Already a hot destination for South Africans wishing to obtain overseas citizenship in order to broaden educational and career opportunities for their children, Portugal’s Golden Visa programme has become firmly entrenched at the top of the priority list, particularly since the lockdowns, says Chris Immelman, who heads up Pam Golding International, which markets offshore property in numerous overseas countries.
“This is because citizenship has now become a reality for our first applicants who have gone through the five-year residency-by-investment process and subsequently, after a further year, acquired European Union citizenship,” says Immelman.
“By investing a minimum of €280 000 in a rural regeneration programme or €350 000 in an urban regeneration programme in Portugal, European Residency is more affordable than ever, while investors also enjoy full return of their funds at the end of the programme. To date Pam Golding International has assisted close to 400 South African families take advantage of Portugal’s Golden Visa programme, many of whom are in the final stages of acquiring residency and will soon be eligible to apply for citizenship.
“Our clients primarily seek to open a gateway to global opportunities for their children, who, with citizenship, are then able to live, study and work in any of the EU countries. The fact that South Africans have already successfully concluded the application process through residency status to citizenship, means that this is also soon within reach of the hundreds of other families who have entered the programme. They are creating a legacy for their families whereby ultimately, their families or adult children are able to study and/or work in major global cities such as Amsterdam, Frankfurt or Berlin, for example.”
Adds Immelman: “In providing this offering, we have partnered with the Mercan Group from Canada who have well-established credentials, having recently opened their first hotel, the magnificent five-star Casa da Companhia in Porto and with another four hotels scheduled to open within the next three months.”
Immelman says the response to date to the latest investment opportunities has been enthusiastic. The first of these is the Marriott Lagos Beach & Sports Resort, close to Porto de Mós beach in sunny Algarve. The five-star hotel concept is designed to provide leisure time for the whole family, with an array of sports and leisure activities available, while the site is also adjacent to the established Boavista Golf & Spa Resort, where guests will enjoy privileged rates.
The second development project is Lisboa Park by Moxy Marriot, located in the district of Alfragide, one of the largest business hubs in Lisbon. This vibrant business community will provide much-needed hotel facilities to several nearby multinational companies, including Siemens, Ikea and Vodafone.
Says Immelman: “These are blue-chip developments which also provide investors with seven days of free accommodation per annum, EU Residency for the whole family as soon as application is approved, Visa-free travel throughout Schengen Europe and EU Citizenship possible after six years.
“For the Lagos Beach and Sports Resort an investment of €280 000 is required, and €350 000 in Lisboa Park. Apart from full return of the investment at the end of the programme for both projects, VAT and transfer taxes are funded by the developer, while the Lisboa Park development provides investors with 3% guaranteed annual returns from the time the hotel is in operation.”
Concludes Immelman: “While changes to the Golden Visa Programme are due to take effect at the end of 2021, including an increase in the investment threshold, those taking advantage of these investment options will not be affected in any way.”
For further information contact Theresa Fernandez of Pam Golding Properties: email theresa.fernandez@pamgolding.co.za.
