The Portugal Golden Visa programme, officially known as the Residence Permit for Investment Activity (ARI), is a residency-by-investment scheme designed to attract foreign capital to Portugal. It offers a pathway to permanent residency and, eventually, citizenship.
Launched in October 2012, its primary goal was to attract international capital to boost Portugal's economy, particularly in the aftermath of the 2008 financial crisis. The programme has been highly successful, generating over €7.5 billion in investments since its inception and a major contributor to inward investment in Portugal.
One of the key advantages of the Golden Visa residency by investment is a residency visa pathway to permanent dual-citizenship after five years in Portugal/EU as well as your country of origin. With a minimum investment of €500,000 in an alternative investment fund approved for Golden Visa—applicants can qualify for residency and only stay in the country for an average of seven days per year to maintain the permit.
There is also the option of donating €250,000 towards a cultural heritage project using the Cultural Production Golden Visa. There is also an Artistic Production Golden Visa for investment but this is very difficult to achieve as there are very few projects and as a result, most immigration and law firms will not take instructions and support that route.
After five years, residents may apply for Portuguese citizenship, one of the fastest timelines in Europe. As a Portuguese citizen, you gain visa-free access to 191 countries, significantly expanding travel freedom. The ultimate aim for most Golden Visa investors is to secure freedom of movement throughout the 29 European Schengen region countries and dual-citizenship for your family and qualifying dependants.
Benefits of the Portugal Golden Visa
• Visa-free travel within the Schengen Area: Enjoy unrestricted movement across Europe.
• Family reunification: Include your spouse and dependents in your application which could include, parents over 65 as they are counted as dependants in Portugal.
• Path to citizenship: After five years of residency, you can apply for Portuguese citizenship.
• Tax benefits: Explore potential tax advantages offered by Portugal or retain your existing tax status in your home country or country of choice.
Note: The Golden Visa will only bring tax responsibilities if you spend more than 183 days a year in Portugal.
Portugal Golden Visa Changes – What’s New in 2025?
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As of October 6th, 2023, Portugal's government has enacted the “Mais Habitação Law,” which brings major changes to the Golden Visa residency by investment programme. One of the most significant updates is the removal of real estate investment options, meaning applicants can no longer acquire a Golden Visa through real estate purchases or related fund investments.
However, recent changes to Portugal's nationality law in 2025 mean that your 5-year residency starts counting down as soon as you file your application, reducing the waiting period for citizenship eligibility. You can read more about this here.
Golden Visa Options Not Available Anymore
• Capital transfers of €1,500,000 or more.
• Purchase of real estate properties.
• Investments in funds directly or indirectly linked to real estate.
Current Golden Visa Investment Options
• Alternative investment funds: Investing €500,000 or more into qualifying alternative investment funds that have no connection to real estate and have been approved for Golden Visa by the regulators.
• Job creation: Creating at least 10 full-time jobs in Portugal.
• Scientific research: Capital transfers of €500,000 or more for investment in research activities at public or private scientific research institutions.
• Business creation: Investment of €500,000 or more to establish a commercial company within Portugal, with the obligation of creating five permanent jobs.
Golden Visa Investment Fund Investment Profiles
Investors can choose from a variety of fund opportunities based on risk tolerance:
Low Risk: Stable returns (~3-4% annually), typically in established companies.
Medium Risk: Balanced investments (~6-12% annually), blending stable and emerging markets.
High Risk: Focused on start-ups or venture capital, with the potential for high returns but greater risk.
Any investment in private equity comes with a high degree of risk and you should always consult with professional advisors.
