INDIAN CITIZENS OVERSEAS MIGRATION

Indian migration overseas is forecast to grow at record levels in 2023. Europe is likely to continue to be one of the main destination targets, but the axis is shifting from the north to the south. Countries like Greece, Malta, Cyprus and Portugal with their Golden Visa programs (View the program) are developing very fast in popularity. As per a Business Standard report issued in Q42022, more than 50 ultra-high-net-worth Indians invested between EUR 350,000 to EUR 600,000 in apartments in Portugal. Here is why:

WHAT IS THE COST OF THE PORTUGUESE GOLDEN VISA?

You need to invest a minimum of EUR 280,000 to EUR 500,000 in real estate for the Golden Visa of Portugal. The amount depends on the location and type of real estate that interests you.

Alternatively, you can commit a minimum of EUR 500,000 into a Portuguese investment fund. (In both cases some further details apply).

The requirements are the same for Indian nationals or any other non-EU nationality.

WHY SHOULD I APPLY FOR THE PORTUGUESE GOLDEN VISA?

There are three main reasons for the rise of Portugal as a destination for Indian migrants. First, the Portuguese Golden Visa system is very straightforward and accessible for Indian nationals with minimal residency requirements Second, the destination itself is extremely attractive. Third, after 5 years you and your family can be eligible for citizenship.

CAN I BRING MY FAMILY TO PORTUGAL?

Your visa application can include your spouse, dependent children, both you and your spouse’s parents. Portugal grants your residence permit for 5 years. You then can renew it, giving you indefinite residency if you comply with the requirements.

WHAT ARE THE BENEFITS OF A PORTUGUESE GOLDEN VISA?

You gain a number of benefits as soon as you get your residency permit. First, you and your family can now live, study and work in Portugal. The education system in Portugal is excellent and heavily funded by the government, so it is virtually free up to age 18. Similarly, the health system is very good and affordable.

IS PORTUGAL A GOOD PLACE TO LIVE?

The infrastructure in Portugal is admirable. You can choose to live in the city or the country and still enjoy all services seamlessly and at reasonable cost.

The cities have every sort of shopping and entertainment that you could want. From golf to water sports, snow skiing to diving, it is hard to think of a recreational activity for which Portugal does not cater.

WHAT IS PORTUGAL LIKE AS A COUNTRY?

Portugal’s weather is a major recommendation, with average monthly temperatures basically varying from 17 to 26 degrees Centigrade (60 to 80 degrees Fahrenheit). The country itself is beautiful, with rugged mountain ranges, stunning beaches, forests, farmland, and everything in between.

WHAT IS THE LIFESTYLE IN PORTUGAL LIKE?

As well as innumerable fascinating historical sites, there are vineyards, superlative restaurants, as well as art and culture of every description. Quite simply it is one of the most delightful places to live in Europe.

WHAT IS THE COST OF LIVING IN PORTUGAL LIKE?

From a cost-of-living point of view, it is also close to the least expensive in Western Europe, ranking 26th on the Numbeo.com index, with only places like Northern Macedonia below it. As a comparison, Portugal’s index score is 48, Germany is 66, the UK 70, France 74, the Netherlands 76 and Switzerland 123.

HOW IS PORTUGAL’S TAX RATE?

Perhaps the two biggest advantages for those considering this program are tax and travel. Portugal’s tax rates rank it 21st in Europe, so better than most western European countries. However, foreigners may be able to take advantage of a ten-year Non-Habitual Resident Tax exemption that exempts up to 100% of their income from Portuguese tax.

WHAT ARE THE BENEFITS OF A PORTUGUESE PASSPORT?

In terms of travel, the Portuguese passport is one of the best in the world. The residency permit gives you the right to travel anywhere in the Schengen area visa free for 90 in every 180 days.

Once you get Portuguese citizenship and its passport, then things get even better. According to Visaindex.com Portugal’s passport ranks 5th in the world and gives visa free or visa on arrival access to 189 countries.

Only 57 countries give the Indian passport visa free access, ranking it 84th.

If you are thinking about seeking a Portuguese Golden Visa and perhaps ultimately Portuguese citizenship, or are interested in any other citizenship by investment or residence by investment programs,

you can find out more at https://harveylawcorporation.com/citizenship-and-residency-programmes/ .

Harvey Law Group has been working in immigration law for more than 3 decades and has offices in many countries around the world, including India. If you would like to ask questions or make an appointment to consult with one of our lawyers, you can contact us by email at [email protected].