How can citizens of Russia and Belarus obtain a "golden visa" in Portugal?

Portugal and the "Golden Visa" program

Portugal, rightfully gaining fame through its "golden visa" program, stands out among other European countries as a unique place for obtaining residency. In this article, we will explore the features of various immigration programs and their practical significance in the lives of migrants. Your opportunity to become a resident of this wonderful country is made possible by its advantageous geographical location, which particularly attracts citizens from Russia and Belarus who are interested in purchasing real estate.

Historical reference

Once a powerful colonial power, Portugal is now significantly smaller than its neighbor Spain and occupies a small territory on the Iberian Peninsula. Modern Portugal embodies tranquility and a high level of comfort. It delights its residents with a subtropical climate that provides around three hundred sunny days a year. The country's landscape is diverse and picturesque, ranging from the sunny plains and hills of the Algarve to the majestic mountain peaks of Montemayor. The southern and western coasts are washed by the waters of the Atlantic Ocean, and among the archipelagos, famous resorts such as the Azores and Madeira stand out.

Population and migration

Today, the population of Portugal is approximately 10.3 million people, of which about 550,000 are foreigners. In the early 2010s, the country faced serious economic problems that forced its citizens to seek better living conditions outside the country—during this period, more than 500,000 Portuguese left in search of a better existence, mainly moving to other European countries between 2011 and 2013. However, the situation has drastically changed: the country is now attracting highly skilled professionals, digital nomads, young entrepreneurs, and even retirees.

Portugal, having gone through a long period of dictatorship and economic stagnation, is increasingly attracting those looking to build a successful career or start a new chapter in their lives.

Economy and entrepreneurial environment

In terms of gross domestic product (GDP), Portugal ranks 47th among countries worldwide, alongside nations like the Czech Republic and New Zealand. When it comes to GDP per capita, Portugal is in 42nd place, surpassing, for example, Russia. The country's strategic goal is to become a hub for entrepreneurs and innovators, making Lisbon one of the key startup hubs not only in Europe but also in the world, competing with megacities like Miami and Dubai.

Golden Visa program

The launch of the "Golden Visa" program in 2012 was an important step in overcoming the economic difficulties faced by the country. This program opens doors to obtaining residency in Portugal through investment. One of the most popular ways is to purchase real estate that meets certain criteria. However, there are also alternative paths, such as:

• Creating a business with a minimum of ten employees;
• Purchase of shares in investment funds or venture capital;
• Investments in scientific research, support for the arts, or the preservation of cultural heritage sites.

Conclusion

As a result, thanks to its unique and favorable conditions, Portugal has become a magnet for new immigrants, allowing them not only to enjoy life in one of the most picturesque corners of Europe but also providing excellent conditions for doing business. If you want to become part of this amazing country, it's worth carefully exploring the available programs, including the "golden visa," and choosing what best meets your needs and opportunities.

Golden visa in Portugal

The Golden Visa in Portugal offers foreigners the opportunity to obtain resident status for a period of two years, with the option to extend it for two additional years twice.

After five years of living with this status, a visa holder can apply for citizenship. With a residence permit in Portugal, one is allowed to stay in the country on a permanent basis, while maintaining the status requires being in Portugal for just two weeks every two years.

One of the main advantages of this visa isfreedom of movementin the Schengen Area countries.

Flexibility of the program

This program is highly flexible compared to similar offerings in other countries. By the end of 2021, Portugal ranked second in the world for the number of golden visas issued, second only to the United States, with approximately 1,500 approved applications.

The program continues to attract the interest of a large number of applicants.InvestmentsWithin the framework of this project, there was a 33% increase in the first half of 2022 compared to the same period in 2021, despite the introduction of new government restrictions at the beginning of 2022.

• For example, cities like Lisbon and Porto, as well as some coastal areas, have been excluded from the list of regions where investment in residential real estate is possible.
• This left only the option of acquiring commercial properties.

Information about the program for 2022.

Detailed information about the existing program conditions for 2022 can be found in the materials from the webinar organized by our portal at the end of last year.

Obtaining a golden visa for citizens of Russia and Belarus

Is the question being asked whether it is possible to obtain a golden visa for citizens of Russia and Belarus? Experts in real estate and immigration note that this program remains available for citizens of the Russian Federation and Belarus.

After the start of the military conflict between the Russian Federation and Ukraine on February 24, 2022, as well as the imposition of international sanctions against Russia, the Portuguese immigration service (SEF) temporarily suspended the processing of applications and the issuance of completed cards. This affected not only Russians but also applicants from many other countries.

Since June 14, 2022, the application process has resumed, but the verification of applicants' documents has become more thorough, especially regarding financial documents and biographies. At the same time, according to our experts, there have been recorded cases within two months after the resumption of operations:

• issuance of new cards,
• extension of current visas,
• invitations for biometric data submission.

Citizens of Russia and Belarus who are not on the sanctions lists have the opportunity to apply for a golden visa. However, it is important to note that the processing time for applications can take up to a year due to the significant workload on the immigration service.