Cultural Production Golden Visa (donation option) and Artistic Production Golden Visa (investment option)
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• Cultural Production Golden Visa: A philanthropic route requiring a €250,000 donation to support national heritage or cultural projects. While offering the same residency benefits, this option is difficult to source and has a low success rate. ( or €200,000 if located in a low density area)
• Artistic Production Golden Visa: Another difficult option, where a €250,000 investment supports artistic endeavours like film or music production. Again, success rates are low, and legal support is often limited. ( or €200,000 if located in a low density area, however many immigration and legal firms in Portugal will not support this option as the projects are very difficult to source and can lead to major delays or aborted applications and wasted legal and immigration fees for the Artistic Production Golden Visa)
Impact on current Golden Visa holders:
Existing Golden Visa holders are not affected by these changes. They can continue with their visas, apply for family reunification, and pursue permanent residency as per previous regulations at the end of the 5-year Golden Visa residency. The timing of that application and investment denotes the start of the 5-year process towards potential dual-citizenship.
Eligibility for the Portugal Golden Visa
To qualify for the Golden Visa, you must:
• Be a non-EU citizen
• Make a qualifying investment in Portugal
• Have a clean criminal record
Investment Options
• Fund Subscription: Invest at least €500,000 in a qualifying a Golden Visa alternative investment fund in Portugal.
• Company: Invest at least €500,000 in a Portuguese company.
No longer available:
• Real Estate Investment
• Capital Transfer of €1,500,000 to a Portuguese bank. (transferring the money alone is no longer available)
Golden Visa Residency by Investment Requirements
Minimum Residence
Golden Visa residents must spend at least seven days per year in Portugal to maintain residency rights.
Five-Year Investment
You must provide proof that you have personally made the minimum required investment in one or more alternative investment opportunities or Portuguese companies that meet the criteria. The primary applicant is obligated to maintain this investment for the duration of the Golden Visa residency, including for their dependents.
However, once you achieve permanent residency or Portuguese citizenship, you are no longer required to maintain the investment.
Portugal Golden Visa Application Process
• Choose an investment option: Decide which investment suits your goals and budget.
• Gather necessary documents: Prepare documentation such as proof of identity, financial statements, and investment confirmation.
• Submit your application: Submit your pre-application online to the Portuguese immigration authorities (AIMA). Oftentimes, a law firm will do this for you.
• Attend a biometrics appointment: Visit a Portuguese consulate or embassy for biometric data collection.
• Receive your Golden Visa: When approved, you'll receive your Golden Visa. It typically takes six months from your biometrics appointment until you receive your Golden Visa residence cards. There is an annual renewal process just to update files such as criminal records which your lawyer or immigration advisor can support you with.
Required Documentation Details
The below documentation is required for your Golden Visa application:
• A copy of your passport or an alternate government-issued travel document.
• Evidence that the main applicant has made the qualifying investment. (For alternative investment funds, provide proof of funds, review subscription and management agreements from the fund manager/s.)
• A statement confirming the transfer of funds, provided by a Portuguese financial institution.
• A criminal record (note, must be up dated within 3 months of filling the application) from your current country of residence, and a completed form authorising the Foreigners and Borders Service (SEF) to access criminal records in Portugal.
• A sworn statement affirming compliance with the minimum investment requirements for five years.
• Documents demonstrating good standing with the Portuguese Tax and Customs Authority and Social Security. (Must be issued within 45 days of form submission.)
• Proof of payment for the ARI application.
All documents issued by a non-Portuguese entity must be legalised. If the country in question is a member of the Hague Convention, the legalisation process requires a signed notary in your country of origin and an apostille (your immigration lawyer or Portugal Pathways can advise you on this process)
Documents not in Portuguese must also be translated into Portuguese and certified, generally by a notary.
Tax Implications for Portugal Golden Visa
Obtaining a Golden Visa in Portugal grants you legal residency, but it does not automatically classify you as a Portuguese tax holder, as this is a separate consideration which you can seek support and advice on through Portugal Pathways legal and tax professional partners.
Even if you remain solely a legal resident, you will still be subject to taxes on any income generated by your investment in Portugal (alternative investment funds are one of the most tax efficient options to investors). Again, please seek advice from Portugal Pathways legal and tax professional partners.
Government Related Fees Associated With Portugal's Golden Visa
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Portugal Golden Visa – What to Consider About Living in Portugal
Once you have a Golden Visa, you can live and work in Portugal. Consider factors like housing, healthcare, education, and lifestyle when deciding where to settle.
