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  • Discovering Madeira: World 5th best city to invest

    Whether it’s for a vacation, or just to spend some time off, investors may wonder where would be best to buy a future property investment. Questions like: away from the city rush, discovering small towns, or traveling inland, may appear, and what if the answer is just an ocean wave out from a great achievement?

    When it comes to Golden Visa, all needs must be properly addressed, and finding a new home or a place to invest can be a challenge. Looking deep into Portugal, further off the Atlantic shore and surrounded by lush green mountains, lies the island of Funchal: a large city in the middle of the ocean, straight in the heart of the Madeira Archipelago. A recent study, conducted by Compare the Market, found that this cosmopolitan city was ranked 5th place as “the best city in the world to invest in“.

    According to the Compare the Market study by The Burrow, which analysis locations around the globe based on factors such as touristic activities, restaurant availability, average price per sq.m and affordability, local weather, or even crime index score, Funchal City earned a total of 6.41 points out of 10.

    Overall, the island scored highly on climate and safety, average cost of living, –  around €1,966 per month – and, lastly, when it comes to the price of real estate per m², an average value of €1,729.

    Funchal: a Sea of Possibilities

    On the other perspective, other factors also influence this destination as one of the best in the world to invest in. Commonly called the Hawaii of Europe”, this volcanic island offers a beautiful opportunity to witness seaside views, mountainous hiking, and trekking adventures. All these are combined with the enthusiastic city life of Funchal´s historical center, where the majority of the city’s attractions are located.

    There, travelers can experience shopping, fascinating museums, exciting restaurants, and wine-tasting experiences in traditional taverns, while enjoying the best one of the best natural climates in the globe!

    For outdoor enthusiasts, Pico do Areeiro – one of the highest peaks of Madeira, offers an astonishing panoramic view over the island, a definite must-see and do! If you’re feeling adventurous, why not climb up there to get a natural viewpoint of the island? With breathtaking views from the top and several activities to do here, Cabo Girão is the perfect place for all thrill-seekers.

    For more abundant nature escapes in Funchal, you have the Ecological Park of Funchal featuring 10 km2 of mountainous terrain and walking trails for a hiker’s glee!

    A Nature’s Paradise

    Travelers can also experience one of nature’s wonders such as natural ocean pools, scuba diving, or even whale watching in one of the incredible boat trips across the Atlantic. Adventuring through the mountains, they are suddenly impressed by stunning waterfalls and natural fountains.

    Deep on the mainland, the traditional houses of Santana, claimed by Portuguese sailors in the early 1400s, and supposedly uninhabited at the time (though there’s evidence the Vikings may have visited a few centuries earlier), are a must-visit location, not only by their beauty but also by their iconic shapes and colorful scenery. Further west, Santa Catarina Park is another lovely destination, with a 36 000 m² green space, where you can see a variety of flora & fauna species from all over the world; an excellent place to relax and enjoy the lookout points.

    Traveling north, on top of a cliff, the famous calling cards in Monte Sledges, provide visitors with an unforgettable experience that is not only memorable but certainly inimitable. These unique vehicles were created in the 19th century, when they were used as a means of public transport by the population of the parish of Monte, located at an altitude of about 500 meters, to get down to the city of Funchal more quickly.

    The Madeira Islands are also the home of Madeira fortified wine. This wine dates to the late 15th century when Madeira was a regular stop for ships and can range from dry to sweet. Visitors can experience amazing gastronomy experiences with wine tasting and delicious local dishes.

  • Portugal Golden Visa Program: the latest update July 20

    After the voting that took place today at the Parliament, we can announce that we have just received the final version of the “Mais Habitação” law, approved by the Parliament.

    As already announced in our last communication, the Portuguese Golden Visa program will continue. Moreover, the bill’s final version does not contemplate the continuity of the ARI regime under the investment-related categories of real estate for residential purposes and rehabilitation, as well as bank deposits.

    Despite the end of the program for these categories, it is made clear in the final version that all applications submitted until the entering into force of the new law will be fully processed according to the existing rules and regulations, and renewal rights will be fully assured for investors and family members.

