February 3, 2025

Portugal Golden Visa Comprehensive Guide -2025

Portugal is one of Europe’s oldest nations, renowned for its history, culture, and food, as well as stunning beaches and picturesque countryside. It is considered one of the most peaceful and globalized countries and stands out as a desirable destination with a high standard of living and a very high Human Development Index ranking.

A Concise Overview of Portugal’s Golden Visa

Portugal’s Golden Visa offers individuals and investors a variety of affordable investment choices to obtain a residency permit in the country.
Applicants just need to spend a minimum of seven days in the country annually.
It gives its holders the ability to enter the Schengen area without a visa.
Investors may become Portuguese citizens in five to six years.
Portugal is an inexpensive and safe country with excellent health and education systems, a high standard of living, a strong infrastructure, and an excellent environment.

What is a Portugal Golden Visa?

Portugal’s Investor Residence Authorization (ARI), officially known as Portugal Golden Visa, was launched in October 2012. Following the 2008-2009 financial crisis, Portugal introduced the Golden Visa program to draw foreign direct investment into the country. Since its inception, the initiative has appealed to 12,561 investors globally[1], with notable interest from individuals in China, Brazil, the United States, Turkey, and South Africa.

What makes Portugal so beautiful is its stunning natural environment, long coastline, sunny climate, friendly people, and delicious food. It also has a very good standard of living with a very low cost of living. Because of these qualities, Portugal is an attractive destination for foreign investors to apply for the right to live, work and study there.

The program provides a five-year residence permit to non-EU citizens investing in the country. Applicants receive their Portugal Golden Visas within a few months of making an investment and applying. However, Golden Visa holders must spend an average of seven days per year in Portugal, to ensure they receive citizenship after five years.

Portugal Residency Program: Key Changes Over Time

In late 2023, significant changes have been made to Portugal’s Golden Visa Program. The program has no longer accepted the purchase of real estate or real estate-related funds as a qualifying investment. However, many other investment options remain eligible for the program. It is now shifting its focus towards investment funds, offering diverse sectors with distinct investment mandates. This change will provide Golden Visa investors with new opportunities to diversify their portfolios.

In January 2024, the Portuguese government approved essential changes, The amendments also include provisions that limit citizenship applications from individuals considered security risks due to their involvement in terrorism or criminal activities.

It’s crucial to note that:

The Golden Visa initiative is still in effect for some investment choices. Nevertheless, investing in real estate or funds associated with real estate will no longer qualify you to apply for a Golden Visa.
Existing rights, including renewals, family reunification, and permanent residence applications, are not affected by the new amendments.
Applications for new residence permits for investments, financing of creative endeavors, or preservation and restoration of the nation’s cultural heritage are still being accepted.

Changes in Investment Routes

Several investment options are no longer available because of the amendment:

Capital transfers of €1,500,000 or more.
Purchasing real estate
Putting money into funds with either direct or indirect real estate holdings
Portuguese funds must not be linked to any real estate investments.

Major Program Updates in Late 2024

The Portuguese Immigration Office (AIMA) announced new changes[3] in the procedure for the analysis and appointment of the ARI application. The updates, which are effective in late 2024, will also prioritize older requests and introduce electronic processing of Golden Visa applications.

Pending applications must now be finalized by the applicant and their legal representatives on the ARI portal before a request for Residence Authorization. Applications with a status of “under review” or “accepted” have been updated to “awaiting submission” to permit document updates and process completion. If applicants are notified, they are told to file new documents, renew their validity, and, if necessary, submit certified copies.

Updating ARI Applications on The Portal

Submit all required documents as per paragraph 16 of Article 65-D of Decree-Law no. 84/2007. Documents must be valid, legalized (if issued abroad), translated into Portuguese or English, and preferably certified. Uncertified documents require the originals to be presented during the biometrics appointment.
Upload documents for both investors and their family members.
Ensure each document does not exceed 2MB, and split files if needed.

Appointments

Once the application is updated, AIMA will automatically schedule a biometrics appointment at a service center in chronological order of updates.
Appointments will begin on January 15, 2025, and must be held between 30 to 90 days after scheduling.
Rescheduling will be available for the second half of 2025 in justified and documented cases of inability to attend.
Depending on flow management and family size, applicants may not be able to select their preferred service center.

In-Person Appointment

Biometric data will be collected, and the applicant’s presence in Portuguese territory will be verified.
Applicants must present the initial application form, passport, and any uncertified documents submitted on the portal for verification.

Payment of Fees

All fees related to the process must be paid during the biometrics appointment.
Payments are accepted only via card (TPA), and prior authorization from the relevant banking authority may be required if needed.

Qualifying Investments

The residency program will continue to operate thanks to other options:

Money transfers of at least €500,000 or more in venture capital funds that meet the requirements (no real estate investments)
Creation of ten or more jobs
Capital transfer for research activities carried out by public or private scientific research institutes that totals at least €500,000.
Capital contributions of at least €250,000 to promote the creation of art, and the preservation or restoration of the nation’s cultural heritage.
Capital transfers of at least €500,000 for the establishment of a commercial enterprise situated inside the nation and the creation of five full-time jobs.

Eligible Applicants

Pre-requisites

Individuals aged 18 and above with a clear criminal record from their home country, as well as from Portugal.

Nationalities

Any applicants who are not citizens of the EU, EEA, or Switzerland, may be eligible for the Golden Visa. Citizens of the United States, and the United Kingdom, can invest in Portugal to obtain a Golden Visa as well.

Minimum Investments Required

To acquire Portugal’s Golden Visa, a qualifying investment must be completed, either in a venture or private capital fund, by establishing a company and creating jobs, or by donating to the government.