Housing: Quality and Cost of Real Estate
For affluent expats, finding high-quality housing is likely a top priority. Portugal offers a wide range of housing options, from luxurious villas on the Algarve coast to elegant apartments in Lisbon or Porto. However, there are important regional differences in price, style, and availability.
- Lisbon: As the capital and largest city, Lisbon is a hub of culture, business, and tourism. This makes it a prime location for expats, especially those who prefer an urban lifestyle. Lisbon offers upscale properties in areas like Chiado, Príncipe Real, and Lapa, with stunning views of the city and the River Tagus. However, real estate prices in Lisbon have risen significantly in recent years, particularly in desirable neighbourhoods, driven by both local demand and international interest.
- Porto: Portugal's second-largest city offers a more affordable alternative to Lisbon while still providing a vibrant cultural scene. Known for its historic architecture and wine production, Porto has a range of luxury properties in neighbourhoods like Foz do Douro or Boavista. The cost of living and property in Porto is generally lower than in Lisbon, making it an attractive option for those seeking a blend of city life and affordability.
- The Algarve: For those looking for a coastal, resort-like environment, the Algarve offers beautiful beaches, world-class golf courses, and a relaxed lifestyle. Towns like Vilamoura, Lagos, and Albufeira are popular with retirees and affluent expats who want access to luxury villas, gated communities, and excellent amenities. However, as the Algarve is a highly sought-after destination for both tourists and expats, property prices can be steep, particularly in prime areas near the coast.
2. Healthcare: Public vs. Private Options
Portugal boasts a robust healthcare system, which includes both public and private options. Affluent expats, especially those used to high-quality medical services, may want to consider the differences between these two systems.
- Public Healthcare: Portugal's public healthcare system (Serviço Nacional de Saúde, SNS) is available to all residents and provides high-quality care. While it is affordable, some expats may find the system slower and less personalized compared to private care. Wait times for specialists or certain procedures can be longer, especially in more densely populated regions like Lisbon or Porto.
- Private Healthcare: Many affluent expats opt for private healthcare, which offers quicker access to specialists, more personalized care, and luxurious facilities. Private healthcare facilities are concentrated in major cities and the Algarve. Expats can purchase private health insurance, which covers a wide range of services at a fraction of the cost they may expect in other countries. English-speaking doctors and medical staff are also more common in private clinics, making the experience smoother for non-Portuguese speakers.
3. Education: International and Bilingual Schools
For expat families with children, education is a crucial factor when deciding where to live. Portugal offers a variety of schooling options, including public, private, and international schools.
- International Schools: Affluent expats often prefer international schools, which follow curricula from countries like the United States, the United Kingdom, or France. These schools are concentrated in Lisbon, Porto, and the Algarve, offering high academic standards and a multicultural environment. Institutions like the Carlucci American International School of Lisbon or St. Julian's School are well-regarded and offer education from kindergarten through secondary levels. However, tuition can be expensive, and spaces are often limited, so early application is advised.
- Bilingual Schools: Some expat families prefer bilingual schools, which combine Portuguese and international curricula. These schools provide an opportunity for children to learn the local language while receiving an education that aligns with global standards. Bilingual education can be a good option for families planning to stay in Portugal long-term, as it helps integrate children into the local culture while preparing them for international opportunities.
4. Lifestyle: Quality of Life and Leisure Activities
One of the main reasons affluent expats choose Portugal is the exceptional quality of life the country offers. The pleasant Mediterranean climate, safety, and relatively low cost of living contribute to an enjoyable lifestyle. Affluent expats can indulge in fine dining, luxury shopping, and cultural activities in cities like Lisbon and Porto, or enjoy a more laid-back, outdoor-oriented lifestyle in the Algarve.
- Leisure and Activities: Portugal is a haven for outdoor enthusiasts, with opportunities for sailing, golfing, hiking, and surfing. The country also boasts a rich cultural heritage, with historic sites, museums, and world-class festivals. Expats in Portugal will find that leisure activities abound, whether they prefer the cosmopolitan offerings of Lisbon or the tranquil beaches of the Algarve.