    The next step in this process is to send the “Mais Habitação” law to the President of the Republic. Here three scenarios may take place:

    i) Direct ratification, and in this case, the proposal will come into force on the day after the publication;

    ii) The President of the Republic does not accept the proposal as it is and returns it to the Parliament for revision; or

    iii) The President of the Republic does not issue an opinion on the document but requests its evaluation by the Constitutional Court.

    In any case, it is unreasonable to expect that, even if option i) takes place – direct ratification, the law comes into force before the middle/end of September. Our assumption is based on the package’s complexity – which will require extensive analysis- and the current holiday period, which will certainly add time to the current process.

    For further clarity, below you can find the detailed timeline of the process moving forward.

    Our advice to all our clients is to move forward as soon as possible with their investments. The current timelines will allow investors to start and submit their process before the potential end of the Golden Visa program.

    In this sense, we must make our investors aware that the current average time to conclude the investment, with IAS, is around one week, which – under current timing, provides enough time to invest and be part of the Portuguese investment program.

    We will continue to monitor the situation as closely as possible, keeping investors and partners informed of any developments while remaining available for any clarifications needed.

  • International market with an eye on Portugal’s tourism sector

    The hospitality sector continues to surprise and surpass pre-pandemic numbers.

    There is a new focus on the international tourism market map, with Portugal remaining at the top of the world’s most popular European destinations, where the cities of Lisbon, Porto, and the Algarve region fit in.

    Hotel accommodation capacity is far from slowing down and this is an obvious fact in the city of Porto, with the latest openings from Mercan Properties. The highlight goes to the elegant and colossal Renaissance Porto Lapa Hotel, with 163 rooms and suites, which debuted in the Lapa area, shortly after the opening of Arts Hotel Porto, Tapestry Collection by Hilton. An innovative urban hotel with artistic influences, right in the center of Porto, with 53 exquisite rooms and suites of different types.

    Data from the National Statistics Institute (INE) show that, in the first four months of this year alone, the municipality of Porto recorded a total increase of 1,569,543 overnight stays in the city.

    The regions of Lisbon and Algarve also led the top of the most sought-after destinations during the Easter season, with the Portuguese capital already in ninth place of Spanish residents’ preferences as the European destination of choice for the summer of 2023.

    This positive contribution is due to Mercan Properties’ performance in Portugal, where in the first 6 months of the year, Mercan Properties’ hotels grew significantly compared to last year, a positive contribution to the economy, and the tourism and hospitality industry in Portugal.

    The success of the Canadian group company is demonstrated by consecutive satisfaction ratings of 9.4 on Booking, 4.5 on Tripadvisor, and 9.6 on Expedia. Mercan Properties has, at the moment. over 30 projects in Portugal, with 8 hotel properties currently in operation.

  • European Travel Fever: Portugal leads top of European Destinations

    Source: EuroNews.travel

    According to RateGain analysis, American travelers are choosing Europe for their summer vacation and, Portugal tops the list!

    Hospitality tech companies RateGain and Eviivo joined up to determine Europe’s top summer travel trends. European vacations are in high demand, and most are sticking to well-known destinations rather than venturing off the beaten path.

    The study reports that around 80 percent of Americans are traveling to Europe for this year’s summer vacation, booking trips to major bucket list cities and planning to spend at least seven days.

    Based on inbound international flight booking data for June-Aug’23, Portugal tops the charts as the most booked European country, with its capital – Lisbon – being the number one city for leisure travel this summer. Porto, the second-largest city in Portugal, also made the top ten.

    According to RateGain, flights to Portugal from the US are more economical than any other European destination.

    The RateGain destination list:

    1. Portugal
    2. Spain
    3. Italy
    4. UK
    5. Greece

  • Portugal Golden Visa Latest Update

    On Portugal local time July 6, 2023, the special commission created for the analysis and preparation of the final draft of the “Mais Habitação” law approved the bill to be presented to Parliament.

    Despite the proposals presented by all parties to keep some options of investment, including the one initially presented by the government itself, the final draft does not contemplate the continuity of the ARI regime. Therefore, the present draft states that no applications will be admitted following the entering into force of the new law.

