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?
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.
Or, just take out enough short term life insurance that your dependents can pursue their own GVs if you suddenly die?
If you’re young it’s not that expensive.
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.