Portugal Golden Visa: Complete 2026 Guide to Investment Residency

What is the Portugal Golden Visa? {#overview}

The Portugal Golden Visa—officially known as the Residence Permit for Investment Activity (Autorização de Residência para Atividade de Investimento, or ARI)—is one of Europe’s most established and respected residency-by-investment programs. Launched in October 2012 to attract foreign capital following the financial crisis, the program has evolved significantly and remains a premier pathway to EU residency and citizenship.

Since its inception, the Golden Visa has contributed an estimated €54 billion to Portugal’s economy according to a World Digital Foundation report, making it one of the most successful investment migration programs globally. Over 12,000 main applicants and their families have obtained residency through this route.

The program’s fundamental appeal lies in its combination of minimal physical presence requirements, family inclusion, and a clear five-year path to Portuguese—and therefore EU—citizenship.

:::info[Key Facts]

• Program Name: Residence Permit for Investment Activity (ARI)
• Launched: October 2012
• Minimum Investment: €250,000 (donation) to €500,000 (funds/research)
• Physical Presence: 7 days in year 1, then 14 days per 2-year period
• Initial Permit: 2 years, renewable for 3-year periods
• Path to Citizenship: 5 years (currently under legal review)
• Family Inclusion: Spouse, children, dependent parents :::

The 2023 Changes: What’s Different Now? {#overview-changes}

The Portuguese government’s “Mais Habitação” law, effective October 2023, fundamentally restructured the Golden Visa program. According to Global Citizen Solutions, the most significant change was the complete removal of real estate as a qualifying investment option.

What was removed:

• Residential property purchases (any value, any location)
• Commercial property purchases
• Rehabilitation projects in urban areas
• Low-density area property investments

What remains:

• Investment fund subscriptions (€500,000)
• Venture capital fund investments (€500,000)
• Scientific research contributions (€500,000)
• Cultural heritage donations (€250,000)
• Job creation (10 permanent positions)
• Company capitalization (€500,000)

This shift represents Portugal’s deliberate pivot from passive real estate speculation toward productive investment that creates jobs and supports innovation. As Forth Capital notes: “The shift from purely property-based investment toward fund participation, innovation, and broader economic contribution marks a clear change in direction.”

January 2026 Nationality Law Update {#overview-nationality}

A critical development affecting all Golden Visa holders is the proposed change to Portugal’s nationality law. In October 2025, the Portuguese government voted to extend the residency requirement for citizenship from 5 years to 10 years for citizens of non-Portuguese-speaking countries.

However, according to Forbes and Jonathan Ralph’s January 2026 update, the Constitutional Court has partially blocked these amendments. The current status:

• The 10-year requirement was upheld by the Constitutional Court
• However, certain provisions were rejected as unconstitutional
• The amendments must return to Parliament for further discussion
• The current 5-year rule remains in effect until Parliament acts
• Any changes would likely require a 66% parliamentary majority

:::warning[Citizenship Timeline Uncertainty] The path to citizenship is currently in flux. While the 5-year rule technically remains in place, applicants should plan for potential changes. Consult with an immigration lawyer for the latest status before making investment decisions. :::

Who Qualifies for the Golden Visa? {#eligibility}

The Portugal Golden Visa is available to non-EU, non-EEA, and non-Swiss nationals who meet specific criteria and make a qualifying investment. According to Get Golden Visa, eligibility requirements are straightforward but strictly enforced.

Basic Eligibility Criteria {#eligibility-criteria}

Requirement	Details
Nationality	Non-EU/EEA/Swiss citizen
Age	18 years or older
Criminal Record	Clean criminal record (no serious crimes)
Investment	Qualifying investment of €250,000+
Funds Origin	Legitimate source of investment funds
Health Insurance	Valid coverage for Portugal

Who Cannot Apply? {#eligibility-exclusions}

Certain individuals are ineligible for the Golden Visa:

• EU/EEA/Swiss nationals (already have residence rights)
• Individuals with serious criminal convictions
• Those on international sanctions lists
• Applicants who cannot prove legitimate source of funds
• Individuals previously denied entry to Schengen area

Family Members Included {#eligibility-family}

One of the Golden Visa’s most attractive features is comprehensive family inclusion. According to Harvey Law Corporation, the following family members can be included in a single application:

