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The Portugal Golden Visa Program is a residency-by-investment scheme launched in 2012, designed to attract international investors and boost the country’s economy. It grants investors and their families the right to live, work, and study in Portugal, as well as enjoy visa-free travel within the Schengen Zone.
Unlike traditional immigration, Golden Visa applicants are only required to spend an average of 7 days per year in Portugal, making it one of the most flexible residence programs in Europe.
Originally, real estate investment was the most popular route. However, since 2023, property purchases no longer qualify for the Golden Visa. Today, the most preferred and government-approved pathway is through regulated investment funds (Venture Capital / Private Equity Funds).
Until late 2023, purchasing a property worth €280,000–€500,000 was the main way to secure a Golden Visa. This option is now officially closed by law under the “Mais Habitação” legislation, in order to combat housing shortages.
📌 As of today, the most common and legal investment routes include:
Investment Funds (VC/PE Funds) – starting from €500,000
Capital Transfer – min. €500,000 into Portuguese funds or companies
Job Creation / Company Formation – min. 10 jobs
Scientific Research or Cultural Investment – €250,000–€500,000
👉 Among these, regulated investment funds have become the leading and most practical option.
This is the most frequently asked question.
Yes — investment funds are regulated by the Portuguese Securities Market Commission (CMVM) and must comply with European Union financial regulations and transparency standards.
✔ The funds must:
Be registered in CMVM (Portuguese financial authority)
Be managed by licensed entities under EU law
Provide annual audits, financial reporting, and investor protection mechanisms
Often co-invest together with European banks, insurance companies, and pension funds
⚠ However, just like any investment, profit is not guaranteed. The goal is capital protection + residency eligibility—not high returns.
This is a very hot topic right now.
Under the current law, Golden Visa holders may apply for Portuguese citizenship after 5 years, provided they
✔ maintained the investment,
✔ renewed the residence permit on time,
✔ passed a basic A2-level Portuguese language test.
However, there are ongoing political discussions that may change the system:
⚠ Possible change from 5 to 10 years for citizenship eligibility
Some government officials suggested extending the residence requirement to 10 years
This change could be announced in 2026, but nothing is officially confirmed yet
Important: Getting a Golden Visa today does NOT guarantee citizenship in 5 years
Why? Because:
✔ Golden Visa → only a residency permit
✔ Citizenship is a separate legal process
✔ The law only says: “After holding residency for 5 years, applicants may apply“
✔ If the law changes before you apply for citizenship, the new rule applies to everyone who has not yet applied
So what does this mean?
Starting now still gives you the advantage of entering the system earlier
But citizenship is not guaranteed in 5 years—it depends on future laws
✔ The Golden Visa program itself remains active
✔ Investment funds are still open and fully legal
✔ Entering the system before possible stricter rules is a strategic move
✔ You secure EU residency & Schengen mobility regardless of future citizenship laws
✔ If citizenship stays at 5 years—you’re already in the process
✔ If it changes to 10—you are still ahead of new applicants
Since real estate is no longer accepted for the Portugal Golden Visa, the most popular and legally valid method today is investment funds. These funds are regulated, audited, and approved by the Portuguese authorities and comply with EU financial regulations.
Minimum investment: €500,000
Type: Venture Capital or Private Equity Funds
Regulated by: CMVM (Portuguese Securities Market Commission)
Funds invest in sectors such as:
✔ Real estate development projects (indirectly)
✔ Renewable energy
✔ Startups & technology
✔ Health, logistics, agriculture
✔ Hospitality & tourism companies
Why investors choose this option:
100% compliant with new law (No property purchase needed)
No property management, tenant issues, or taxes
Safer than buying real estate in an uncertain legal environment
Often co-invested by large European financial institutions
Professionally managed and supervised
Possible annual returns from 3% to 8% (depending on risk profile)
Transfer of at least €500,000 into a Portuguese registered company or set up a new company
Must create or maintain five permanent jobs
Less popular because of tax, operational and management responsibilities
Investment of €500,000 into public or private scientific research institutions
Fields include medical research, technology, energy
Suitable for investors looking for philanthropic or innovation-based investment
Minimum investment: €250,000
Directed into national heritage restoration, cultural projects, museums, or arts
Less common, but lowest minimum investment option
Since October 2023, buying residential or commercial property no longer qualifies for the Golden Visa — regardless of value, location, or renovation status.
| Option | Minimum Investment | Eligibility | Popularity |
|---|---|---|---|
| Investment Funds | €500,000 | ✅ Legal & Active | ⭐⭐⭐⭐⭐ |
| Capital Transfer / Company | €500,000 | ✅ | ⭐⭐ |
| Scientific Research | €500,000 | ✅ | ⭐⭐ |
| Cultural Support | €250,000 | ✅ | ⭐ |
| Real Estate | ❌ Closed | ❌ Not Allowed | – |
Even though the Portugal Golden Visa process is straightforward, it includes strict legal, financial, and compliance steps. Below is a clear breakdown of how it works:
Confirm investor’s nationality (must be a non-EU/EEA/Swiss citizen)
Verify clean criminal record & proof of legal income
Decide number of dependents to include (spouse, children, parents etc.)
