How Lisbon and Porto can be good choices when you relocate and invest abroad
Portugal has proved itself as a much-preferred destination in terms of investment in venture capital funds and properties. Since 2019, 79 foreign investors have received Portuguese residency through the acquisition of investment funds. More than 9,100, on the other hand, have chosen to buy property to get residency, since 2012.
Among the property buyers, most of them preferred Lisbon and Porto because of the many benefits. In this article, you can find the answer to why.
Lisbon and Porto are becoming international startup centers
Porto was ranked as the “Best Startup-Friendly City of Europe” by the World Business Angels Investment Forum. According to the EY Survey of 2020, “FDI (Foreign Direct Investment) projects in the digital sector nearly tripled in 2019”.
The reports are not limited to EY Survey only. The 2020 Scaleup Portugal Report has also presented the situation of startups in Portugal. It put the top 25 startups in Portugal between 2015 and 2020. Nearly 65% of the total investors are from other countries than Portugal. It is made clear that more than half of the founders have at least a Master’s degree.
The technology conference Web Summit will be held in Lisbon this year in November. The company indicates that “incredible speakers, unparalleled networking opportunities, and proprietary software that will maximize your experience” will be there in Lisbon.
The recent inclusion of the investment fund option in Golden Visa has also contributed to the interest in Portugal’s market.
Portugal Golden Visa’s investment fund option guarantees residency
The Golden Visa program provides EU residency and citizenship to its investors. The program has been in effect since 2012. In 2019, the investment fund option started to provide residency to its first applicants. It attracted people from around the world in such a short time.
This option entails a minimum investment amount of €350,000. You can acquire units of investment funds. Or you can acquire a venture capital fund of funds. Then you apply for the Golden Visa program, preparing necessary documents. Within a couple of months, the immigration institution (SEF) prepares your temporary residency card.
Note that the minimum investment amount will rise from €350,000 to €500,000. This will take effect starting from 2022.
It is also possible to get residency through buying property there
If you don’t prefer the fund option, you can buy property to get a residency right. In this case, you have four different options for the investment amount. They differ mainly according to the location of the property of your choice.
The most popular one has been the €500,000 option. Most investors have chosen this option for real estate investment in Lisbon or Porto Due to this huge interest, there has also been a recent change to this. From 2022 on, the investors will not be able to buy property in Lisbon and Porto.
The majority of the total investors preferred to buy property to get residency. In this way, you have a place to stay when you’re in Portugal. So, you both get a property and a residency right through your Golden Visa. If you choose to become a citizen or permanent resident, you can even liquidate your investment. This will be possible after you get either citizenship or permanent residency though.
Various alternatives in the city center
In addition to profitable investment options, the lifestyle in these big cities is also entertaining. People generally eat or drink at cafes and pubs in the evening after work. Several bars are also available in the city centers. It is also possible to meet foreigners, especially in tourist places.
The coast is also very close to the city centers. This is one of the attractions of these cities.
Variety of transportation options
If you are around the city center, you have a variety of transportation options. Metro, bus, trams, taxis, and Uber are easy to get in cities like Lisbon and Porto. Also, the monthly ticket is quite cheap, being around €40.
Best international colleges
You may consider relocating with your family. Both international schools and colleges are available here. It doesn’t matter how old your children are. Most of them rank high within international rankings. The University of Porto and the University of Lisbon are only two of them.