SDIRA LLC with Checkbook Control

Residencies & citizenships Portugal Golden Visa
1

I am starting to look at using a SDIRA to fund our GV account with Optimize. I suspect Optimize will refer me to IRA Financial and have seen conflicting comments here as to whether a basic Custodian Controlled SDIRA would be enough or whether a SDIRA LLC with Checkbook Contol is required. Comments have indicated that some here went with the former but lately, IRA Financial has been pushing the later. Our interaction should be straight forward. We will fund Optimize with the account and in 5-7 years pull the funds after we have permanent residency. I’d like to avoid spending the additional 1K if not needed. Also, I found a reference on another site that if one goes with the Custodian Contolled option, the custodian holds the asset title. Does this create any issues with the GV requirements? Any thoughts would be appreciated.

2

Just curious who’s telling you you’ll have permanent residency in 5-7 years? It can take 3 years to get your initial resident card, and there are no options at this point for permanent residency, which wouldn’t even be an option until 5 years after you get your card (if at all). So if you need to keep the funds in the account until you get citizenship, you’re probably looking at 15 years. We started our process in 2019 and are still stuck - and that was before the citizenship application was moved to 10 years.

3

Others would know better than I as to the actual timeline. My goal now is sorting out the GV. I’ve learned to take everything a step at a time in this overall process as the environment is constantly shifting. Our intent is to be able to spend extended time at our home in PT.

4

That sounds a lot like a personal benefit from your SDIRA

1 Like
5

Honestly Rick, if you don’t plan to spend more than 180 days a year in Portugal, I wouldn’t have anything to do with the GV at this point. I don’t fully regret having done it because the timeline was much shorter back when we started, but given what I know now, I would run as fast as I can. And be very wary of what the attorneys and advisors tell you. But I wish you the best of luck with this.

1 Like