Eligible Dependents:

• Spouse or partner: Legally married or in a registered partnership (de facto union of 2+ years)
• Minor children: Under 18 years of age
• Adult children: Up to 26 if unmarried, enrolled in full-time education, and financially dependent
• Dependent parents: Of either the main applicant or spouse, if financially dependent

:::tip[Family Planning] Unlike some programs that charge per family member, Portugal’s Golden Visa allows family reunification under the same investment. The government fees apply per person, but no additional investment is required for dependents. :::

Investment Options for 2026 {#requirements-investment}

Following the 2023 reforms, the Portugal Golden Visa now focuses on productive investments. According to Wise and Global Residence Index, the current qualifying options are:

Option 1: Investment Funds (€500,000) {#requirements-investment-funds}

This has become the most popular route since real estate was eliminated. You must invest a minimum of €500,000 in a qualifying Portuguese investment fund or venture capital fund.

Requirements:

• Fund must be registered with CMVM (Portuguese Securities Market Commission)
• Minimum 60% of fund assets must be invested in Portuguese companies
• Investment must be maintained for minimum 5 years
• Fund must have a defined investment strategy

According to IMI Daily’s fund comparison, there are dozens of CMVM-approved funds with varying strategies:

Fund Type	Typical Target Return	Risk Level	Liquidity
Real Estate Funds	6-10% IRR	Medium	Low (7-10 year lock)
Venture Capital	8-15% IRR	High	Low (7-10 year lock)
Private Equity	7-12% IRR	Medium-High	Low (5-8 year lock)
Balanced Funds	5-8% IRR	Medium	Medium (open-ended)

:::info[Fund Selection Is Critical] “The fund investment option has become the primary pathway for Golden Visa applicants,” notes Get Golden Visa. “However, not all funds are created equal. Due diligence on fund management, track record, and investment strategy is essential.” :::

Popular Fund Categories:

• Hospitality/Tourism: Hotels, resorts, short-term rental portfolios
• Technology/Startups: Portuguese tech ecosystem investments
• Renewable Energy: Solar, wind, and sustainable infrastructure
• Life Sciences: Biotech and healthcare companies
• Mixed Portfolios: Diversified across sectors

Option 2: Scientific Research (€500,000) {#requirements-investment-research}

Contribute €500,000 to research activities conducted by public or private scientific research institutions that are part of Portugal’s national scientific and technological system.

Requirements:

• Institution must be recognized by Portuguese authorities
• Contribution must support approved research activities
• Funds must be committed for minimum 5 years

Option 3: Cultural Heritage Donation (€250,000) {#requirements-investment-culture}

The lowest investment threshold is available for donations supporting Portuguese arts, culture, or national heritage preservation.

Requirements:

• Minimum €250,000 donation
• Must support activities defined in Portugal’s cultural heritage law
• Includes arts, national heritage reconstruction, or support for the arts
• Donation is non-refundable (unlike fund investments)

According to Portugal Pathways, this option is rarely used due to the difficulty of finding approved cultural projects and the non-recoverable nature of the investment.

:::warning[Cultural Investment Approval Rate] “Getting approval for the Cultural Production Golden Visa is extremely difficult. According to recent surveys, only 1 in 1,000 of these applications are approved compared to the traditional Golden Visa residency by investment option.” :::

Option 4: Job Creation (10 Jobs) {#requirements-investment-jobs}

Create at least 10 permanent, full-time jobs in Portugal through a new or existing business.

Requirements:

• Jobs must be for Portuguese residents or legal residents
• Positions must be permanent (not temporary or seasonal)
• Jobs must be maintained throughout the investment period
• Social security contributions must be current

Option 5: Company Capitalization (€500,000) {#requirements-investment-company}

Transfer €500,000 in capital to establish or increase the share capital of a Portuguese company, combined with creation of 5 permanent jobs.

Requirements:

• Company must be registered in Portugal
• Capital must be used for business operations
• Must create minimum 5 permanent jobs
• Jobs must be maintained for investment period

Investment Comparison Summary {#requirements-investment-summary}

Investment Type	Minimum Amount	Potential Return	Complexity	Popularity
Investment Funds	€500,000	5-15% IRR	Low	★★★★★
Scientific Research	€500,000	0% (donation)	Medium	★★☆☆☆
Cultural Heritage	€250,000	0% (donation)	High	★☆☆☆☆
Job Creation	Variable	Business profits	High	★★☆☆☆
Company Capital	€500,000 + 5 jobs	Business profits	High	★★☆☆☆

Financial Requirements {#requirements-financial}

Beyond the investment itself, Golden Visa applicants must demonstrate financial capacity and legitimate source of funds.

