1. Registration of a taxpayer number. The Portuguese analogue of the TIN is mandatory for investors. Without a tax number in Portugal, you can not make major transactions such as investing and buying real estate.
You can get a taxpayer number remotely. For this, the lawyers of Immigrant Invest selected a tax representative in Portugal, who acted on behalf of the investor by power of attorney.
To register as a Portuguese taxpayer, Kayin submitted to the tax representative:
An application for registration as a taxpayer;
a copy of the passport;
a copy of the TIN registration certificate in Nigeria;
confirmation of the investor’s income.
The Portuguese tax service entered Kayin into the register of taxpayers two weeks after the appeal.
2. A Portuguese bank account is needed to buy real estate and make payments under the program. On the recommendation of lawyers from Immigrant Invest, Kayin remotely opened an account with Novo Banco and transferred €350,000 to it.
3. The purchase of a share in the real estate project was accompanied by the lawyers of Immigrant Invest: they contacted the developer, checked the sale and purchase agreement and received an ownership certificate of transfer.
Kayin also paid taxes: 6.5% of the value of the share for the transfer of ownership and 0.8% - stamp duty.
€300,440 — the investor’s expenses for the purchase of commercial real estate in Portugal
€280,000 — share in the restoration project
€18,200 — tax on the transfer of ownership
€2,240 — stamp duty
4. To apply for a residence permit by investment, lawyers prepared a package of documents. It included:
copies of the applicants' passports;
police clearance certificates for Kayin and his wife;
the history of the investor’s welfare with confirmation of the legality of the sources of income;
marriage certificate;
birth certificates of children;
medical insurance;
sale and purchase agreement for a share in a real estate project;
transfer certificate of ownership of the share;
government questionnaires and forms.
Applicants also provide the address of registration in Portugal, which is entered on the residence permit card. Kayin did not plan to buy housing in the country, so the lawyers indicated the address of the tax representative in his application.
For filing an application, the investor paid a fee of €882 for a family of four: €533 for the main applicant, €83 for a spouse and €133 for each of two children.
On April 22nd, 2021, lawyers submitted Kayin‘s application to the Portuguese Migration Service. Four and a half months later, the answer came back: the investor’s candidacy was approved for obtaining a residence permit.
