The Portuguese Golden Visa programme has brought in over €6.5 billion since it started in 2012.
Recent changes to this popular residency-by-investment scheme have left many potential applicants unsure about their choices. The programme stands as one of Europe’s most desired investment paths, but the rules have changed a lot.
The removal of real estate investment options now pushes investors to look at other qualifying investments. Processing times have changed, and investment minimums and application steps have gone through major updates.
You might want European residency, future citizenship, or tax benefits. These new rules matter a lot before you commit your money. This piece guides you through the 2025 rules, investment options, and application steps to help you start your Golden Visa process properly.
What is the Portugal Golden Visa Program?
The Portugal Golden Visa programme stands out as one of Europe’s most accessible residency-by-investment options. It gives qualified non-EU nationals a clear path to legal residency in Portugal through smart investments.
Overview of the residency-by-investment scheme
The Golden Visa programme creates a legal framework that lets foreign investors get residency permits by investing in the Portuguese economy. You don’t have to move permanently to Portugal, unlike other immigration paths.
The process works in two steps. You start by making a qualifying investment to get a temporary residence permit good for two years. You can then renew it every three years. You just need to keep your investment and stay in Portugal for seven days in the first year and 14 days in the following two-year periods.
After five years with your Golden Visa, you can apply for permanent residency or Portuguese citizenship. You’ll need simple Portuguese language skills (A2 level) and to maintain your connections to the country.
Who the program is designed for
The programme works best for non-EU/EEA citizens who want legal residence in Europe without moving there full-time. It’s a perfect fit for:
- High-net-worth individuals who want mobility, tax planning options, and maybe a second passport
- Business professionals who need better access to European markets while living elsewhere
- Retirees who want European residency without living there year-round
- Families looking for their children’s education in Europe or planning ahead
The programme lets you include your spouse, dependent children, dependent parents, and, in some cases, siblings too.
Why it’s popular among global investors
This programme stands out from other European options because of these benefits:
- Simple stay requirements: Most residency programmes want you to live there, but Portugal just needs seven days in year one and 14 days every two years after that. It’s perfect if you can’t or don’t want to move.
- Path to citizenship: After five years, you can get permanent residency or citizenship, which gives you a European passport with visa-free access to 188 countries.
- Family inclusion: One application can cover multiple family members, helping you plan for generations ahead.
- Tax benefits: Combined with Portugal’s Non-Habitual Resident tax regime, you might save on taxes for your first ten years.
- Quality of life: Portugal ranks among the world’s safest countries. It has excellent healthcare, education, and a wonderful Mediterranean lifestyle.
- Investment diversity: Even with recent changes, you can still choose from many investment options beyond real estate, like investment funds, creating jobs, or supporting culture.
Investors from China, Brazil, Turkey, South Africa, and the United States love this programme. Recent rule changes have altered the real estate options, but the main benefits remain strong, which explains why it’s still so popular.
The Portugal Golden Visa programme remains one of the most flexible and available choices for global investors who want to expand their geographical reach and boost their mobility. It provides access to both European residency and citizenship opportunities.
Eligibility Requirements
The Portuguese government has laid out specific eligibility criteria for the Golden Visa programme. You must meet several requirements before starting your application.
Minimum age and nationality criteria
The Portugal Golden Visa programme requires main applicants to be 18 years old when applying. Your dependent children can join, whatever their age, as long as they meet dependency criteria.
This investment-based residency programme caters only to non-EU/EEA/Swiss citizens. EU, EEA, or Swiss citizens don’t need to apply since they already have freedom of movement within Portugal.
Your passport should be valid for at least six months beyond your planned stay in Portugal. Portuguese officials check your nationality and passport validity right at the start of the screening process.
Clean criminal record and health insurance
A clean criminal record is a must. You’ll need police clearance certificates from:
- Your birth country
- Countries where you lived for over a year in the last decade
- The country you live in now
These certificates show you have no criminal convictions that might risk Portugal’s or the EU’s security. Small offences may not stop your application, but serious crimes or financial wrongdoing will likely lead to rejection.
