Spending sleepless nights gathering paperwork for your Schengen visa? Need to travel frequently from one EU country to another but hampered by your visa status. There is light at the end of the tunnel.
Portugal is offering overseas investors a 5-year residency permit in exchange for investing €500,000 or more in a Portuguese property. Once the time period is over, you can apply for permanent residency and, a year later, for your citizenship/EU passport.
An investor-friendly country, Portugal has no legal restrictions to prevent you, a non EU citizen from owning a luxury Portuguese villa in the picturesque suburbs or any other type of dwelling in this oceanside country known for its delicious wines, cork farms and outstanding local cuisine.
A weak Euro against the Pound and attractively priced properties which display strong potential to appreciate over the next few years are further incentives to purchase an elegant Portuguese house in the Algarve; an ideal location if you are a UK resident, since the Algarve is a mere 2.5 hours by flight.
Low interest rates on housing loans, mortgage subsidies offered by the Portuguese government, excellent rental yields and recent amendments to lease laws which enable you to let your Portuguese apartment for periods less than five years also make this country a great destination for a toehold in the EU.
Best of all is your residency permit - 5 years of hassle free borderless travel across the EU without any paperwork.
Portugal will grant a 5-year residency permit to non-EU citizens who buy a minimum of €500,000 worth of property. The permit allows holders to work or study, as well as to travel in Schengen countries. They can opt to apply for permanent residency after five years.