Golden Visa Portugal Real Estate – 280k option

Requirements & Recommended real estate types

You have to buy real estate in Portugal that has more than 30 years and that needs to be renovated. The renovation costs will be considered when applying for the Golden Visa program. So the € 280.000,-  will be the sum of the property costs and the renovation costs. Instead of the 30 years can can buy a property that is located in a regeneration area. Due to the more complicated definition the house age is a far more recommendable option. The property has also to be located in a low-density are in Portugal.

There are two recommended types of properties for this option. There are good vacation properties in the national parks especially in the South-west Algarve. So you buy a vacation property, renovate it and rent it to tourists with good to moderate income perspectives. The second option is to buy agricultural real estate with a house to renovate. This options is valid for land that have wine, olives or especial nuts like almonds or cork.

Evaluation

The cheapest option is reasonable with moderate return of investments. The low-density areas can make reselling more complicated, but not if you stick to the coastline. The application process is  also more complex. Such projects need to be approved by SEF as qualifying for the reduced investment amount and it is critical to ensure the right project and legal advice is obtained before embarking on such investment.

What are the total costs for the real estate application?

Most applicants for the Golden Visa would like to have an overview of the total costs involved. Therefor we simulated the costs for the most popular options for a family of four for the real estate Golden Visa application. The cost overview covers the acquisition costs and the applications cost. 

Simulation of general costs for a family of 4, with investment costs 280k

Real Estate purchase costs (€ 350.000)

Real Estate purchase price €280.000,00
Notary €800,00
Land registry €250,00
Property transfer tax €10.512,81
Stamp duty (8%) €2.240,00
Real Estate closing costs €293.802,81

Golden Visa application costs (1 investor and 3 family members)

Process analysis- Biometrics (€ 532,70 for each investor + € 83,10 per family member) €782,00
Residence Permit processing fees (€ 5.324,40 per person) €21.297,60
Optional health insurance (per year) €700,00
Fiscal number and Fiscal representatieve (per year) €300,00
Total Golden Visa €23.079,60

Golden Visa renovation costs 1st year (1 investor and 3 family members)

Process analysis- Biometrics (€ 532,70 for each investor + € 83,10 per family member) €782,00
Residence Permit processing fees (€ 2.666,30 per person) €10.665,20
Optional health insurance (per year) €700,00
Fiscal number and Fiscal representatieve (per year) €300,00
Total €12.447,20

Golden Visa renovation costs 3rd year (1 investor and 3 family members)

Process analysis- Biometrics (€ 532,70 for each investor + € 83,10 per family member) €782,00
Residence Permit processing fees (€ 2.666,30 per person) €10.665,20
Optional health insurance (per year) €700,00
Fiscal number and Fiscal representatieve (per year) €300,00
Total €12.447,20
Source: Martínez-Echevarría & Rivera Abogados

 

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