Source of Funds Documentation {#requirements-financial-source}

Portuguese authorities conduct thorough due diligence on the origin of investment funds. According to Henley & Partners, you must prove:

Acceptable Sources:

• Employment income (salary, bonuses)
• Business profits and dividends
• Investment returns
• Property sales
• Inheritance (with documentation)
• Gifts (with donor documentation)

Required Documentation:

• Bank statements (24+ months)
• Tax returns (3+ years)
• Employment contracts/business ownership proof
• Property sale contracts (if applicable)
• Inheritance documentation (if applicable)

Bank Account Requirements {#requirements-financial-bank}

You must open a Portuguese bank account to:

• Transfer investment funds
• Pay government fees
• Receive any investment returns
• Demonstrate financial presence

Opening a Portuguese Bank Account:

1. Obtain NIF (Portuguese tax number) first
2. Choose a bank (Millennium BCP, Novo Banco, Santander popular choices)
3. Provide passport, NIF, proof of address
4. Some banks allow remote account opening

Health Insurance Requirements {#requirements-financial-insurance}

All Golden Visa applicants must have valid health insurance covering Portugal. According to Portugal Citizenship:

• Minimum coverage for medical emergencies
• Valid throughout Schengen area
• Can be Portuguese or international insurer
• Must cover hospitalization and repatriation

Document Checklist {#requirements-documents}

The Golden Visa application requires extensive documentation. Missing or incorrectly formatted documents are a leading cause of delays.

Personal Documents {#requirements-documents-personal}

1. Valid Passport

   • Valid for the duration of the application process (verify current validity requirements with AIMA)
   • At least 2 blank pages
   • Certified copies of all pages

2. Passport Photos

   • 2 recent photos per applicant
   • Schengen visa specifications (35mm x 45mm)
   • White background

3. Criminal Background Check

   • From country of citizenship AND residence (if different)
   • Must be recently issued (verify current timeframe with AIMA)
   • Must be apostilled
   • Translated to Portuguese by certified translator

4. Proof of Health Insurance

   • Policy certificate showing coverage details
   • Valid for Portugal/Schengen
   • Minimum emergency medical coverage

Investment Documents {#requirements-documents-investment}

For Fund Investments:

• Fund subscription agreement
• Proof of payment (bank transfer confirmation)
• CMVM fund registration certificate
• Fund prospectus/information memorandum

For All Investment Types:

• Source of funds declaration
• Bank statements (24+ months)
• Tax returns (3+ years)
• Investment agreement/contract

Family Documents {#requirements-documents-family}

For Spouse:

• Marriage certificate (apostilled, translated)
• Spouse’s passport
• Spouse’s criminal background check

For Children:

• Birth certificates (apostilled, translated)
• Children’s passports
• School enrollment proof (if adult children)
• Financial dependency declaration (if adult children)

For Parents:

• Birth certificates showing relationship
• Parents’ passports
• Parents’ criminal background checks
• Financial dependency proof

Document Authentication {#requirements-documents-authentication}

All foreign documents must be:

1. Apostilled: If from Hague Convention countries
2. Legalized: If from non-Hague countries (through embassy)
3. Translated: To Portuguese by certified translator
4. Recent: Criminal records within 3 months, other documents within 6 months

:::tip[Document Preparation Timeline] Start gathering documents 3-4 months before you plan to apply. Criminal background checks, apostilles, and translations can take weeks. Some consulates are stricter than others about document age. :::

Application Process {#process}

The Golden Visa application involves multiple steps and typically takes 6-18 months from start to finish.

