Portugal Golden Visa (Investor Visa)
Migration Program Details & Application
Program Overview
Project Description
• Policy Nature: The Portuguese Golden Visa, officially known as the "Residence Permit for Investment" (ARI, Autorização de Residência para Atividade de Investimento), is a residency program established by Portugal to attract foreign investment. Applicants can obtain a Portuguese residency permit through qualified investments.
• ⚠️ Key Change (Purchasing Property is No Longer Feasible): In October 2023, Portugal passed Law 56/2023, permanently eliminating real estate investment and capital transfer options, including previously common application channels such as purchasing residential, commercial, urban redevelopment projects, and properties in low-density areas. Any agency claiming to offer a "Golden Visa through a €500,000 property purchase" is based on the repealed version of the law and faces an extremely high risk of visa refusal.
• Currently available investment options (2026):
① Fund Investment (Mainstream Path): Minimum investment of €500,000, invested in private equity or venture capital funds regulated by the Portuguese Securities and Exchange Commission (CMVM). The fund must invest at least 60% in Portuguese companies and is strictly prohibited from direct or indirect investment in real estate. The fund has a lock-up period of at least 5 years, after which redemption is possible. This is currently the preferred path for the vast majority of applicants, with fund investment accounting for over 78% of all applications.
② Cultural Donation: A donation of €250,000 to projects for the preservation of Portuguese cultural heritage or artistic creation. This amount can be reduced to €200,000 if the project is located in a low-density or economically underdeveloped area. This portion of the funds is non-refundable (pure cost) and is suitable for applicants with limited budgets who only wish to obtain residency.
③ Research investment: The minimum investment is 500,000 euros, directed to research institutions within Portugal's national science and technology system.
④ Business Investment/Entrepreneurship: A minimum investment of €500,000 is required to establish a new company or increase the capital of an existing Portuguese company, creating at least 5 jobs and maintaining them for at least 3 years; or directly creating 10 permanent jobs. This path is more complex and has fewer applicants.
• Residency rights: Upon approval, you will initially receive a 2-year residency permit, renewable in a 2+2+2 pattern. After holding the permit for a total of 5 years, you can apply for permanent residency or citizenship. During your residency period, you can travel freely within the 29 Schengen Area countries and enjoy Portuguese public education and healthcare services. When applying, you can bring your spouse, children (under 26 years old who are studying and financially dependent), and both sets of parents (who must be financially dependent), enabling three generations of your family to immigrate.
• Minimum residency requirement (extremely low): The residency requirement for the Golden Visa is extremely lenient—at least 7 days of residence in the first year, and 14 days every two years thereafter (i.e., an average of only 7 days per year). This means that a cumulative total of only 35 days of residence over 5 years is required to meet the residency requirements for permanent residency and citizenship, which is one of the lowest thresholds in the EU.
• Pathways to permanent residency and citizenship:
• Permanent residency: Holders of a Golden Visa for 5 years, who have accumulated 35 days of residence in the country, pass the Portuguese A2 level test (basic daily conversation), and have no criminal record, can apply for permanent residency.
• Citizenship (EU Passport): Currently, the residency requirement for citizenship remains 5 years (calculated from the date of initial residence permit issuance), but the Portuguese government has proposed extending this requirement to 10 years, expected to be officially implemented in 2026-2027. Citizenship also requires passing a Portuguese A2 language test and providing proof of integration. Once passed, one can obtain an EU passport, granting visa-free access to over 190 countries and the freedom to reside, work, and study in 27 EU countries.
Important Note: Due to the current backlog of applications at the Portuguese AIMA (Integration, Immigration and Asylum Agency, formerly SEF), the processing time may be extended, and the total time from Golden Visa to actual citizenship may exceed 5 years.
• Application processing time: Currently, it takes about 6-9 months from application submission to approval of residence permit, which is significantly faster than at the beginning of the SEF reform in 2023.
• International students/work visa holders can also apply through other visa categories: Portugal also offers residency pathways such as the D2 (entrepreneur visa) and the D7/D8 non-profit immigration visa, but the Golden Visa is the only investment residency program that does not require long-term relocation.
