Portugal's Golden Visa program (Autorizacao de Residencia para Atividade de Investimento, or ARI) has been one of Europe's most popular residency-by-investment schemes since its launch in 2012. The program attracted billions of euros in foreign investment, predominantly into real estate, and provided thousands of non-EU nationals with a path to Portuguese residency, and ultimately EU citizenship, with minimal physical presence requirements. The elimination of the real estate investment route in October 2023 fundamentally changed the program's landscape, but the remaining options, particularly qualified investment funds, continue to attract significant interest from investors worldwide.
This guide covers the current Golden Visa investment options, application process, requirements, costs, timeline, family reunification provisions, and the path to permanent residency and citizenship as of 2026.
For other residency options, see Portugal D7 Visa and Portugal Digital Nomad Visa. For business establishment alongside investment, see How to Register a Company in Portugal.
Current Investment Options
Qualifying Investment Funds (EUR 500,000)
The most popular remaining Golden Visa route is investment of EUR 500,000 or more in a qualifying Portuguese investment fund.
Requirements:
- Minimum investment: EUR 500,000
- Fund must be registered with the CMVM (Comissao do Mercado de Valores Mobiliarios)
- Fund must have a maturity of at least 5 years
- At least 60% of the fund's investments must be in Portuguese-based companies
- The investment must be maintained for the duration of the Golden Visa (minimum 5 years)
Fund types available:
- Venture capital funds investing in Portuguese startups and SMEs
- Private equity funds focused on Portuguese companies
- Real estate funds (investing in commercial or development projects, though not for direct residential property purchase)
- Mixed funds combining equity and debt instruments
The shift from direct real estate to investment funds has created a growing ecosystem of CMVM-regulated funds specifically designed for Golden Visa investors. These funds vary significantly in their investment strategy, risk profile, fees, and track record. Investors should conduct thorough due diligence on the fund manager's experience, the fund's investment policy, fee structure (management fees typically range from 1.5% to 2.5% annually), exit mechanisms, and historical performance. Unlike direct real estate ownership, fund investments carry market risk and are illiquid for the duration of the fund's life. The CMVM maintains a registry of authorized funds, and investors should verify that any fund presented to them is properly registered.
Scientific Research (EUR 500,000)
Investment of EUR 500,000 or more in scientific research activities conducted by certified Portuguese research institutions.
Requirements:
- Minimum contribution: EUR 500,000
- Must be directed to a research institution integrated into the national scientific and technological system
- Contribution must support specific research projects or programs
- Certification by the Fundacao para a Ciencia e Tecnologia (FCT)
This route is relatively niche and is primarily used by investors with a genuine interest in supporting Portuguese research and innovation.
Cultural Heritage (EUR 250,000)
Investment of EUR 250,000 or more in the preservation, restoration, or renovation of Portuguese national cultural heritage.
Requirements:
- Minimum investment: EUR 250,000
- Projects must be approved by the relevant cultural heritage authorities (DGPC - Direcao-Geral do Patrimonio Cultural)
- Investment in designated cultural heritage assets or projects
- Applicable to both tangible heritage (buildings, monuments) and intangible heritage programs
This is the lowest investment threshold available and can be combined with business or tourism projects involving heritage properties, though not for residential use by the investor.
Company Formation or Investment (10 Jobs or EUR 500,000)
Investment in a new or existing Portuguese company, with either:
- Creation of at least 10 permanent jobs, or
- Capital contribution of at least EUR 500,000
Requirements:
- The company must be registered and operating in Portugal
- Jobs must be maintained for the duration of the residency permit
- The investment must contribute to the Portuguese economy
- Preference given to low-density interior regions
Investment Options Summary
| Route | Minimum Investment | Key Requirement | Popularity |
|---|---|---|---|
| Investment funds | EUR 500,000 | CMVM-registered fund, 5+ year maturity | High (most popular since 2023) |
| Scientific research | EUR 500,000 | FCT-certified research institution | Low |
| Cultural heritage | EUR 250,000 | DGPC-approved heritage project | Medium |
| Company/job creation | EUR 500,000 or 10 jobs | Operating Portuguese company | Medium |
Application Process
Step 1: Make the Qualifying Investment
Before applying for the Golden Visa, the investment must be made and documented. For fund investments, this means subscribing to the fund and providing proof of the subscription. For other routes, the investment must be completed or contractually committed.
