MANILA (Mindanao Examiner / Feb. 13, 2013) – Living in Portugal has been made easier with the recent launching by the Portuguese Government of its Golden Residence Permit program, which introduced major changes to the legal rules on entry and stay of foreign nationals in Portugal, according to the Philippine Embassy in Lisbon.
It said this new mechanism allows foreign nationals to obtain a Portuguese residence permit if they make certain investments, either individually or through a company.
To be eligible for the GRP, a non-European Union (EU) national must be involved in any of the following investment activities in Portugal and for a minimum period of 5 years: Capital transfer with a value equal to or above 1 million euros; Creation of at least 30 job positions; and Acquisition of real estate with a value equal to or above 500,000 euros.
Since its launch in October last year, the program has attracted a big number of potential residents and investors due to its advantages. A holder of a Portuguese residence permit may travel to any of the 26 European states in the Schengen area.
The GRP is valid initially for one year and may be renewed for successive periods of two years as long as the conditions necessary for its grant remain in place.
Applications may be filed at any Portuguese Embassy or Consulate, for onward transmittal to the Portuguese Immigration and Border Service (SEF). The Embassy said those who are interested may also apply online at http://ari.sef.pt.
Portugal’s latest economic strategy to entice more investments through relaxation of its immigration policy creates this unique opportunity for foreign nationals to acquire a permanent residence permit after five years of continuous eligibility in the Golden Residence Permit program and a Portuguese citizenship after another year. Holders of GRP may also apply for family reunification, it said.
Despite its current fiscal crisis, Portugal remains one of the world’s most livable countries with its efficient transportation and infrastructure, good education and health care system and a low annual crime rate.
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