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Times Are Changing - Find out how you can keep your EU rights

Times Are Changing - Find out how you can keep your EU rights

Are you interested in maintaining your EU citizenship post Brexit? Now there is a way. By buying an investment property in Portugal for 500,000€ (400,000€ in the Algarve) you can receive a Golden Visa for you and your dependents giving you the right to live and work in any country in the Schengen Area (most of the EU and also Switzerland and Iceland) for a period of 5 years. After that period, you can apply for Portuguese passport (so you will then have dual citizenship) and will continue to maintain all the benefits that come with EU citizenship.

 

For many British people, having Irish parents or grandparents has proven to be very useful as they have been able to secure themselves a replacement EU passport prior to Brexit, but for those of us without this lineage there are other options. Here at Ideal Homes we can help guide you through the Golden Visa process which could see you as the recipient of a Portugese passport and also the proud owner of a property in the sun!

 

At the end of this month, Brexit is expected to finally happen after years of extensions and uncertainty and Britain will then no longer be a part of the European Union. While the exact ramifications are not yet known and there is a “transition period” until at least the end of 2020 when nothing will change, it is likely that, after this period, the rules and regulations will be different for British citizens wishing to travel, work and live within EU countries. 

 

British passport holders will become third country nationals meaning they will be treated in the same way as people from countries outside of the EU. Depending on the country they are entering, British nationals may find themselves limited to 90 day maximum stays, needing to apply for visas and unable to access free health care amongst other restrictions.

 

Many British people are concerned about these changes and are keen to retain an EU passport and protect their right to travel freely through the Schengen Area of Europe. If you don’t have Irish connections though all may not be lost as the Portuguese Golden Visa scheme could be a good option for you. Not only will you get to retain your EU rights but you’ll also get the dream home abroad you’ve always wanted in the process! 

 

Initiated in 2012, it has proven to be very successful and has already seen 8000 third country nationals granted temporary residence permits (14000 people if you take into account their direct dependents). 

 

As well as being able to experience the Portuguese lifestyle for yourself for as long and as often as you choose, the Golden Visa scheme will also provide you and your family with the opportunity to travel freely through Europe without the need for visas.

 

Those enrolled in the scheme will benefit from the following:

  • No visa required to enter Portugal 
  • Visa exemption for travelling through Europe (within Schengen Area)
  • The ability to live and work in Portugal 
  • Dependent family members can also obtain temporary Portuguese residency
  • Low minimum stay periods (7 or more days in first year and 14 or more days in subsequent years)
  • After 5 years you will have the possibility of obtaining permanent residency or citizenship including a Portuguese passport

 

In order to be eligible for the scheme you must conduct an investment activity from a list of 7 possible options (full details here). Our favourite by far is to purchase real estate property for 400,000€+ in the Algarve (500,000€+ elsewhere in Portugal) or from 280,000€ in the Algarve if the property was constructed more than 30 years ago and needs refurbishing. 

 

So, from as little as 280,000€, you would not only be eligible for a Golden Visa but you would also have your very own place in the sun to visit whenever you choose or even relocate to permanently if you wish. You could also rent your property and receive a substantial return on your investment by capitalising on the Algarve’s popularity with tourists as well as seeing it rapidly appreciate in value (the market rose by 13% in 2019).

 

Ideal Homes can help you with every aspect of the process. We can find your perfect property, guide you through the Golden Visa process and then manage your rentals and property for you. We will make sure that the whole process is as quick and painless as possible and provide you with ongoing peace of mind which will leave you free to concentrate on planning your next European adventure courtesy of your Golden Visa! 

 

If you are excited by this opportunity and would like to find out more then please get in touch with us as we have all of the knowledge and experience necessary to help you to make it happen!

 

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