This comprehensive guide outlines Portugal's Golden Visa Program (known locally as ARI (Autorização de Residência para Investimento)), an initiative offering residency to foreign investors. Residency by investment programs are a common and respected method of legally obtaining residency in a foreign country.
Imagine you could get a taste of the Mediterranean sunshine, a chance to explore Europe with fewer borders, and a future where you might call yourself a European citizen, all while investing in something worthwhile.
Sounds like a dream? Well, it’s not just a fantasy; it’s the reality offered by Portugal’s Golden Visa program.
Let’s dive into the details of this opportunity and discover why it’s capturing the interest of investors from all corners of the globe.
Portugal is an Iberian nation that borders Spain in Western Europe and provides desirable options for residency in destinations like Lisbon, Porto, Madeira, The Azores and more. While Portugal is an attractive destination for non-EU investors who may find value in the Golden Visa program — year-round residency is not part of the stay requirements — but roughly a week spent in Portugal each year is required.
The Portuguese Golden Visa is a process where you work with a specific agency: AIMA (Agência para a Integração, Migrações e Asilo) to obtain residency in Portugal. We always recommend you work with a trusted partner as liaising directly with AIMA can be a long and difficult process.
Read on to learn more about the Golden Visa program in Portugal.
What is the Golden Visa Portugal?
First things first: What on earth is a Golden Visa?
In simple terms, it’s a special residence permit you get by making a significant investment in Portugal.
Think of it as a VIP pass to live in a country known for stunning coastlines, delicious food, and friendly locals.
Portugal started offering this program in late 2012, and since then, more than 13,000 people have taken the plunge, investing over €7 billion. Quite a sum, right?
Mostly, individuals have been snapping up real estate, but recently, there’s been a growing trend towards investing in various funds.
This trend has been accelerated by the recent changes to the law that effectively remove real estate as a category for investment. The new changes redirect Golden Visa investment towards options for investing in equities, funds, research and more.
Three key components of acquiring the Portugal Golden Visa
1: Choose an investment route that meets the Golden Visa program eligibility criteria
To get your Golden Visa, you’ll need to make a financial commitment in the form of a capital transfer into Portugal, like all other golden visa investors.
The minimum investment starts at €200,000. However, there are different ways to meet this requirement, depending on where you put your money. Here’s a breakdown of the main options:
No longer available: Real Estate
You may have begun researching an investment into the Portuguese golden visa scheme because you heard about opportunities to purchase real estate. Unfortunately the mechanism of real estate investment activity into a property is no longer available for the Portugal Golden Visa.
Investment Funds
You can also invest €500,000 in various Portuguese equity vehicles, including venture capital funds and private equity funds. The purpose of these funds are to provide investment opportunities that support economic activity and the list of funds is limited and approved. The asset classes of the fund investments are focused on domestic Portuguese economic activity, as you might expect from the mandate of the funds.
Something to keep in mind is that not all of the funds are in purely traditional economic sectors. There is a growing acceptance — and at least one accepted fund — that invests in Web3-related assets. If you prefer to invest in Web3-related asset classes, you will not necessarily have to lock up the equivalent of €500,000 of your funds without any exposure to Web3 asset appreciation.
Research Activities
Support scientific research and development with a €500,000 contribution, or €400,000 if it’s for projects situation in NUTS III low-density areas.
A NUTS III low-density area refers to a region classified under the Nomenclature of Territorial Units for Statistics (NUTS) system used by the European Union, specifically at the NUTS III level. This system is a hierarchical classification for dividing up economic territory across the EU for statistical and analysis purposes.
The cultural pathway of Portugal's Golden Visa program offers two main options:
- Artistic and Cultural Production: Invest a minimum of €250,000 in artistic production or the recovery and maintenance of national cultural heritage. This can include areas such as:
- Performing arts (theater, dance, music)
- Visual arts (painting, sculpture, photography)
- Literature and publishing
- Cinema and audiovisual projects
- Traditional crafts and artisanal production
- Heritage Preservation: Invest at least €200,000 specifically aimed at research, preservation, and valorization of national heritage. This can involve:
- Restoration of historical buildings
- Archaeological projects
- Conservation of artworks
- Digitization of cultural archives
- Development of museums or cultural centers
Both options require approval from the relevant cultural authorities, typically the Ministry of Culture.
These investments should contribute significantly to Portugal's cultural landscape and demonstrate a commitment to preserving and promoting Portuguese heritage.
Business Investments The business investment route offers flexibility for entrepreneurs and investors:
- Job Creation:
- Invest in a way that creates at least 10 full-time jobs for Portuguese residents or EU/EEA nationals.
- There's no minimum investment amount, but you must prove the creation and maintenance of these permanent jobs over time (don’t expect to “hack” this model — the jobs must be genuine and real).