- Social Integration: While many Portuguese people speak English, especially in urban areas and tourist destinations, learning the language can significantly enhance an expat's experience. It helps in daily interactions and fosters a deeper connection with the local community. Many expats also join social clubs or expat networks to meet like-minded individuals and integrate more easily.
Applying for Citizenship with Portugal Golden Visa
Golden Visa holders can apply for citizenship five years after submitting their initial Golden Visa application.
Requirements:
- Obtain A2 level Portuguese language certification
- A clean criminal record in Portugal and your home country
- No outstanding tax payments in Portugal
A2 Level Language Certification
The Initial Certification of Portuguese as a Foreign Language (CIPLE) test follows the Common European Framework or Reference for Language (CEFR) and is required to demonstrate that the applicant has a basic level of Portuguese communication skills. The A2 level requires knowledge of simple words and phrases related to everyday essentials such as asking for directions, shopping, and simple conversations.
The test has a registration fee of €79 and requires a passing mark of 55% across a reading and written section, listening comprehension, and oral interaction. Alternatively, you can take a recognised language course which will award you with A2 certification without taking the official test.
Additional Information
- Family Reunification: Include your spouse, dependent children, and parents (if over 65) in your application.
- Tax Residency: Becoming a tax resident in Portugal may have tax implications.
- Legal Representation: Consider hiring one of our Portugal Pathways legal professionals to guide you through the application process.
Get in Touch
For personalised guidance and assistance, contact our expert team at Portugal Pathways.
To learn more about securing Golden Visa residency-by-investment in Portugal, schedule a free consultation with one of our expert team so that we can offer personalised support to meet your specific needs:
Portugal Golden Visa: Frequently Asked Questions
Has Portugal scrapped the 90 Day rule?
No, Portugal has not scrapped the 90-day rule. UK citizens can stay in Portugal and other Schengen countries for up to 90 days within any 180-day period without a visa. This rule remains in effect.
Does buying a house in Portugal give you residency?
No, purchasing property in Portugal no longer grants residency through the Golden Visa programme. As of October 2023, real estate investment is no longer an eligible route. However, owning property may support applications for other residency permits, such as the D7 visa.
Can foreigners buy a house in Portugal?
Yes, foreigners can freely purchase property in Portugal without restrictions. However, property ownership does not automatically confer residency rights.
How much does Portugal’s Golden Visa cost?
The minimum cost for a Portugal Golden Visa is €250,000 through the artistic or cultural production route. However, this is a challenging route, so a typical Golden Visa acquired through investing in a regulated alternative investment fund eligible for Portugal’s Golden Visa costs €500,000.
How long can you stay in Portugal if you own a property?
Owning property does not grant extended stay rights in Portugal. UK citizens can stay in Portugal for up to 90 days within any 180-day period without a visa. For longer stays, a residency permit is required.
What are the benefits of being a citizen in Portugal?
Portuguese citizenship offers the right to live, work, and study in any EU country, visa-free travel to over 180 countries, freedom of movement in the EU Schengen Region, access to public healthcare and education, and the ability to hold dual citizenship.
How long can I stay in Portugal with a US passport?
US citizens can stay in Portugal and other Schengen countries for up to 90 days within any 180-day period without a visa. For longer stays, a visa or residency permit is necessary.
Is Portugal stopping the Golden Visa?
No, Portugal has announced no plans to stop the Golden Visa programme, and remains committed to it. Portugal has restructured its Golden Visa programme. As of October 2023, real estate investments are no longer eligible. However, other investment routes, such as cultural contributions and investment funds, remain available.
Does a Portugal Golden Visa lead to citizenship?
Yes, after five years of legal residency through the Golden Visa programme, applicants can apply for Portuguese citizenship, provided they meet requirements such as passing a basic Portuguese language test (or completion of an equivalent language learning course with no exam).
Does Portugal have free healthcare?
Portugal offers a public healthcare system (Serviço Nacional de Saúde - SNS) that provides subsidised medical care to residents. While not entirely free, services are low-cost. Private healthcare is also available for those seeking additional options.