Family members

Portugal’s Golden Visa can be extended to the applicant’s family members such as:

Spouse
Children under the age of 18
Dependent children under the age of 26, provided that they are full-time students and not married.
Parents of the main applicant, who are over the age of 65 years.

American Applicants

The Portuguese Golden Visa is accessible to US citizens. American applicants often favor investing in qualified private equity or venture capital funds. They may also choose to grow their business in the country, availing themselves of the Golden Visa program. Portugal is an appealing place to migrate because of its strategic location, warm climate, friendly people, high quality of life, and access to the EU market.

British Applicants

British investors are preparing for the impact of Brexit on their travel options, especially since UK passport holders’ freedom of movement inside the Schengen Area ended in 2021. Three factors draw UK individuals to Portugal: freedom of movement throughout Europe, a pleasant lifestyle, and eventually the opportunity to become European citizens via investment.

As of January 1, 2021, UK nationals became eligible to apply for Portugal’s Golden Visa program, having the freedom to move across the Schengen Area.

Major Benefits of Portugal’s Golden Visa

Key Benefits

Investors can obtain a residency permit by donating a minimum of €250,000 to preserve national heritage in Portugal, which is considered one of the most affordable investment thresholds in Europe.

Golden Visa holders are not required to reside in Portugal to hold the residence permit but rather stay in the country for seven days annually.

Golden Visa holders can apply for citizenship after five years while keeping other citizenships, which is considered one of the fastest routes to obtain citizenship in Europe.
Golden Visa holders provide visa-free access to the Schengen area.

Visa-free Access

With the Golden Visa permit, investors are registered in the Schengen Area central system. Thus, they do not need a separate visa to travel freely within Europe.

If applicants want to obtain Portuguese citizenship after five years, they will be able to obtain a Portuguese passport. If they hold a Portuguese passport, they can enter 191 countries visa-free.

Right to Live, Work, and Study

Portugal’s Golden Visa holders have the right to enjoy a high-quality life, work, and study in Portugal. However, investors who choose to live in the country all year long, are required to have medical insurance. This helps them leverage a state-funded quality healthcare system, and public services, as well as access to European colleges and job markets.

The Portuguese curriculum is taught in state schools, however, there are many private British and American international schools.

Golden visa holders are free to work anywhere in Portugal, they can also launch and manage their own company.

Family Reunification

The main applicant can include family members in their application, such as the spouse, minor dependent children, full-age dependent children who are studying, dependent parents over the age of 65 years, and minor dependent siblings who are under the guardianship of the golden visa holder. Family members receive the same rights.

Citizenship and Passport

After obtaining Portuguese citizenship through a Golden Visa, investors become eligible to acquire Portuguese passports. This situation grants foreigners the advantage of being EU citizens, comprising the ability to live and work in any EU member state. Portugal’s Golden Visa by Investment opens a world of opportunity for wealthy individuals who are currently hampered by a weak passport or political instability in their home countries, starting from business to long-term plans for retirement, and careers.

To qualify for citizenship, applicants must have:

No outstanding tax payments in Portugal
Clean criminal records from Portugal and their home country
Pass a basic language test in Portuguese (A2 level)

It is worth noting that the Portuguese Parliament has made some changes to the citizenship law in 2024. This includes how the 5-year residency period is calculated, providing relief to many applicants affected by delays in residency application processing by Agência para an Integração Migrações e Asilo (AIMA). This revision primarily focuses on reducing the waiting period required for Portuguese nationality applications.

Previously, the five-year residency requirement for the citizenship application was made to be from the date of the first issuance of the residency permit. However, the new regulations state that the five-year period will be from the time of submitting the residency permit application. This change is effective in allowing the waiting period for the approval of the residency—which can stretch as long as two years in some cases—to also be counted towards the five-year requirement.

Tax Treatment

To become a tax resident, an investor must remain in Portugal for more than 183 days of the fiscal year. As a rule, the taxpayer will become a resident in Portugal as of the first day of stay in the Portuguese territory and a non-tax resident as of the last day of stay in Portugal, with a few exceptions.

The government has announced the new NHR 2.0 program, but Parliament’s approval is expected soon. Portugal’s new NHR tax regime[4] is called the Fiscal Incentive for Scientific Research and Innovation (IFICI) Program. The regime applies to:

Individuals who become Portuguese tax residents, under Portuguese domestic law, in a specific year.
Have not qualified as tax residents in Portugal in any of the previous five years.
Do not benefit or have benefited from the NHR regime or the former resident regime.
Carry out activities provided for in the applicable legislation.

The regime shall provide a special 20% rate on net employment income, and business and professional income from the activities identified in the applicable legislation. It also offers an exemption on foreign-sourced employment income, business and professional income, investment income, rental income, and capital gains.

General Benefits

As a participant in the Portugal Golden Visa program, you are entitled to reside and work in Portugal, although residency is not mandatory. Portugal provides an attractive tax regime for those who choose to relocate. The Golden Visa also grants visa-free travel throughout the Schengen Area. After holding the Golden Visa for five years, you can apply for Portuguese citizenship or permanent residency, which includes a passport. A Portuguese passport allows you to reside, work, and study anywhere in the European Union.

Complete Application Guide

Portugal’s Golden Visa Investment Options

To qualify for the Golden Visa Permit, applicants have the option to invest in several routes, but they must make their investment before the application is filed.

1- Fund Subscription

Applicants can invest in a qualified investment fund, such as private equity or venture capital funds, with a minimum of €500,000, excluding any fund that has direct or indirect real estate ties. This option is considered perfect for acquiring residency in Portugal because the funds are managed by fund managers who are accredited by the Portuguese Securities Market Commission.

2- Company

Applicants can also gain a golden visa by creating and maintaining ten new full-time jobs in line with Portugal’s labor and social security standards. This number can be reduced to eight new full-time jobs in a Portuguese business established in a low-density area in the country, owned by the main applicant.

