Are you planning to move to the Algarve? If so, the Gold Visa just might be the answer to your questions. Let’s see how that works and what it means in the current context.

If you are a European citizen, moving to the Algarve in Portugal wouldn’t pose such a problem under the EU legislation. But what if you are coming from outside the EU zone or if you are not European? To give an answer to this dilemma, the Portuguese government launched the Golden Visa Programme with the aim to attracting foreign investment in real estate and to make full and valid residency procedures easier.

2014 was a Golden year for the Gold Visa program, which made almost 1.000.000.000 EUR according to the Foreigners and Borders Service. However, this prosperous time was followed by a sharp decline in the following year. With a bit below 500.000.000 EUR, the permits made just a bit above 50% from the 2015 sum.

Just 766 foreigners obtained the Golden Visa in 2015, less than half of the amount assigned for 2014. This disappointing result is partly blamed on the Operation Labyrinth, launched in November 2014, which made bureaucratic procedures harder, more difficult and more time-consuming. It seems like many applicants lost their enthusiasm, even though the Golden Visa presented a fairy-tale, tax-free scenario almost too good to be true. They were left actually paying no tax on their overseas income and free to travel within the Schengen area.

We’re curious to know what 2016 has in store for us.

Meanwhile, if you plan on moving to Portugal – being a EU citizen or not – there are certain practical details to see to. One of them is getting settled. And after you have found the house, you will need to transport your belongings – which you can do with Faro commercial car hire.