Long-lasting bureaucratic crisis threatens to ruin the country’s reputation as one of the popular destinations for obtaining permanent residency by investments. What was the reason for alarms for all investment immigration specialists? Six months without new Portugal’s Golden Visa applications.
Portugal’s Borders and Immigration Service, the SEF, hasn’t been accepting new applications (regardless of nationality) since December 2021. Except for those filled under the not very popular options such as job creation and cultural heritage investment routes. These investment categories remain open because they were not subject to any policy changes under the new rules. While categories that were subject to policy changes under the new rules are closed for applications because the SEF’s platform has not been updated to reflect the new regulations. Due to the reorganization of immigration responsibilities within Portugal’s government? Neither the SEF nor the agencies slated to take over its Portugal’s Golden Visa work have taken it upon themselves to update the system.
Last October SEF’s responsibilities were to be transferred in part to the Agencia Portuguesa para as Migracoes e Asilo – APMA, which would handle initial golden visa applications. But the SEF closure has been postponed several times. And authorities don’t give any response to requests made by agents. Some of them claim that they are ready for legal action against the state. We cannot foresee how and when this crisis would end but focus on other investment programs in Europe that really work at the moment. Here they are.
Permanent Residency of Montenegro
Option 1. Buying real estate in Montenegro (no investment requirements for the sum)
This residence permit can be extended after 11 months if the investor has been living in Montenegro all this time. If the applicant has been in Montenegro for less than 11 months, it will be possible to request a new temporary residence permit, but it is necessary to obtain the entire package of documents.
The term for preparing a residence permit consists of the time of registration of real estate (~ 30 days) and registration of a residence permit (~ 45 days). In addition to acquiring real estate, for a residence permit it will be necessary to show the presence of at least 3650 euros in a Montenegrin bank. As well as the cost of legal registration and small state duties.
Option 2. Obtaining a residence permit of Montenegro for opening a local company
Opening a company in Montenegro will require the physical presence of an investor. Expenses include the cost of legal registration and the upcoming costs of maintaining the company. The great advantage of this type of residence permit, in addition to quick registration, is the absence of a set number of days for mandatory stay in Montenegro.
Key documents for the beginning of registration: a notarized power of attorney and a notarized copy of the passport. All other documents will be prepared by APEX specialists. Moreover, you can register a company in one week, and registration of a residence permit will take another three weeks.
Cyprus’s Golden Visa
The key requirements of the Cyprus permanent residence program (Cyprus “Golden Visa”) are the purchase of primary residential real estate directly from the developer in the amount of €300,000 + VAT (the rules for buying commercial real estate for permanent residence in Cyprus differ).
Permanent residence permit (Fast track) by investments (Cyprus “Golden Visa”) gives the right to live in Cyprus, since this country is not included in the Schengen zone. More details >>