Choose the most suitable investment pathway (most applicants select investment funds)
This can be done remotely via power of attorney, no need to travel to Portugal.
Apply for a Portuguese NIF number (Número de Identificação Fiscal)
Open a bank account in Portugal
Transfer a minimum of €500,000 for the investment
Select a CMVM-regulated investment fund
Sign the subscription agreement
Transfer the funds from your Portuguese bank account
Receive subscription certificate + proof of investment
Typical documents include:
Passport copies
Proof of investment (fund certificate)
Criminal record from country of residence
Portuguese NIF & bank confirmation
Marriage certificate or birth certificates (if including family members)
Health insurance valid in Portugal/Schengen
All documents must be translated into Portuguese and apostilled.
(AIMA: Agency for Integration, Migration and Asylum – replaced SEF since 2024)
Upload all documents, fill the application form
Pay the initial application fee (€533 per applicant + €83 per dependent)
Receive “Pre-Approval” from AIMA
Once pre-approved, investor must visit Portugal for biometrics
Fingerprints, signatures, and original documents are verified
After this step, final approval process begins
Residence permit valid for 2 years, renewable for 2+2 years
Minimum stay requirement: 7 days per year (or 14 days every 2 years)
After 5 years of residency, investor may apply for Permanent Residency or Citizenship (if law remains unchanged)
| Process Stage | Estimated Time |
|---|---|
| NIF + Bank Account | 1–2 weeks |
| Fund Subscription | 1–4 weeks |
| Document Preparation | 2–6 weeks |
| Online Application & Pre-Approval | 6–12 months |
| Biometrics Appointment | After pre-approval |
| Final Approval & Residence Card | 3–6 months later |
| Eligibility for Citizenship | After 5 years* |
Even though the minimum investment for the Portugal Golden Visa is €500,000, applicants should also consider government fees, legal costs, fund management fees and renewal expenses. Below is a full, realistic cost breakdown.
| Investment Route | Minimum Amount |
|---|---|
| Investment Funds (VC/PE) | €500,000 |
| Cultural Support | €250,000 |
| Scientific Research | €500,000 |
| Job Creation / Company | €500,000 + 10 jobs |
| Fee Type | Amount (€) |
|---|---|
| Initial Application Fee (main applicant) | €533 |
| Per Dependent (each family member) | €83 |
| Residence Permit Issuance Fee | €5,325 per person |
| Renewal Fee (after 2nd & 4th year) | €2,663 per person |
| Citizenship/Permanent Residency Application | €250–€300 (after 5 years)* |
* Only applicable if citizenship laws remain unchanged.
| Service | Average Cost (€) |
|---|---|
| Legal Representation / Law Firm Fees | €5,000–€10,000 |
| Power of Attorney | €200–€400 |
| Translation & Apostille | €300–€800 |
| Bank Account Opening / Compliance Fees | €500–€1,000 |
| Health Insurance (required) | €400–€600/year |
| Cost Element | Explanation | Cost (€) |
|---|---|---|
| Subscription Fee | 1–3% of investment | €5,000–€15,000 |
| Annual Management Fee | 0.5–2% per year | €2,500–€10,000 |
| Expected Fund Duration | 6–8 years (capital return after exit) | – |
| Expected Return (not guaranteed) | 3–8% annually (depends on risk level) | – |
| Expense Type | Approximate Total (€) |
|---|---|
| Investment (Fund) | €500,000 |
| Government Fees | €5,325 × 3 = €15,975 |
| Application Fees | €533 + €83×2 = €699 |
| Legal Services | €7,000–€10,000 |
| Fund Subscription & Management | €10,000–€15,000 |
| Total Initial Budget | €535,000 – €545,000 |
| Stage | Approx. Time |
|---|---|
| NIF & Bank Account | 1–2 weeks |
| Investment in Fund | 2–4 weeks |
| Document Apostille & Translation | 2–6 weeks |
| Online Application (AIMA submission) | 1 day |
| Pre-Approval Waiting Time | 6–12 months |
| Biometrics Appointment | After pre-approval |
| Final Residence Card Issuance | 3–6 months later |
| Citizenship/PR Application Eligibility | After 5 years* |
The Portugal Golden Visa is one of the most attractive residency-by-investment programs in Europe — not only for its flexible lifestyle requirements but also because it offers a direct path to EU residency and potentially citizenship.
