal in the first year of their visa (and 14 days in the country each subsequent year) in order to qualify for residency. This is great news for second homeowners who want to live in both the EU and the UK and for professionals who work across the continent.
Exciting Investment Opportunities
Among the easiest ways to access the Portuguese Golden Visa scheme is via monetary investment in Portugal. Brits who want to apply for a visa will need to put their money into a qualifying venture capital (VC) fund, which is then invested in exciting opportunities across a number of sectors of the Portuguese economy including real estate, high tech manufacturing, eco-agriculture and tourism.
Currently, the Portuguese economy is one of the most dynamic and exciting in the EU. Property prices are on the up and in 2019, the government posted its first budget surplus in 45 years. Additionally, despite numerous challenges, the country has performed better than expected during the Covid-19 pandemic, with Portugal’s economy expanding by 13.2% in the third quarter of 2020.
This all makes the country an excellent choice for Brits who want to gain access to the EU while taking advantage of the exciting investment opportunities the continent offers. The minimum investment required to be eligible for a Portuguese Golden Visa is €350,000, making the scheme accessible to a lot of Brits who want to maintain free access to the continent.
Family Friendly Visa
Another major benefit of the Portuguese Golden Visa is that it applies to any dependent children aged 18 or under (or under 26 if they’re still in full-time education). It also applies to dependent parents. This means visa holders can give their entire immediate families access to the EU and open up all the advantages the continent offers to a whole new generation.
Access to Beneficial Tax Schemes
Golden Visa holders have access to a number of beneficial tax schemes. These, combined with the possible profits on offer from VC funds, make the Portuguese Golden Visa scheme very attractive for Brits who want to enjoy the best of the EU.
Before Brexit, UK nationals weren’t able to apply for the Portuguese Golden Visa scheme. However, the completion of the transmission period now means that Brits are officially non-EU citizens, allowing them to take full advantage of this beneficial visa route. Find out more, learn about the exciting investment opportunities on offer and explore the services we provide, by contacting a member of the Planeur team today.