- Capital Investment:
- Invest €500,000 in an existing Portuguese company or in establishing a new one.
- The company must maintain a minimum of five permanent full-time jobs for at least three years.
- These jobs should be for Portuguese residents or EU/EEA nationals.
- Investment in Low-Density Areas:
- If you choose to invest in designated low-density or less populated areas of Portugal, you benefit from a 20% reduction in the required investment amount.
- This means you can invest €400,000 instead of €500,000 in these regions.
- The job creation requirement remains the same.
- Additional Considerations:
- The investment must be maintained for a minimum of 5 years from the date the residence permit is granted.
- You'll need to provide a viable business plan and prove the origin of your investment funds.
- Regular audits may be conducted to ensure compliance with job creation and investment maintenance requirements.
These options provide diverse opportunities for investors to contribute to Portugal's cultural and economic growth while gaining residency rights and a potential path to citizenship after five years.
2 - Physical presence requirement
Here’s the part where you’ll need to pack your bags: you must spend at least 35 days inside the country over the five-year period of your Portugal residency.
That’s less than a week per year, perfect for someone who enjoys a good beach holiday!
If this is of any help, these are the 7 things expats wish they knew before moving to Portugal according to Forbes. Physical presence is usually — but now always — one of the residency requirements required of countries offering golden visas.
3 - Processing Time
4-15 Months
Applying for a Golden Visa isn't a quick trip to the local office; it can take anywhere from 4 to 15 months to get through the paperwork. This extended timeline reflects the comprehensive nature of the application process and the thoroughness of the Portuguese authorities in reviewing each case.
The process typically begins with a pre-application phase that can last 1-3 months. During this time, applicants gather necessary documents, make their qualifying investments, and prepare their application materials.
Once the initial online application is submitted, it usually takes 1-2 weeks for preliminary processing.
The next phase involves detailed document gathering and verification, which can stretch from 1 to 3 months.
This is followed by the most time-consuming part: processing by AIMA (formerly known as the SEF (Serviço de Estrangeiros e Fronteiras, or Borders Service)), which typically takes 3-8 months but can extend longer in some cases.
The final steps, including the biometrics appointment and final approval, generally require an additional 1-2 months.
It's important to note that these timelines can vary significantly based on factors such as the complexity of the investment, the completeness of the application, and the current workload of AIMA.
Regarding visits to Portugal during the waiting period, applicants are indeed allowed to enter and stay in the country while their Golden Visa application is being processed. However, there are some key points to keep in mind:
Applicants from countries that require a Schengen visa for entry into Portugal will need to obtain one to visit during this period.
The Golden Visa application does not automatically grant entry rights while it's being processed.
For those who can enter Portugal visa-free (such as citizens of the USA, Canada, or EU countries), they can visit as tourists, typically for up to 90 days within any 180-day period.
It's crucial to understand that visiting or staying in Portugal during the application process does not accelerate the timeline.
The processing continues regardless of the applicant's presence in or absence from the country.
While in Portugal during this waiting period, applicants should be prepared to show evidence of their pending Golden Visa application if questioned by immigration officials. This could include application receipts or correspondence from the SEF.
Overall, while the waiting period for a Golden Visa can be lengthy, it doesn't prevent applicants from experiencing Portugal firsthand. Many use this time to familiarize themselves with the country, explore potential areas to live, or oversee their investments, all while adhering to standard tourist visa regulations.
9 Reasons to Choose Portugal as your Residence
Freedom of Movement
With a Portuguese Golden Visa, you can travel freely within the Schengen Area. That means exploring over 187 destinations without the hassle of visa applications.
Path to Citizenship
After five years of holding your Golden Visa, you can apply for Portuguese citizenship. Voilà, you’re a European citizen! You’ll have a few years to study for your language test if you want to deepen your ties to Portugal in the coming years.
Dual or Multiple Citizenship
Portugal allows you to hold dual citizenship or even multiple. So, you don’t have to give up your current passport.
Family Perks
You can include your spouse, children, and even parents in your application. That’s right; three generations can enjoy the benefits of Portugal!
Cost of Living
Portugal offers a lower cost of living compared to other Western European countries. That means your euros go a little further here.
Safety and Security
Portugal is known for its safety, ranking as one of the safest countries in Europe. It’s a great place to call home, especially if you’re bringing along family.
Warm Climate
With its warm climate, Portugal is perfect for those who enjoy a sunny lifestyle. Forget the winter blues!
Business Opportunities
Being in Portugal opens doors to the broader European market, which is a great advantage for business people.
Tax Benefits
Acquiring a residency that differs from your home citizenship country almost always accrues certain tax benefits to you and, at the very least, provides you with optionality.
6 Steps Guide to Apply to the Golden Visa
Getting a Golden Visa involves a few steps.
