{"id":33287,"date":"2020-11-17T12:18:50","date_gmt":"2020-11-17T08:18:50","guid":{"rendered":"https:\/\/www.savoryandpartners.com\/?p=33287"},"modified":"2021-02-18T02:16:11","modified_gmt":"2021-02-17T22:16:11","slug":"gulf-news-is-portugal-the-best-european-residency-and-citizenship-option","status":"publish","type":"post","link":"https:\/\/old.savoryandparnters.com\/blog\/gulf-news-is-portugal-the-best-european-residency-and-citizenship-option\/","title":{"rendered":"GULF NEWS: Is Portugal the Best European Residency and Citizenship Option?"},"content":{"rendered":"

By Deepak Karambelkar | Special to Gulf New Focus <\/a><\/span>– It is one of the oldest countries in Europe, with a capital that is 4 centuries older than Rome. Its language, heavily influenced by Arabic, is spoken by more than 236 million people in 9 countries. This is Portugal, a beautiful land steeped in culture, where you will find the latest in technology seamlessly coexist with the oldest in history; where almost every Portuguese person speaks fluent English. Add to that, it is the third safest country in the world, according to the 2020 Global Peace Index.<\/p>\n

Predictably, Portugal has flourished not only as a tourist destination but also as a country worth investing in or even relocating to. Investing in a European country may sound odd in the time of the pandemic, especially given that Europe is one of the most affected regions. However, it remains a powerhouse of global trade, finance, tourism and culture. Moreover, Portugal has fared much better on the Covid front \u2014 as of November 11, the country had reported 187,000 Covid cases, with 3,021 deaths. Compare that to neighbouring Spain\u2019s almost one million cases and more than 42,000 deaths.<\/p>\n

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Two-bedroom apartment for \u20ac400,000 in the Algarve<\/strong><\/p><\/div>\n

Besides, there is general consensus that Portugal will bounce out of the Covid crisis faster and stronger than many other advanced economies. One of the reasons for this optimism is that Portugal has nurtured the twin engines that make it an enticing investment migration hotspot \u2014 the Golden Visa (GV) and the Non-Habitual Residence (NHR) programs. GV is targeted at non-EU residents and citizens, while NHR has been designed for those earning retirement or passive incomes.<\/p>\n

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The Golden Visa program provides the simplest and most economical route to citizenship in the European Union (EU).<\/strong><\/h3>\n<\/blockquote>\n
– Jeremy Savory, CEO and Founder of Savory & Partners<\/div>\n

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\u201cThe Portugal Golden Visa Program<\/a> provides the simplest and most economical route to citizenship in the European Union (EU),\u201d says Jeremy Savory, CEO and Founder of Savory & Partners<\/a>, a multiple government-approved agency, specialising in second citizenship and residency by investment.<\/p>\n

Unlike other European Union citizenship options \u2014 for example, Malta<\/a> or now closed Cyprus, which necessitates an expenditure of \u20ac1 million-2.5 million \u2014 Portugal\u2019s GV program can be accessed by investing \u20ac500,000 (Dh2.1 billion) in its mature real estate market, or \u20ac350,000 if the property is over 30 years old and renovated. Additionally, a 20% reduction is granted if the property is in low-density areas, bringing the cost down to just \u20ac280,000.<\/p>\n

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Four-bedroom house with a pool for \u20ac925,000 near Lisbon<\/strong><\/p><\/div>\n

Moreover, the Portugal government recently allowed birthright citizenship to children born to parents who have held the Golden Visa for at least a year, increasing its appeal to people looking for second citizenship. Similarly, NHR is designed to attract high-net-worth individuals who are seeking a safe, tax-friendly country to relocate to in Europe, and Portugal offers just that. When such individuals arrive in a country, they inevitably lift property prices and stimulate the economy, as they come with capital and expertise in tow. \u201cWe have seen first-hand the growth trajectory and all our clients are falling in love with the country,\u201d says Savory.<\/p>\n

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Savory & Partners has been operating in Portugal for several years, assisting a diverse clientele including members of ruling families, vice presidents of FTSE 100 companies and ultra-high-net-worth individuals. It has successfully processed more than 1,100 approved families and individuals and continues to leverage its extensive experience to guide potential clients in obtaining their dual citizenship and becoming global citizens.<\/p>\n

\u201cWe believe in providing a customer-centric approach to our clients, which focuses on creating positive experiences for the customer by delivering on expected results and building meaningful relationships,\u201d adds Savory.<\/p>\n

The firm has a branch office in the prestigious Chiado district of central Lisbon, which enables it to better support its Golden Visa clients, all the way through their citizenship application submission.<\/p>\n<\/div>\n

Window of opportunity<\/strong><\/h3>\n

However, potential investors may have a limited window of opportunity and need to act fast. Savory explains that, in general, citizenship by investment (CBI) and residency by investment (RBI) programs<\/a> regularly evolve and regulations, economic needs, public sentiments all influence the availability of such programs. His firm has been proactively encouraging investors to submit their applications soon to avail of the best opportunities, with vaccine optimism kickstarting pent-up demand for Golden Visa properties again.<\/p>\n

Benefits of the Golden Visa Program<\/strong><\/em><\/h3>\n