Step 2: Gather Documentation
Required documents include:
| Document | Details |
|---|---|
| Valid passport | Minimum 6 months validity |
| Proof of investment | Fund subscription confirmation, research agreement, heritage project contract |
| Criminal record certificates | From country of origin and any country of residence in the past year |
| Health insurance | Valid in Portugal (travel insurance accepted for initial application) |
| Proof of NIF | Portuguese tax identification number |
| Declaration of investment compliance | Confirming the investment meets Golden Visa requirements |
| Photographs | Passport-format |
| Power of attorney | If applying through a representative |
Step 3: Submit Application to AIMA
Applications are submitted through AIMA (Agencia para a Integracao, Migracoes e Asilo), which replaced SEF (Servico de Estrangeiros e Fronteiras) as the immigration authority. The application can be submitted online through the AIMA portal or through a legal representative.
Step 4: Biometric Appointment
After the application is accepted, the applicant must attend a biometric appointment at an AIMA office in Portugal (or at a Portuguese consulate in certain cases).
Step 5: Receive Residence Permit
Upon approval, a residence card is issued with a 2-year validity. The card is renewed every 2 years thereafter.
Timeline
| Phase | Duration |
|---|---|
| Investment preparation and execution | 2-8 weeks |
| Document gathering and legalization | 2-6 weeks |
| Application submission | 1 day |
| Processing by AIMA | 4-12 months (significant backlog) |
| Biometric appointment | Scheduled after approval |
| Residence card issuance | 2-4 weeks after biometrics |
| Total | 6-18 months |
Processing times for Golden Visa applications have been a persistent challenge. AIMA inherited a significant backlog from SEF, and the transition between agencies created additional delays. As of 2026, processing times vary considerably, with some applications being processed within 4 months and others taking over 12 months. The use of a specialized immigration lawyer is strongly recommended, both to ensure the application is complete and properly documented, and to navigate any requests for additional information from AIMA. The legal fees for Golden Visa applications typically range from EUR 5,000 to EUR 15,000, depending on the complexity of the case and the number of family members included.
Minimum Stay Requirements
One of the Golden Visa's most attractive features is its minimal physical presence requirement:
| Period | Minimum Stay |
|---|---|
| First year | 7 days (consecutive or non-consecutive) |
| Each subsequent 2-year period | 14 days (consecutive or non-consecutive) |
This compares extremely favorably with most other residency programs that require 183+ days of physical presence per year. The minimal stay requirement makes the Golden Visa popular with investors who do not intend to relocate to Portugal full-time but want the option of EU residency and eventual citizenship.
Family Reunification
Golden Visa holders can include family members in their application:
| Family Member | Eligibility |
|---|---|
| Spouse or partner | Married or in a registered partnership |
| Minor children | Under 18 at the time of application |
| Adult dependent children | Under 26, unmarried, studying full-time, and financially dependent |
| Dependent parents | Of the applicant or spouse, aged 66+ or financially dependent |
Family members receive the same residence permit as the main applicant and are not required to make a separate investment. They have full rights to live, work, and study in Portugal.
Costs
| Cost Item | Amount |
|---|---|
| Investment (fund route) | EUR 500,000 minimum |
| Application fee (main applicant) | EUR 5,325 |
| Application fee (per family member) | EUR 5,325 |
| Processing fee (initial) | EUR 533 |
| Processing fee (renewal, per person) | EUR 533 |
| Legal fees | EUR 5,000-15,000 |
| NIF application (non-EU) | EUR 150-300 |
| Document legalization/apostille | EUR 200-500 |
| Health insurance | EUR 500-2,000/year |
| Total first-year costs (single applicant, fund route) | Approximately EUR 512,000-522,000 |
Path to Permanent Residency and Citizenship
Permanent Residency (After 5 Years)
After 5 years of holding a Golden Visa, investors can apply for a permanent residence permit (Autorizacao de Residencia Permanente). This provides the right to live and work in Portugal indefinitely and is not tied to maintaining the qualifying investment.