• Fee Reference (Taking fund investment as an example, for a family of three):
• Fund investment amount: €500,000 (redeemable after 5 years)
Fund issuance/management fees: Approximately 10,000-40,000 euros
• Portuguese legal fees: Approximately €6,000-€10,000 per household
• Immigration service fee: Approximately 30,000 euros (full-service)
• Initial application fee: approximately €533 per person
• Residence permit processing fee after approval: approximately €5,325 per person
• Visa renewal fee: approximately €2,663 per person
• Total cash investment (excluding the €500,000 fund principal): Approximately €80,000-€130,000. After redemption at maturity in 5 years, the net cost mainly consists of third-party service fees and government fees.
The above fees are for reference only, and the fees charged by different lawyers, funds, and intermediaries vary considerably.
• Policy Nature: The Portuguese Golden Visa, officially known as the "Residence Permit for Investment" (ARI, Autorização de Residência para Atividade de Investimento), is a residency program established by Portugal to attract foreign investment. Applicants can obtain a Portuguese residency permit through qualified investments.
• ⚠️ Key Change (Purchasing Property is No Longer Feasible): In October 2023, Portugal passed Law 56/2023, permanently eliminating real estate investment and capital transfer options, including previously common application channels such as purchasing residential, commercial, urban redevelopment projects, and properties in low-density areas. Any agency claiming to offer a "Golden Visa through a €500,000 property purchase" is based on the repealed version of the law and faces an extremely high risk of visa refusal.
• Currently available investment options (2026):
① Fund Investment (Mainstream Path): Minimum investment of €500,000, invested in private equity or venture capital funds regulated by the Portuguese Securities and Exchange Commission (CMVM). The fund must invest at least 60% in Portuguese companies and is strictly prohibited from direct or indirect investment in real estate. The fund has a lock-up period of at least 5 years, after which redemption is possible. This is currently the preferred path for the vast majority of applicants, with fund investment accounting for over 78% of all applications.
② Cultural Donation: A donation of €250,000 to projects for the preservation of Portuguese cultural heritage or artistic creation. This amount can be reduced to €200,000 if the project is located in a low-density or economically underdeveloped area. This portion of the funds is non-refundable (pure cost) and is suitable for applicants with limited budgets who only wish to obtain residency.
③ Research investment: The minimum investment is 500,000 euros, directed to research institutions within Portugal's national science and technology system.
④ Business Investment/Entrepreneurship: A minimum investment of €500,000 is required to establish a new company or increase the capital of an existing Portuguese company, creating at least 5 jobs and maintaining them for at least 3 years; or directly creating 10 permanent jobs. This path is more complex and has fewer applicants.
• Residency rights: Upon approval, you will initially receive a 2-year residency permit, renewable in a 2+2+2 pattern. After holding the permit for a total of 5 years, you can apply for permanent residency or citizenship. During your residency period, you can travel freely within the 29 Schengen Area countries and enjoy Portuguese public education and healthcare services. When applying, you can bring your spouse, children (under 26 years old who are studying and financially dependent), and both sets of parents (who must be financially dependent), enabling three generations of your family to immigrate.
• Minimum residency requirement (extremely low): The residency requirement for the Golden Visa is extremely lenient—at least 7 days of residence in the first year, and 14 days every two years thereafter (i.e., an average of only 7 days per year). This means that a cumulative total of only 35 days of residence over 5 years is required to meet the residency requirements for permanent residency and citizenship, which is one of the lowest thresholds in the EU.
• Pathways to permanent residency and citizenship:
• Permanent residency: Holders of a Golden Visa for 5 years, who have accumulated 35 days of residence in the country, pass the Portuguese A2 level test (basic daily conversation), and have no criminal record, can apply for permanent residency.
• Citizenship (EU Passport): Currently, the residency requirement for citizenship remains 5 years (calculated from the date of initial residence permit issuance), but the Portuguese government has proposed extending this requirement to 10 years, expected to be officially implemented in 2026-2027. Citizenship also requires passing a Portuguese A2 language test and providing proof of integration. Once passed, one can obtain an EU passport, granting visa-free access to over 190 countries and the freedom to reside, work, and study in 27 EU countries.
Important Note: Due to the current backlog of applications at the Portuguese AIMA (Integration, Immigration and Asylum Agency, formerly SEF), the processing time may be extended, and the total time from Golden Visa to actual citizenship may exceed 5 years.
