Portugal Golden Visa: Residency by Investment

The Golden Visa is only available to citizens of countries outside the European Union, European Economic Area, and Switzerland. EU/EEA/Swiss nationals already have free movement rights in Portugal. Dual nationals with one EU passport are not eligible. Your nationality is determined by the passport you use for the application.

As of 2023, real estate purchases no longer qualify. Current eligible investments include: investment funds (minimum 500,000 EUR in qualifying Portuguese venture capital or private equity funds), capital transfer (minimum 1,500,000 EUR deposited in a Portuguese bank or invested in Portuguese securities), company formation or investment (minimum 500,000 EUR creating at least 5 permanent jobs), research contributions (minimum 500,000 EUR to approved scientific research institutions), or arts and culture (minimum 250,000 EUR for qualifying cultural projects).

Golden Visa holders must spend a minimum of 7 days in Portugal during the first year, then 14 days in each subsequent 2-year renewal period. This is one of the lowest physical presence requirements among European residency-by-investment programs. The stay can be consecutive or non-consecutive days within the required period.

For fund investments (the most popular current option), choose a fund approved by the Portuguese Securities Market Commission (CMVM) with at least 60% of capital invested in Portuguese companies. Due diligence on the fund manager is critical. For capital transfers, open a Portuguese bank account and transfer the minimum amount. All investments must be made before or during the application process. Engage a Portuguese lawyer to verify compliance.

You need a Portuguese bank account regardless of your investment type. Major banks include Millennium BCP, Novo Banco, and Caixa Geral de Depositos. Opening an account requires your passport, proof of address, tax identification (NIF), and proof of income or wealth source. Some banks allow remote account opening. Transfer processing from international accounts takes 3-5 business days.

The NIF (Numero de Identificacao Fiscal) is required for all financial transactions in Portugal. Non-residents can apply through a fiscal representative or at a local tax office (Financas). A fiscal representative is mandatory for non-EU residents who do not live in Portugal. The NIF application is free and typically processed within 1-2 days. Your lawyer or accountant can arrange this remotely.

Required documents include your passport, proof of investment, criminal background check from your home country and any country where you lived for more than 1 year, health insurance covering Portugal, proof of income or financial means, and passport photos. Documents must be apostilled (for Hague Convention countries) or legalized. Non-Portuguese documents require certified translations by a sworn translator.

Create an account on the AIMA (Agencia para a Integracao, Migracoes e Asilo) platform and submit the pre-application with all required documents. The platform replaced the former SEF system. Upload all documents as PDFs. The application fee is 533 EUR per applicant. The initial analysis and approval of the investment takes 2-4 months.

After pre-approval, schedule an in-person appointment at an AIMA office in Portugal. You must be physically present to provide biometrics (fingerprints and photograph). Appointment availability varies by location, with Lisbon and Porto having the highest demand. Your lawyer can help schedule the appointment. Bring your passport, appointment confirmation, and original supporting documents.

After the biometrics appointment, the residence permit card is issued within 2-4 weeks. The initial permit is valid for 2 years. The card allows visa-free travel throughout the Schengen Area (26 European countries) for up to 90 days in any 180-day period. The permit does not grant automatic work rights in other EU countries.

The Golden Visa residence permit is renewed every 2 years. You must demonstrate you have maintained your qualifying investment and met the minimum stay requirement (14 days per 2-year period). The renewal fee is 533 EUR per applicant. Renewal can be done online through the AIMA platform, followed by an in-person appointment for a new biometric card. Processing takes 2-4 months.

After 5 years of holding a Golden Visa, you can apply for permanent residency in Portugal. Requirements include maintaining your investment, meeting minimum stay obligations, having basic Portuguese language skills at A2 level (simple conversational ability), and a clean criminal record. Permanent residency removes the investment maintenance obligation and grants indefinite residence rights.

Portugal allows citizenship applications after 5 years of legal residency (one of the shortest timelines in Europe). Requirements include A2-level Portuguese language proficiency, clean criminal record, and ties to the Portuguese community. Portuguese citizenship grants an EU passport with visa-free access to 180+ countries and the right to live and work anywhere in the EU. The citizenship application fee is approximately 250 EUR. Processing takes 12-18 months. This guide is informational only, not legal advice.