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.
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.
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.
That sounds a lot like a personal benefit from your SDIRA
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.
While I cannot answer your question, I’d recommend asking in the other threads on the forum discussing using SDIRAs. Posting there means previous participants in those threads are more likely to see your question.
I’ll also tag the @optimize_portugal investor group members so they are more likely to see your question. You can apply to join that group here.
About the warnings you’re getting from people here to stay away from the Golden Visa, those are definitely something to take into account. That being said, it does sound like you’re one of the few people the GV still may make sense for. Especially if the following are true:
- You want the flexibility to spend more than 90 days in Portugal in any 180 day period, but can’t consistently spend 8-10 months plus there per year
- You’re aware that it’ll take at least 2-3 years (possibly 4+) to get that right, as that’s when you can expect to receive your first resident card
- You’re prepared to hold the investment for 10 ish years before having PR in hand (due to delays in issuing the initial permit and maybe an additional year for PR)
- Since you already own a property in Portugal you should be aware how dysfunctional Portuguese bureaucracy can be, and AIMA represents the worst of it
So let’s keep this thread on topic going forward, guys.
Thank you for the guidance and your patience as I learn the ropes of this site. Thank you too for operating it. I am finding some very useful information here. We are trying to go into this with our eye wide open but we love it in Portugal so in spite of the flaws, it is worth it to us.
Why go to this trouble to spend more time at your place in Portugal ? I am assuming you want more than 90 days per 180. Apply for a D7 residency visa . Don’t waste your self directed - I got my GV in 2 years (was one of the first law suits ) but the new 10 year window basically means theh screwed over my kids (they will age out ) and wasted 10-12k.
D7 is only feasible if you can spend 8–10 months per year in Portugal reliably, so you’d have issues renewing if not meeting those thresholds.
What may be an alternative is to first get a D-visa (e.g. D7) and then once you get your permit you request conversion to GV. Starts the clock to PR faster since you’re likely to get your initial permit much faster.
I agree but the premise was to spend money (investment ) to get a GV to live there. If they are there less than 6 months a year then you are fine with a regular entry, if more than 7 get a D7
The threshold isn’t 6 months per year, it’s at most 6 months out of the country per permit. And each permit is of either 2 or 3 years duration.
I didn’t understand them to want to live in the property full-time, but rather to not be constrained by the 90/180 Schengen limit.
If the intention is to live there full time, then definitely do D7 instead.
I think it’s 6 months consecutive or 8 months in total. But yes it’s ironic that the “better” 3 year card has much stricter time in country limits.
I get the feeling legislators just aren’t actually paying attention to these things. The GV stay requirements have also been out of sync of the actual card lengths for years now.
This is correct. That’s why my stated range starts at 8 months in country per year on the low end, as that corresponds to 8 (non-consecutive) months outside Portugal during the initial two-year permit.
If you only plan a single 6-month consecutive trip out of Portugal during a three-year permit, that corresponds to the top of the range (10 months in country per year).
Also true. With the COVID-era improvement to the length of temporary residence permits (2+3 years instead of 1+2+2 years for non-ARI permits), the time-in-country requirement in effect got significantly stricter.