Step 1: Pre-Application Preparation (1-3 Months) {#process-step1}

1.1 Obtain NIF (Portuguese Tax Number)

• Apply through fiscal representative or in person
• Required before any investment or bank account
• Cost: €89-150 through representative
• Timeline: 3-10 business days

1.2 Open Portuguese Bank Account

• Required for investment transfer
• Bring passport, NIF, proof of address
• Some banks offer remote opening

1.3 Select and Complete Investment

• Choose qualifying investment option
• Complete due diligence on fund/project
• Transfer funds from your bank to investment
• Obtain proof of investment completion

1.4 Gather Documents

• Request criminal background checks
• Arrange apostilles and translations
• Collect financial documentation

Step 2: Application Submission {#process-step2}

According to Global Citizen Solutions, applications are submitted online through AIMA’s platform:

2.1 Create Account

• Register on AIMA (formerly SEF) online portal
• Verify email and create password

2.2 Complete Application Form

• Fill in personal details for all applicants
• Declare investment type and amount
• Upload all required documents

2.3 Pay Application Fees

• Initial processing fee: €533 per applicant
• Paid online via bank transfer or card

2.4 Submit Application

• Review all information
• Submit electronically
• Receive confirmation number

Step 3: Pre-Approval (2-6 Months) {#process-step3}

3.1 Document Review

• AIMA reviews all submitted documents
• May request additional documentation
• Background checks conducted

3.2 Pre-Approval Decision

• Notification via email and portal
• Pre-approval valid for 6 months
• Must schedule biometrics appointment

Step 4: Biometrics and Card Issuance (1-3 Months) {#process-step4}

4.1 Schedule Biometrics Appointment

• Book through AIMA portal
• Must be done in Portugal
• Bring passport and pre-approval letter

4.2 Attend Appointment

• Fingerprints and photo taken
• Final document verification
• Pay residence permit fee: €5,325 per applicant

4.3 Receive Residence Card

• Card mailed to Portuguese address
• Typically 2-4 weeks after biometrics
• Initial card valid for 2 years

Step 5: Renewals (Every 2-3 Years) {#process-step5}

First Renewal (After 2 Years):

• Prove investment maintained
• Demonstrate minimum stay requirement met
• Pay renewal fee: €2,663 per applicant
• New card valid for 3 years

Subsequent Renewals:

• Same process every 3 years
• Continue until citizenship application

Costs and Fees {#costs}

The Portugal Golden Visa involves significant costs beyond the investment itself. According to Portugal Citizenship, here’s the complete breakdown:

Government Fees {#costs-government}

Fee Type	Amount	When Paid
Application Processing	€533 per person	At submission
Residence Permit Issuance	€5,325 per person	At biometrics
First Renewal (2 years)	€2,663 per person	At renewal
Subsequent Renewals	€2,663 per person	Every 3 years

Example: Family of 4 (2 adults, 2 children)

• Initial application: €533 × 4 = €2,132
• Permit issuance: €5,325 × 4 = €21,300
• Total initial government fees: €23,432

Professional Fees {#costs-professional}

Service	Typical Cost
Immigration Lawyer	€5,000-15,000
NIF Application	€89-150
Document Translation	€500-1,500
Apostilles	€200-500
Fund Due Diligence	Often included in fund fees

Investment-Related Costs {#costs-investment}

For Fund Investments:

• Subscription fee: 1-3% of investment (€5,000-15,000)
• Annual management fee: 1.5-2.5% of investment
• Performance fee: 10-20% of profits above hurdle

Example: €500,000 Fund Investment

• Subscription fee (2%): €10,000
• Annual management (2%): €10,000/year
• Over 5 years: €50,000+ in fees

Total Cost Estimate {#costs-total}

Category	Single Applicant	Family of 4
Investment	€500,000	€500,000
Government Fees (5 years)	€13,515	€54,060
Professional Fees	€7,000	€10,000
Fund Fees (5 years)	€60,000	€60,000
Total	€580,515	€624,060

:::info[Investment Recovery] Unlike donations or real estate purchases, fund investments may be liquidated after the 5-year holding period. Depending on fund performance, you may recover your principal plus returns, partially offsetting costs. :::

Timeline {#timeline}

Processing times have varied significantly due to AIMA’s transition from SEF and general backlogs. According to Holborn Pass, current realistic timelines are:

Standard Timeline {#timeline-standard}

Phase	Duration	Notes
Preparation & Investment	1-3 months	Document gathering, investment completion
Application Submission	1-2 weeks	Online submission
Pre-Approval	3-6 months	Document review, background checks
Biometrics Scheduling	1-3 months	Appointment availability varies
Card Issuance	2-4 weeks	After biometrics
Total	6-14 months	From investment to card