• Application processing time: Currently, it takes about 6-9 months from application submission to approval of residence permit, which is significantly faster than at the beginning of the SEF reform in 2023.
• International students/work visa holders can also apply through other visa categories: Portugal also offers residency pathways such as the D2 (entrepreneur visa) and the D7/D8 non-profit immigration visa, but the Golden Visa is the only investment residency program that does not require long-term relocation.
• Fee Reference (Taking fund investment as an example, for a family of three):
• Fund investment amount: €500,000 (redeemable after 5 years)
Fund issuance/management fees: Approximately 10,000-40,000 euros
• Portuguese legal fees: Approximately €6,000-€10,000 per household
• Immigration service fee: Approximately 30,000 euros (full-service)
• Initial application fee: approximately €533 per person
• Residence permit processing fee after approval: approximately €5,325 per person
• Visa renewal fee: approximately €2,663 per person
• Total cash investment (excluding the €500,000 fund principal): Approximately €80,000-€130,000. After redemption at maturity in 5 years, the net cost mainly consists of third-party service fees and government fees.
The above fees are for reference only, and the fees charged by different lawyers, funds, and intermediaries vary considerably.
Eligibility & Requirements
Applicant requirements
Portugal's Golden Visa has the following basic eligibility requirements, with no points-based system and no assessment of age, education, language, or business background:
• Nationality requirements: Non-EU, non-EEA, and non-Swiss citizen.
• Age requirement: The main applicant must be at least 18 years old.
• No criminal record: Provide a certificate of no criminal record from both your country of origin and country of residence (must be apostille/notarized and translated into Portuguese).
• Compliant Investment: Complete a subscription of €500,000 to the fund (or a donation of €250,000/€500,000 for research/€500,000 for business, etc., based on the valid investment projects of the year). The investment funds must be from legal sources and complete proof of funds must be provided.
• Holding period: Maintain the investment for at least 5 years.
• Health insurance: Purchase health insurance that covers the entire territory of Portugal.
• Tax ID and bank account: You need to apply for a Portuguese Tax Identification Number (NIF) and open a Portuguese bank account.
Additional qualifications: No major infectious diseases, and no record of visa refusal/deportation within the EU.
Portugal's Golden Visa has the following basic eligibility requirements, with no points-based system and no assessment of age, education, language, or business background:
• Nationality requirements: Non-EU, non-EEA, and non-Swiss citizen.
• Age requirement: The main applicant must be at least 18 years old.
• No criminal record: Provide a certificate of no criminal record from both your country of origin and country of residence (must be apostille/notarized and translated into Portuguese).
• Compliant Investment: Complete a subscription of €500,000 to the fund (or a donation of €250,000/€500,000 for research/€500,000 for business, etc., based on the valid investment projects of the year). The investment funds must be from legal sources and complete proof of funds must be provided.
• Holding period: Maintain the investment for at least 5 years.
• Health insurance: Purchase health insurance that covers the entire territory of Portugal.
• Tax ID and bank account: You need to apply for a Portuguese Tax Identification Number (NIF) and open a Portuguese bank account.
Additional qualifications: No major infectious diseases, and no record of visa refusal/deportation within the EU.
Application Process & Advice
suggestion
• ⚠️ Golden Visa vs Other Residency Pathways (D2 / D7): Portugal's Golden Visa is highly sought after due to its lack of residency requirements (only 7 days per year) and the possibility of obtaining an EU passport after 5 years. In comparison, the D2 Entrepreneur Visa is suitable for applicants planning to actually start a business, open a shop, or operate a company in Portugal, but it requires genuine business operations and a significant amount of actual residence each year (6 consecutive months or 8 cumulative months/year), and the immigration authorities strictly investigate shell companies; the D7/D8 Passive Income/Remote Visa requires proof of stable overseas income or an employment relationship. If there is no intention to relocate long-term, the "immigrate without relocating" advantage of the Golden Visa is irreplaceable.
• Plan Ahead: Given the risk of increased EU passport requirements (5 years → 10 years), those with a clear citizenship goal are advised to initiate the process as early as possible, aiming to secure a 5-year residency requirement for their application. Portugal remains one of the most popular and secure EU Golden Visa programs globally in 2026. Any claims of "real estate investment for immigration" after 2026 are almost certainly illegal/fraudulent. When applying, always verify the fund's registration status through the Portuguese Securities and Exchange Commission (CMVM) website to ensure it falls under the Golden Visa category, and never directly or indirectly invest in real estate.
