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Tag: European Permanent Residency by investment

  • Portugal Golden Visa: Residency Period Start Clarification

    We are excited to bring to your attention a significant update regarding the submission date for residency applications. This development carries substantial implications for those aiming to apply for Portuguese citizenship after fulfilling the required residency period.

    We have received verbal confirmation from the immigration services in Porto, along with an official email confirmation from the Agência para a Imigração e Mobilidade da Administração (AIMA), specifically from the Unidade de Apoio às Autorizações de Residência para Investimento (UARI), the department responsible for processing Golden Visa residencies. Both sources have confirmed that the submission date for residency applications will be recognized as the date the application is submitted online.

    This clarification is crucial as it establishes the starting point of the five-year residency period necessary for citizenship eligibility. According to the updated guidelines, the date you submit your application online will be counted as the official start of your residency period.

    While this update simplifies the process and provides a clear benchmark for applicants to understand when their residency period officially begins, it is essential to note that the regulation concerning this clarification has yet to be published, even though the deadline for publication has already passed. We are closely monitoring this situation and will continue to provide updates as new information becomes available.

    At Mercan Group, we are dedicated to providing continuous support and timely updates about this.

  • Mercan Group: Spearheading Global Investment Roadshows

    Being a trailblazer in the investment landscape, Mercan Group has consistently demonstrated its commitment to international collaboration and strengthening its leadership position.

    In a remarkable demonstration of global synergy and the establishment of robust connections worldwide, Mercan Group continues to showcase its leadership and dedication to the investment and hospitality sectors through active participation in prominent international roadshow events. This includes this year’s REX Conference in Mumbai, InvestPro Azerbaijan in Baku, and the Bosco Conference in Istanbul.

    Catarina SImão, Sales & Business Development, at InvestPro Turkiye Istanbul 2024 
    Kristina Lapshina – Business Development Manager & Kateryna Ilechko – Lawyer at InvestPro Azerbaijan 2024
    Teresa Archer – Sales & Business Development Manager and Diana Ribeiro – Lawyer at IREX Conference Mumbai 2024

    These events serve as ideal platforms for showcasing Mercan Group’s robust investment strategies and reaffirming its status as a leader in global investment trends. They also highlight Portugal as a premier destination for investment and lifestyle. By engaging with global markets at these conferences, Mercan Group further expands its influence and operational reach, particularly in Portugal, where it is acknowledged as a center of innovation and expertise in the investment realm.

    These appearances not only emphasize Mercan Group’s dedication to international partnerships but also underscore its role in promoting economic and investment opportunities in Portugal and beyond.

  • Congratulations to the Renaissance Porto Lapa Hotel on its first anniversary!

    April marked several anniversaries for Mercan Portugal, and today we commemorate the inaugural year of operations at the Renaissance Porto Lapa Hotel.

    Situated in the heart of Porto, the Renaissance Porto Lapa Hotel stands as a beacon of sustainability and innovative design, marking its first anniversary. As a proud addition to Mercan Portugal’s portfolio, this project has revitalized a previously neglected area into a remarkable hotel, paving the way for the city’s inaugural green park in the city center.

    This milestone underscores our commitment to blending upscale hospitality with environmental stewardship. However, the Renaissance Porto Lapa surpasses mere standards. It serves as a hallmark of contemporary design and opulent living, enriching the guest experience in Porto’s vibrant Lapa neighborhood, while also setting new benchmarks for eco-conscious urban living. The forthcoming green park adjacent to the hotel will further contribute to biodiversity, enhancing the city’s allure and ambiance.

    As we celebrate this milestone, we reaffirm our dedication to nurturing Porto’s hospitality sector and economic prosperity, and our unwavering commitment to sustainable, eco-friendly tourism, ensuring a future where both flourish harmoniously.

    We express our sincere gratitude to our esteemed guests, dedicated team members, and the Porto community for embracing the Renaissance Porto Lapa Hotel with open arms!

  • Portugal Golden Visa 2024: Promising Prospects for Foreign Investment and Residency Initiatives

    Mercan Group is delighted to announce compelling news regarding the political landscape in Portugal. Following recent elections, a new right-wing government has taken office, heralding a promising shift in policy direction, particularly concerning foreign investment initiatives such as the Golden Visa and Non-Habitual Resident (NHR) programs.

    The newly elected government has publicly endorsed both the Gold Visa and Non-Habitual Resident programs, diverging from the decisions of its predecessor during the amendment process. This proactive stance has generated anticipation in the market, anticipating a resurgence in these crucial investment initiatives under a PSD-led government with backing from a right-leaning parliament.

    Pedro Fontinho, Executive Director of the Portuguese Residential Tourism Association (APR), has voiced optimism regarding fresh measures aimed at attracting foreign investment. Similarly, Hugo Santos Ferreira, President of the Portuguese Association of Real Estate Developers and Investors (APII), underscored the importance of revitalizing the Gold Visa and NHR regimes, highlighting their pivotal role in stimulating the Portuguese economy by drawing capital and skilled individuals.

    At Mercan, we are enthusiastic about these developments and their potential to enrich Portugal’s investment landscape. We are dedicated to keeping you informed and supported throughout this transition. We view these changes as positive strides forward and eagerly anticipate exploring the new opportunities they will present to our investors and partners.

  • Portugal drew in €3.5 billion in foreign investment in 2023, marking the highest influx since 2016

    There have been 36 new investment decisions totaling €2.739 billion, resulting in the creation of 6,810 jobs. Among these, 14 projects are industrial in nature. Additionally, there are 12 investment projects from existing companies in Portugal, expected to generate an extra 1,500 jobs. AICEP is currently overseeing 50 PIN applications.

    Last year, AICEP secured a record-breaking €3.5 billion in investments, the highest amount since 2016. Of this sum, over €2.7 billion comes from new Foreign Direct Investment (FDI), encompassing 36 confirmed leads and the creation of 6,810 jobs. Notably, the industrial projects account for 14 of these, generating 3,555 new positions. The remaining 3,255 jobs pertain to service centers.

    Additionally, reinvestment projects by foreign and domestic companies contribute over €719 million to the total, promising an additional 1,526 jobs.

  • 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.

  • 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.