Investors can also incorporate a commercial company in Portugal or increase a company’s share capital with an investment of €500,000, combined with the creation of five jobs or the maintenance of ten jobs.

3- Donation

Investors aiming to gain a Portuguese residency permit can donate at least €250,000 to qualified projects in Portuguese arts or national cultural heritage reconstruction. However, the eligible project must be approved by the Portuguese government.

Investors also have the option to contribute at least €500,000 to scientific research in science or technology, conducted by public or private scientific research institutions involved in the national scientific or technological system.

It is worth noting that real estate acquisition and capital transfer no longer qualify an investor for a Golden Visa in Portugal as of October 2023.

Why Real Estate Is No Longer an Option?

The Portugal Golden Visa program removed real estate as an eligible investment option in 2023 to address the country’s housing affordability crisis. Rising property prices and rents, driven in part by foreign investors, made it difficult for locals to afford homes. The government, led by Prime Minister António Costa, aimed to curb real estate speculation and redirect investment into more productive areas like job creation, cultural heritage, and renewable energy.

Additionally, by eliminating real estate investments, Portugal sought to promote transparency and ensure the program benefits the broader economy rather than exacerbating housing market challenges.

Why Fund Investment is a Good Opportunity

The investment fund option for the Portuguese Golden visa has a lot of advantages that other investment paths lack. It requires a reasonable investment amount of €500,000. It also does not lead to hefty fees and taxes as investing in a fund is exempt from the IMI Transfer tax, stamp duty, notary cost, exit fees, and commission. Management fees can range from 0 to 2% annually. Income generated by the fund may be exempt from withholding tax, especially for investors not residing in Portugal. In contrast, all rental income from real estate in Portugal is subject to a fixed 28% tax rate.

Also, it is a great chance for international investors to diversify, have stability, and gain access to the EU market through investing in a Portuguese investment fund. The Funds offer a flexible and hands-off approach, as it is managed by financial experts who strategically invest your assets across sectors like technology, healthcare, and infrastructure. Portugal has a growing economy and a strong financial framework; thus, investment funds provide high potential returns while offering investors residency rights and EU mobility.

Key Benefits of Investment Funds:

1- Diversification: In general, investing in funds allows you to spread your money across a wide range of assets, reducing the risk associated with putting all your capital into a single investment.

On the other hand, Portuguese legislation mandates funds to maintain a diversified portfolio. This means that there are limits on the percentage of the total fund that can be invested in any single asset or investment. This diversification helps spread risk across different investments within the fund, benefiting the participating investors. The annual yields and potential capital appreciation from an investment in a fund under the Golden Visa Program can be substantially higher compared to other investment options.

2- Professional Management: Funds are typically managed by experienced professionals who analyze markets, select investments, and adjust portfolios to optimize returns. This expertise can be especially beneficial for investors who lack the time or knowledge to manage their investments.

3- Higher Returns Potential: Funds Managers often target high-growth sectors or emerging markets, which can provide better returns compared to traditional investments.

4- Transparency and Regulation: Funds approved under residency-by-investment programs are regulated by financial authorities. A registered Portuguese fund is controlled by the Portuguese Securities Market Commission (CMVM), the Bank of Portugal, and the external Fund Management company, and audited by the Portuguese Tax Authorities. These stringent regulations ensure compliance with Portuguese legislation, tax laws, and the approved investment plan by the Portugal investor fund.

5- Access to Broader Markets: Funds often provide access to markets or assets that may be difficult or costly to invest in individually, such as international stocks or specialized sectors like technology or renewable energy.

6- Potential for Growth: Historically, well-managed funds have delivered strong returns over the long term, making them a viable option for building wealth, especially for retirement or other financial goals.

Portugal Golden Visa requirements

Minimum residency requirement

The Portugal Golden Visa program has a minimal duration of stay, as its holders must stay in Portugal for a minimum of seven days on average each year.

	Validity period	Stay requirement
Initial Golden Visa Residence Permit	2 years	14 days within 2 years
Subsequent Golden Visa Residence Permit	2 years	14 days within 2 years

Note: As of April 2020, the initial Golden Visa Residence Permit, which was previously valid for one year, is now valid for two years, and each subsequent permit is now valid for two years as well. This resulted from a Portuguese immigration law legislative modification. Should the modification be permanent, the first card, which has a two-year validity, is anticipated to require the cardholder to physically spend at least fourteen days in Portugal during that time. The renewal cards will thereafter also be valid for two years each, and during that time, the applicants must physically reside in Portugal for at least fourteen days.

Hold the Investment For 5 years

Investors are required to provide proof that they have invested the minimum amount required. They also have to maintain the investment as long as they and their dependents hold the Golden Visa. However, if the investor becomes a permanent resident or a Portuguese citizen, he no longer needs to maintain the investment but rather liquidate it.

Bank Account and NIF Number

Portugal demands that the main applicant invest in a Portuguese bank account. This obligates the investor to open an account with a Portuguese bank. To open the account, the applicant needs to have an NIF number, which is Portugal’s equivalent of a tax identification number.

In Portugal, getting a NIF number and creating a bank account are both quite simple processes. Investors can have an NIF number in a few days, while opening a bank account may require a couple of weeks.

How to get an NIF Number

Applicants can resort to their advisor or lawyer to apply for a Portuguese NIF or can apply for it online. They should create an account on the Portuguese tax authority’s website and provide the following information:

Personal information, including the name, date of birth, and passport number.
Contact information, including the email address and phone number.
Proof of address in your home country.

Once applicants provide the required information, they should submit their application. The Portuguese tax authority will then process it and send him the NIF number by mail.

