A Guide for Wealthy Expats

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Relocating to Portugal has become an appealing choice for numerous high-net-worth individuals looking for a blend of luxury and comfort. The country offers a rich culture, beautiful landscapes, and a favourable climate. Alina Mishurenko, Editor-in-Chief, Content Creator at Immigrant Invest, will help you understand how to move to Portugal using the Portugal Golden Visa.

Pros and Cons of Living in Portugal

Benefits of living in Portugal:

• mild and sunny climate: Portugal enjoys a Mediterranean climate with plenty of sunshine throughout the year, especially in the southern regions like the Algarve;
• rich cultural heritage: Portugal has a deep history, with numerous UNESCO World Heritage sites, traditional festivals, and a vibrant arts scene;
• excellent cuisine: Portuguese cuisine is renowned for its fresh seafood, delicious pastries like pastel de nata, and quality wines, particularly from the Douro Valley;
• growing economy with investment potential: Portugal’s economy is on a steady upward trajectory, creating numerous investment opportunities, particularly in sectors like real estate and tourism; The country’s economic stability makes it an attractive destination for long-term investments.;
• ease of travel: Portugal’s location allows easy access to other European countries, with well-connected airports, efficient public transport, and a well-maintained road network;
• welcoming expat community: the country has a growing and supportive expat community, making it easier for newcomers to settle and integrate;
• quality education: Portugal offers a variety of international schools and reputable universities, providing excellent education options for families moving to the country.

Disadvantages to consider. Despite many benefits, there are some downsides. The bureaucracy can be slow and frustrating. Some areas have limited English proficiency, making it challenging if you do not speak Portuguese. The job market may be less dynamic compared to other European nations.

Main Things to Know Before Moving

Cost of living. Portugal’s cost of living is lower compared to most Western European nations. Everyday expenses like housing, groceries, and services tend to be budget-friendly. However, major cities such as Lisbon and Porto may have higher prices.

Language considerations. Portuguese is the primary language spoken across the country. While English is widely understood in bigger cities, especially among younger generations, having a basic grasp of Portuguese can make day-to-day interactions smoother.

Climate conditions. Portugal benefits from a Mediterranean climate. Summer temperatures often reach around +30°C, and the region enjoys more than 3,000 hours of sunshine annually. Winters here are mild, with temperatures rarely dropping below +10°C.

In contrast, the northern regions, like Porto, experience cooler and wetter conditions, with summer temperatures averaging around +25°C and more frequent rainfall, especially in the winter months, when temperatures can drop to around +5°C.

Opening a bank account. Setting up a bank account in Portugal is a relatively simple process. You’ll need to provide identification, proof of residence, and a tax identification number.

Healthcare quality. Portugal boasts a well-regarded healthcare system, providing both public and private options that are accessible and reliable.

Education. Portugal has a range of international schools, especially in Lisbon and the Algarve, catering to expats. The public education system is also available and free.

Culture and entertainment. Portugal has many festivals, museums, and historic sites. The food and wine are excellent, and there are plenty of leisure activities, from golf to sailing.

How to Move to Portugal with Golden Visa

The Golden Visa program allows non-EU citizens to obtain residency in Portugal by making an investment. This can be done through various means, such as:

• fund unit purchase;
• business investment;
• job creation;
• investment in research activities;
• supporting cultural heritage.

The most popular option is fund units purchase worth at least €500,000. The minimum investment option is in culture — €250,000.

The application process involves several steps and requires investors to do the following:

1. Choose your investment option and gather necessary documents.
2. Travel to Portugal to complete the investment and submit your application to the AIMA, Agency for Integration, Migrations and Asylum of Portugal.
3. AIMA reviews your application and schedules an interview.
4. Upon approval, you receive a temporary residence permit, valid for two years and renewable every two years.

To renew the Portugal Golden Visa, you must spend at least seven days in Portugal during the first year and fourteen days in each subsequent two-year period. After five years, you can apply for permanent residency or citizenship.

Additional Considerations for Moving

Real estate market. Portugal’s real estate market is diverse, with options ranging from city apartments in Lisbon to villas in the Algarve. Prices vary depending on location, with coastal areas generally being more expensive. It’s advisable to work with a local real estate agent who understands the market and can help you find the right property.

Legal assistance. Navigating the legal requirements for the Golden Visa and property purchases can be complex. Hiring a local lawyer who specialises in immigration and real estate law can ensure that you meet all legal obligations and protect your interests.

Community and networking. Joining expat communities and networking groups can help you settle in Portugal. These groups provide support, social activities, and valuable information about living in the country. Online forums and local clubs are good places to start.

Travel and connectivity. Portugal’s transport system is well-developed, making travel easy both within the country and across Europe. Lisbon, Porto, and Faro all have international airports offering a wide range of flights. The public transport network is dependable and cost-effective, with trains, buses, and trams linking the main cities and towns.

Lifestyle and leisure. Portugal offers a laid-back lifestyle that emphasizes family and social connections. The slower pace of life here allows for a better work-life balance compared to other European countries.

Safety and security. Portugal is one of the safest countries in the world, with low crime rates and a strong sense of community. The country’s safety is reflected in both urban and rural areas, making it an appealing destination for expats.

However, it’s still important to take standard precautions, such as securing your home and being mindful of your surroundings, especially in tourist areas where petty crimes like pickpocketing can occur.

Conclusion

Relocation to Portugal with the Golden Visa program is a straightforward process that offers many benefits for high-net-worth individuals. Portugal is an excellent choice for expats.