Anybody know what would happen to the application if the Principal applicant dies during the process. Specifically, after the property has been purchased, the application has been filed but before the pre-approval. Can the other applicants still pursue the process?
Death of Principal applicant during application process
This is a very important question. According to my lawyer the whole application is void at that point. The dependents will have to restart a new application on their own. Scary. Isn’t it ? GV is not for the faint hearted. If you have millions in assets sure.
We asked the same question and our lawyers were very clear and emphatic about their advice for the primary applicant: don’t die. Not just during pre-approval but during the entire 5+ year GV period.
Insurance is a good idea.
While on the topic of the death of the principal applicant, another thing to keep in mind is that Portugal has no inheritance tax but it does have forced heirship (immediate relations - parents, spouse, children get 50-60% regardless of will).
For expats the law of the home country (not Portugal) applies for inheritance, so this is not an issue as such. However, it still makes sense to register a will in Portugal for Portuguese assets, explicitly stating that you wish the law of your home country to apply, where you can freely dispose of all your assets, and stating who inherits the Portuguese assets. This avoids the trouble of waiting for the home country will to be probated, translated, and presented in Portugal, etc.
Re-starting the application is one thing. Do they then have to dispose of the property already purchased; buy another one and restart the process?
Yes, of course. Because the investment is not in that person’s name.
Most people consider this sound advice in most other situations as well.
Very important question indeed. At the current pace, I won’t be around anymore by the time SEF reviews my application!
It must be comforting to know you will one day be free of your pessimism??
I am still wondering what to do regarding making a will that covers our GV investment.
Not recommending these guys as I haven’t used them before, but I found this just now -
and this -
Just wondering if anyone has managed to navigate the issue of making a Portuguese will that would be compatible with that of your home country/country of origin, assuming you have assets in Portugal as well as elsewhere, or just making one will that covers everything.
There’s this -
And this seems fairly clear, re UK/Portugal. But probably need to check what if any effect the legal state of affairs re UK law post-Brexit might have -