What is the Portugal Golden Visa?
The Portugal Golden Visa – formally known as the Autorização de Residência para Atividade de Investimento (ARI) – is a five-year residency-by-investment programme for non-EU nationals that offers a pathway to permanent residency and, under the 2026 Nationality Law reform, eventual citizenship. Since its launch in 2012, the scheme has attracted €7.3 billion in investment through 12,718 visas issued, according to AIMA (Agência para a Integração, Migrações e Asilo).
The programme is managed entirely by AIMA, Portugal's national migration and asylum agency. Investors who qualify receive a renewable residence permit that confers the right to live, work, and study in Portugal, travel visa-free within the Schengen Area, and – subject to minimum stay requirements – apply for permanent residency after five years and citizenship after ten.
October 2023 reform: end of the real-estate route
In October 2023, Portugal's parliament passed the Mais Habitação (More Housing) reform, which removed residential and commercial real estate acquisitions from the list of qualifying investments. The government took this step to address rising housing costs and improve property accessibility for local residents. The €1.5 million capital transfer route was also eliminated under the same legislation.
As a result, from October 2023 onward, only non-property investment routes remain available: investment funds, job creation, cultural donations, and research contributions. These changes are reflected in AIMA's official guidance for 2026.
Current eligible investment routes (2026)
AIMA recognises five qualifying investment categories for the Portugal Golden Visa in 2026. Each route requires a minimum financial commitment and must be maintained for at least five years. All figures below are drawn from AIMA's official ARI portal.
Investment funds: €500,000
A capital transfer of €500,000 or more into qualifying investment funds is the most popular non-property route. Qualifying funds must be regulated by the CMVM (Portuguese securities regulator), have a minimum five-year maturity, and commit at least 60 per cent of assets to Portuguese commercial companies. Funds that invest in real estate are disallowed; qualifying vehicles focus on business equity, venture capital, or private equity in sectors such as technology, manufacturing, and services.
Between 2019 and 2024, the investment-fund route generated €260.85 million in capital, with volumes accelerating sharply after the removal of the real-estate option in 2023.
Cultural heritage and arts donations: €250,000 (or €200,000 in low-density areas)
Support for artistic production or the preservation of national cultural heritage qualifies at €250,000. If the project is located in a Portuguese low-density area, a 20 per cent discount applies, reducing the minimum to €200,000 – the lowest entry point of any Golden Visa route. This option appeals to investors interested in cultural philanthropy and seeking a lower financial threshold.
Research and development: €500,000
A €500,000 donation to approved research institutions – typically universities or state-recognised R&D centres – qualifies for the Golden Visa. This route is less commonly used but may suit applicants with ties to academia or the life sciences.
Job creation and business investment
Two pathways exist under this category, as set out by AIMA:
- Job creation with no minimum capital: Create ten new full-time permanent jobs in Portugal for at least three years. No minimum investment is required, but the jobs must be maintained throughout the five-year visa period.
- Business investment of €500,000 plus five jobs: Invest €500,000 or more in an existing Portuguese company and create at least five new permanent jobs for three years.
These routes suit entrepreneurs and executives who wish to establish or expand a Portuguese business presence.
Physical presence and day-count rules
The Portugal Golden Visa imposes minimal stay requirements compared to most residency programmes. Under AIMA's regulations, applicants must spend a minimum of seven days in Portugal during the first year and an average of 14 days per subsequent two-year renewal period. That translates to approximately seven days per year on average over the full five-year term – a threshold that permits investors to maintain business and family commitments elsewhere.
These short stay requirements make the Golden Visa particularly attractive to high-net-worth individuals who wish to secure European residency and Schengen mobility without relocating full-time. It is important to note, however, that these figures govern visa validity, not tax residency: spending fewer than 183 days per year in Portugal means the holder remains a non-tax-resident under Portuguese law and typically owes no Portuguese income tax on non-Portuguese-source income.
Eligibility requirements
To qualify for the Portugal Golden Visa, applicants must meet the following criteria, as set out by AIMA:
- Be at least 18 years old
- Be a non-EU, non-EEA, and non-Swiss national
- Have no criminal conviction punishable by imprisonment of more than one year under Portuguese law
- Make and maintain a qualifying investment for the minimum five-year period
- Demonstrate compliance with applicable Portuguese legal and tax obligations
- Provide a clean criminal record from Portugal and the applicant's country of origin
No Portuguese language requirement applies at the Golden Visa application or renewal stage. Language proficiency (A2 level) is required only when applying for permanent residency or citizenship.
Family inclusion
The Portugal Golden Visa permits the main applicant to include family members on the same residence permit, subject to AIMA's family-reunification rules:
- Spouse or legal partner, including same-sex marriages and de facto unions of more than two years
- Children under 18, or adult children who are unmarried, studying, and financially dependent on the applicant
- Parents aged 65 or over, or under 65 if financially dependent on the applicant
Each family member receives an individual residence card under the same investment and is subject to the same minimal stay requirements.
Application process and timeline
The Portugal Golden Visa application is managed online through AIMA's dedicated ARI portal. The only in-person requirement is a biometrics appointment in Portugal, typically scheduled several months after the online submission.
Step-by-step process
- Make the qualifying investment: Transfer funds and obtain proof of investment (fund subscription certificate, company registration documents, donation receipt, or employment contracts, depending on route).
- Register on the ARI portal: Create an account at AIMA's online portal.
- Submit the application: Upload identity documents, criminal record certificates, proof of investment, tax-compliance certificates, and health insurance. Pay the application and processing fee.