Introduction

Despite the fact that the "golden visa" program in Portugal does not impose any restrictions on citizenship and other parameters, Russians and Belarusians face certain difficulties when opening bank accounts. Nevertheless, some financial institutions are willing to work with these clients. Typically, such banks maintain long-term partnership agreements with immigration agencies.

Options for obtaining a residence permit

There are various ways to obtain a residence permit for those planning to move to Portugal. The country offers several legalization programs, among which the following stand out:

• Work visa D1
• Visa D2 for starting a business
• Visa D3 for qualified specialists
• Visa D7 for financially secure candidates

The D7 program, in particular, is designed for digital nomads and is of interest to many remote workers due to its relatively low income requirements, which amount toabout 9000 euros per yearFor each applicant, as well as due to other attractive conditions. To obtain this visa, it will be necessary to open a bank account, into which an amount comparable to the annual income must be deposited. However, as mentioned earlier, opening an account for citizens of Russia and Belarus may currently be challenging, but it seems possible if the applicant is not subject to sanctions.

New visa for job searching

Since August 2022, a new visa has been introduced in Portugal, allowing foreigners to stay in the country for180 days (120 days with the possibility of extending for 60 days)for job searching. This innovation is aimed at attracting foreign specialists to address the labor shortage in various sectors.

Administrative division of Portugal

As for the administrative structure of Portugal, the country is divided into 18 districts, which include 308 municipalities. Additionally, there are two autonomous regions:

• Azores Islands
• Madeira

Among foreign investors, regions such asLisbon,Porto,Algarve,Coimbraandautonomous region of Madeira.

Lisbon

Lisbon is one of the oldest cities in Europe, founded in the 2nd century BC. It is located on the shores of the Atlantic Ocean, at the mouth of the Tagus River. The city is actively developing its infrastructure, combining modern construction with historical landmarks. As the capital of the country, Lisbon also represents a district with a population of about3 million peopleincluding municipalities such as Amadora, Cascais, and Sintra. Notably, there is the Lisbon Riviera — a famous stretch of coastal resorts located near the capital.

Porto

Porto, located in the northwest of the country, is the second largest city in Portugal and an industrial hub. This city is discerning when it comes to business and offers various opportunities for investors, both local and foreign. Porto attracts attention not only for its economy but also for its cultural diversity and vibrant life. Overall, Portugal provides immense opportunities to realize the dream of living in a beautiful and sunny country with a rich history and friendly people.

The historical part of Porto

Not far from the place where the Douro River meets the waters of the Atlantic Ocean, there is a well-preserved ancient part of the city that has been recognized as a UNESCO World Heritage site. Like the country's capital, Lisbon, Porto also serves as the administrative center of the eponymous district and municipality.

Cultural and economic ties

The urban agglomeration known as Greater Porto includes several neighboring settlements, making it an important cultural and economic hub of the region. Additionally, Coimbra, the first capital of Portugal, plays a significant role in the history of Porto as a city associated with key events.

Coimbra and its university

Coimbra is known for its university, founded over a hundred years ago, which today attracts a significant number of locals—more than a third of the population is involved in the educational environment. This city has also gained the status of the administrative center of the district and the Greater Coimbra agglomeration, reinforcing its importance on the map of Portugal.

Algarve region

On the southern side of Portugal lies the Algarve region, known for its resort atmosphere and pronounced tourist seasonality that attracts both locals and foreigners. This place is famous for its stunning beaches, 70 of which are marked with the blue flag symbol, as well as:

• Marinas for yachts
• Golf courses
• Various sports facilities

Faro is the largest city in the region, and the Algarve agglomeration includes towns such as Sagres, Lagos, Albufeira, Carteira, Loulé, and others.

Real estate in Portugal attracts buyers from all over the world, especially in picturesque cities like Lisbon, Cascais, Grândola, Loulé, Oeiras, and Lagos. The average price per square meter varies: in Lisbon, it reaches 5000 euros, in Cascais – 4116 euros, and in Grândola – 3824 euros. If you are looking for more affordable options, it is worth considering municipalities such as Penamacor in the Castelo Branco district (399 euros per sq. m), Nisa in Portalegre (427 euros per sq. m), Figueira de Castelo Rodrigo in Guarda (428 euros per sq. m), and Crato in Portalegre (431 euros per sq. m).

Despite forecasts predicting a decline in interest and prices after the exclusion of residential properties in Lisbon and other coastal cities from the "golden visa" program at the beginning of 2022, reality shows otherwise.Demand for housingThe level remains high in these complexes.

Factors driving real estate price growth

One of the main factors contributing to the constant increase in prices isshortage of offersEspecially in the premium real estate segment. Real estate experts report that, despite active construction, the market is unable to fully meet the growing demands of buyers. The most popular among new projects are modern apartments with a high level of quality. Often, a significant portion of these apartments is sold even before construction is completed.