    Notwithstanding, there is relevant good news:

    • it was made clear that all applications submitted until the entering into force of the new law will be fully processed, and renewal rights will be fully assured;
    • The analysis of all files submitted up until the entering into force of any amends will follow all existing rules and regulations;
    • No changes will be implemented to the law regarding the adding of family members, which means that family reunification will still be possible after the changes are implemented
    • No changes were added regarding the access to citizenship and permanent residency were included.

    Regarding the timeline, we believe that the Parliament will vote on the current law up until July 19th, 2023.

    The final step of the process, if the current document is approved by the Parliament, will be sending the proposed shall be proposed bill to the President of the Republic.

    There is no way to determine how the President of the Republic will respond to the diploma, but three scenarios may take place:

    1.  Direct ratification and in this case, the proposal will come into force on the date set forth in the proposal.
    2. The President of the Republic does not accept the proposal as it is, and returns it to the Parliament for revision; or
    3. The President of the Republic does not issue an opinion on the document but requests its evaluation by the Constitutional Court.

    In any case, it is not reasonable to expect that, even if option i) takes place – direct ratification, the law comes into force before the middle/end of September. Our assumption is based both on the complexity of the package – which will require extensive analysis, and the current holiday period, which will for sure add time to the current process.

    Our advice to all our clients is to move forward as soon as possible with their investments. We believe the current timelines will fully allow investors to start and submit their process before the potential end of the Golden Visa program.

    In this sense, we must make our investors aware that the current average time to conclude the investment, with IAS, is around one week, which – under current timing, provides enough time to still invest and be part of the Portuguese investment program.

    We will continue to monitor the situation as closely as possible, keeping investors and partners informed of any developments while remaining available for any clarifications needed.

  • Every thing you need to know about EB-3

    An EB-3 visa is one category that can bring non-USA nationals to the USA and grant them permanent residency. For those who want to live and work in the USA permanently, it is important to understand the eligibility criteria and application process associated with this visa category.

    Different Types of USA Visas

    In the US, various types of visas are available to apply, each serving a different purpose. Here are a few examples:

    1. H-1B: The H-1B visa is a nonimmigrant work visa that allows American employers to hire foreign workers with specialized skills to work in the United States for a specific period. Typically, the position requires an undergraduate degree or equivalent. Occupations that qualify for the H-1B visa are in fields like technology, finance, engineering, architecture, or more.
    2. EB-5: The EB-5 (employment-based, 5th preference) investor visa grants permanent resident status to investors who satisfy the required criteria. The applicant’s spouse and unmarried children under 21 are eligible to apply.
    3. EB-2 and EB-3: These visas are for professionals, skilled workers, and unskilled workers seeking permanent residency in the US.
    4. F: This visa category is for academic students studying in the US, allowing them to stay during their studies.

    Understanding the EB-3 Visa

    The EB-3 visa is a third-preference employment-based green card for skilled, professional, and unprofessional workers. EB-3 visa requirements are less stringent than the EB-1 and EB-2 categories; As a result, the processing time is a little longer. The US government will conduct a labor certification process to ensure that the employer is unable to hire an American worker to fill the position.

    To be eligible for the EB-3 visa, an applicant must have a job offer from a US employer and meet certain criteria, such as holding an undergraduate degree or equivalent and possessing two years of work experience or training. In some cases, the requirement of two years of experience can be waived or reduced.

    Unskilled Workers:

    Unskilled workers without specific qualifications or two years of professional experience can apply through the EB-3 program. This sub-category has become very popular among non-US nationals.

    Skilled Workers:

    To qualify as a skilled worker, you must demonstrate either two years of training or experience in the relevant field.

    Professionals:

    The professional category of the EB-3 visa is reserved for individuals who possess a higher education degree or its equivalent, typically required for similar positions by US workers.

    Applying for the EB-3 Visa

    To initiate the application process for any of the three types of EB-3 visas, the US employer interested in hiring the foreign worker must submit a petition to the US government.

    First, the employer must complete a labor certification form, stating their inability to find a qualified US worker for the position.

    Additionally, the employer needs to demonstrate financial stability, ensure that the offered salary matches the prevailing wages for American employees, and fulfill various other requirements.

    Simultaneously, the foreign worker must complete a form, which can often be done online, to initiate their job application. The process involves submitting several civil documents, undergoing a medical examination, and providing proof of vaccination.

