GUIDES
PORTUGAL GOLDEN VISA
Complete Guide to the Portugal Golden Visa: Everything You Need to Know About Portuguese Residence Permit by Investment
The Portugal Golden Visa programme has become one of the most sought-after investment residence permits in the European Union. Since its inception, the scheme has attracted over 32,000 successful applicants, injecting more than €7.2 billion into the Portuguese economy.
This innovative programme offers investors and their families the opportunity to live, work, and study in Portugal. Golden Visa holders enjoy access to the country's social services and visa-free travel across the Schengen area. Moreover, it paves the way for Portuguese citizenship and a second passport after five years on the programme.
In this top-down guide, we cover everything you need to know about the Portugal Golden Visa, including its benefits, requirements, application process, and more.
Overview: What is the Portugal Golden Visa programme?
The Portugal Golden Visa, officially known as the Residence Permit for Investment Activity (ARI), was introduced in 2012. Its primary aim was to attract foreign investment and bolster the Portuguese economy.
This residency-by-investment scheme is available to non-EU, non-EEA, and non-Swiss nationals who make qualifying investments in Portugal. The programme's flexibility and numerous benefits have made it particularly popular among international investors.
Successful applicants receive a residence permit valid for two years, which is renewable for two-year periods. After five years of legal residency, investors become eligible to apply for Portuguese citizenship.
Important updates to the Portugal Golden Visa
Portugal's Golden Visa programme has undergone several changes, especially in recent years.
2018: Change in the Portugal Citizenship Law
In 2018, a welcome amendment to the citizenship law reduced the residency requirement from six years to five years. This means Golden Visa holders can now apply for Portuguese citizenship after just five years, provided they meet the 35-day stay requirement over this period.
October 2023: The end of real estate investments
On 6th October 2023, the Portuguese government introduced the "Mais Habitação Law", marking a significant shift in the Golden Visa landscape. This new law eliminates real estate and real estate-related fund investments as qualifying options for the Golden Visa programme.
Key points to note:
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The Golden Visa programme continues, but with a reduced set of investment options.
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Existing Golden Visa holders' rights, including renewals, family reunification, and permanent residency applications, remain unaffected.
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New applications for residence permits related to other investment types, artistic production support, or cultural heritage recovery are still accepted.
Changes in Investment Paths
The following investment options are no longer available:
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Capital transfers of €1,500,000 or more
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Acquisition of real estate property
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Investment in funds with direct or indirect real estate investment
Remaining Investment Opportunities
The programme remains operational through these investment alternatives:
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Capital transfers of €500,000 or more into qualifying venture capital funds (with no real estate investments or ties)
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Creation of at least 10 jobs
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Capital transfer of €500,000 or more into research activities conducted by public or private scientific research institutions
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Capital transfers of €250,000 or more supporting artistic production, recovery, or maintenance of national cultural heritage
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Capital transfers of €500,000 or more for forming a commercial company in Portugal, creating five permanent jobs
2024 Update: An amendment to the application timeline
The Portuguese President has approved a new citizenship law that's set to reshape the timeline for Golden Visa applicants. Under this new legislation, the five-year period required for citizenship eligibility will start from the date of the first residency application, rather than the date of approval.
This change effectively allows applicants to count their 'application waiting period' towards the five-year citizenship requirement. The law is expected to come into effect shortly after its publication in the official gazette.
The benefits: Why apply for a Portugal residence permit by investment?
A Safe Second Home Abroad
Golden Visa holders can enter Portugal at any time, even when borders are closed to non-residents. There's no limit on how long you can stay in the country. This literally can be a lifesaver if there’s an uprising or instability in your home country.
Path To Portuguese Citizenship And Second Passport
After five years, investors can apply for Portuguese citizenship, opening doors to visa-free travel to 172 countries, including the EU, USA, UK, and Canada.
Minimal Physical Presence Required
Unlike many residency programmes, the Portugal Golden Visa only requires holders to spend seven days per year in the country to maintain their status.
Citizenship By Birth For Newborns
Children born in Portugal to Golden Visa holders who have been legal residents for at least one year are eligible for citizenship by birth.
Visa-free Travel Within Most Of Europe
Residents can travel freely within the Schengen Area for up to 90 days every 180 days without additional visas.
Do Business Or Work In Portugal
Golden Visa holders can conduct business or work in Portugal and access the European single market of 440 million consumers.
Who can obtain the Portugal Golden Visa?
The programme allows the following individuals to obtain residence permit cards:
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Main applicant (investor)
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Must be over 18
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Have a clean criminal record
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Earn investment funds outside of Portugal
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Have no debts in Portugal
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Be able to confirm the legality of income
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Investor's spouse or partner
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Can be of the same or opposite sex
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Must have a clean criminal record
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Be in a civil partnership or married to the main applicant
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Investor's dependent children
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Under 21: no criminal record if 16 or older
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21-26: must be financially dependent on the investor and either live with them or study at university
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Investor's parents
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Must be financially dependent on the investor
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If under 65, financial dependency must be documented
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If over 65, proof of financial dependency is not required
Investment options for the Portugal Golden Visa
Portugal Golden Visa is an investment-based residency programme for non-EU nationals. As of writing, the scheme offers five investment routes:
Option 1: Investment Fund Units (€500,000+)
Invest in Portugal’s growth by purchasing units in investment funds, with a minimum investment of €500,000. These funds focus on sectors like venture capital and exclude real estate investments. This option allows you to support innovative Portuguese startups and businesses, with the investment required to be maintained for at least five years.