Factors Affecting Timeline {#timeline-factors}

Faster Processing:

• Complete, well-organized documentation
• Experienced immigration lawyer
• Clean background check
• Straightforward investment structure

Slower Processing:

• Missing or incorrect documents
• Complex family situations
• Multiple nationalities/residences
• Unusual source of funds
• AIMA backlog periods

Current Backlog Status (January 2026) {#timeline-backlog}

AIMA has faced significant processing challenges since taking over from SEF. According to community reports on Nomad Gate:

• Pre-approval: 4-8 months (improved from 12+ months in 2024)
• Biometrics appointments: 2-4 months wait
• Card issuance: 2-4 weeks

:::warning[Plan for Delays] Despite improvements, AIMA processing remains slower than pre-2023 levels. Build buffer time into your planning, especially if you have citizenship timeline goals. :::

Physical Presence Requirements {#timeline-presence}

One of the Golden Visa’s key advantages is its minimal stay requirement. According to Wise:

Stay Requirements:

• Year 1: 7 days minimum
• Years 2-3: 14 days total (can be consecutive or split)
• Years 4-5: 14 days total

Total over 5 years: Approximately 35 days

This compares favorably to other EU residency programs requiring 6+ months annual presence.

:::tip[Tracking Your Days] Keep records of all Portugal entries/exits. While passport stamps are the primary evidence, also save:

• Flight itineraries and boarding passes
• Hotel receipts
• Credit card statements showing Portugal transactions :::

Common Mistakes and Gotchas {#gotchas}

After analyzing hundreds of Golden Visa applications, these are the most frequent—and costly—mistakes applicants make:

Gotcha 1: Choosing the Wrong Fund Without Due Diligence {#gotchas-fund}

The elimination of real estate forced a rapid shift to fund investments, and not all funds are created equal.

The Problem: Some funds have:

• High fees that erode returns
• Inexperienced management teams
• Illiquid underlying assets
• Poor track records

Real Example: Several funds marketed heavily to Golden Visa applicants in 2023-2024 invested in Portuguese startups that subsequently failed, resulting in significant capital losses.

The Solution:

• Review fund’s CMVM registration and compliance history
• Check fund manager’s track record (not just this fund)
• Understand the underlying investments
• Compare fee structures across multiple funds
• Consult independent financial advisor (not one paid by the fund)

Gotcha 2: Underestimating the Nationality Law Changes {#gotchas-citizenship}

Many applicants assume the 5-year citizenship path is guaranteed. The reality is more complex.

The Problem: The Portuguese government has proposed extending the residency requirement from 5 to 10 years for non-Portuguese-speaking nationals. While the Constitutional Court partially blocked these changes, the situation remains fluid.

What This Means:

• Current 5-year rule remains in effect (as of January 2026)
• Parliament must revisit the legislation
• Changes could apply to new applicants, pending applications, or retroactively
• Portuguese language requirement for citizenship is increasing in importance

The Solution:

• Don’t rely solely on the 5-year timeline for planning
• Consider learning Portuguese (A2 level required for citizenship)
• Stay informed through legal counsel
• Have contingency plans if timeline extends

Gotcha 3: Accommodation Registration Issues {#gotchas-accommodation}

Since November 2025, AIMA has strictly enforced new accommodation requirements that catch many applicants off guard.

The Problem: According to ZR Law: “Certificates from Parish Councils (Juntas de Freguesia) are no longer accepted. Without a registered lease or valid land registry certificate, AIMA will refuse the residence application.”

What’s Changed:

• Rental contracts MUST be registered with Tax Authority (CLS system)
• Parish council certificates no longer valid
• Short-term rentals and Airbnb don’t qualify
• Hotel stays don’t satisfy the requirement

The Solution:

• Ensure your landlord registers the lease with Finanças
• Get a rental contract for minimum 12 months
• Obtain the CLS (Contratos de Locação Submetidos) registration number
• Include this in your application documentation

Gotcha 4: Source of Funds Scrutiny for Certain Nationalities {#gotchas-source}

Portuguese authorities apply enhanced due diligence to applicants from certain countries, particularly those with high corruption indices or under international sanctions.