How To Open a Bank Account

Portuguese banks, in contrast to those in other nations, make it quite simple for foreigners and non-residents to create an account. Compared to the rest of Europe, the banking and maintenance expenses are very reasonable. Simply they should prepare the listed documents below:

Passport or government-issued travel document
NIF number
Portuguese phone number
Proof of address from the country of residence
Proof of income/payslip

Applicants can authorize their lawyers to handle the bank account opening process on their behalf, eliminating the need for an in-person visit to the bank.

Documents Required

Obtaining Legal Documents

The aforementioned papers that were issued by organizations other than Portuguese must all be legalized. If the subject nation is a party to the Hague Convention, the legalization needs to be accompanied by an apostille.

Translating Documents

With the new proceeding, AIMA is accepting documents originally issued in English or certified translations into English.

Fees Details

Golden Visa’s Related Fees

Portuguese golden visa fees are payable directly to the AIMA. The cost of acquiring a Portuguese Golden Visa can range from €10,000 up to €30,000 for a family of four, considering the complete five-year span. It includes the following:

Analysis fee €605.10 per person
Residence Permit fee €6,045.20 per person
Government fees for residence permit renewal €3,022.60 per person

Related Investment Costs

The related charges vary according to the type of investment chosen. The expenses of the most common investment type, which is the fund investment, are shown in the table below:

	Investment Fund
Minimum investment	€500,000
Fees
Subscription Fee	0 to 3% (Could be deducted from the investment amount or charged separately depending on the fund)
Performance fee	Not all funds charge this fee, but when applicable it’s usually around 20%
Management fees	0 to 2% annually
Exit fees	Not applicable

Legal Fees

The law firm selected by the applicant will determine the cost of the legal representation. However, this doesn’t include legal expenses such as the certifications.

Due diligence, application, and renewal processes should be handled by an experienced legal firm because the Portugal Golden Visa investment is substantial. Even if the cost of legal representation might be high, it is preferable to avoid taking a chance by hiring an inexperienced attorney.

A family of four may have to pay fees ranging from €10,000 to €30,000 throughout the full five-year period. Applicants will not have to pay for this upfront but in installations depending on the completed tasks within five years.

Taxes: Portuguese Golden Visa Tax Implications

Legal residence is not the same as tax residency. Having a Golden Visa in Portugal does not automatically make one a tax resident of Portugal.

But even as a mere legal resident, investors will still be responsible for paying taxes on their investment in Portugal, if it brings in money. To become a tax resident, an investor must remain in Portugal for more than 183 days of the fiscal year.

Non-Habitual Resident (NHR) Tax Program

NHR program, which has been halted in Portugal as of 2024, used to provide essential tax savings to foreigners of qualifying professions, who are planning to move their tax residence to Portugal. This scheme was launched in 2009 and now holds over 10,000 applicants.

The government has announced the new NHR 2.0 program, but Parliament’s approval is expected soon. Portugal’s new NHR tax regime[5] is called the Fiscal Incentive for Scientific Research and Innovation (IFICI) Program. The regime applies to:

Individuals who become Portuguese tax residents, under Portuguese domestic law, in a specific year.
Have not qualified as tax residents in Portugal in any of the previous five years.
Do not benefit or have benefited from the NHR regime or the former resident regime.
Carry out activities provided for in the applicable legislation.

Qualifying for the new tax regime is more difficult as it is reliant on your exercising one of several qualifying roles/activities in Portugal, as follows:

Teaching in higher education and scientific investigation
Employment technology and innovation centers
Employment in organizations benefiting from incentives for productive investment
Highly qualified professions
Positions in entities recognized by AICEP, EPE, IAPMEI, or IP as being deemed relevant for the national economy
Research and development
Positions in start-ups
Positions carried out by tax residents in Azores and Madeira – still to be defined under legislation

Differences between the Old and New NHR tax regime

Conditions	NHR 2.0 (IFICI)	Old NHR tax regime
Residency requirement	The applicant should not have been a tax resident in Portugal for the previous 5 years	The applicant should not have been a tax resident in Portugal for the previous 5 years
Validity period	10 years nonrenewable	10 years
Types of income	Tax Treatment
Employment income (High-Value Added Activities)	A flat rate of 20% on eligible activities	Flat rate of 20% on eligible activities + eligible entities)
Pension income	10% fixed rate	10%
Rental income & Royalties	There is an exemption (depending on if it is taxable abroad under the DTA or OECD Tax Model)	Exempt
Dividends & Interest	There is an exemption (depending on if it is taxable abroad under the DTA or OECD Tax Model)	Exempt
Capital gains	There is an exemption (depending on if it is taxable abroad under the DTA or OECD Tax Model). Gains from the sale of moveable assets are not an exemption, typically.	Exempt

In conclusion, the new NHR regime retains exemptions based on international tax treaties such as DTA and OECD, while the old scheme offered broader exemptions. The new regime limits exemption on capital gains from the sale of movable assets, whereas the old regime fully exempts capital gains.

Portugal Golden Visa Process

The process involves selecting an investment, submitting required documents, and passing background checks. After approval, applicants receive a residency permit, which can lead to citizenship after five years. This visa offers the advantage of living, working, and traveling within the Schengen Area.

How to Apply for a Golden Visa?

To apply for a Portugal Golden Visa, applicants will need the below documents

Documents needed

To apply for Portugal’s Golden Visa, investors are required to submit the following papers:

Main Applicant

Passport: Identification and signature page if a new one was issued since the original application.
Criminal Record: Federal/National record for immigration purposes, in English or with a certified translation into Portuguese or English, duly legalized by the Portuguese Consulate (or with an apostille, if applicable) from the country where the applicant has been residing for more than one year (valid for 90 days).
Residence Permit/Visa: Certified copy of the foreign residency card, duly legalized by the Portuguese Consulate (or with an apostille, if applicable), whenever the applicant is living in a country different from their country of origin.
Tax Number of the Origin Country: Certified copy, duly legalized by the Portuguese Consulate (or with an apostille, if applicable), of the foreign tax number document. In countries where a tax number does not exist, an equivalent number (such as social security, ID, etc.) or an official document stating its non-existence can be used.

