PLMJ
  April 1, 2013 - Portugal

Obtaining a Residence Permit by Investing in Portugal

On 28 January 2013 the «Diário da República» (official gazette) published a set of measures1 - that came into force the following day - to improve and streamline the special scheme2 for granting a Portuguese ‘investment residence permit’ (“IRP”) to foreign nationals to enable them to make certain investments in the country.
 
The Legislative Order now published introduces changes to the rules that define the requirements that applicants for the IRP must meet, with reference to the chosen investment activity. It also makes changes to the respective means of proof to be presented upon application for the issue of the IRP or its renewal. The aim is to adjust the scheme to make it more flexible and to stimulate investment in Portugal.

General Principles:
It is now possible for a temporary residence permit to be granted without the need to first obtain a residence visa if the foreign national, personally or through a company, makes an investment that leads to the creation of at least one of the following situations in Portugal:
(A) Transfer of capital in an amount equal to or greater than EUR 1 000 000;
(B) Creation of at least 10 jobs; or
(C) Acquisition of real estate of a value equal to or greater than EUR 500 000.
The investment chosen by the applicant for the residence permit must have been made at the time the application for the residence permit is presented and must be maintained for a minimum period of five years from the date the residence permit is granted.

Investment through companies:
If the investment is made through a company, the respective value is determined by reference to the stake the applicant for the IRP holds in the respective share capital of a company with its registered office in Portugal or in another European Union Member State but with a permanent establishment in Portugal.

Validity Periods:
The temporary residence permit is valid for the period of one year from the date of issue and may be renewed for successive periods of two years as long as the conditions necessary for it to be granted remain in place.




Footnotes:
This Informative Note is intended for general distribution to clients and colleagues and the information contained herein is provided as a general and abstract overview. It should not be used as a basis on which to make decisions and professional legal advice should be sought for specific cases. The contents of this Informative Note may not
be reproduced, in whole or in part, without the express consent of the author. If you should require further information on this topic, please contact Francisco Lino Dias ([email protected]).




Read full article at: http://worldservicesgroup.com/files/emails/PLMJ.OBTAINING%20A%20RESIDENCE%20PERMIT.PDF