- Attend biometrics appointment: Once AIMA reviews the file, applicants receive an invitation to attend a biometrics appointment in Portugal (fingerprinting and photograph). Appointments are usually scheduled six to twelve months after submission, depending on AIMA's backlog.
- Receive the residence card: After biometrics, AIMA issues the temporary residence permit. The card is valid for two years and is renewable for successive three-year periods, provided the investment is maintained and the stay requirements are met. As of 16 February 2026, all Golden Visa renewals moved fully online via AIMA's renewals portal.
Processing timeline
As of 2026, applicants should expect a total timeline of 12 to 18 months from investment to receipt of the initial residence card, primarily owing to appointment-scheduling delays as AIMA works through the 2025–2026 application backlog. Processing times vary by application volume and the complexity of the investment route chosen.
Government fees (effective 1 March 2026)
On 1 March 2026, AIMA updated its fee schedule for residence-by-investment applications. For each applicant applying for a Portugal Golden Visa, the fees are as follows, according to AIMA's official guidance:
- Application submission and processing fee: €632.10
- Issuance of the first residence permit card: €6,314.20
The total cost for a five-year Golden Visa term per applicant is approximately €10,000, inclusive of submission, processing, issuance, and renewal fees. Additional costs may include legal and advisory fees, translation and apostille services, and insurance.
Permanent residency after five years
Golden Visa holders may apply for permanent residency after five years of legal residence in Portugal, counted from the date the first residence card is issued. To qualify, applicants must have maintained the qualifying investment, met the minimum stay requirements (an average of seven days per year), and demonstrated basic Portuguese language proficiency (A2 level).
Permanent residency is valid for five years and is renewable indefinitely. Unlike the Golden Visa, permanent residence does not depend on maintaining an active investment and permits the holder to work freely in Portugal without further authorisation.
Citizenship pathway and May 2026 Nationality Law reform
On 3 May 2026, President António José Seguro promulgated the revised Nationality Law (Decree No. 48/XVII), which extends the general citizenship eligibility period from five years to ten years for most applicants, and from five to seven years for EU and CPLP (Community of Portuguese Language Countries) nationals. The law awaits publication in the Diário da República and will enter into force the day after publication.
Two transitional rules apply to Golden Visa applicants under the new law:
- Application-date counting preserved: Applicants whose submission fees were paid before the law is gazetted will have the citizenship clock counted from the date of submission-fee payment, under the new seven- or ten-year duration. This favourable rule ensures that AIMA processing delays do not erode the clock.
- No change to permanent residency timeline: The updated Nationality Law does not affect the time required for permanent residency, which remains five years.
In practical terms, a non-EU Golden Visa holder applying in 2026 can expect to qualify for permanent residency after five years and citizenship after ten years (counting from the date the initial application fee was paid), provided all stay, language, and compliance requirements are met.
Full legislative details are available through AIMA's official announcements.
Tax treatment for non-residents
Holding a Portugal Golden Visa does not automatically trigger Portuguese tax residency. Tax residency is determined by the 183-day rule: individuals who spend fewer than 183 days per calendar year in Portugal are generally treated as non-tax-residents and owe no Portuguese income tax on foreign-source income, according to guidance from the Portuguese Tax Authority (Portal das Finanças).
Even income derived from the Golden Visa investment – such as distributions from a qualifying fund – is typically exempt from Portuguese tax for non-residents. Portugal also imposes no wealth tax, no inheritance tax, and no gift tax on worldwide assets held by non-residents.
Investors who later choose to spend more than 183 days per year in Portugal and establish tax residency may be eligible for Portugal's tax incentives for investment, which can include an optional 10 per cent taxation rate on certain categories of income. Professional tax advice is essential for applicants considering a move to Portuguese tax residency.
Alternative residency pathway: the D7 Visa (passive income route)
For millionaire readers who do not wish to make a €200,000-plus investment but can demonstrate regular passive income, Portugal's D7 Visa offers an alternative route to residency. The D7 requires a minimum passive income of €920.00 per month (the Portuguese minimum wage as of 2026), plus an additional 50 per cent for a spouse and 30 per cent for each dependent child.
However, the D7 imposes a substantially higher physical-presence requirement: holders must stay at least 183 consecutive days (or eight non-consecutive months) per year in Portugal, making the route unsuitable for part-time residents. The D7 is popular with retirees, remote workers, and rental-income earners who plan to live in Portugal full-time.
After five years of D7 residency, holders may apply for permanent residency and, under the new Nationality Law, citizenship after ten years. Additional guidance on the D7 Visa is available from AIMA.
Is the Portugal Golden Visa right for you?
The Portugal Golden Visa in 2026 remains one of Europe's most flexible residency-by-investment programmes, despite the removal of the real-estate route. With a minimum investment of €200,000 (cultural donation in a low-density area) or €500,000 (investment fund, job creation, or R&D), an average stay requirement of just seven days per year, and pathways to permanent residency and citizenship, the programme continues to attract high-net-worth individuals seeking European mobility, tax optionality, and long-term succession planning.
Prospective applicants should assess the programme against their residency goals, tax profile, investment preferences, and tolerance for administrative timelines. The official source for all application requirements, fees, and procedures is AIMA's ARI portal.
Last verified: 2026-05-19
Sources
- Autorização de Residência para Investimento – Art. 90.º-A (AIMA)
- Portal ARI – Autorização de Residência para Investimento (AIMA)
- O Portal das Renovações já está disponível (AIMA)
- Registo – Portal ARI (AIMA)
- Tax information – Portal das Finanças
- Tax incentives for investment in Portugal (Portal das Finanças PDF)
- Agência para a Integração Migrações e Asilo – AIMA