Health insurance is just as important. Before you apply, get valid Portuguese health insurance that covers:
- Medical emergencies
- Hospital stays
- Medicine prescriptions
- Medical evacuation when needed
Your policy must stay active during your residency and provide at least €30,000 in coverage. Many people choose international health plans that work in Portugal and other Schengen countries.
Stay requirements and family inclusion
The programme’s stay requirements are quite flexible. After getting your residency permit, you should spend:
- 7 days (together or spread out) in the first year
- 14 days (together or spread out) every two years after that
Missing these stays could affect your residency status and path to permanent residency or citizenship.
The programme lets you bring your family along. Your application can include:
- Your spouse or legal partner
- Kids under 18
- Adult children who are:
- Single
- Full-time students
- Your dependants
- Parents (yours or your spouse’s) who:
- Are over 66 or
- Depend on you financially
- Siblings under your guardianship
Each family member gets their own residence permit with similar rights and validity periods. The whole family can then live, work, and study in Portugal, plus travel freely in the Schengen Area.
After checking these requirements, you can pick your investment route and gather your application documents. Portuguese authorities thoroughly check every requirement, so meeting them all will help avoid delays and issues.
Approved Investment Options
Portugal’s Golden Visa programme now provides several investment pathways after recent regulatory changes. Each option comes with different financial requirements. Your investment goals and risk tolerance will determine the best advantages.
Real estate investment (now restricted)
The real estate route used to be the most popular choice until it went through major changes in 2022. High-density areas like Lisbon, Porto, and coastal regions no longer qualify residential property investments for the Golden Visa programme.
These real estate options remain available:
- Commercial property investments (offices, retail, hotels) throughout Portugal with a minimum investment of €500,000
- Residential properties in designated interior regions with reduced population density for €400,000
- Rehabilitation projects in interior areas with a minimum investment of €350,000
You must keep full ownership for at least five years to qualify your property investments. The property should be free of any financing or liens.
Investment funds and venture capital
Investment funds have become the main alternative since the real estate restrictions. You just need to contribute €500,000 into qualifying Portuguese investment funds regulated by the CMVM (Portuguese Securities Market Commission).
These funds usually focus on:
- Portuguese startups and tech companies
- Real estate development and rehabilitation projects
- Renewable energy initiatives
- Tourism and hospitality projects
The fund route gives you several benefits compared to direct property ownership. You get professional management, diversified portfolio exposure, and no property maintenance worries. Most funds run for five to eight years, which fits perfectly with the citizenship timeline.
Note that these investments should last at least five years. The funds must invest at least 60% of their assets into Portuguese companies.
Job creation and business setup
Entrepreneurs can create employment opportunities in Portugal as another viable pathway. This option requires:
- Setting up or moving a business to Portugal
- Creating and keeping at least 10 full-time jobs for Portuguese or EU citizens
- No minimum investment amount specified, but you need enough capital to keep the business running
You can also invest €500,000 into an existing Portuguese company while creating or keeping five permanent jobs for at least three years.
This route needs more involvement than passive investments. However, it lets you build a business within the European market.
Cultural or scientific donations
The donation pathway offers a non-commercial alternative to support Portugal’s cultural heritage or scientific research. This option requires:
- A minimum donation of €250,000 to support artistic production or recovery/maintenance of national cultural heritage
- Or a €500,000 donation to scientific research activities by public or private institutions within the Portuguese national scientific and technological system
The donation route has the lowest investment threshold among all options. However, unlike other pathways, donations don’t give you any financial returns.
Investment funds have become the most efficient and popular choice. They offer straightforward processing and lower risks compared to business creation. The removal of prime real estate investment opportunities has also pushed this trend.
A specialised Portuguese immigration lawyer can help you make the right choice. They’ll give you advice based on your financial situation, risk tolerance, and long-term goals for your Portugal Golden Visa application.
