We have been reading mixed messages about PGV and it is very confusing! Would you apply for PGV this year knowing what you know? Why or why not? If not PGV and your goal is to have an EU passport, which GV program would you consider?
I would still give it a shot assuming the higher investment requirement was not a problem. I went in expecting it to be slow and annoying and it has been, but that’s fairly minor
I wouldn’t invest in a limited time investment though that’s for sure. Part of why I went with a stock investment rather than real estate project
What kind of stock investment? So you have a link?
Agree with garrett, an open ended fund is the way. Look at BPI Portugal if you’re not a US person, or IMGA Ações Portugal.
I went with imga ações
I think it depends on your particular situation. If you are ready to move to PT, the D7 appears to be much easier and cheaper. If (like us), you’re looking at a longer-term process and, as Garrett said, you go in expecting delays and red tape, and you can tie up the funds for a good while, then go for the GV. It is frustrating that everything has taken longer than expected except their willingness to take our money, but we expected this would likely be the case.
1 year return rate is 7%+, pretty impressive…
Pure luck haha.
Index investing is generally relatively safe. I’m glad Inga ações has done well because it’s helping offset my investments in the spy lol
Yes, I would. At least you’re prepared with the timeline now!
For me it would depend on 1) how quickly I wanted the EU passport and 2) how much I was willing to pay for it. I considered Malta’s program in 2018 but decided that the cost was too big a fraction of my net worth for it to make sense. But it’s WAY WAY faster, and yes, still active despite the EUs attempts to put an end to it. Greece has a program, which is still active I believe. As far as Portugal’s GV, I am really not sure if I would do it now had I missed the boat at the end of 2021. Because I chose to buy a coastal villa in the Algarve and that isn’t possible anymore.
If one really, really wants to pursue an EU-related passport at all costs this is one decent option. However, what I have seen and experienced first hand is the incredible bureaucracy and culture that is so different than what I am used to. The roadblocks, delays and misinformation that you will experience are mind-numbing. The GV is a money-grab of epic proportions. It will be much more expensive than you ever expected unless you have unlimited time and do everything yourself. And if that is your situation then just apply for the D7 instead and save yourself the grief. I’m not advising not to seek at GV, but do be prepared to throw a LOT of money at it and even then to wait a very long time to get what you seek.
yeah. I would not do it today if I had known all these issues we are dealing with .
For those of you who said you would not have done it, what would you do instead? Is there another program that looks better to you now? Or would you do nothing to expand your residency/citizenship options?
Thank you for sharing! It is always good to hear the first hand experience.
If it doesn’t work out, I will regret doing the Cultural / Arts investment path instead of something where we can get our money back. But we also aren’t looking to move to the EU immediately, so we can be patient…
It very much depends on your situation.
If you are financially secure and ready to move today (or can work remotely), I would not do a PGV. Consider for a moment the property route. It will probably take you 2-6 months to find a property that qualifies, and that you would be comfortable holding for a long time. Interior properties in Portugal are not known for a high turn over rate, so you will probably be holding it for a long time. After you find the property you will have to go through some bureaucracy to purchase it. By this time you are probably 9 months into it. Then you can turn in your application, where another 2 months will go by before you are notified the application is accepted. Then you can wait another year to get a bio-metrics appointment. Then another 3-9 months for them to approve the application. Then more months to issue the cards. In total 2-3 years of time. If you had simply moved to Portugal on a D7 visa (which are processed quickly), you would be 2+ years (roughly half way) on your way to permanent residence status (or application for citizenship). And you would not have considerable funds tied up in Portugal. --But if you go this route, you will want to explore the NHR to mitigate tax issues due to being a tax resident.
On the other hand, if you have a good career/business that you are not ready to give up on, and you are on a 10 year plan to move to Portugal, the PGV is a good route. As mentioned above, it will take 2-3 years to get the visa, but once you do, the clock on permanent residency starts, provided you can spend one week a year in Portugal.
That said, I do regret a few things on my journey with the PGV. I chose not to complicate my PGV by having another residency/passport. I probably should have jumped on the Turkish program when the investment costs were lower. Supposedly it is about 6 months to a passport. --which is in sharp contrast to the bureaucratic delays of the PGV.
Best luck with your application, keep us posted on your progress
Excellent summary of gv issues .just paidx3k for renewal of card having waited a year after first one expired .We bought inland and no regrets on purchase as good value .
We purchased last June and still have not heard from SEF. That said, every Portuguese lawyer or others involved in consulting PGV have said that just because the Prime Minister announced a study on whether to continue the PGV, it requires Parliamentary action and then, if a decision is made to end it, there will be those grandfathered in who have relied on the PGV
Today I would do either D7 or choose another country.