The Portugal Golden Visa is one of Europe’s most well-known residency-by-investment programs. Launched in 2012, it grants residence permits to non-EU nationals who make qualifying investments in Portugal. The program’s greatest appeal is its minimal stay requirement — just 7 days per year — combined with a path to permanent residence and EU citizenship after 5 years. However, significant reforms in 2023 eliminated real estate as an investment option, fundamentally changing the program.
Not sure if the Golden Visa is right for you? Take our 2-minute Portugal Visa Match quiz to see all Portuguese immigration routes you qualify for.
Overview (Post-2023 Reform)
Following October 2023 reforms, the Golden Visa no longer accepts direct real estate purchases. The remaining qualifying investment routes focus on fund investments, capital transfers, job creation, and cultural/research contributions. Despite the real estate removal, the program remains attractive due to its minimal physical presence requirements and the value of EU residency and eventual Portuguese citizenship.
Qualifying Investments (Current)
- Investment funds: €500,000 minimum in a qualifying Portuguese investment fund (regulated fund investing in Portuguese companies or ventures). This is now the most popular route.
- Capital transfer: €1.5 million transferred to Portugal (bank deposit, securities, or other financial instruments).
- Company creation/investment: Create a company in Portugal that generates at least 10 jobs, OR invest €500,000 in an existing Portuguese company plus create 5 jobs.
- Research contribution: €500,000 in scientific research activities through approved Portuguese institutions.
- Cultural heritage: €250,000 for preservation of national cultural heritage projects.
- Arts and culture: €250,000 supporting arts, cultural activities, or reconstruction of designated areas.
Eligibility Requirements
- Non-EU/EEA/Swiss national
- Make a qualifying investment (as listed above)
- Clean criminal record
- Valid health insurance
- NIF (Portuguese tax number)
- Minimum stay: Only 7 days in the first year, then 14 days in each subsequent 2-year period. This is one of the lowest physical presence requirements of any residency program globally.
Application Process
- Make the qualifying investment and obtain documentation.
- Obtain NIF and open Portuguese bank account.
- Submit Golden Visa application through AIMA (Portuguese immigration authority).
- Attend biometrics appointment in Portugal.
- Receive residence permit (initially 2 years).
- Renew every 2 years (maintaining the investment and minimum stay).
- After 5 years: Apply for permanent residence or Portuguese citizenship.
Costs and Fees
- Investment: €250,000-€1,500,000 depending on route
- Application fee: €5,724.60 (main applicant) + €5,724.60 per family member
- Renewal fee: €5,724.60 per renewal (every 2 years)
- Legal fees: €5,000-€15,000
- Fund management fees: 1-2%/year (for fund investments)
Timeline
- Investment and application: 2-4 months
- AIMA processing: 6-18 months (significant backlogs exist)
- Renewal: Every 2 years
- Permanent residence/citizenship: After 5 years
Tips
- Fund investments are now the mainstream route. Work with a reputable fund that has a track record with Golden Visa applicants.
- Processing backlogs are real. AIMA has significant delays. Apply early and be patient.
- Portuguese citizenship is the ultimate prize. A Portuguese passport ranks among the strongest in the world — Schengen access plus visa-free travel to 190+ countries.
- Tax planning is essential. Becoming a Portuguese tax resident has implications. Consider NHR status and consult a cross-border tax advisor before investing.