Citizenship (After 5 Years)
Portuguese citizenship can be applied for after 5 years of legal residency. Requirements include:
- 5 years of legal residency in Portugal (Golden Visa counts)
- A2 level Portuguese language proficiency (CEFR A2, roughly beginner-intermediate)
- No criminal record
- Sufficient ties to Portugal (demonstrated through the minimum stays and any other connections)
Portugal allows dual citizenship, meaning applicants do not need to renounce their existing nationality. Portuguese citizenship grants:
- EU passport with visa-free or visa-on-arrival access to 180+ countries
- Right to live and work in any EU/EEA member state
- Voting rights in Portuguese and European Parliament elections
- Access to EU healthcare and education systems
- Transmission of citizenship to future children
The combination of minimal stay requirements and a 5-year path to EU citizenship makes the Portuguese Golden Visa one of the most efficient routes to EU citizenship available. However, the A2 Portuguese language requirement should not be underestimated. While A2 is a relatively basic level, it requires genuine study and preparation. Many citizenship applicants invest in Portuguese language courses during their 5-year residency period, with courses available both in Portugal and online. The citizenship interview includes a basic Portuguese language assessment, and applications have been rejected for insufficient language ability.
Comparison with Other EU Golden Visas
| Country | Min. Investment | Min. Stay | Path to Citizenship | Real Estate Option |
|---|---|---|---|---|
| Portugal | EUR 250,000-500,000 | 7-14 days/year | 5 years | No (removed 2023) |
| Spain | EUR 500,000 | No minimum (but tax implications) | 10 years | Yes (real estate) |
| Greece | EUR 250,000-500,000 | No minimum | 7 years | Yes (real estate) |
| Italy | EUR 250,000-2,000,000 | Varies | 10 years | Limited |
| Malta | EUR 150,000+ (rental) | Yes (physical presence) | Not automatic (separate program) | Yes (rental or purchase) |
Portugal remains competitive despite the removal of real estate, primarily due to the 5-year path to citizenship (the fastest in the table), the minimal stay requirement, and the strong Portuguese passport ranking.
Post-2023 Market Impact
The removal of the real estate option shifted investment patterns significantly:
- Fund subscriptions increased substantially as investors pivoted to the remaining route with the broadest flexibility
- The number of CMVM-registered Golden Visa funds grew from approximately 30 to over 100
- Application volumes declined initially after the policy change but have stabilized
- Cultural heritage projects gained attention as the lowest-threshold option
- Some investors redirected to Greece and Spain, while others continued with Portugal due to the citizenship timeline advantage
For tax implications of Golden Visa investment, see Portugal Corporate Tax (IRC). For the NHR/IFICI tax regime available to new residents, see Portugal NHR Tax Regime.
Related Corpy Resources
- Portugal business guide for a full overview of doing business in Portugal
- Free zones in Portugal for related articles on this topic
- Company formation in Portugal to explore adjacent considerations
- Corporate tax in Portugal to explore adjacent considerations
- Business laws in Portugal to explore adjacent considerations
References
- Madeira International Business Centre. https://www.ibc-madeira.com/
- AICEP Portugal Global - Investment. https://www.portugalglobal.pt/EN/InvestInPortugal/
- OECD Inclusive Framework on BEPS. https://www.oecd.org/tax/beps/
- World Bank Doing Business Archive. https://archive.doingbusiness.org/
Frequently Asked Questions
Can I still get a Portugal Golden Visa through real estate investment?
No. As of October 2023, Portugal eliminated the real estate investment option from the Golden Visa program. The remaining investment routes include qualified investment funds (EUR 500,000 minimum), scientific research (EUR 500,000 minimum), cultural heritage preservation (EUR 250,000 minimum), and company formation or investment creating at least 10 jobs. The changes were driven by housing affordability concerns, particularly in Lisbon and Porto.
What is the minimum investment for a Portugal Golden Visa in 2026?
The minimum investment depends on the chosen route. Fund investment requires EUR 500,000 in a qualifying Portuguese investment fund. Research contributions require EUR 500,000 to certified research institutions. Cultural heritage preservation requires EUR 250,000 for projects in designated areas. Company formation or investment requires creation of at least 10 jobs or a capital contribution of EUR 500,000 to an existing or new Portuguese company.
How long does it take to get Portuguese citizenship through the Golden Visa?
Golden Visa holders can apply for Portuguese citizenship after 5 years of legal residency. The Golden Visa requires minimum stays of only 7 days in the first year and 14 days in each subsequent two-year period, making it one of the most flexible residency-by-investment programs in Europe. After 5 years, applicants must demonstrate A2 level Portuguese language proficiency and have no criminal record. Portugal allows dual citizenship, so obtaining a Portuguese passport does not require renouncing existing nationality.