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Portuguese Golden Visa Program

With a minimum investment of EUR 500,000, the Portugal Golden Visa programme offers an investor, spouse, dependent children, and dependent parents a Portuguese residence status (some options qualify for minimum EUR 350,000). Residence permit is a route to a Portuguese / EU passport. There are 2 avenues where one can Invest and get entitled for a Portugal golden.

1. Purchase of property in Portugal with an investment amount of €280/€350K / €500K/
2. Investment in Portugal Growth ventures fund for €500K

With the base investment being real estate ,residency options providing visa-free access along with a host of other advantages are also becoming popular amongst HNIs.The Portugal Golden Residence Permit Program is the most popular one in Europe. It is a five-year residency-by-investment program for non-EU nationals, and permits the investor to live, study and work in Portugal, along with visa free travel to the entire 187 Schengen Countries.

Portugal’s Fund investment option has continued to gain favour among the Golden Visa applicants in 2021. The trend has resulted from mix of applicants due to inability to travel to identify the right Real Estate properties, tax advantage of investment in funds compared to Real Estate.

The main reasons for driving Indians abroad are wealth diversification, children’s education, better quality of life and a promising business environment. Buying commercial / residential real estate for investment purposes is becoming another major factor. According to the Asia Pacific Wealth Report, Indians were the largest investors in foreign real estate with a 50% market share.

THE LRS ADVANTAGE – ICING ON THE CAKE

Liberalised Remittance Scheme (LRS) is a measure to facilitate people (including minors) to transfer money out of India up to $250,000 or its equivalent in any kind. Convertible foreign currency each fiscal year (April to March) for any authorized capital or current account transactions, or a combination of the two.

Therefore doing so towards the end of March means you don’t have to wait for another full year for the next remittance tranche as April will bring in another financial year, helping investors close transactions within a month’s time.

The Remittance Limit of 2 years can be easily completed in just 2 months without waiting for one more year.

And now, its March end and that point of the time – in which Indian shoppers trying to put money into actual property make a beeline to avail the LRS benefits. The 2021-2022 financial year is expected to see a huge jump in LRS remittances as a result of a host of new lifestyle changes that the pandemic has brought about. Because, despite the COVID19 pandemic, HNIs/investors have been looking for new countries to settle in, either as residents or as passport holders. In fact, according to reports, 2020 has seen a 63% increase in the number of wealthy Indians learning about citizenship by investing.

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Disclaimer

Views expressed above are the author’s own.



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