The purchase of properties together is possible as long as each investor pays the minimum Golden Visa amount criteria.
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How can I receive Golden Visas through a co-ownership plan?
I found a property that has three separate residences within it in Portugal. I would like to buy the property alongside two other families, so theoretically, we would each own a third of it. Is this possible? How can we split it and receive our visas? What is the property purchase minimum in a case like this?
Answers
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It is possible to apply for a Golden Visa by purchasing a property in co-ownership as long as the portion of the applicant is purchased for the minimum amount indicated. In this sense, the purchase of properties that qualify for a Golden Visa are: the purchase in the amount equal or superior to 500,000 euros (thus, each portion would have to be purchased for this amount); the purchase in the amount equal or superior to 350,000 if the property purchased has been built more than 30 years ago or if it is located in an area that qualifies for urban requalification and as long as rehabilitation works are made in the property. (Each portion would have to be purchased for this amount.) Therefore, the three main applicants of the Golden Visa would each have to buy a portion for 500,000, or, if the property qualifies, for 350,000. Each application would be submitted independently.
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You can apply for the Golden Visa alongside the other purchasers as long as each one of you invests the minimum amount required by law, which shall be 500,000 euros (or 350,000 in case of purchasing the property for renovation and rehabilitation purposes). So if you choose the usual procedure of the 500,000 and the building costs 2 million euros, each one of you - let's say, four clients - will need to invest 500,000.
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The Portuguese Golden Visa law allows co-ownership of the real estate provided that each investor makes the minimum amount of investment (500,000 euros) and becomes the owner of the proportional share of the real estate. There are no additional documents needed for purposes of Golden Visa process. The co-ownership can be done over one piece of real estate (bought for two or more people) or over several real estate properties (two, three, seven, etc.) bought for two or more people. As such, in case of three properties for three buyers, each buyer must pay at least 500,000 for one-third of each property, being the global price of the three properties at least 1.5 million. The public deed document (purchase contract) will mention the payment made by each and the share he or she owns in each piece of real estate.
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