Portugal Golden Visa Guide

Programme Overview

The Golden Visa (ARI) grants a residence permit to non-EU/EEA nationals who make a qualifying investment in Portugal. Key features:

• Minimum stay: 7 days in year one, then 14 days per two-year renewal period — the lowest in Europe
• Family inclusion: Spouse, dependent children, and dependent parents can be included
• Path to citizenship: Eligible to apply for Portuguese (and therefore EU) citizenship after 5 years
• Schengen access: Visa-free travel throughout the Schengen Area
• Renewal: Permits are issued for 2 years and renewable, provided the investment is maintained

Current Investment Routes

Source: AIMA and Decree-Law No. 56/2023. Routes and minimums current as of April 2026.

Property Route: What Changed

From 2012 to October 2023, real estate was the most popular Golden Visa route, accounting for approximately 90% of all applications. The programme drove significant foreign investment into Lisbon and Porto, but also contributed to housing price increases that prompted political action:

• 2022: Lisbon, Porto, and Algarve excluded from the property route — applications restricted to interior regions, Azores, and Madeira
• February 2023: Government announced full elimination of the property route
• October 2023: Decree-Law No. 56/2023 officially ended new property-based applications

Existing property-based Golden Visa holders are not affected and can continue to renew their permits as long as they maintain the property investment and meet the minimum stay requirements.

Fund Route in Detail

The investment fund route is now the primary pathway for new Golden Visa applicants. Requirements:

• Minimum investment: €500,000 in a qualifying fund registered with the CMVM (Comissão do Mercado de Valores Mobiliários)
• Fund requirements: At least 60% of the fund's capital must be invested in Portugal-based companies or projects
• Lock-up period: Most qualifying funds have lock-up periods of 5–8 years, meaning your capital is illiquid for this duration
• Fund types: Venture capital (FCR), private equity, real estate funds (that invest in commercial/tourism assets), and innovation funds

Application Process (ARI)

1. Obtain a Portuguese NIF

Apply for a Número de Identificação Fiscal (NIF) — Portugal's tax identification number. Non-residents need a fiscal representative in Portugal. This can be arranged remotely through your lawyer.

2. Open a Portuguese bank account

A Portuguese bank account is required for the investment and for ongoing tax obligations. Major banks include Millennium BCP, Novo Banco, and BPI. Remote account opening is possible through some banks.

3. Make the qualifying investment

Transfer funds and complete the investment. For the fund route, subscribe to the chosen fund and obtain confirmation of the investment from the fund manager.

4. Submit the Golden Visa application

Submit through AIMA with required documentation: passport, criminal record certificates, health insurance, proof of investment, NIF, and investment maintenance declaration. Biometric data collection is required.

5. Residence permit issuance

After approval, a 2-year residence permit is issued. Maintain the investment and meet minimum stay requirements to renew. After 5 years, apply for permanent residency or citizenship.

Application costs

NHR Tax Status

Portugal's Non-Habitual Resident (NHR) tax regime offered a flat 20% income tax rate on Portuguese-source qualifying income and potential tax exemptions on foreign-source income for 10 years. The programme was closed to new applicants from 1 January 2024.

NHR 2.0 (IFICI regime)

A replacement regime — the Incentivo Fiscal à Investigação Científica e Inovação (IFICI) — was introduced for 2024 onwards. Key differences from the original NHR:

• Eligibility: Restricted to qualifying professionals in science, technology, innovation, and certain academic roles — not available to retirees or passive income recipients
• Tax rate: 20% flat rate on qualifying Portuguese employment income
• Duration: 10 years
• Residency requirement: Must not have been a Portuguese tax resident in the previous 5 years

Risks and Considerations

• Programme uncertainty: The Portuguese government has modified the Golden Visa programme multiple times since 2012. While the fund route is currently active, there is no guarantee it will remain available — or on the same terms — for the duration of a 5-year investment.
• Processing delays: AIMA's transition from SEF created a significant backlog. Current processing times of 12–18 months may extend further.
• Fund illiquidity: €500,000 locked in a fund for 5–8 years represents significant illiquidity risk. Fund performance is not guaranteed, and early redemption penalties apply.
• Citizenship language requirement: Portuguese citizenship applications require A2-level Portuguese language proficiency. Begin language preparation early in the 5-year timeline.
• Tax residency implications: Becoming a Portuguese tax resident has implications for worldwide income taxation. Consult a cross-border tax specialist before committing — particularly if you have income from multiple jurisdictions.
• Anti-money laundering scrutiny: Source of funds documentation is rigorously checked. Prepare comprehensive documentation of how your investment capital was earned.

Portugal vs Alternative Programmes