Portuguese Golden visa for a family of Indian businessman living in the UAE
“We are glad that our family have a residence permit of Portugal. We always wanted to give our children the best possible future to study and work. We also wanted to live our retired life in a safe, stable and developed country with temperate weather”
– Anil Jangiani, 45 years old, citizen of India, owner of a successful business in the UAE
Anil is a successful businessman, his wife, Shefali is a house person, the couple have three children, sons Avnish and Avin and daughter Anaya all studying in high school. The couple thought about moving to a developed EU country with good standards of living to secure future for their children and a safe and stable retirement life for them.
Their preference was a country that provided:
- Safe and stable environment
- Moderate climate
- Freedom of movement within the EU
- Program leading to citizenship
- Reduce future tax payments
- Conduct study, business, or work in the country
- Investment including the costs less than €500,000
So, together with the family we analysed the situation balanced it with their requirements and provided them the choice of programs offered by Portugal, Spain, Greece and Malta.
Taking into consideration the costs and other personal factors, they decided to go for a golden visa program offered by Portugal by purchasing a renovated property for €350,000.
The other options open to them in Portugal were:
- Purchasing a more modern property for €500,000
- Buying units in investment and venture capitals funds for 500,000
- Purchasing a property for €280,000 and then removing it
Selecting property and preparation of documents:
The family wanted a spacious house with a large plot and not too far from Lisbon. With the help of our strategic partners in real estate we found them their dream property.
It turned out that it was more convenient for Shefali to become the main applicant at this stage as she had more spare time on hand than Anil. She wanted to see the property in person and Anil did not want to fly to Portugal due to business reasons and entrusted the examination of property to his wife. Shefali flew to Portugal signed the papers with the developer, open the bank account, and did the required formalities to purchase the property.
While the family was buying the property, we prepared the required documents to apply to the Portuguese Immigration service.
Within two weeks we gathered the documents, translated them into Portuguese, got them notarized and apostilled.
The documents that were required:
- Police clearance certificates for all adults
- Evidence of available funds and documents confirming the source of those funds of the investor.In this case, the funds for investments and expenses were held in joint accounts of Shefali and Anil in the bank in UAE and in India and Shefali had full access to the funds over a long period of time.
- Marriage certificate of the couple and their children’s birth certificate
- Certificate of ownership transfer on real estate
Once everything was ready, we submitted the family’s application to SEF (immigration department of Portugal) and got access to the electronic fingerprint queue. Few days before the appointment, the family arrived in Portugal to be fingerprinted and left after completing the task.
After about 5 months we received a notification that the program department had approved the family’s application for residence card. The family paid the required fee for issuance of residence card. After two weeks from paying the issuance fee, we received their residence cards, we transferred their cards to their convenient location.
The family’s participation cost in the program was:
€370,000 – real estate investment
€29,600 – Transfer Tax 8% of the property value
€2,960 – Stamp duty – 0.08% of the property value
€533 – application fee per person
€2,000 – medical insurance
€5,350 – Residence card issuance fee per person
Benefits of golden visa of Portugal:
- Residence permits leading to permanent residence and Nationality after 5 years
- Visa free travel to the Schengen states with a stay in any country up to 90 days in 180 days
- Tax optimization by ability to changing tax residence and obtaining preferential status for 10 years
- Access to services of European banks to settle business and park savings
- Freedom to do business, work, and study in Portugal
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