Spouse: (If Applicable)

Passport: Identification and signature page if a new one was issued since the original application.
Criminal Record: Federal/National record for immigration purposes, in English or with a certified translation into Portuguese or English, duly legalized by the Portuguese Consulate (or with an apostille, if applicable) from the country where the applicant has been living for more than one year and from the country of nationality (valid for 90 days).
Residence Permit/Visa: Certified copy of the foreign residency card, duly legalized by the Portuguese Consulate (or with an apostille, if applicable), whenever the applicant is living in a different country from their country of origin.
Marriage Certificate: In English or with a certified translation into Portuguese or English, duly legalized by the Portuguese Consulate (or with an apostille, if applicable) (valid for six months).

Children

Passport: Identification and signature page if a new one was issued since the original application.
Residence Permit/Visa: Certified copy of the foreign residency card, duly legalized by the Portuguese Consulate (or with an apostille, if applicable), whenever the applicant is living in a different country from their country of origin.
Birth Certificate: In English or with a certified translation into Portuguese or English, duly legalized by the Portuguese Consulate (or with an apostille, if applicable) (valid for six months).

Important Notes:

All documents must be legalized/apostilled and in English or Portuguese.
The investor must personally handle biometric collection in Portugal.
Investment must be in the investor’s name with capital transferred from abroad.
Processing times depend on the Immigration Office workload and external factors
Procedures and fees are subject to change by public entities.

Main applicants are also required to open a bank account in a Portuguese Bank to invest. Additionally, they need to get an NIF number (tax identification number) in Portugal to open the account.

Application and Process

Applying for the Golden Visa in Portugal is a straightforward process. Investors can ensure a smooth and successful application by making the required investment, completing the legal procedures, and preparing the correct documentation. Here’s a breakdown of the key steps required:

Step 1: Applicants seeking to invest in a Golden Visa permit should work with an advisor to guide them through the process. These professionals have the expertise and knowledge to navigate the complex legal and regulatory requirements, ensuring that applicants comply with all necessary procedures.
step 2: Investors have to review the various investment options available and choose the one that aligns best with their goals. Advisors can also provide valuable insights into the different investment options. Currently, the most popular choice among applicants is the fund investment option.
Step 3: The appointed lawyer assists the applicant in obtaining the NIF number (tax identification number), which can typically be completed within a few days in Portugal.
Step 4: The Advisor and the appointed lawyer will help the investor open a bank account without requiring you to be physically present in Portugal his process may take from a week to a few months, depending on the country of origin.
Step 5: After choosing the investment type, the applicant should transfer the investment amount into their Portuguese bank account, and then proceed to invest.
Step 6: An advisor helps the applicant collect all the required documents for himself and any dependents. This involves translations, notarizations, apostilles, and certifications, which can make it a bit overwhelming. The advisor helps applicants streamline the application process, avoid potential pitfalls, and increase their chances of successfully obtaining a Golden Visa.
Step 7: Once applicants make the qualifying investment and finish their paperwork, the lawyer should submit their pre-application online to Agência para an Integração, Migrações e Asilo (AIMA, previously SEF).
Step 8: After reviewing the application, AIMA will book a biometrics appointment. On the chosen date, the applicant and any dependents must attend in person at the designated AIMA office to submit their fingerprints.
Step 9: After completing the biometrics appointment and paying the residence card issuance fee, AIMA will analyze the application. The advisor will then collect the Golden Visa residence cards and send them to the applicant and his dependents. Each card is valid for two years, after which applicants should renew them to continue holding the Golden Visa.

Application Time Frame

The advisor submits all required documents as per paragraph 16 of Article 65-D of Decree-Law no. 84/2007. Documents must be valid, legalized (if issued abroad), translated into Portuguese or English, and preferably certified. Uncertified documents require the originals to be presented during the biometrics appointment. They should upload documents for both investors and their family members, ensuring each document does not exceed 2MB, and split files if needed.

Once the application is updated, AIMA will automatically schedule a biometrics appointment at a service center in chronological order of updates. Appointments will begin on January 15, 2025, and must be held between 30 to 90 days after scheduling.

Rescheduling will be available for the second half of 2025 in justified and documented cases of inability to attend. Depending on flow management and family size, applicants may not be able to select their preferred service center.

According to AIMA notification, applicants may not have the option to choose the service center. Staying for one day in Portugal should be enough for the biometric collection, but it is recommended to stay an additional business day to account for any potential system issues.

Applicants may schedule the AIMA appointment at once with all of the dependents. Following the biometrics appointment, the Golden Visa cards will be delivered to the applicants, and it usually, takes four months to get these cards for residency permits. The moment your Golden Visa card is issued, the clock on your residency begins to run.

Golden Visa: Post-Approval Guide

Years one and two

The Initial Golden visa card is valid for two years, during which investors must spend a total of 14 days in Portugal. At the end of this period, investors need to renew the residence permit 30 to 90 days before the expiration date of the card. They need to repeat the AIMA appointment to renew the card and re-submit up-to-date documentation, such as criminal records, biometrics, and necessary processing fees.

Years Three and Four

The renewed Golden Visa permit will be valid for another two years. Within those three years, investors must spend at least 14 years in Portugal.

Year Five

Once Golden Visa holders renew their card again for two years and lapse one year of it; at the end of the fifth year, investors have three options:

Apply for Permanent Residence in Portugal
Apply for Citizenship in Portugal
Continue with the Golden Visa temporary residence program

If investors choose to become permanent residents or citizens in Portugal, they no longer need to maintain the Golden Visa investment they made in the country.