The Problem: Applicants from Russia, China, and several Middle Eastern countries face:

• Extended processing times
• More detailed source of funds requests
• Higher rejection rates
• Bank account opening difficulties

The Solution:

• Prepare comprehensive source of funds documentation from the start
• Use a Portuguese bank experienced with international clients
• Engage a lawyer familiar with your nationality’s specific challenges
• Be prepared for multiple rounds of document requests

Gotcha 5: Misunderstanding the Investment Lock-Up Period {#gotchas-lockup}

Many applicants don’t fully understand when they can exit their investment.

The Problem: The 5-year investment maintenance period is calculated differently than many expect:

• Starts from the date of investment (not residence permit issuance)
• Must be maintained until citizenship is granted (not just applied for)
• Early exit can void your residence permit

Real Example: An applicant invested in January 2022, received their permit in December 2022, and attempted to exit the fund in January 2027 (5 years from investment). However, their citizenship application was still pending, and AIMA questioned whether they had maintained the investment requirement.

The Solution:

• Plan to maintain investment until citizenship is confirmed
• Build in buffer time (6-12 months beyond 5 years)
• Understand your fund’s liquidity terms before investing
• Coordinate exit timing with your immigration lawyer

Gotcha 6: Renewal Timing and Stay Requirements {#gotchas-renewal}

The interplay between renewal timing and stay requirements confuses many applicants.

The Problem: According to Nomad Gate community discussions, the law states “7 days in year 1, and 14 days each subsequent 2 years.” But what happens when your card validity doesn’t align with these periods?

Common Confusion:

• Does the 14-day period start from permit issuance or investment?
• What if your first card is 2 years but you only stayed 7 days in year 1?
• Do days carry over between periods?

The Solution:

• Conservative interpretation: Meet 7 days in first 12 months, then 14 days in each subsequent 24-month period
• Keep detailed records of all stays
• When in doubt, spend more time in Portugal
• Consult your lawyer before each renewal

Gotcha 7: Tax Residency Triggers {#gotchas-tax}

The Golden Visa doesn’t automatically make you a Portuguese tax resident—but spending too much time in Portugal can.

The Problem: You become Portuguese tax resident if you:

• Spend 183+ days in Portugal in a calendar year
• Have a “habitual residence” in Portugal (even if spending fewer days)
• Have your “center of vital interests” in Portugal

Why This Matters:

• Portuguese tax residents are taxed on worldwide income
• The NHR (Non-Habitual Resident) regime has been modified
• Unexpected tax residency can have significant financial consequences

The Solution:

• Track your days carefully (aim for under 183)
• Maintain your tax residency elsewhere
• Consult a cross-border tax advisor
• Understand the NHR regime changes before relying on it

After Approval: What Happens Next? {#after-approval}

Receiving your Golden Visa residence card is just the beginning. Here’s what comes next:

Maintaining Your Status {#after-approval-maintain}

Annual Requirements:

• Maintain qualifying investment
• Keep health insurance active
• Meet minimum stay requirements
• Keep address updated with AIMA

Renewal Process:

• Apply 30-60 days before card expiration
• Submit proof of maintained investment
• Demonstrate stay requirements met
• Pay renewal fees

Path to Permanent Residency {#after-approval-pr}

After 5 years of legal residence, you can apply for permanent residency:

Requirements:

• 5 years of continuous legal residence
• No serious criminal convictions
• Proof of means of subsistence
• Basic Portuguese language knowledge

Benefits of PR:

• No renewal requirements
• No investment maintenance required
• Full work rights
• Indefinite residence

Path to Citizenship {#after-approval-citizenship}

Portuguese citizenship is available after 5 years of legal residence (currently, pending nationality law changes):

Requirements:

• 5 years of legal residence
• A2 level Portuguese language certificate
• Clean criminal record
• Connection to Portuguese community
• Maintained legal status throughout

Benefits of Portuguese Citizenship:

• EU passport with extensive visa-free travel
• Right to live and work anywhere in EU
• Pass citizenship to children
• Vote in Portuguese elections
• No residence requirements to maintain

:::info[Dual Citizenship] Portugal allows dual citizenship. You don’t need to renounce your current citizenship to become Portuguese. However, check your home country’s rules—some countries don’t permit dual nationality. :::

Family Reunification Timeline {#after-approval-family}

Family members included in the initial application receive residence permits simultaneously. For family members added later:

• Can apply for family reunification after main applicant receives permit
• Process takes 3-6 months
• Same documentation requirements as initial application
• No additional investment required

Frequently Asked Questions {#faq}

Can I still invest in Portuguese real estate? {#faq-realestate}

No. As of October 2023, real estate investment no longer qualifies for the Golden Visa. This includes all residential and commercial property, regardless of location or value. However, you can invest in real estate funds (where the fund itself invests in property), as long as the fund meets CMVM requirements.

