Can Indian citizens fund the Portugal golden visa within the LRS limit of $250,000 a year?

India’s LRS generally permits each resident individual to remit up to US$250,000 per financial year. Family remittances may be consolidated only if each person complies with LRS; for a capital-account investment, clubbing is generally not permitted when the other remitters are not co-owners or co-investors. That can conflict with AIMA’s need to prove that the main applicant owns and maintains the qualifying units. Possible planning may involve more than one financial year, existing authorised offshore assets or a carefully documented family structure, but the full €500,000 subscription must be completed before the ARI is filed. Keep Form A2/LRS records, tax and bank documents and the full transfer trail. AIMA expects a Portuguese bank declaration, unit-ownership certificate and manager evidence. Obtain Indian FEMA and tax advice from an authorised dealer and Indian CA before remitting.

David Simões Fitas, Ordem dos Advogados 67185P