Pitfalls of investing in Portugal golden visa

If you want to move to Portugal, my personal story and information could be useful to you.



First, Portugal immigration authority (SEF) is extremely inefficient and unpredictable. I am one of many investors in Portugal that have invested several hundred thousand euros through the Golden Visa program and are waiting for the SEF to process our resident permits in return. I've personally been waiting since 2020 but many have been waiting longer than I did. In a survey in Nomadgate website, the longest waiting time up to today is about 3 years. Yes, investing close to half a million euros but got nothing back after 3 years. Ironically, the much cheaper D7 visa is processed more efficiently. This is not a problem caused by the pandemic. [link moderated]


Second, getting permanent residency in 5 years is impossible. The result of the SEF-caused delay is that investors who wish to move to Portugal are unable to and those that intend to obtain citizenship after 5 years of residency are therefore having the start of that 5 year clock significantly delayed. It will take 8-10 years to get Portugal permanent residency, if you can ever make it. Those who live in Portugal cannot get their cards renewed, and therefore cannot travel abroad (one guy who tried to enter Germany using expired Portugal card got arrested by German police), renew driver license, etc. [Link moderated]


Third, investing in the golden visa through investment fund is extremely risky. The Portugal golden visa fund option will not work for most people. Your fund will expire before you can apply for permanent residency, because the Portugal immigration service is very slow in processing golden visa applications and renewals. Some funds can be extended if shareholders vote to do so. But do not count on it, as those who get the permanent residency will vote against the extension.[Link Moderated]


Here are some related news articles:

https://www.portugalresident.com/golden ... e-scandal/

https://www.theportugalnews.com/news/20 ... ourt/69333


In summary, if you wish to live in Portugal, do not invest in the Golden Visa, use the D7 option. You should invest in Golden Visa only if you do not care about the high monetary and time costs. Definitely avoid the fund option. If you need to apply for a visa to enter Portugal/EU, be extra cautious. Do not blindly trust lawyers and agents. Portugal is a lovely country. But investing in Portugal Golden Visa could be a financial disaster.

@Vichychan  Hi, I'm also waiting for my first SEF, and frankly your message caused much anxiety.     The first link under your message led to a short article about football, perhaps there was something wrong with the url?

This type of visa is widely used by Chinese citizens (although more so a few years ago). There are many differences between the D7 and the golden visa that should be considered. There have been problems with issuing golden visas due to the pandemic and many internal political issues related with these type of visas (and the way they were used by some nationalities.......), hence these delays...

If you want to move to Portugal, my personal story and information could be useful to you.

Third, investing in the golden visa through investment fund is extremely risky. The Portugal golden visa fund option will not work for most people. Your fund will expire before you can apply for permanent residency, because the Portugal immigration service is very slow in processing golden visa applications and renewals. Some funds can be extended if shareholders vote to do so. But do not count on it, as those who get the permanent residency will vote against the extension.[Link Moderated]


Investing in the golden visa through investment fund sounds extremely unwise to me. Even under normal conditions I would not touch investment funds. The Portuguese administration is extremely inefficient overall, with a few exceptions maybe. SEF isn't one of the exceptions. And befoe somebody complains, I must say that the so much praised Germany and Austria are not much better (if at all). If a non-EU citizen wants to move to Portugal he/she should be very careful and apply a risk minimization strategy.

Question regarding working visas between Portugal and India: know somebody an article referring to the agreement between Portugal and India regarding working visas for qualified people coming from India? What I know, but I am not sure about, is that end of 2020, the start of 2021, the agreement was signed between Pt and In.

Any relevant information will be welcome.

Thanks.

What I know, but I am not sure about, is that end of 2020, the start of 2021, the agreement was signed between Pt and In.

-@chrisschubert21

Did you already have a look at the website if the relevant foreign office? Of did you contact the relevant embassy in either India or Portugal?

No, I did. It is a formal question only, after some information if any, I will do the official step.

@alejandraantonianova All the links in my post was censored. But I think I already shared most of the information that I have. If you want to google you can find those links and my youtube channel. The Golden Visa turns out to be a gamble. I wish you good luck! If you already made the investment like what I did, then there is nothing that we can do.

@JohnnyPT The delay, which is uneven and unpredictable, really had nothing to do with legal/security issues. You flattered SEF.

@JohnnyPT The delay, which is uneven and unpredictable, really had nothing to do with legal/security issues. You flattered SEF.
-@Vichychan


Delays are because a lot of staff are on holiday.

@JohnnyPT The delay, which is uneven and unpredictable, really had nothing to do with legal/security issues. You flattered SEF.
-@Vichychan


I do not flatter the SEF, quite the contrary. I recognise, like you, many things that are not OK. But with regard to Golden Visas, there are issues of money laundering (related with some nationalities...), which implies more careful visa application filtering and knowing where the money invested really comes from.


https://rr.sapo.pt/artigo/em-nome-da-le … es/279636/

@alejandraantonianova All the links in my post was censored. But I think I already shared most of the information that I have. If you want to google you can find those links and my youtube channel. The Golden Visa turns out to be a gamble. I wish you good luck! If you already made the investment like what I did, then there is nothing that we can do.
-@Vichychan


The links have not been censored, you've just misposted them. If you want, send them to me and I'll put them here.