Here are the key advantages:
Golden Visa holders and their families can legally live in Portugal, although full-time residency is not mandatory.
Children can attend public or private schools and universities in Portugal or anywhere in the EU.
You can also work or open a business in Portugal if desired.
You and your immediate family gain full access to 29 Schengen countries without additional visas (France, Germany, Spain, Netherlands, Switzerland, etc.).
Unlike other residency programs, Portugal only requires 7 days of physical stay per year or 14 days every two years.
This makes the program ideal for investors who live and work outside Europe but want a second residency as a safety plan.
You can include:
✔ Spouse or legally recognized partner
✔ Children under 18
✔ Children over 18 if financially dependent and in education
✔ Parents of either spouse (if financially dependent)
After 5 years of holding the Golden Visa, investors may apply for Permanent Residency or Portuguese Citizenship (if law remains unchanged).
No need to live in Portugal full-time.
Only A2 level basic Portuguese language test is required.
As a Portuguese citizen, you get access to EU passport – ranked among the strongest in the world.
⚠ Important note on future law changes: The government has discussed extending citizenship eligibility from 5 to 10 years (potentially around 2026), but nothing is official yet. However, if the change becomes law, it may affect all applicants who have not yet applied for citizenship.
For fund investments:
Funds are regulated by CMVM (Portuguese Securities Market Commission)
Must comply with European Union financial regulations
Subject to annual audits, transparency reports, and supervision
Many funds co-invest with European banks, pension funds, and insurance companies
Since real estate no longer qualifies, investors avoid:
❌ Tenant problems
❌ Property taxes & maintenance
❌ Market volatility in real estate
✅ Fund investment is passive, managed by professionals
Ideal for investors seeking Plan B residency due to economic instability, political risks, or travel restrictions in their home country.
Portugal is considered one of the safest and most peaceful countries in Europe, ranking high in the Global Peace Index.
✔ EU Residency for the whole family
✔ Only 7 days/year stay requirement
✔ Schengen visa-free movement
✔ Option to apply for EU citizenship after 5 years*
✔ Fully regulated and audited investment options
✔ Tax planning opportunities (NHR regime previously available)
✔ Safe, stable and high-quality lifestyle
No. As of October 2023, real estate purchases (residential or commercial) no longer qualify for the Golden Visa.
The most popular and legal route now is via regulated investment funds starting from €500,000.
Investment funds are supervised by:
CMVM (Portuguese Securities Market Commission)
Banco de Portugal (for banking compliance)
European Union financial directives (MiFID II, AIFMD)
Funds are audited, must submit annual reports, and are often co-invested by European banks, pension funds, or insurance companies. However, like any investment, returns are not guaranteed — the primary goal here is residency + capital preservation.
On average:
| Process Step | Timeframe |
|---|---|
| NIF + Bank Account | 1–2 weeks |
| Fund Subscription | 2–4 weeks |
| Online Application | Same day |
| Pre-Approval | 6–12 months |
| Biometrics Appointment | After pre-approval |
| Residence Card Issued | 3–6 months later |
No. Only 7 days per year (or 14 days every 2 years) is required to maintain the Golden Visa. You can still keep your business, work, and lifestyle in another country.
Currently, yes — but it may change.
Under existing law, Golden Visa holders may apply for citizenship after 5 years of legal residency.
However, the Portuguese government is considering extending this to 10 years (discussion expected in 2026).
Very important: Holding a Golden Visa for 5 years does not guarantee automatic citizenship. It only allows you to apply — and if the law changes before your citizenship application, the new rules will apply.
✔ You must also:
Pass a basic A2 Portuguese language test
Have no criminal record
Show ties to Portuguese society (bank account, tax number, etc.)
The Golden Visa residence permit remains valid.
What could change is citizenship eligibility rules.
If the government changes the rule from 5→10 years and it applies retroactively, everyone who has not yet applied for citizenship may be affected, even if they already invested.
No.
Most funds are locked for 6–8 years. Early withdrawal may cause:
Loss of residency status
Contractual penalties
Ineligibility for renewal
Yes. You can include:
👤 Spouse or legally recognized partner
👶 Children under 18
🎓 Children over 18 if in full-time education and financially dependent
👵 Parents of either spouse if financially dependent
Golden Visa approval is not affected by financial returns, only by maintaining the investment amount.
However, like all investments, funds carry financial risks.
Choosing a conservative, capital-protected fund with audited history is highly recommended.
If you are considering applying for the Portugal Golden Visa or would like to evaluate the most suitable investment fund for your profile, our advisory team will guide you through each step of the process — from obtaining the NIF and opening a bank account to selecting a secure fund and preparing your application for AIMA.
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