• Sufficient funds are required: In addition to the €500,000 fund investment, you also need to reserve funds equivalent to 8%~13% for third-party service fees, bringing the total cash requirement to approximately €540,000-570,000 (approximately RMB 4.31-4.55 million). You will also need to pay official fees to AIMA and SEF for application, card issuance, residence permit, and visa renewal.
• Accurately grasp the risks and exit strategies of fund products: Select legal and compliant fund products regulated by CMVM, prefer stable and non-leveraged strategies (such as the Portuguese Strategic Growth Fund), clarify the investment period (no early redemption within 5 years), and understand the redemption terms and realization cycle; carefully review the fund prospectus and avoid any new funds that contain real estate underlying assets.
• Family travel is fully supported: A single Golden Visa application allows up to three generations of the family to accompany the applicant (spouse, minor children, and both parents who are financially dependent on the applicant). Crucially, there are relatively lenient age restrictions for accompanying children (students under 26 years old), and their status can be maintained until adulthood. Consider collecting biometric information for family members before the application process to avoid splitting the application.
• Pay attention to the legislative trend of raising the citizenship threshold: The Portuguese government is pushing forward with amendments to the nationality law, planning to extend the residency requirement from 5 years to 10 years (equivalent to doubling the citizenship period). The bill is expected to officially take effect within the next 12-18 months. Applicants are advised to be prepared for the citizenship process to double and not rely on the decision to "obtain a passport in 5 years".
• Advance Tax Planning: Portugal offers tax exemption on overseas income for "non-habitual residents" (those residing in Portugal for less than 183 days per year), including dividends, interest, and wages—a significant benefit for investors. However, the transition to permanent residency or citizenship after the 5-year Golden Visa period may involve global tax reporting in Portugal. It is recommended to consult a Portuguese tax representative before applying to plan for asset segregation and compliant foreign exchange transactions.
Portugal Investment Immigration Application Process (Golden Visa)
1. Preliminary assessment and preparation (approximately 1-2 months):
• Confirm the list of the main applicant and accompanying family members.
• Assess the source of funds and prepare supporting documentation (bank statements, asset certificates, tax payment records, etc.)
• Hire a licensed Portuguese immigration lawyer to assist with obtaining an NIF tax number and opening a Portuguese bank account.
• Select compliant CMVM-regulated funds and complete the signing of fund subscription agreements.
2. Fund subscription and investment completed:
• Transfer €500,000 from a personal offshore account under the same name to the fund custodian account (keep complete remittance records).
• Obtain the fund subscription certificate (Certificado de Investimento)
• If you choose the cultural donation route, complete the donation to an institution approved by the Ministry of Culture and obtain the necessary compliant approval documents.
3. Submit your AIMA residence permit application:
• The lawyer submits the Golden Visa application materials (full set of personal documents, investor proof, medical insurance, etc.) to AIMA (Integration, Immigration and Asylum).
• The application fee is approximately €533 per person.
• 2026 Time Window: AIMA has begun processing the Golden Visa electronically, shortening the waiting time for fingerprint appointments. However, there is still a backlog of approvals due to a large number of applicants. It is recommended to keep your contact information up-to-date after application and promptly submit any supplementary documents.
4. Verification and fingerprint collection:
AIMA reviews applications (processing time is approximately 6-9 months, depending on the complexity of the case and the amount of supplementary documentation required).
• Arrange for the entire family to travel to Portugal for biometric information collection (fingerprints/photos) through AIMA.
• A card production fee (approximately €5,325 per person) is required upon data collection.
5. Obtain your residence permit:
• First-time recipient of a 2-year Golden Residence Permit
• The residence permit allows you to legally live and do business in Portugal and move freely within the Schengen Area.
6. Renewal and Maintenance (2+2 Model):
• Apply for a visa extension before the two-year period expires; each extension is for two years.
• Renewal requires meeting the following conditions: maintaining a qualified investment, residing in Portugal for a certain number of days (7 days in the first year + 14 days every 2 years thereafter), having valid medical insurance, and having no criminal record.