    Some essential documents required for the application include:

    • Valid passport (with a validity of more than six months)
    • US-approved labor certification
    • Job offer
    • Two passport-sized photos
    • Criminal and court records

    If all the required documents and preliminary requests meet the requirements, the final evaluation involves an interview. It’s worth noting that the interview can be conducted at the US Embassy in the applicant’s home country, making the process more convenient and cost-effective.

    Move to the USA with your family.

    When an EB-3 visa for permanent residency is approved, they can go to the US with their family members (spouse and dependent children) accompanied. Spouses and unmarried children under 21 can join the visa holder in the US. Spouses can apply for the E-34 visa if they are under the skilled worker classification, while children can apply for the E-35 visa.

    In cases where the spouse does not possess the qualifications of a skilled worker, they can still accompany the primary visa holder using the EW-4 visa, and their children will need to apply for an EW-5 visa.

    If you have any further questions or require additional information, visit our website and fill out the application form. We are here to provide you with the support and guidance you need throughout the immigration process.

  • Looking for European Citizenship by Investment? Portugal Golden Visa Offers the Best Opportunity!

    Are you interested in obtaining European Citizenship by Investment? Portugal offers an excellent opportunity through the Portugal Golden Visa Program. By purchasing property in Portugal, you can become a European citizen and gain a second passport for enjoyable vacations with your family across Europe.

    Numerous applicants have already benefited from this world-renowned investment immigration program, with many on the straightforward path to obtaining Portuguese citizenship. However, you don’t have to wait for citizenship to experience the benefits of living in the European Union. You can become a Golden Visa holder in less than a year, allowing you and your family to live, do business, work, travel, and study in Portugal.

    Why the Portugal Golden Visa Program stands out as the optimal route for achieving European citizenship through investment?

    The Portugal Golden Visa Program stands out as the best path to European citizenship by investment. It offers a fast, direct, and secure route with minimal requirements for applicants. There are no language, management experience, or education credential requirements. Once approved, applicants receive residence permits in less than a year.

    Portugal does not tax worldwide income, and Golden Visa holders can enjoy the freedom to live, work, do business, study, and travel within the Schengen zone. Investors can easily apply for citizenship and access EU benefits for themselves and their families. The Golden Visa application can include the investor’s spouse, financially dependent children, and financially dependent parents.

    To qualify for the Portugal Golden Visa process, investors need to be 18 years or older, possess a valid passport, legally reside in a country, and maintain the investment for at least five years or until they obtain a Permanent Residence card or passport. Investors are also required to spend an average of seven days per year in Portugal (with a minimum of 14 days in each subsequent 2-year period) and comply with the Health Insurance Policy.

    After the fifth year, the investor and their dependents can apply for Portugal/EU citizenship or Permanent Residency. Additionally, depending on the project, the investment may be refundable after five years or upon obtaining permanent residency or citizenship.

    What is the Portugal Golden Visa Program?

    The Portugal Golden Visa program, officially known as “ARI” (“Autorização de Residencia para Actividades de Investimento”), allows investors to gain Portuguese residency and enjoy all the benefits of being part of the European Union. The program was created to attract more investments in businesses and real estate while promoting diversity through incentives.

    Under the program, residence permits are granted to third-country nationals who intend to perform investment activities in Portugal, such as capital transfer, job creation (at least ten jobs), or property purchase.

    What Investment Options Qualify for the program?

    When it comes to investment options for the Portugal Golden Visa program, purchasing real estate is one of the most secure and popular pathways. The current law requires buying a property valued at €500,000 or higher. Alternatively, investors can invest €350,000 in rehabilitating a building over 30 years old located in an urban rehabilitation area. For properties in rural areas, the required amount decreases to €280,000 for rehabilitation.

    While rehabilitation projects in rural areas may not yield high returns, they provide a safe pathway to obtain citizenship by investment under the Golden Visa program. Rehabilitation projects in central areas like Porto and Lisbon may offer higher returns, but it’s recommended to act swiftly due to potential changes in legislation in 2021.