Can I retire in Portugal as a US citizen?
Yes, US citizens can retire in Portugal. The D7 visa is a popular option for retirees, requiring proof of sufficient income and accommodation. After five years, permanent residency or citizenship may be pursued.
Is Portugal friendly to expats?
Yes, Portugal is known for its welcoming attitude towards expatriates. It ranks highly for safety, quality of life, and has a growing international community, making it a popular destination for foreigners.
Is Portugal LGBT-friendly?
Yes, Portugal is considered one of the most LGBT-friendly countries globally. Same-sex marriage has been legal since 2010, and anti-discrimination laws protect sexual orientation and gender identity. The country also allows adoption by same-sex couples.
Does Spain still have a Golden Visa?
No, Portugal’s Golden Visa programme ended on April 3rd, 2025. You can no longer apply for Spain’s Golden Visa programme.
How long can you stay in Portugal with a Golden Visa?
Golden Visa holders are required to spend a minimum of seven days in Portugal during the first year, and 14 days in subsequent two-year periods. Golden Visa holders can spend as much time in Portugal as they like. The Golden Visa allows for visa-free travel within the Schengen Area.
Why is Portugal the number one Golden Visa in Europe 2025?
Portugal's Golden Visa is highly regarded due to its relatively low investment threshold, minimal stay requirements, pathway to EU citizenship after five years, and access to a high quality of life, healthcare, and education. These factors make it an attractive option for investors.
What is the cheapest Golden Visa in Europe?
Portugal’s Golden Visa programme is one of Europe’s most affordable residency-by-investment schemes, with options starting from €250,000. However, the most popular route to a Portugal Golden Visa is by investing a minimum of €500,000 in an alternative investment fund approved for Portugal’s Golden Visa programme
Do I have to pay taxes in Portugal on my worldwide income?
No, you are only taxed on worldwide income if you spend 183 days or more in Portugal within a year.
What taxes apply to income generated in Portugal under the Golden Visa program?
Non-resident investors in Golden Visa eligible funds often receive significant tax exemptions. Rental income from real estate in Portugal is taxed at a flat rate of 28%, while properties not generating income are not subject to income tax.
What is the current wait time for the Golden Visa in Portugal?
The processing time for the Golden Visa varies and depends on the workload at AIMA (formerly SEF). Currently, after making the investment, it typically takes over a year to receive your residence card.
Is full-time residency in Portugal required for Golden Visa holders?
No, you only need to stay in Portugal for a minimum of seven days per year. Otherwise, you can reside elsewhere.
Does Portugal allow dual citizenship?
Yes, Portugal permits dual citizenship.
What happens to my investment after five years?
After five years, you can either continue with the Golden Visa, apply for permanent residency, or pursue citizenship. If you choose residency or citizenship, you are free to sell or liquidate your investment.
Can I sell my investment at any time if I no longer need the Golden Visa?
Yes, you are free to sell your investment if you no longer wish to hold the Golden Visa.
What is a NIF (fiscal number) in Portugal, and do I need one?
A NIF (Número de Identificação Fiscal) is required to conduct any official transactions in Portugal, including opening a bank account or purchasing real estate.
Will obtaining a Golden Visa affect my tax obligations in Portugal?
Having a Golden Visa does not automatically make you a tax resident. You will only be taxed on income earned in Portugal, and your global income will remain unaffected unless you become a tax resident. Double Taxation Treaties also help avoid paying taxes twice on the same income.
Do I need to pass a language test for the Golden Visa program?
No language test is required for the Golden Visa itself. However, if you apply for permanent residency or citizenship, you will need an A2 level certification in Portuguese.
What countries are part of the Schengen Area?
The Schengen Area includes 26 countries: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland.
What investment funds qualify for the Golden Visa?
Various venture capital funds with different strategies qualify for the Golden Visa. Arrange a call with Portugal Pathways’ experts to discuss your options.
Disclaimer: The information on the Portugal Pathways website and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice.