Here’s a simplified guide to help you through the process:
Choose Your Investment
Pick one of the investment options mentioned earlier. Make sure it aligns with your goals and interests.
Gather Documents
You’ll need various documents, including:
- Valid passport
- Proof of legal entry and stay in Portugal
- Criminal record certificate from the applicant's country of origin or residence proving clean criminal record
- Proof of health insurance coverage in Portugal
- Proof of investment (depending on the chosen investment route)
- Proof of tax obligations fulfilled in country of origin and Portugal
- Signed declaration stating compliance with investment requirements
- Marriage certificate and birth certificates of dependents (if applicable)
- Proof of accommodation in Portugal
- Portuguese tax number (NIF)
It’s a good idea to work with a local lawyer or verified agent like CitizenX who can help ensure that everything’s in order.
Apply for the Visa
Submit your application to the Portuguese authorities. This involves a fair bit of paperwork, so patience is key.
Wait for Processing
As mentioned, this could take 4 to 15 months. During this time, you might be asked for additional information or documents.
Get Your Visa
Once approved, you’ll receive your Golden Visa. Congratulations!
You can now enjoy all the perks of being a resident in Portugal, having been officially given the stamp of approval by the Portuguese government.
Maintain Residency
Remember, you need to spend at least 35 days in Portugal every five years.
It’s time for permanent residency! You will now be free to get your residency card, apply for a Portuguese bank account and move freely with an updated residency status. Enjoy your first year — or first of many years — as a Portuguese resident.
3 tips to keep in mind
Do Your Research
Make sure to research the areas where you’re considering investing, especially if you’re opting for real estate. Different funds have different time horizons for investment, differing management fees, and different approaches to value vs. growth vs. dividends.
Get Professional Help
Navigating the legalities can be complex. It’s wise to hire professionals who know the ins and outs of the Golden Visa process.
Be Patient
The application process can take time. Keep calm and remember that good things come to those who wait.
Family Reunification Under the Golden Visa Program
The Portuguese Golden Visa program offers a generous family reunification policy, allowing you to include your immediate family members in your application. This process happens concurrently with the main applicant's submission, streamlining the path to residency for your entire family.
Eligible Family Members:
- Your spouse or legal partner
- Dependent children under 18 years old
- Adult children (18 and over) who are:
- Unmarried
- Full-time students
- Financially dependent on you
- Your independent or dependent parents, if they are:
- 65 years or older
- Financially dependent on you
This inclusive approach allows multiple generations to benefit from the Golden Visa program, opening doors to new opportunities in Portugal and the broader European Union for your entire family.
By applying together, you can ensure that your loved ones share in the advantages of Portuguese residency, including access to healthcare, education, and the potential for future EU citizenship.
Other pathways to residency in Portugal
D7 Visa (Passive Income Visa)
This visa is for non-EU citizens who have a steady, passive income source. It's popular among retirees and digital nomads.
D2 Visa (Entrepreneur Visa)
For those who want to start a business or invest in an existing business in Portugal.
Highly Qualified Activity Visa (HQA)
The HQA visa is a Portuguese startup visa that combines company formation with funding an R&D project in collaboration with a government-supported research facility and a leading Portuguese startup incubator. It's designed to attract innovative entrepreneurs and investors to Portugal.
Key advantages:
- Fast track to EU residency
- Allows 95% ownership of an EU-based company
- Investment refund if application is rejected
- Path to EU citizenship for three generations of a family
- Clear and transparent process
- Fast-track residence permit for investors
Ideal candidates include:
- Investors seeking quick EU residency
- Startup founders and top managers
- Crypto investors and blockchain developers
- Business people targeting EU markets
Process:
- Start a business in Portugal
- Determine project participation level
- Obtain residence permit quickly
- Receive back-office support for 3 years
- Enjoy freedom of movement
Family reunification
The visa allows for family members to join the main applicant, including:
- Spouse
- Parents over 65 or financially dependent
- Children under 18
- Adult children who are unmarried, studying, or financially dependent
This visa offers a unique opportunity for entrepreneurs and investors to gain EU residency through a startup-focused pathway in Portugal.
Family Reunification Visa
For family members of Portuguese citizens or legal residents.
EU Blue Card
For highly skilled non-EU nationals who have a job offer in Portugal.
Digital Nomad Visa
A recently introduced option for remote workers.
Why Choose CitizenX for the Golden Visa Program?
If you’re considering the Golden Visa Portugal and looking for a smooth, hassle-free experience, CitizenX is your go-to partner.
Here’s why opting for CitizenX could be your best decision:
Expert Guidance and Support
CitizenX excels in providing top-notch expertise throughout your Golden Visa journey.
Their dedicated team offers personalized assistance — guiding you every step of the way — from selecting the right investment option to submitting your application. They ensure you’re well-informed about all requirements and processes, eliminating any confusion.