Portugal Golden Visa Renewal Guide

The Portugal Golden Visa program mandates that investors renew their residence permits every two years.

For this process, applicants must demonstrate that their investment remains active and that they visited Portugal and spent a total of 14 days each two years to maintain their residency status.

Renewal applications should be submitted no later than 30 days before the residence permit expires. Missing this deadline could lead to the permit being revoked unless the investor can provide a valid reason for the delay.

Renewal Steps

Step 1: Determine Renewal Method: applicants can choose to renew the permit card on the AIMA or in person at a registry office by prior appointment.
Step 2: Prepare Necessary Documents: Residency permit holders should gather all the required documents for the renewal application. This may take 1 to 2 weeks.
Step 3: Schedule Renewal Appointment: Applicants or their legal representatives can schedule the renewal appointment through the Portal ARI.
Step 4: Attend Appointment: On the day of the appointment, residency permit holders should submit all documents and provide biometric data to the AIMA.
Step 5: Application Processing: The renewal process typically takes 2 to 3 months from the time of application submission to the issuance of new residence cards.
Step 6: Receive New Residence Cards: Upon approval, the new residence cards will be issued to the investors.

Investors, along with their legal representatives, should compile all required documents for the renewal application. Portugal Golden Visa requirements vary depending on the chosen investment option and the investor’s family composition.

Documents for Residence Permit Renewal

Golden Visa holders need to submit the following documents to renew their residency card[6]:

Valid residence permit or one that has been expired for less than 6 months
Valid passport or travel document
Health insurance
Proof of regularized tax situation, where applicable
Proof of regularized situation in social security, where applicable
A certificate of no criminal record from the country of residence if an applicant lives outside Portugal.
Permission to AIMA to check for criminal background in Portugal for each applicant over 16.
A completed application form
A receipt of payment for the analysis of the application

It is necessary to provide further evidence, in addition to the general documents, if the renewal of the permit is for specific purposes, such as employed workers, teaching activity, cultural activity, education, and research, among others.

Cost of Portugal Residence Renewal

To renew the residence permit, investors must cover several expenses. This includes the analysis fee of the application, which is €605.10 per person, along with the renewal residence permit fee, which is €6,045.20 per person. The bank account management fees depend on the bank. Golden Visa renewal fees include residence permit renewal, which is €3,022.60 per person. However, in the last few months, Golden Visa holders have been able to renew their visas for around € 100 per person!

Portuguese Citizenship Application

After renewing the initial Golden Visa card twice and completing a total of five years, Golden Visa holders become eligible to apply for permanent residency or citizenship in Portugal.

The citizenship application typically takes six months to a year. However, once applicants receive permanent residence or citizenship, investors will no longer need to maintain their investment in the country. To apply for Portuguese citizenship[7], applicants should be at least 18 years old, have been legally resident in Portugal for at least 5 years, and know the Portuguese language sufficiently.

Required Documents:

Birth certificate translated into Portuguese and certified
A request addressed to the Minister of Justice, written in Portuguese, stating:
- His full name
- Date of birth
- Gender
- Marital Status
- Nationality and Parent’s name
- Profession
- Address
- Countries he lived in after the age of 16
The full name and address of his legal representatives, if you are incapacitated, or of your attorney
The number, date, and entity that issued your residence permit or authorization, passport, or equivalent identification document.
Clean criminal record issued by the AIMA
Clean health record indicating the applicant does not have any serious diseases
Proof of Portuguese residency including documentation such as residence permit, utility bills, rental agreements, or other official records demonstrating that the applicant has lived in Portugal for the required period.
Fluency in Portuguese by passing the CIPLE test or providing equivalent evidence.
A completed Portugal citizenship application form
A valid passport and proof of identification
Proof of health insurance valid in Portugal
Proof of payment for the application processing fee
A declaration confirming that investment requirements have been met
Documents proving good standing with the Portuguese Tax and Customs Authority and Social Security system issued within 45 days before the application

After completing the application form, submitting the documents and fees, and sending the application to the registry office. The latter will review the application to determine if the applicant meets the eligibility criteria for Portuguese citizenship. If approved, the investor will receive an official letter confirming his Portuguese citizenship. Once applicants gain Portuguese citizenship, they can apply for a Portuguese passport, which is issued within a few days or weeks.

Frequently Asked Questions about Portugal Golden Visa

What is Portugal’s golden visa?

The Portuguese government offers this residency by investment program to non-EU, non-EEA, and non-Swiss nationals ready to make a qualifying investment in Portugal. Through this investment immigration program, money from outside investors is injected into the Portuguese economy.

Is Portugal’s Golden Visa program ending?

No, the Portugal Golden Visa program is not ending, however, it went through a change in late 2023.

What are the main changes in Portugal’s Golden Visa in 2023?

In 2023, the Portugal Golden Visa program was modified. Following these modifications, applicants are no longer able to obtain a Golden Visa in Portugal by purchasing real estate properties, investing in funds related directly or indirectly to real estate, or transferring capital. The only options include investing at least €500,000 in an eligible investment fund or donating to cultural heritage or research activities.

What benefits does the Golden Visa offer?

The Portugal Golden Visa has several benefits, such as the ability to travel throughout the Schengen states without a visa, the ability to live and work in Portugal, the ability to enroll all eligible family members in the residence program, and the opportunity to apply for Portuguese citizenship after holding your visa for at least five years.

Can Americans apply for the Portugal Golden Visa?

Americans can apply for the Portuguese Golden Visa. Utilizing the Golden Visa program, American company owners may also decide to grow their operations in Portugal. Portugal is an appealing place to migrate because of its tax benefits.

Can UK citizens apply for the Golden Visa Program in Portugal?