According to the Idealista report, in the second quarter of 2022, the number of available apartments and houses decreased by 25% compared to the same period in 2021. A particularly noticeable decline in the number of properties is observed in regions such as:

• Headlight (-37%)
• Coimbra (-34%)
• Porto (-33%)

Trends in commercial real estate

There is also a clear trend of increasing demand for commercial real estate in the first half of 2022. According to statistical data, the volume of investments in this sector doubled from January to March compared to the same period last year.Experts suggestthat further growth is quite likely, which is related to changes in the "golden visa" program.

Reasons for foreigners purchasing real estate

The reasons why foreigners prefer to buyreal estate in Portugal can be conditionally divided into three groups:

• Obtaining a "golden visa"
• The opportunity to earn income from investments
• Chance for permanent or temporary residence

Real estate agencies note that there is a clear increase in interest among Russian-speaking clients regarding options for relocating with their families. A significant number of entrepreneurs are also planning to move their businesses to Portugal, including their employees.Demand for the "golden visa"remains at a high level among Russians and citizens of other CIS countries.

Assistance from a specialist in choosing real estate

To help clients make the right choice, qualified consultants can offer the best solutions based on their requirements. Properties that provide the opportunity for passive rental income and can be used to apply for residency are often suggested.Investing in Portuguese real estatebecoming increasingly relevant, opening doors to new opportunities for personal and financial security in a country with a high standard of living.

Citizenship through investment in Portugal

For those who do not plan to stay permanently in Portugal but wish to obtain citizenship through investment, real estate specialists recommend focusing on investments in funds and hotel shares offered by major international hotel chains. These investment opportunities are appealing because construction companies guarantee the buyback of your property, providing confidence in the potential return of your invested funds. After 5-6 years of obtaining a Portuguese passport, you will be able to recoup your money by successfully exiting your investments.

A quiet place to live is the city of Porto.

If you are looking for a peaceful place to live permanently, you should consider the city of Porto. This colorful town is located on the banks of the Douro River in a famous wine region. It successfully combines job opportunities with proximity to nature, active sports activities, and a vibrant cultural life. The surrounding area of Porto attracts the attention of investors, as experts report that there is a faster increase in housing prices here compared to the capital.

Small towns south of the capital

In the southern part of the country, within half an hour's drive along the coast, there are the small towns of Sesimbra and Setúbal, where new real estate developments are actively underway. These locations are close to Lisbon and are simultaneously free from the large influx of tourists and traffic chaos. This makes them attractive to potential investors, as an increase in interest in real estate in these areas is anticipated, which could present a good opportunity for personal use.

Choosing real estate in the Algarve

When choosing an apartment or villa in the popular resort region of Algarve, it is important to consider that small coastal towns differ significantly in character and atmosphere during the summer months and winter. It is recommended to purchase property that is a bit away from the main tourist routes to avoid the constant noise caused by the large number of vacationers. In general, foreigners are eager to buy holiday homes here, while some are making the decision to change their place of residence and move permanently.

Madeira Island and its advantages

Attention should also be given to the island of Madeira, where residential real estate is included in the "golden visa" program. The demand for rental apartments and houses in this region continues to grow both in the short and long term, creating opportunities for significant investment income. Madeira attracts interest for permanent living due to its international culture and friendly atmosphere, where locals and newcomers communicate in various languages, including English. Here, everyone can find entertainment to their liking.

The climate in Madeira

The climate of Madeira remains favorable throughout the year; however, it is important to remember that not all of its locations are equally suitable for living – some areas may surprise you with frequent rains and fog. Therefore, when investing in real estate on this island, it is essential to carefully choose the location to avoid unpleasant surprises. Potential areas will not only provide you with a comfortable life but will also serve as a foundation for stable and profitable long-term investments.

Summary of the article

In conclusion, I want to emphasize that Portugal is currently a very attractive country for migration and investment. With its magical landscapes, mild climate, and high quality of life, it draws the interest of many foreign citizens, including Russians and Belarusians. The "Golden Visa" program, with its flexibility and favorable conditions, allows one to realize the dream of living in this amazing country, opening doors to Schengen countries and providing the opportunity for citizenship.

Prospects for obtaining a "golden visa"

The situation that has arisen after the imposition of international sanctions against Russia has brought certain challenges; however, as recent events show, the process of obtaining visas and residency is gradually resuming. This opens new horizons for those who wish to start a new life in the fertile land of Portugal, in a region where not only economic development is important but also cultural diversity.

Portugal is a modern technology hub.

Portugal is not just a country rich in history, but also a modern hub for digital technologies and startups, making it even more attractive to innovative thinkers and entrepreneurs. Every year, thousands of people choose this country as their new home, and this is no coincidence. The locus of new opportunities that Portugal offers is the best evidence that it is becoming a true European magnet for talented and ambitious individuals.

Recommendations for potential migrants

Overall, if you are considering moving to another country for better life prospects, Portugal with its "golden visa" could be your reliable companion on this journey. So don't miss the chance and keep exploring all the opportunities that this wonderful country has to offer.