Their transparent approach means you’ll always know what documents are needed, what fees to expect, and how the entire process will unfold.
Efficient Processing
One of the best features of CitizenX is their efficiency. With an average processing time of around 4 to 15 months, CitizenX works diligently to expedite your application.
Their streamlined procedures and proactive approach help minimize delays, making sure your Golden Visa journey is as smooth and swift as possible.
Comprehensive Range of Services
CitizenX offers a full suite of services designed to enhance your Golden Visa experience.
This includes expert advice on choosing the best investment strategy, meticulous preparation and submission of necessary documents, and ongoing support even after your visa is granted.
They’re with you every step of the way, from ensuring you meet physical presence requirements to assisting with residency renewals and providing additional legal advice if needed.
The 6 Benefits of Investing with CitizenX
By investing in the Golden Visa Portugal through CitizenX , you unlock a range of enticing benefits:
- Freedom of Movement: Enjoy visa-free travel to 187 destinations, including Schengen countries. Golden visa holders can explore Europe and beyond, with convenience and the ability to travel freely without renewing access to the Schengen area.
- Path to Citizenship: After five years of holding your Golden Visa, you have the opportunity to apply for Portuguese citizenship. Imagine the perks of being a European citizen!
- Family Inclusion: The Golden Visa program allows you to include your spouse, children, and even parents in your application. Your whole family can benefit from living in beautiful Portugal.
- Access to Real Estate and More: Investing in Portuguese real estate is a popular option. Whether you’re buying a cozy apartment or a luxurious villa, Portugal’s real estate market has something for everyone.
- Warm Lifestyle: Portugal offers a lower cost of living, a warm climate, and a high quality of life. From sunny beaches to rich cultural experiences, Portugal is a fantastic place to call home.
- Business Opportunities: Portugal’s growing economy presents exciting business prospects. With your Golden Visa, you gain enhanced access to the European market, opening doors for new ventures and investments.
With their expert guidance, efficient service, and extensive support, CitizenX makes obtaining a Golden Visa Portugal a rewarding and enjoyable experience.
Join the future of citizenship and apply to become the citizen of your next homeland.
Is the Golden Visa Right for You?
If you’re looking for a way to secure European residency, enjoy a fantastic lifestyle, and make a worthwhile investment, the Golden Visa Portugal could be just what you’re after.
With its relatively low physical presence requirements, various investment options, and the enticing possibility of EU citizenship, it’s no wonder the program is so popular.
So, whether you’re dreaming of sipping vinho verde by the ocean, exploring historic towns, or simply enjoying a new chapter in your life, the Portugal Golden Visa opens doors to an exciting future. It’s not just a visa; it’s a golden opportunity.
Other golden visas are available in Greece, the UAE, and other countries. Check out other CitizenX guides to learn more about your options around the world.
There are also other options like the NHR (non-habitual resident) tax regime and startup visas for entrepreneurs, as well as digital nomad visas. It is important not to confuse these programs and to consider the Golden Visa as its own unique program.
Frequently Asked Questions (FAQ)
What is the minimum investment required for Portugal's Golden Visa?
The minimum investment amount varies depending on the type of investment. Currently, it starts at €200,000 for certain cultural investments, €500,000 for investment funds, and €500,000 for business investments (which can be reduced to €400,000 in low-density areas).
How long does the Golden Visa application process take?
The process typically takes between 4 to 15 months from start to finish. This timeline can vary based on factors such as the complexity of your investment and the current workload of Portuguese authorities.
Can I include my family in my Golden Visa application?
Yes, you can include your spouse, children under 18, dependent adult children who are students, and dependent parents over 65 in your Golden Visa application.
Do I need to live in Portugal full-time with a Golden Visa?
No, one of the advantages of the Golden Visa is its low physical presence requirement. You only need to spend an average of 7 days per year in Portugal to maintain your Golden Visa status.
Is real estate investment still an option for the Golden Visa?
As of recent changes, real estate investment is no longer available as a qualifying investment for the Golden Visa program. The program now focuses on other investment options such as investment funds, research activities, and business investments.
Can I apply for Portuguese citizenship with a Golden Visa?
Yes, after holding your Golden Visa for 5 years, you become eligible to apply for Portuguese citizenship, provided you meet other requirements such as basic Portuguese language proficiency.
What are the tax implications of the Golden Visa?
While the Golden Visa itself doesn't have direct tax implications, becoming a tax resident in Portugal might. Portugal offers a Non-Habitual Resident (NHR) tax regime that can provide significant tax benefits for new residents. However, it's crucial to consult with a tax professional to understand your specific situation.
Can I travel freely in the EU with a Portuguese Golden Visa?
Yes, the Golden Visa allows you to travel freely within the Schengen Area for up to 90 days in any 180-day period. However, for longer stays in other EU countries, different rules may apply.