Yes, now that Brexit is complete, British citizens can apply for Portugal’s Golden Visa as of January 1st, 2021. The program allows British nationals to become EU residents which allows them to relocate or retire in Portugal.

Can my family members apply for Golden Visas?

Spouses and dependents (children and parents) are eligible to apply for and receive Golden Visas. Children should be under the age of 18, however, financially dependent children aged 18 and above, must be full-time students and unmarried. Parents of the main applicant may be included if they are over 65 years old

Can siblings of the main Golden Visa applicant apply together?

No, siblings must file their separate applications.

Can spouses who are not officially registered apply for a Golden Visa?

Yes, they can, but it will be necessary to prove their union.

Can the Golden Visa application be done remotely or in an embassy?

The application itself is submitted online, but investors need to travel to Portugal for biometrics after their application is accepted.

How much does the process of obtaining the Portuguese Golden Visa cost?

The investment route selected will determine how much the Golden Visa costs. In addition to the deployed capital, investors must pay the Portuguese government Golden Visa acquisition costs in addition to the legal fees.

Does the visit for biometrics count towards the required time spent in Portugal?

The duration of stay in Portugal is only considered after obtaining one’s initial residence card. As a result, the 14 days you must spend in Portugal within the first two years do not include the initial biometrics visit. Nonetheless, the duration of your stay in Portugal at the second biometrics appointment to renew your residence card is used towards the 14-day requirement for the initial two years.

How long is the processing time for the Golden Visa in Portugal?

The average wait time at AIMA is a major determinant of the wait time for the Golden Visa application, which is subject to frequent fluctuations. As of late 2024, the average wait time for biometrics appointments used to take 18 to 24 months, however, after the most recent guidelines released in late December by AIMA to streamline the application process, it’s expected that the wait time will be cut down.

Does the biometrics waiting time count toward the 5-year requirement for citizenship eligibility?

Yes, the counting of the five years will begin from the date of submitting the residency application.

Can I invest in a limited company?

No, the main applicant must make the investment required for the Golden Visa as an individual.

Can I take a loan to make my investment?

Portugal demands that the main applicant bring the required minimum investment into the country. You are not allowed to take a loan from a Portuguese bank, however, you may take a loan from your bank in our home country and transfer the money to Portugal.

Which investment funds are available for a Golden Visa?

Numerous venture capital and private equity funds are available in the market, which qualify investors for the Portugal Golden Visa program. Each fund offers unique business strategies and investment techniques that appeal to a wide range of investors. Our team can connect you with the top options available.

What happens to the investment after five years?

As a Golden Visa holder, you have three choices: (

1) Extend your stay in Portugal as a Golden Visa holder

2) Apply for permanent residency

3) Apply for Portuguese citizenship

You are then free to liquidate your investment as you see fit if you decide to become a Portuguese citizen or permanent resident. Only if you want to proceed with the Golden Visa temporary residency program you need to hold on to it.

Can I do the Golden Visa Portugal process on my own?

You could. However, applying for a Portuguese Golden Visa will cost you a lot of money. Therefore, it is strongly advised that if you decide to pursue the program, you consult with a competent advisor and a lawyer.

Do I need to do the Portugal Golden Visa language test?

Applicants for Portuguese Golden Visas are not required to take the language exam to be granted a resident permit, but they must pass the test to become citizens.

Is the A2 the only exam that is accepted?

Yes, the only exam recognized as meeting the requirements for Portuguese citizenship is the A2 level Portuguese language examination.

Where can I study Portuguese and get the exam ready?

You can use a variety of online tools to get ready for the Portuguese exam. The Portugal and Brazil embassies also usually provide offline courses, depending on your location.

Does the investor have to pay taxes in Portugal on his/her worldwide income?

No. The investor is not considered to have a domicile if they do not spend 183 days or more in Portugal in a year. In that scenario, other than that in Portugal, the investor does not pay taxes in Portugal on the worldwide revenue.

What are the Portugal Golden Visa Tax considerations? Do I have to pay taxes in Portugal?

Being granted a Golden Visa in Portugal does not entitle you to Portuguese tax residency. You are not required to pay taxes on your non-Portuguese income until you move to Portugal and establish yourself as a tax resident. However, any money you earn within Portugal must be disclosed to Portugal and therefore be subject to taxation. You won’t pay taxes on the same income twice because of double-taxation treaties.

Is the cost of living in Portugal low or high?

Portugal has a low cost of living compared to the rest of Europe and USA.

Do I have to register and pay Social Security contributions in Portugal?

No, Social Security payments or registration are not needed in Portugal. Nevertheless, to pay for medical care in Portugal, you must have private health insurance.

Can I use cryptocurrency such as Bitcoin to apply for the Portugal Golden Visa?

The Portugal Golden Visa investment may only be made in euros; the Portuguese government does not accept other currencies.

Is it possible to hold two citizenships in Portugal?

Portugal permits dual citizenship.

Does Portugal’s Golden Visa provide citizenship?

Indeed, Portugal’s Golden Visa program indirectly leads to citizenship. After the five-year tenure of the Golden Visa, you can apply for citizenship.

What is the cost of Portuguese citizenship?

It depends on the qualifying investment you decide to go with, assuming that you would apply for Portuguese citizenship through Golden Visa Portugal.

Who is affected by the updates announced in late 2024?

All ongoing applications that hadn’t completed biometric collection in person before AIMA and new applications were submitted after the policy change.

How can I know that my application is under the “awaiting submission” status?

Applicants can access their files through https://ari.sef.pt/ using the email registered and password automatically provided by the system at the moment of the application submission. A legal representative can access it through their general legal access and update you accordingly.

What are the application Statutes?

Awaiting Payment Confirmation: The application was filled out, but the analysis fee charged by AIMA has not yet been paid.

Awaiting Submission: The application can be amended and uploaded.