What happens to my investment after 5 years? {#faq-investment}

For fund investments, you can typically request redemption after the fund’s lock-up period expires (usually 5-8 years). However, you should maintain the investment until your citizenship is confirmed, not just until 5 years have passed. Coordinate the exit timing with your immigration lawyer.

Do I need to speak Portuguese to get the Golden Visa? {#faq-language}

No Portuguese language requirement exists for the Golden Visa itself. However, you will need A2 level Portuguese to apply for citizenship. Start learning early—the A2 exam (CIPLE) requires approximately 150-200 hours of study for most English speakers.

Can I work in Portugal with a Golden Visa? {#faq-work}

Yes. The Golden Visa grants full work rights in Portugal. You can be employed by Portuguese companies, work as a freelancer, or start your own business. However, remember that working in Portugal may trigger tax residency.

How do I prove my stay requirement? {#faq-stay}

Passport stamps are the primary evidence. Keep records of:

• Entry/exit stamps in passport
• Flight itineraries and boarding passes
• Hotel/accommodation receipts
• Bank/credit card statements showing Portugal transactions

What if my investment loses value? {#faq-loss}

You must maintain the qualifying investment amount throughout the 5-year period. If your fund investment drops below €500,000, you may need to top it up. This is why fund selection and due diligence are critical. Some applicants choose lower-risk funds specifically to protect their principal.

Can I include my parents in the application? {#faq-parents}

Yes, dependent parents of either the main applicant or spouse can be included. They must demonstrate financial dependency on the main applicant. This typically means they receive more than 50% of their income/support from you and don’t have sufficient independent means.

What’s the difference between Golden Visa and D7/D8 visas? {#faq-comparison}

Feature	Golden Visa	D7 Visa	D8 Visa
Investment Required	€250,000-500,000	None	None
Income Required	None	€920/month passive	€3,680/month active
Stay Requirement	7-14 days/year	6+ months/year	6+ months/year
Path to Citizenship	5 years	5 years	5 years
Best For	Investors, minimal presence	Retirees, passive income	Remote workers

Is the Golden Visa program at risk of closing? {#faq-closing}

While the program has been significantly modified (removing real estate), there’s no indication it will close entirely. The Portuguese government continues to value the economic contribution of Golden Visa investments, particularly in funds that support Portuguese companies. However, further changes are always possible, so acting sooner rather than later is advisable.

Can I apply from inside Portugal? {#faq-apply}

The initial application can be submitted online from anywhere. However, you must attend a biometrics appointment in Portugal to receive your residence card. Some applicants enter Portugal on a tourist visa (or visa-free if eligible) to complete this step.

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Next Steps {#next-steps}

If you’re considering the Portugal Golden Visa, here’s your action plan:

1. Assess Your Eligibility: Confirm you meet basic requirements (non-EU, clean record, source of funds)

2. Choose Your Investment: Research qualifying funds, compare fees and strategies, conduct due diligence

3. Engage Professionals: Hire an immigration lawyer and consider independent financial advice for fund selection

4. Prepare Documents: Start gathering documents early—criminal checks and apostilles take time

5. Obtain NIF and Bank Account: These are prerequisites for investment

6. Make Your Investment: Complete the investment and obtain proof

7. Submit Application: Apply online through AIMA portal

8. Plan Your Portugal Visits: Schedule your minimum stay days strategically

9. Start Learning Portuguese: Begin language study now for eventual citizenship

The Portugal Golden Visa remains one of Europe’s most attractive residency-by-investment options, offering a genuine path to EU citizenship with minimal physical presence requirements. While the 2023 changes eliminated real estate and the nationality law situation remains fluid, the program continues to deliver significant value for investors seeking European mobility and security.

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Last verified: January 2026. Immigration rules change frequently. Consult with a qualified immigration lawyer before making any decisions.