Option 4: Business Investments (€500,000+)
Strengthen the Portuguese economy by investing a minimum of €500,000 in a business venture. This option includes establishing a new company or increasing the share capital of an existing one. The investment must also create or maintain at least five permanent, full-time jobs for a period of three years, contributing to sustainable economic growth.
Option 2: Arts and Cultural Heritage (€250,000+)
Support Portugal’s cultural legacy by investing a minimum of €250,000 in arts and cultural heritage projects. This option includes supporting visual and performing arts, literature, or the restoration of historical monuments. Investments are made through government-approved cultural institutions or dedicated projects.
Option 5: Job Creation
Create employment opportunities by establishing a new company in Portugal that generates at least 10 jobs. This option does not specify a minimum investment amount but focuses on job creation, making it an ideal choice for investors who wish to contribute directly to the Portuguese workforce.
Option 3: Research Activities (€500,000+)
Contribute to scientific advancement by investing at least €500,000 in research activities in Portugal. This option involves funding research at public or private scientific institutions within the national scientific and technological system. The investment can be directed either to an institution or through a dedicated research fund.
Option 6: Government Bonds (€2,000,000+)
For risk-averse investors, consider the government bonds option, requiring a minimum investment of €2,000,000 in Portuguese public debt instruments. While yields may be lower compared to other options, this investment is backed by the full faith and credit of the Portuguese government, providing a secure and low-risk avenue for residency.
What are the required documents to obtain a Portugal Golden Visa?
Applicants must provide the following documents to be eligible for the investor visa:
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Passport copy
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Birth certificates for children (if applicable)
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Marriage certificate (if applicable)
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Proof of entry and legal stay in Portugal
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Tax identification number from the country of residency
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Health insurance
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Documents proving good standing with Portuguese Tax and Customs Authority and Social Security system
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Certificate of no criminal record from the current country of residency
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Completed form authorising AIMA to access criminal records in Portugal
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Receipt for application fee
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Sworn statement declaring compliance with investment requirements
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Evidence of international money transfer for investing
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Documents confirming the investment (e.g., certificate of ownership, company registration, or declaration proving financial contribution)
The application process for the Portugal Golden Visa
The process typically takes 12 months or longer and requires at least one visit to Portugal. Here's a step-by-step breakdown:
Step 1- Pre-application due diligence
Begin your Golden Visa journey with a thorough due diligence process. A certified Compliance Anti Money Laundering Officer will review your information against international databases to minimise the risk of refusal. This step is essential to ensure your application has a strong foundation.
Step 4: Make the Investment
Once your bank account is set up, you can proceed with making your investment. Whether you choose real estate, business, or another investment option, you’ll need to collect and prepare all supporting documents to verify your financial commitment for the Golden Visa application.
Step 2: Obtain a Tax Number (NIF)
Next, you’ll need to obtain a unique nine-digit Número de Identificação Fiscal (NIF). This tax identification number is necessary for various activities in Portugal, such as renting a house, opening a bank account, and registering a business. It’s a crucial step for moving forward with your investment.
Step 5: Submit Documents and Biometric Data
After making your investment, prepare the necessary documents for your Golden Visa application. A lawyer or a Golden Visa expert can assist with this. You and your family members will need to visit Portugal to submit original documents and provide biometric data, such as fingerprints.
Step 3: Open a Portuguese Bank Account
With your NIF in hand, the next step is to open a bank account in Portugal. All investments must be made from this account, ensuring that your funds are properly managed and compliant with Portuguese regulations. This account will be the source of your investment transactions.
Step 6: Approval, Residence Permit, and Renewal
Finally, your application will be reviewed by AIMA, a process that typically takes six to eight months. Upon approval, you and your family members will receive your residence permit cards. These permits must be renewed every two years, following a similar process to the initial application.
Taxes and costs of the Portugal Golden Visa
Investment costs vary depending on the chosen option, ranging from €250,000 to €500,000+.
Additional costs include:
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Medical insurance: €400+ per person per year
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Administrative fees: €300+ per person
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Application fee: €605 per family member
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Residence permit card fee: €6,045 per family member
You must consider potential tax implications. Portugal offers a favourable tax regime for new residents, known as the Non-Habitual Resident (NHR) status, which can provide significant tax benefits for the first ten years of residency.
Next step: Obtaining Portuguese citizenship after the Golden Visa
After holding a temporary residence permit for five years, investors become eligible to apply for permanent residency or citizenship. The requirements include:
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No criminal record
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Portuguese language proficiency at A2 level
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Passing a basic test on Portuguese culture and history
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Proving a genuine link to the country
The citizenship application process typically takes about seven months, though the entire procedure can extend up to a year.
Frequently Asked Questions About the Portugal Golden Visa
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