Central to the appeal of the Algarve in Portugal, it is an excellent connectivity to Europe. Faro airport serves the Algarve and annual passenger numbers began to exceed six million for the first time in 2014, an increase of 34% on the previous decade. Providing direct links to 80 destinations across Europe, and with a recent €32 million expansion and remodelling programme, it makes the Algarve an ideal gateway to a life in Europe through Portugal’s Golden Visa program.
This highly successful programme was launched by the Portuguese Authorities as a fast track for foreign investors from non-EU countries to obtain a fully valid residency permit in Portugal - a Golden Visa. Under this unique programme, non-EU citizens simply need to carry out one of the required financial investments to obtain a residency permit in Portugal and so European citizenship. This residency permit will allow the investor and his family members to enter and/or live in Portugal and to travel freely within the vast majority of European countries.
Aimed at attracting foreign investment to Portugal, the Golden Visa is a flexible programme, with simple, straightforward legal requirements. With extremely low minimum stay requirements, the Golden Visa is clearly one of the most attractive residency programs for international investors.
So what types of investments are allowed under the Golden Visa rules? The programme has been widened in recent years to include a diverse range of investments. As a result, there are now a great deal of ways to qualify for a Golden Visa.
Firstly, they may transfer a capital investment of funds over € 1,000,000. Secondly, they can set up a business creating a minimum of 10 new job positions. Thirdly, and of most interest for those considering the Ombria Resort portfolio, an applicant can acquire a property worth more than € 400,000 as the resort is located in a low-density area. Applications that are successful will be valid for an initial period of one year and can then be renewed for subsequent periods every two years. This can result in permanent residency in just four years and full Portuguese citizenship in six years.
The investment can certainly prove to be worth its weight in gold, with investors no longer needing to apply for a visa to enter Portugal or to obtain any further visas to travel within Europe. Furthermore, they are free to live and work in Portugal without the necessity of long minimum stay periods and even if they maintain residency in another country. Even better, these benefits extend to all the investors immediate family members too.
Coupled with low taxation rates, a perfect climate and the relaxed, authentic lifestyle of Ombria Resort, it is easy to see why the Algarve is now receiving such interest from investors outside the EU. Contact us today to find out more about our property portfolio and how they can help you to apply for a Golden Visa.