Immigration outside the home country raises many questions. Foreigners need to get not only a visa, but also to apply for a residence permit. These procedures are mandatory for all immigrants who intend to stay in the country for a long time.
Participants of Golden Visa programs manage to simplify the process of obtaining government decisions. Foreigners need to fulfill a few simple conditions and apply at the consulate. Such offers are often called investment offers, and wealthy entrepreneurs participate in them.
Overview of Italy Golden Visa Program
Italy is one of those countries that attracts thousands of tourists. Everything for life is available here: modern medical care, quality education and high-paid work. But this is not the only thing that attracts the interest of foreigners: the government offers to obtain a residence permit for investing in the country.
Eligibility Criteria
One of the most popular golden visa programs is open to residents of countries that are not part of the European Union. Applicants have simple requirements, including:
- attainment of the age of majority;
- availability of capital for investment;
- confirmation of the legality of income.
Verification of the applicant’s data and the circle of included persons takes from 3 months. The government receives information about the investor’s reliability and issues a residence permit. In the future, the investor and his family are granted citizenship of the country.
The Application Process
The procedure of participation in the program includes searching for an accredited agent. According to Immigrant Invest agency specialist Zlata Erlach, this approach significantly simplifies the process. The agent helps to prepare documents and send them for review.
It takes up to six months to process the application. The investor must deposit funds in a convenient way (real estate, business, charitable contribution) and provide confirmation. Data verification is carried out with special care, and the applicant receives the decision on the application at the specified address.
Benefits
The minimum cost of participation is 250 thousand euros, which is quite low for a country of EU level. The applicant gets the right to live and work in Italy, as well as to enjoy the privileges of a permanent resident. The latter category of benefits includes visa-free regime and the possibility to choose any other country for residence.
Overview of Portugal Golden Visa Program
Despite the number of Italian golden visa benefits, Portugal’s offer looks no less interesting. The state attracts wealthy investors using the stable economy and political situation in the country. These features deserve the attention received, and the conditions and requirements to foreigners do not differ in complexity.
Eligibility Criteria
Those foreigners who meet the government’s basic criteria can apply for the program. Freelancers, financially independent persons and IT professionals are the main applicants. In addition, Portugal imposes requirements for:
- minimum allowable income;
- compulsory time of visit to the country;
- regular updating of documents.
A residence permit must be renewed every two years to subsequently apply for obtaining a second passport. There are no language, history and culture tests, so there are no difficulties with visa renewal.
The Application Process
Preparation of documents takes a certain amount of time. The investor provides information about financial situation, proof of legal employment and medical records. This information is checked for 4 months.
A positive decision on the application means that the investor must make the investment in the chosen way. This could be buying real estate, creating a company and jobs, contributing to charitable funds and buying bonds. The holding period for a portfolio is usually 5 years or more.
Benefits
A residence permit in Portugal opens the borders of more than 170 countries around the world, including the European Union and the Schengen area. The documents can be drawn up on arrival, and prior government approval is not necessary. In addition, investments in Portuguese companies demonstrate a high return on investment. The funds can be returned within 3–5 years.
Investment Comparison
The Golden Visa in Italy program stands out for its low cost, but Portugal is a serious competitor. The standard of living and business conditions are about the same. It is worth paying attention to the Portuguese residence permit because of the simplified tax system. Italy, in turn, offers to get a residence permit for 5 years, and after expiration – to apply for citizenship. There is no need to renew the residence permit.
Final thoughts
Investment programs are a great way to develop a business in a favorable environment. Many countries in Europe offer foreigners to invest in the economy and obtain official status. One of the main advantages of Italy golden visa is fast processing of applications. The decision is made within 4–6 months. The Portuguese government creates comfortable conditions for business, making it easier to pay taxes.