Awaiting Analysis: The application is blocked, and no changes can be made, while AIMA does not analyze it and notifies for further steps.

Under Analysis: AIMA is reviewing the application.

Application Accepted: successful analytics, and biometrics appointment scheduled.

Transferred to SIISEF: Biometrics completed; residency card issuance underway.

What are the changes in the new process?

In the previous process, applicants used to:

Apply online with mandatory documents, including simple scans of legalized/apostilled documents, translated into Portuguese.
Pay the Analysis Fee.
First analysis period.
Receive notification of admission.
Book a biometrics appointment.
Attend the biometrics appointment to provide data and submit updated and original documents.
The second analysis period for validating physical paperwork submitted during the biometrics appointment.
Receive notification of approval.
Card issuance fee payment
Residency Card issuance

Following the updated Process, applicants should:

Submit the application online with a complete set of documents, including certified copies of legalized/apostilled documents. English documents or certified translations are accepted.
Pay the Analysis Fee.
Undergo the analysis period.
Receive acceptance and notification of the biometrics appointment.
Attend the biometrics appointment to provide data, submit original documents (if uncertified copies were provided online), and pay the card issuance fee.
Receive the residency card.

It is worth noting that required documents, formalities, and validity remain unchanged.

I submitted my process very recently, shall I prepare new documents?

No new documents are required, If the applicant’s status changes to “awaiting submission” and all documents are valid. Your agent will resubmit the application with the same documents.

Shall I upload documents by myself in the online platform?

No, your legal representative will handle the necessary diligence as before. You should not make any modifications to the platform under any circumstances.

Which documents are requested from the Investor?

Passport: Identification and signature page if a new passport has been issued since the original application.
Criminal Record: Federal/national record for immigration purposes, in English or with certified translation into Portuguese or English, legalized by the Portuguese Consulate (or apostilled if applicable), from the country where the applicant has lived for over a year (valid for 90 days).
Residence Permit/Visa: Certified copy of the foreign residency card, legalized by the Portuguese Consulate (or apostilled if applicable) if the applicant resides in a country different from their origin.
Tax Number: Certified copy of the foreign tax number document, legalized by the Portuguese Consulate (or apostilled if applicable). If no tax number exists, the equivalent number (e.g., social security, ID) or an official document stating its non-existence is acceptable.

My lawyer is requesting documents that I have never provided before. Is that normal?

Yes, while the document list remains the same, previously only mandatory documents were required at the online stage to save clients from the cost and bureaucracy of submitting them twice—for both the online and in-person stages. With the new procedure, all documents must now be submitted online.

What do apostilled/legalized documents mean?

Apostilled and legalized documents authenticate the validity of documents for international use. An apostille is issued under the Hague Apostille Convention (1961) for use in member countries. Legalization is used for countries not part of the convention and involves multiple steps: certification by the issuing authority, authentication by the Ministry of Foreign Affairs, and final legalization by the embassy or consulate of the destination country.

Can I submit documents in English?

Yes. With the new proceeding, AIMA is accepting documents originally issued in English or certified translations into English.

What is the validity of the documents?

Generally, all documents are valid for 6 months from the issuance date, except for the criminal record (valid for 90 days) and non-debt declarations (valid for 4 months).

Can I submit family members’ documentation later?

Yes, but by doing so, you accept the risk of having appointments on different dates (and consequently, residence cards with different validity periods) and incurring additional costs for the necessary legal procedures.

What happens if I do not comply with the resubmission?

If you do not comply with the resubmission, AIMA may declare your application abandoned, and you will need to restart the process under the current law, which has been in effect since October 2023.

What happens if I mistakenly click on the “sent” button?

You will need to wait for AIMA’s response. While the outcome is uncertain, possible reactions include notification of refusal (due to non-compliant, expired, or incomplete documents), status change to “awaiting submission” to allow proper document upload, and notification for a biometric appointment.

Will I be asked to pay a new analysis fee?

No, the analysis fee paid during the original online submission remains valid.

Is there any prior notice between the notification of the appointment and the appointment date?

According to AIMA notification, the appointment will be scheduled between 30 and 90 days after notification.

Can I choose the office location where biometrics will be collected?

According to AIMA notification, applicants may not have the option to choose the service center.

What happens if I cannot attend the scheduled appointment?

Only justified and documented cases will be rescheduled for the second half of 2025. We strongly recommend accepting the appointment given by AIMA, as rescheduling can be challenging, time-consuming, and bureaucratic.

What should I bring to the biometrics appointment at AIMA?

Original passport(s)
Proof of legal presence in Portuguese territory (full copy of the passport with visible border stamps or a declaration of entry, flight ticket if not flying directly to Portugal, valid visa if applicable)
Originals of any uncertified documents submitted on the Golden Visa platform.

Which payments are due at the appointment?

The residence permit issuance fee of €6,045.20 per person (or €8,060.20 per person if you haven’t uploaded certified documents and prefer to bring the originals).

What is a TPA?

It stands for a standard payment terminal, commonly found in shops. It accepts debit cards from various banks, including foreign accounts, and supports major card networks such as Visa, Mastercard, and American Express.

Do I need to comply with the 7/14 days of presence in Portugal?

Not at this stage. This obligation begins only after the issuance of the residence card.

For the biometric appointment, does only the main investor have to attend or do dependents under the GV application also need to attend?

All applicants, regardless of age, must attend.

How many days should we plan to stay for the biometric collection?

One day should be enough, but we recommend staying an additional business day to account for any potential system issues.

This streamlined process aims to make the Golden Visa procedure more efficient, though it places greater emphasis on preparing complete documentation upfront.

Please visit us here for more information about the Portugal Golden Visa, the new updates, and the document requirements.

For more information, about making a qualifying investment through a fund subscription in Portugal, please visit our website here.