    If you’re interested in the Portugal Golden Visa Program, Mercan Group has been closely involved with the program for several years. We assist investors in obtaining residence permits and immigrating with their families to Portugal, offering reliable projects that ensure a safe investment while obtaining the Golden Visa.

    If you’re interested in obtaining your European Citizenship by investment or learning more about the Lapa Hotel and Évora Hotel projects developed by Mercan Group, you can contact Mercan for further information.

  • PUBLIC DISCUSSION | RECENT NEWS

    17 April 2023

    As announced on March 30th, 2023, in the press conference held by the PM, the Government has finally delivered to the Parliament the proposed amendments to the immigration law, which are part of the proposal +Habitação.

    The document submitted to the Parliament, which became available last night, has some interesting points. As expected, the Government maintained its position regarding the end of the Golden Visa program. However, there are a few substantial changes in the wording used compared to the initial version shared in the presentation on February 16th, 2023.  From IAS’s side, we believe it is worth taking note of the following points:

    i) RENEWALS AND CONVERSION INTO D2 RESIDENCY – In the first document presented by the Government, still in February, it was mentioned that the possibility of renewals for holders of investments in real estate options would be dependent on the rental of the property for housing purposes. However, this measure does not appear in the document presented to Parliament on April 14th. It is evident in the proposal that renewals will be admitted on the same terms as have been so far. Despite the mandatory conversion of the application into the Entrepreneurs Residency Permit (D2 visa), they will be granted an exception regarding the minimum mandatory stay in Portugal, namely the applicants will be asked for a minimum of 7 days in the first year of residency and 14 days in the subsequent periods of two years of residency. The minimum stay should be proved in the same way as it has been until the present date.

    ii) INCLUSION OF SUBMISSIONS AFTER FEBRUARY 16TH – Also, there is no mention of the potential retroactive effects previously announced. Not only for the already submitted applications since February 16th but also for all the applications submitted until the law proposed becomes into force. The measure applies not only to Investors but also to their relatives applying under family reunification. We believe that the Government took sense and dropped this measure after the massive public message, including the one from the President of the Republic, showing the unconstitutionality of such action.

    iii) PERMANENT RESIDENCY – Applicants can keep applying for permanent residence and keep their minimum stay in the same terms as predicted for the Golden Visa.

    IV) INVESTMENTS FOR CULTURAL MATTERS – Applications for Investments under artistic production, recovery, or maintenance of cultural heritage will still be admitted. Regarding this topic, it is possible that during the discussion in the Parliament, other investment options will also be included as still allowed.

    V) IMPLEMENTATION OF THE NEW LAW – According to the document presented, the law related to the end of the Golden Visa regime is predicted to be implemented the next day after publication. However, a notice period may be introduced to the proposal during Parliament discussions.

    Despite the intentions mentioned above, and as explained in our previous articles, we do not anticipate that there will be any discussions on this matter in Parliament before the beginning of May, taking into consideration the available agenda of the Parliament. Also, the entire Legislative process is expected to take a minimum of 2 months.

    In any case, and even with a fair proposal as the one presented, we will keep working in our Investor’s best interests, namely with the request for a transition period between the publishing of the law and implementation. Nonetheless, it is essential to mention that now is the moment to invest.

    As a final note, it is also of reference that the opposition party has already delivered to the Parliament a proposal for keeping the Golden Visa Regime in the Administrative Area of the Madeira Archipelago. Therefore, it is expected that the Azores Area will also request an exception.

    We will continue to monitor the situation as closely as possible, keeping investors and partners informed of any developments while remaining available for any clarifications needed.

    apply For your portugal golden visa today

  • GOLDEN VISA PROGRAM | INFORMATION ON THE BILL PROPOSAL

    17 April 2023

    Following our previous communication on March 31st, Mercan Properties would like to communicate the latest developments related to the Golden Visa Program.

    As you are aware, the draft proposal on housing reforms has undergone considerable changes since it was first announced at the Meeting of the Council of Ministers. Mercan Properties have been closely monitoring the situation and providing updates to investors, partners, and stakeholders as they become available.

