What is the Portugal Golden Visa?

The Golden Visa is technically an "Authorisation for Residence for Investment Activity" (ARI). It works differently from traditional residency permits:

Minimal Physical Presence: You only need to spend an average of 7 days per year in Portugal to maintain your residency. This makes it ideal for investors who want EU access without relocating full-time.

Path to Permanent Residency: After 5 years of maintaining your investment and residency, you can apply for permanent residency or Portuguese citizenship. Proposed Law 61/2025 may extend this to 10 years for non-CPLP nationals—see our Regulatory Status page for updates.

Family Inclusion: Your spouse, dependent children (including adult children up to 26 if in full-time education), and dependent parents can all be included in your application.

Schengen Access: The residency card allows visa-free travel throughout the 27 Schengen countries for up to 90 days in any 180-day period.

Following the 2024 changes, these are the qualifying investment routes:

Investment Funds (€500,000) — Most Popular
Investment in CMVM-regulated funds that allocate at least 60% to Portuguese companies. This is now the primary pathway for most applicants, representing over 80% of new applications.

Job Creation (10 Jobs, No Minimum Capital)
Create at least 10 full-time jobs (8 in low-density areas). Best for established businesses expanding to Portugal.

Company Incorporation (€500,000 + 5 Jobs)
Creation of a commercial company in Portugal with minimum share capital of €500,000 and creation of at least 5 permanent jobs.

Scientific Research (€500,000 / €400,000 in low-density)
Contribution to scientific research activities conducted by public or private institutions within the national scientific system.

Cultural Heritage (€250,000 / €200,000 in low-density) — Most Affordable
Investment in artistic production or recovery of national cultural heritage. The lowest capital threshold but non-refundable.

HQA Visa Alternative (€175,000)
Not technically a Golden Visa, but the Highly Qualified Activity visa offers a faster pathway (3-6 months) through university research partnerships.

Note: Real estate investment was removed as a qualifying option in October 2023. Fund investment has emerged as the most practical pathway for most investors due to its passive nature and regulatory framework.

→ Compare all investment options in detail

Since real estate was eliminated, investment funds have become the dominant choice for several reasons:

Regulatory Framework: CMVM-regulated funds provide investor protection, mandatory audits, and transparent reporting that direct business investments often lack.

Diversification: Funds spread your €500,000 across multiple Portuguese companies, reducing single-point-of-failure risk.

Professional Management: Licensed fund managers handle investment decisions, compliance, and reporting—you don't need to actively manage anything.

Clear Exit Strategy: Most funds have defined terms (7-10 years) with established liquidation procedures, unlike direct business investments.

Passive Compliance: Funds handle the "60% Portuguese allocation" requirement automatically, simplifying your ongoing compliance.

The trade-off is less control over specific investments and returns that depend on fund performance rather than your own management.

Portugal isn't the only EU golden visa program, but it has distinct advantages:

vs. Spain: Spain requires €500,000 in real estate (still available) but offers no path to citizenship through investment. Portugal's 5-year citizenship pathway is unique.

vs. Greece: Greece offers a €250,000 real estate option (lower cost) but requires actual residence for citizenship. Portugal's minimal presence requirement is more flexible.

vs. Malta: Malta offers citizenship in 1-4 years but costs €600,000-€750,000 plus real estate purchase or rental. Much higher cost for faster citizenship.

vs. Ireland (Immigrant Investor Programme): Ireland requires €1,000,000 investment but grants citizenship after 5 years with actual residence. Ireland is not in Schengen.

Portugal's Key Advantages:

• Only 7 days/year physical presence required
• Clear 5-year path to EU citizenship
• Portuguese passport ranks among the world's most powerful (186+ visa-free countries)
• Stable, well-established program since 2012

Here's what to expect in terms of timing:

Pre-Application (1-3 months)

• Obtain NIF (Portuguese tax number)
• Open Portuguese bank account
• Select and subscribe to qualifying fund
• Gather documentation

Initial Application (12-18 months)

• Submit application to AIMA (formerly SEF)
• Biometric appointment in Portugal
• Receive initial 2-year residency card

Renewals (Years 2-5)

• First renewal at year 2 (for 2 more years)
• Second renewal at year 4 (for 1 more year)
• Maintain investment throughout
• Meet minimal presence requirements

Citizenship Application (Year 5+)

• Apply for citizenship after 5 years of legal residency
• Pass A2 Portuguese language test
• Clean criminal record check
• Citizenship processing: 12-24 months additional

Total Timeline: Approximately 6-7 years from initial investment to Portuguese passport.