Hallo JhonnyPT!

Refer to my above question (Question regarding working visas between Portugal and India:), do you have any feedback for me?

Regards.

Hallo Chris,

Please read this:


Portugal and India signed an agreement on recruitment of Indian workers

https://www.expat.com/forum/viewtopic.p … 75#5500542

(Post #11)

Hi, JohnnyPT 1f600.svg

I am still sitting and waiting for approval of my Golden Visa Application. I still have my business here in the USA, so the timing issue isn't really a problem for me.

I did find this link that I found interesting.

Have a wonderful weekend!

Cheers!1f942.svg

https://www.theportugalnews.com/news/2022-08-09/english-golden-visa-investor-beats-sef-in-court/69333

Hi Janicecallant,


Thanks for sharing this.

I'm glad there was justice. Congratulations to those who do not accept these incomprehensible delays (!) which I think had to do with ideological and political issues of the left-wing partners of the previous government. Maybe with the present government with an absolute majority, these delays will be solved.......


Let's keep our fingers crossed :)

@janicecallant

The legal success in the news only benefited (hopefully) the specific investor himself. It did nothing to the large number of investors who have trouble of getting their first card or having their existing cards renewed. Please see my post here:


the pitfalls of invest funds

youtu.be/oTpvhUNQSb4


How fast is the golden visa process?

@JohnnyPT Thank you. I sent you a private message. I just want to share with everybody here the personal experiences of me and many people whom I know.

@JohnnyPT Thank you. I sent you a private message. I just want to share with everybody here the personal experiences of me and many people whom I know.
-@Vichychan


Here are Vicky's videos, it's her point of view, about GV:


this is about the processing time of Portugal golden visa:

https://youtu.be/FaCDSYmt-wI


this is about investment fund:

https://youtu.be/oTpvhUNQSb4

@JohnnyPT Thank you so much! If anybody has questions about Portugal golden visa, please feel feel to let me know. 

@Vichychan The process is much like a sloth, therefore not really moving at all.

We bought an investment property in the Algarve and are renting it as a VRBO until we plan to move over permanently. We are not in a hurry, so it doesn't affect me as much as some I believe.

I hope your situation improves.


Kindly,

Janice

@Vichychan is part of a small minority of applicants regarding these subtype of GV. Between 2012 and 2021, there were 617 capital transfer visas (*) ( of a total of 10170), in the following categories (**):


i. Capital transfer with a value equal to or above 1.5 million Euros;

= 560 GV (5,5% of total)


vi. Capital transfer with a value equal to or above 250 thousand Euros for investing in artistic output or supporting the arts, for reconstruction or refurbishment of the national heritage, through the local and central authorities, public institutions, public corporate sector, public foundations, private foundations of public interest, networked local authorities, local corporate sector organizations, local associations and public cultural associations, pursuing activities of artistic output, and reconstruction or maintenance of the national heritage;

= 2 GV (0,02% of total)


vii. Capital transfer of the amount of 500 thousand Euros, or higher, for the acquisition of units of investment funds or venture capital fund of funds dedicated to the capitalisation of companies, capital injected under the Portuguese legislation, whose maturity, at the moment of the investment, is, at least, of five years and, at least, 60% of the investments is realized in commercial companies with head office in national territory;

= 126 GV (1,24% of total)


viii. Capital transfer of the amount of 500 thousand  Euros, or higher, for constitution of a commercial society with head office in the national territory, combined with the creation of five permanent working jobs, or for the reinforcement of the share capital of a commercial society with head office in national territory, already existing, with the creation or keeping of working jobs, with a minimum of five permanent jobs, and for a minimum period of three years.

= 6 GV (0,06% of total)


________


(*) Totals:

Golden Visa Statistics (source SEF)

https://www.sef.pt/en/Pages/conteudo-de … spx?nID=51


(**) GV investment categories:

ARI - Residence permit for investment activity

https://www.sef.pt/en/pages/conteudo-de … spx?nID=21

We are also delayed well  beyond promised SEF timelines and are now having trouble with the actual real estate investment project completion timeline. We're completely frustrated with the process and with the idea of living in Portugal at this point.

I couldn't agree more that the Golden Visa scheme is a scam and a rip-off.  I have been going nearly 2 years and just got my biometrics appointment today - only to find out that some of my documents were now "out of date" and have to be re-done!  I have no idea if my lawyer is an idiot; if the rules have changed or if the woman we met just decided to be a bitch.  And that's the problem with Portugal in a nutshell - zero predictability of anything.  Had I known before I started that this process was SO bad, i would never have invested.  NEVER.

Hello, I would like to invest in a 280k GV program, the project is  in Algarve, 4 stars hotel with buyback option after 7 years, any feedbacks on this kind of project will be appreciated.

thank you

@Vichychan hello would you recommend a lawyer or a company to work with ?