    Yesterday, the final draft proposal was sent to the Portuguese Parliament. In that sense, Mercan Properties would like to highlight the following important aspects of the proposed amendments to the Golden Visa Program, including in this document:

    • No retroactive effects are foreseen, meaning that new applications may be submitted up to the date of entry into force of this legislation, notwithstanding the possibility of a notice period still being included during the discussion of the documents in Parliament during the following months;
    • Pending applications will maintain their validity and will be converted into an “Entrepreneurs Residency Permit,” but under the special regime of minimum stay requirements in Portugal 7 days per year or 14 days within each 2-year period;
    • Renewals of Golden Visa granted under the current regime are also admitted according to the abovementioned conversion.

    For this legislation to come into force, it will have to go through a legislative process, which requires it to be discussed beforehand in Parliament, firstly, in the general session, followed by the analysis in the respective specific committee and the final vote, – a minimum of two months may be needed to complete this step. It is important to note that such discussion is not even foreseen in the parliamentary agenda and is not expected to occur in the forthcoming weeks.

    Finally, the law will be submitted to the President of the Republic, who has 20 days to ratify, veto, or send the document to the Constitutional Court.

    These amendments, particularly in relation to the Golden Visa program, reveal the Government’s openness towards the work and its willingness to listen to feedback from industry experts and stakeholders on the Golden Visa Program.

    At Mercan Properties, we understand that our investors’ trust and confidence are paramount, we look forward to continuing to receive your investments into our projects and supporting the processing of Golden Visa Applications in the months ahead, and we remain committed to keeping you fully informed of the latest developments. We are closely following the current discussion and decisions regarding the housing reforms. We will continue to provide full support and information to our investors, partners, and stakeholders as we have been doing from the beginning.

    Our team of experts is dedicated to ensuring that our projects continue to meet the highest standards of quality and excellence. We reassure you that our projects developed remain available for investment.

    We believe transparency and open communication are essential in building strong and trustworthy relationships with our investors, partners, and stakeholders. Therefore, we remain committed to providing you with accurate and timely information.

    We are available to clarify and expand on any of the matters outlined.

    apply your portugal golden visa today

  • Portugal PUBLIC DISCUSSION | RECENT NEWS

    31 March 2023

    Yesterday, PM António Costa made an announcement regarding the proposal “Mais Habitação” that will be submitted to the Parliament within the next few days.

    Despite the wording and a few changes in the message, the situation remains the same as was presented on February 16th, 2023. In that sense, the government continues to manifest its intention to end the Golden Visa program. However, this time around, the PM clearly stated that the decision on this matter should be taken by the Parliament and by The President of the Republic.

    On a related matter, one of the proposals presented by the PM mentioned the possibility of converting the current applications in the program to general immigration law – since the GV program is deemed as a special law. Such a position also aligns with the Government’s insistence on attributing a retroactive effect to this matter. Regarding this topic, and after a careful analysis within our team, pairs, and academic professors of Law, we believe that it will not be possible to sustain since it shows clear violations of constitutional principles, namely the principle of Trust in the State.

    Despite the above-mentioned intentions, and as explained in our previous articles, the Government has no legislative power regarding this matter, since the Parliament is the only entity that can approve and introduce the changes that the government wants to put into action. This means that the current version of the immigration law allowing GV investors is still in force and was not changed. SEF is clearly complying with applicable law since it is accepting and processing new applications normally. Moreover, we confirmed directly with SEF yesterday, and no instructions were received to close the ARI portal or interrupt or condition the acceptance of the normal flow of submissions. Moreover, such instructions can only be lawfully given upon a duly approved law by the Parliament and the President of the Republic.

    As a final note, we would like to address some speculations that we have been receiving regarding applications submitted after February 16th2023. It came to our knowledge that a rumor has been spread mentioning that applications submitted after the D date have yet to be granted a processing number/application number. At IAS, we can assure all investors that we verified our clients that have been submitted after that date and all applications have a processing number/application number, and their applications are being processed normally.

    The analysis included above is always preliminary and subject to be complemented by the analysis of the draft of the law presented yesterday.

    Finally, we do not anticipate that there will be any discussions on this matter in Parliament before the last week of April, taking into consideration the current schedule the Parliament presented on Thursday.

    We will continue to monitor the situation as closely as possible, keeping investors and partners informed of any developments while remaining available for any clarifications needed.

    Thank you for your attention to this matter.

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