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Savory & Partners woo Nigerians to Portugal via residency by investment

By Tobi Awodipe
17 January 2023   |   12:37 am
As more Nigerians seek to explore the world and expand their options, leading experts in second citizenship by investment programs, Savory and Partners are offering Nigerians a once in a lifetime opportunity to become citizens of Portugal via a number of investment programs. Speaking at a parley held in Lagos that had the media, clients,…

As more Nigerians seek to explore the world and expand their options, leading experts in second citizenship by investment programs, Savory and Partners are offering Nigerians a once in a lifetime opportunity to become citizens of Portugal via a number of investment programs.

Speaking at a parley held in Lagos that had the media, clients, potential clients, partners and high-net-worth individuals present, Jeremy Savory said they have successfully processed 300 applications with just one rejection this year alone, alluding their success to their dedication and passion for excellence.

“The Portugal Golden Visa, which is the EU residency and citizenship program of Portugal, is extremely popular right now and I am proud to say we have successfully handed out about six thousand passports over the years since we started. We are the first recognised agents for all five Caribbean governments that provide citizenship by investment, including St Lucia, St Kitts and Nevis, Grenada, Commonwealth of Dominica and Antigua and Barbuda.”

Savory said Portugal isn’t the only country they process but the demand has increased in the last few years. “This programme has been around for several years and is very popular. Portugal is the only country that gives you a visible pathway towards citizenship. It is also amongst the top five most powerful passports in the world, is the third safest country in the world, has the lowest cost of living in Western Europe and tourism is really booming right now.

“Geographically, it’s less than three hours from London, an hour from Madrid and Barcelona; it is very accessible. The weather is temperate all year round and the international education sector is something to look out for. Because of the demand for the golden visa programme as well as the D7 and D2 programmes, global talents, global investors, entrepreneurs and high net worth individuals are attracted to Portugal now. All this is driving an international school boom, several schools are opening to service people moving in.

“A Portuguese passport also gives you access to all Schengen countries and EU member states. The property rental market is also very buoyant because of the net influx of migration. Crime is also very low in the country. Another strong incentive is Jus Soli which simply means law of the land. It is the same as the U.S in the sense that when you have a child born in the country, that child automatically gains nationality. Many people do not know that once you have obtained residency and you have a child after 12 months of being a resident, that child would automatically become a Portuguese citizen, thereby benefitting from one of the strongest passports in the world.”

Savory went on to add that buying a property in Portugal is almost the same price as buying one in the Caribbeans for the purpose of citizenship by investment. Savory, who himself is a citizen of Portugal along with his wife, said for as low as 280,000-350,000 euros, people can invest in a low-density area. “The property must also be 30-years-old, be under construction or renovation, approved by the local municipality and must have touristic properties.

He went on to add that Portugal is becoming an investor’s dream as other options are becoming less attractive every day. “When you compare it against other options in the market that would provide you with a residency or citizenship, it’s the best option. Greece used to be 250,000 euros but is confirmed to increase to 500,000 euros by the May of this year. Turkey used to provide citizenship at 250,000 dollars but is now 400,000 dollars and a Turkish passport doesn’t even give you a visa-free pass to the EU. Montenegro which is a minimum of 550,000 euros won’t give you visa-free pass to Schengen countries either and the programme closes by the end of this year. Cyprus used to give citizenship within six months for 2.5 million euros but even that was discontinued in 2019. Spain has a golden visa programme as well but it would be at least 10 years before you can get citizenship.

“When you look at the price and know that you only have to spend seven days a year, two weeks in two years to maintain residency status, it is a great investment, a bargain and a deal of a lifetime. It is a great opportunity that has absolutely no downside. You are investing in bricks and mortar.”

Talking about available properties for investment, Savory said all the properties have guaranteed returns on investment with some others having buy-back options as well. “Taking the residency and citizenship benefits aside, investing here is a no-brainer as you get your money back plus profit and citizenship in about five years.”

He said once the process is started, the first month takes care of the legal package, tax, bank and investments. “We carry out the authentication process, sign the power of attorney, do biometrics and we submit your application to the government, and you’ll be provided with a Portuguese tax identification number. You do not pay tax yet until you get the passport and start living there. You need the tax identification number for several purposes.  After this, we submit paperwork to the immigration office. We do everything for you with our in-house legal team, without the use of third parties. You then pay for your biometrics and we schedule you for an appointment. This is when you go to Portugal and we’ll be with you every single step of the way, guiding you. After this, you obtain your residency and approval card and that’s it.

Speaking with The Guardian, a client of the company, Mr. Samuel, who was present at the event, said he was very happy with the services offered by Savory & Partners when he wanted to obtain a second passport. Now a proud owner of a St Kitts and Nevis passport, he said it was a worthy investment that has changed his life. Praising the company, he added that he has gone on to introduce several others who are looking to gain citizenship by investment in other countries.

Another client, a realtor in Lagos who identified himself simply as Ayo, said he was in the process of getting a Grenada passport. He started the process a while ago and the company has been very helpful and supportive every step of the way. “I know the cost can look daunting to many people but the good news is that you don’t have to have all the money at once. When I started, I could have allowed the cost of getting the passport weigh me down but I chose to start and trust everything would fall in place.” He has almost completed the process which he said would cover his family as well. “It is a great investment and Savory & Partners have made this journey easy and seamless for me. I would recommend them any day,” he said.