The due diligence process is the same and refers to criminal background check (ACRO) and source of funds (last tax return, income proof or profession certificate).
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What due diligence requirements would British investors have to meet for their golden visas in Portugal?
I've heard the due diligence process in Portugal has become more complicated following the election of a new Socialist government. What can I do as a British investor to make sure my application is successful?
Answers
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There is no difference in relation to UK investors and the others. In other words, all Golden Visa candidates are subject to the same requirements.
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The compliance process is increasingly demanding, not because of the socialist government, but because of anti-money laundering policies (European and international). For this reason, the banks' compliance departments do more rigorous research on their clients and how they obtain their wealth. There is also a duty of due diligence for notaries, lawyers and other public and private authorities who deal with investment, whether foreign or Portuguese. Otherwise, the due diligence procedures remain the same and, as far as foreign investment is concerned, they are the same whether the applicants are a British citizen or of another nationality. To comply with the Portuguese law, the applicant must have no convictions in crimes that in Portugal are punishable with prison over 1 year.
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British investors are subject to the same due diligence rules as any other applicant for the golden visa program in Portugal. This criteria has not changed even though Portugal had elections recently. The elected government is the same as before, so there will be no foreseeable changes to the program rules, as it has been recently reviewed by them, altering the eligible investment territories.
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There are no restrictions on British investors; what has changed is the geography of the country eligible for such golden visa investments.
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