Non-European members wanting all-access, often have to pay a hefty price tag - and it's no different with this latest residency-by-investment programme from the Portuguese Government.
Immigration specialists, Sable International say the latest inclusion to widen Portugal's residency-by-investment programme is a new “Green Visa”.
It requires investment into environmentally focussed projects to qualify, to the sum of €500,000 or about R8m at R16.13/€.
Known as the Golden Resident Permit Programme (GRPP) or the Portugal Golden Visa, it is a residency-by-investment programme that allows non-EU citizens to make a capital investment into Portugal and receive a five-year residency visa. With this visa, you and your family can live in Portugal and travel visa-free throughout the European Schengen Area. The average cost of a Schengen visa for a longer than 90-days stay is about R 1482.
According to statistics released by the Portuguese Immigration Services in January this year, over 7 000 investors have been issued with a Golden Visa since the programme’s launch in 2012. South Africa is currently placed in fourth position with a total of 276 Golden Visas granted.
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"Portugal’s new Green Visa is perfect for eco-conscious South Africans looking for a second residency and who want to invest in ethical and sustainable projects," says John Dunn, Citizen & Immigration Manager at Sable International.
"The many benefits of the GRPP as well as the fast and efficient way in which the Portuguese government has been processing applications has led to a sharp rise in interest from South Africans. With the potential to earn EU citizenship (and an all-important EU passport), we expect to see the number of South African applicants to increase overtime," says Dunn.
'More South Africans want sustainable investments'
Sable details sustainable investment as a strategy that considers environmental, social and governance (ESG) factors when choosing where to place funds. ESG takes into account factors such as how corporations respond to climate change, how they treat their workers as well as what they are doing about their carbon footprint.
A 2018 Global Investor Study by Schroders revealed that 45% of South African investors are putting a significant amount of their portfolio in sustainable investments. As much as 76% of South African investors increased their sustainable investments over the past five years. Interestingly, the Johannesburg Stock Exchange was the first emerging market as well as the first stock exchange globally to introduce a sustainability index – measuring companies on indicators related to environmental, social and governance or ESG practices.
READ: 101 countries South Africans can visit without a visa
Here how you can qualify for EU residency through this new investment route:
To be eligible for a Green Visa you need to make an investment of €500,000 in environmental projects. These projects can range from non-intensive organic agriculture and ecotourism schemes, to renewable energies and other environmental initiatives. Specific areas of investment include:
Carbon neutral projects
“The Green Visa will serve to reinforce Portugal’s role in attracting international ecological investment, while simultaneously ensuring the transition to a circular and carbon-free economy,” said André Silva, the leader and sole MP for the Portuguese People – Animals – Nature political party. The party is responsible for lodging the new investment route in parliament.
What happens once you’ve been granted a Green Visa?
Once you’ve been approved for a Green Visa, you’ll need to keep your investment for a minimum of five years and spend just seven days in each of those five years in Portugal. This will ensure your visa remains valid over the five-year period.
After five years you will be allowed to apply for permanent residency. Once you have been a resident for a year, you will be able to apply for Portuguese citizenship. This enables you to hold a Portuguese passport, which has consistently been ranked as one of the most powerful in the world.
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