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The Portuguese Golden Visa & the 90-day rule
Brexit has caused significant upheaval in the last couple of years; in particular, the 90-day rule and working authorisations in the Schengen area. As a result of this, there has been considerable interest in residency through investment or Golden Visa products in Europe. Many people, including yacht crew, have heard about this but do not fully understand how these products work.
What is the Portuguese Golden Visa?
The Golden Visa is a state-sponsored program designed to attract investment to key areas of the economy which are beneficial to the national interest. One of the best of its kind is the Portuguese ARI or Golden Visa; with over 10,000 applications granted, it is one of the most efficient and flexible products in Europe. With investment in property or financial products, it allows the applicant to work toward permanent residence or dual nationality over five years.
What are the benefits?
Investment opportunities ranging from €280,000- €500,000 in property or private equity funds are the most sought after and provide some outstanding features when compared with other EU products of this type, in that:
- You are required to only spend a minimum of 7 days per annum in Portugal.
- To qualify, you do not have to be tax domiciled in the country, although there are some interesting tax options for passive or high-value income and those seeking a more beneficial tax structure.
- You have freedom of movement within the Schengen area and are exempt from the 90-day rule much as would have applied pre-Brexit.
- It is generally* accepted that the main applicant has the right to work anywhere in the Schengen
area. - You may include your spouse and immediate dependents on the application which can provide significant legacy benefits to your children.
- You qualify for permanent residence or a dual passport at the end of the period. Also, you receive full working authorisations anywhere in Europe, only requiring a visit once every two years to maintain validity.
- The return on your investment can be very favourable.
*There are many variables involved as each country’s requirements are not completely harmonised and for those looking to generate more certainty about their status, there are potentially other products that can be combined that will set up a commercial entity ie. through Madeira that in many cases will allow recognition of qualifications and access to EU healthcare at very low rates.
The autonomous region of Madeira is home to the MAR registry which for those involved in the charter industry has some extremely attractive options for owners and crew. For more details, please see contact details below.
How can it benefit yacht crew?
As an investment opportunity, it is a good option for yacht crew. Due to the low number of days per year applicants need to spend in Portugal, this pairs well with the globetrotting nature of being a yachtie. Being able to secure a strong investment and work towards dual-citizenship whilst continuing to work all over the world is hugely beneficial. Additionally, yacht crew can also find themselves in the fortunate position of accumulating a healthy savings balance. When looking into where best to invest this money, the Portuguese Golden Visa is certainly a strong option to consider.
If you would like to learn more about this please contact info@crewfo.com
*Disclaimer – The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general information purposes only. Information on this website may not constitute the most up-to-date legal or general information.
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