Golden Visa

Portugal's Golden Visa (Autorização de Residência para Atividade de Investimento, ARI) is a residence-by-investment program enabling non-EU/EEA/Swiss nationals to obtain a Portuguese residence permit through qualifying capital investments. Launched in October 2012, it became one of Europe's most popular residence-by-investment programs. Major reforms in October 2023 eliminated direct real estate acquisition and large capital transfers as eligible routes, while retaining investment fund subscriptions, business and job creation, scientific research contributions, and cultural heritage support. The program offers one of Europe's lowest physical presence requirements (7-14 days per year) and a path to EU citizenship.

• Non-EU/EEA/Swiss national, at least 18 years old
• No criminal record and no Schengen Information System flags
• Qualifying investment maintained for the duration of the permit
• Valid private health insurance covering Portugal and the EU
• Portuguese tax identification number (NIF) and bank account

Since the October 2023 reforms, the following investment routes remain eligible:

• Investment fund subscriptions: Minimum EUR 500,000 in CMVM-regulated funds with at least 60% allocated to Portuguese companies, a minimum 5-year maturity, and no direct or indirect real estate exposure. This is now the dominant route.
• Business creation: Incorporation of a company in Portugal with the creation of at least 5 permanent jobs, or 10 permanent jobs without a minimum capital requirement.
• Scientific research: Capital transfer of EUR 500,000 or more to public or private research institutions in the national scientific and technological system.
• Cultural heritage: EUR 250,000 or more directed toward artistic production, recovery, or maintenance of national cultural heritage.

All investment amounts are reduced by 20% for investments in designated low-density territories (population density below 100 inhabitants/km2 or GDP per capita below 75% of the national average).

• Valid passport (6+ months validity)
• Portuguese NIF
• Proof of qualifying investment (fund subscription certificates, company formation documents, donation receipts)
• Criminal record certificates from country of origin and any country of residence for 1+ years (issued within 3 months, legalized and translated into Portuguese)
• Portuguese criminal record authorization form
• Proof of private health insurance
• Proof of legal entry into Portugal
• Portuguese tax and social security clearance certificates (within 45 days)
• Sworn declaration of compliance with investment requirements

The initial residence permit is valid for 2 years, renewable for successive 2-year periods upon proof that the qualifying investment has been maintained. Minimum physical presence: 7 days in the first year, 14 days in each subsequent 2-year period. After 5 years, holders may apply for permanent residency or Portuguese citizenship.

Spouses or civil partners, dependent minor children, dependent adult children who are full-time students, and financially dependent parents (parents under 65 must demonstrate financial dependence) are eligible for family reunification. Each family member pays the full processing and issuance fees. Family reunification applications can be submitted simultaneously with the main applicant. After 5 years, family members are equally eligible for permanent residency or citizenship.

Holding a Golden Visa does not automatically create tax residency. Tax residency arises only if the holder spends 183+ days in Portugal in a calendar year or maintains a habitual residence. Residents who were not Portuguese tax residents in the preceding 5 years may apply for the IFICI regime (formerly NHR), providing a 20% flat rate on qualifying Portuguese-source income and exemption on most foreign-source income for 10 years. Non-residents are not taxed on worldwide income.

The process begins with obtaining a Portuguese NIF, opening a bank account, and making the qualifying investment. Applications are submitted online through the ARI Portal (ari.sef.pt) with all required documents uploaded digitally. As of February 2026, AIMA launched the Portal das Renovações as the exclusive online channel for ARI renewals, replacing in-person submissions. Effective 1 March 2026, AIMA implemented an annual CPI-based fee adjustment: EUR 842.80 for application reception and analysis, EUR 8,418.90 for residence permit issuance, and EUR 4,210.30 for renewal (each per person). AIMA reviews applications and schedules biometric appointments automatically based on the chronological order of document uploads. Processing remains lengthy due to significant AIMA backlogs, with more than 20,000 investors still in the queue as of March 2026.

The October 2023 "Mais Habitação" law eliminated direct real estate acquisition (formerly EUR 500,000+), urban rehabilitation property purchases (EUR 350,000+), and large capital transfers (EUR 1,500,000+) as eligible routes. Applications submitted before 7 October 2023 under the former routes are grandfathered.

In October 2025, Parliament approved amendments to extend the citizenship residency requirement from 5 to 10 years (7 for Portuguese-speaking nationals), but the Constitutional Court struck down key provisions in December 2025. On 1 April 2026, Parliament approved a revised version (152-64 votes) maintaining the 10-year requirement, counting from residence card issuance rather than application date, and adding cultural knowledge tests. The revised law was promulgated by President António José Seguro on 3 May 2026 as Decreto da Assembleia da República n.º 48/XVII and enters into force the day following publication in the Diário da República. The law applies only to processes initiated after entry into force — pending citizenship applications are preserved under the prior 5-year regime. Lei 61/2025 (the October 2025 Foreigners Law reform) did not alter Golden Visa investment routes.