Step-by-Step Application Process
The Portugal Golden Visa application process needs careful planning and attention to detail. After checking your eligibility, you’ll move through several distinct application phases. We are Ready to Start this Trip with You! Legal advisors with experience can help you avoid common pitfalls throughout the whole ordeal and ensure your application moves forward smoothly.
Choose your investment route
You must select the investment pathway that best matches your financial goals and risk tolerance. Each option needs different documents:
- For investment funds: subscription agreements, proof of fund transfer, and fund registration certificates
- For job creation: business plan, company registration documents, and employment contracts
- For cultural donations: donation agreements and official receipts
Your choice should balance financial aspects with processing speed. Investment funds currently have the fastest processing times, taking 8–12 months from application to approval.
Gather required documentation
These documents are essential after you pick your investment route:
- Valid passport (with at least 6 months validity)
- Proof of legal entry into Portugal (typically a short-stay visa)
- Criminal record certificates from your country of residence, origin, and any country where you’ve lived for over one year
- Signed declaration confirming compliance with investment requirements
- Proof of health insurance coverage in Portugal
- Tax identification numbers from your home country
- Proof of investment according to your chosen route
Certified translators must translate all documents into Portuguese. The documents need proper legalisation (generally through apostille certification for countries within the Hague Convention).
Submit pre-application online
Create an account on Portugal’s SEF (Immigration and Borders Service) online portal after completing your documentation. This phase includes:
- Complete the preliminary application form with personal information
- Upload scanned copies of all supporting documents
- Pay the initial processing fee (currently €533.90 per applicant)
- Submit your application and receive a confirmation number
You can track your application status through the online system. Many applicants hire legal representatives because of the complexity. These representatives can manage this process on your behalf.
Attend biometric appointment
The SEF will schedule your biometric data collection appointment after pre-approving your online application. This in-person meeting usually happens 2-4 months after initial submission. The appointment requires:
- Your physical presence in Portugal
- Collection of biometric data (fingerprints and photos)
- Presentation of original documents for verification
- A brief interview might happen to confirm investment details
Your family members included in the application must attend this appointment. Plan this visit well ahead, especially if you’re travelling from overseas.
Receive residence permit
You will receive your Golden Visa residence permit after completing all previous steps and verifying your investment. The first permit lasts two years and gives you:
- Legal residency status in Portugal
- Freedom to travel throughout the Schengen Area
- The right to live and work in Portugal
- A path to permanent residency or citizenship
You’ll get your residence card 1-2 months after the biometric appointment. You must stay in Portugal for minimum periods (7 days in the first year, 14 days in subsequent two-year periods) and keep your investment active for five years to maintain this status.
You’ll need to verify your continued investment and physical presence about 30–60 days before your permit expires to renew it after the initial two years.
Benefits of the Golden Visa Residency Program
The Portugal Golden Visa programme goes beyond just investment opportunities. It comes with many practical benefits, which make it one of Europe’s most popular residency programs. These advantages explain why thousands of investors still choose this path, even with recent rule changes.
Visa-free travel in Schengen area
Your approved Golden Visa lets you travel freely throughout the Schengen Area without extra visas. You can visit 27 European countries and enjoy smooth business trips, family vacations, or exploration across most of continental Europe.
Here’s what this means in practice:
- You can travel freely up to 90 days in any 180-day period throughout the Schengen Zone
- You won’t face border checks between Schengen countries
- You can plan trips easily without multiple visa applications
Business professionals and frequent travellers save time and can build stronger European networks with this mobility advantage.
Path to permanent residency and citizenship
The Golden Visa helps you build deeper connections with Portugal. Keep your investment and meet the minimum stay requirements for five years, and you can apply for:
- Permanent residency, so you won’t need more renewals
- Portuguese citizenship, which gives you a European passport
You’ll need to learn simple Portuguese (A2 level) and keep your ties to the country to become a citizen. The Portuguese passport ranks among the world’s top 10 for global mobility. It gives you visa-free access to about 188 countries worldwide, including the United States, Canada, and Australia.
Tax advantages and NHR regime
Portugal’s tax system offers great planning opportunities through the Non-Habitual Resident (NHR) tax regime. You can combine this with your Golden Visa status.
The NHR programme gives qualifying residents:
- Tax benefits for 10 years
- A 20% flat tax rate on Portuguese income from high-value activities
- Possible tax exemptions on foreign income under certain conditions
- No wealth, inheritance, or gift taxes between close family members
Portugal remains tax-friendly even without NHR status. Double tax treaties with over 70 countries make it perfect for international tax planning.
Family reunification benefits
The Portugal Golden Visa welcomes families with open arms. Your first application can include:
- Your spouse or legal partner
- Children under 18 (including adopted ones)
- Adult children up to 26 who study
- Either spouse’s dependent parents (usually over 66)
- Minor siblings under your guardianship
Each family member gets their own residency card with rights similar to yours, including the path to citizenship. Your family can access Portugal’s public schools and universities at much lower costs than international student rates.
Your dependents can work, study, and build their careers in Portugal and across the EU during these five years. One qualifying investment creates opportunities for generations to come.
Key Changes to Know
The Portuguese Golden Visa programme went through major changes between 2022 and 2024. These changes have altered the map of investment options for people looking to apply. You should know everything about these changes before choosing your investment path.
End of real estate investment option
A big change came in October 2023 when Portugal stopped allowing residential real estate investments in busy coastal areas and major cities for Golden Visa applications. This means:
- You can’t qualify by buying residential property in Lisbon, Porto, or coastal areas anymore
- The once-popular option to invest in prime city locations is gone
- Even renovation projects in city areas don’t qualify now
The Portuguese government made this move to help locals afford housing and to direct foreign money toward less developed areas and other parts of the economy.
New focus on fund-based investments
With real estate options limited, investment funds have become the top choice for Golden Visa applicants. The current setup favours:
- Venture capital and private equity funds that need at least €500,000
- Funds that meet Golden Visa rules
- Money going into Portuguese companies, tech startups, and key economic areas
Fund investments now make up about 70% of all new Golden Visa applications. They give investors a simple way to get professional management and spread their risk across different investments.
Updated processing timelines and fees
The programme’s administrative side has also changed:
- Processing now takes 10-14 months instead of 6-8 months
- Fees went up by about 12%
- SEF (Immigration and Borders Service) now wants documents submitted online first
- You’ll wait longer for biometric appointments, which are now scheduled by region
The Portuguese government has also made its money-source checks stricter. Applicants must show more details about their financial history.
These changes haven’t stopped Portugal’s Golden Visa from being one of Europe’s most accessible residency programmes. You can still get permanent residency and citizenship after five years. Even with this new investment setup, the programme stays popular with investors who want European residency without living there full-time.
Conclusion
Portugal’s Golden Visa programme offers a clear path to European residency even after major changes. Prime locations no longer qualify for residential real estate investments. However, non-EU nationals can still choose from options like investment funds, job creation, and cultural contributions to gain mobility and eventual citizenship. The programme’s core benefits remain strong with minimal stay requirements, family inclusion perks, and complete Schengen Area access.
A thorough grasp of the new rules will help you avoid mistakes that could get pricey. We are Ready to Start this Journey with You! Our expert guidance will help you direct the application process smoothly. We’ll help you pick the right investment route, gather documents, and prepare for your biometric appointment.
The programme works even better when combined with Portugal’s Non-Habitual Resident tax system, giving you significant financial advantages in your first ten years. Most investors love the programme’s flexible stay rules. You only need to stay seven days in the first year and fourteen days for each following two-year period. This makes it perfect for investors who want to keep their main home elsewhere.
Processing now takes 10–14 months, and costs have gone up, but this programme remains one of Europe’s most accessible residency-by-investment options. You can still get permanent residency or citizenship in five years. The ultimate reward? A European passport that gives you visa-free access to 188 countries worldwide. The new rules need careful planning, but Portugal’s Golden Visa still gives global investors amazing value. You can get European residency without changing your lifestyle much.
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