• Pay the visa renewal application fee and card renewal fee (approximately €2,663 per person)
7. Apply for permanent residency or citizenship after 5 years:
• To obtain permanent residency: Hold a card for 5 years + accumulate 35 days of residence + pass Portuguese A2 level + have no criminal record → Submit permanent residency application
• Citizenship (EU Passport): Hold the card for 5 years + 35 days of residence + Portuguese A2 level exam + integration certificate → Apply for Portuguese citizenship (residence requirement remains 5 years, but there is a risk of extension).
If the citizenship law is extended to 10 years, the time window will need to be recalculated. Currently, the processing time for permanent residency and citizenship applications is 4-8 months. Due to the large volume of cases and the asynchronous review process at each stage, sufficient time should be allowed when planning.
Total duration: Approximately 8-12 months from signing the contract to receiving the first residence card approval; after holding the card for 5 years, it takes approximately 5-6 years to complete the entire process of converting to permanent residency/citizenship.
• ⚠️ Golden Visa vs Other Residency Pathways (D2 / D7): Portugal's Golden Visa is highly sought after due to its lack of residency requirements (only 7 days per year) and the possibility of obtaining an EU passport after 5 years. In comparison, the D2 Entrepreneur Visa is suitable for applicants planning to actually start a business, open a shop, or operate a company in Portugal, but it requires genuine business operations and a significant amount of actual residence each year (6 consecutive months or 8 cumulative months/year), and the immigration authorities strictly investigate shell companies; the D7/D8 Passive Income/Remote Visa requires proof of stable overseas income or an employment relationship. If there is no intention to relocate long-term, the "immigrate without relocating" advantage of the Golden Visa is irreplaceable.
• Plan Ahead: Given the risk of increased EU passport requirements (5 years → 10 years), those with a clear citizenship goal are advised to initiate the process as early as possible, aiming to secure a 5-year residency requirement for their application. Portugal remains one of the most popular and secure EU Golden Visa programs globally in 2026. Any claims of "real estate investment for immigration" after 2026 are almost certainly illegal/fraudulent. When applying, always verify the fund's registration status through the Portuguese Securities and Exchange Commission (CMVM) website to ensure it falls under the Golden Visa category, and never directly or indirectly invest in real estate.
• Sufficient funds are required: In addition to the €500,000 fund investment, you also need to reserve funds equivalent to 8%~13% for third-party service fees, bringing the total cash requirement to approximately €540,000-570,000 (approximately RMB 4.31-4.55 million). You will also need to pay official fees to AIMA and SEF for application, card issuance, residence permit, and visa renewal.
• Accurately grasp the risks and exit strategies of fund products: Select legal and compliant fund products regulated by CMVM, prefer stable and non-leveraged strategies (such as the Portuguese Strategic Growth Fund), clarify the investment period (no early redemption within 5 years), and understand the redemption terms and realization cycle; carefully review the fund prospectus and avoid any new funds that contain real estate underlying assets.
• Family travel is fully supported: A single Golden Visa application allows up to three generations of the family to accompany the applicant (spouse, minor children, and both parents who are financially dependent on the applicant). Crucially, there are relatively lenient age restrictions for accompanying children (students under 26 years old), and their status can be maintained until adulthood. Consider collecting biometric information for family members before the application process to avoid splitting the application.
• Pay attention to the legislative trend of raising the citizenship threshold: The Portuguese government is pushing forward with amendments to the nationality law, planning to extend the residency requirement from 5 years to 10 years (equivalent to doubling the citizenship period). The bill is expected to officially take effect within the next 12-18 months. Applicants are advised to be prepared for the citizenship process to double and not rely on the decision to "obtain a passport in 5 years".
• Advance Tax Planning: Portugal offers tax exemption on overseas income for "non-habitual residents" (those residing in Portugal for less than 183 days per year), including dividends, interest, and wages—a significant benefit for investors. However, the transition to permanent residency or citizenship after the 5-year Golden Visa period may involve global tax reporting in Portugal. It is recommended to consult a Portuguese tax representative before applying to plan for asset segregation and compliant foreign exchange transactions.
Portugal Investment Immigration Application Process (Golden Visa)
1. Preliminary assessment and preparation (approximately 1-2 months):
• Confirm the list of the main applicant and accompanying family members.
• Assess the source of funds and prepare supporting documentation (bank statements, asset certificates, tax payment records, etc.)
• Hire a licensed Portuguese immigration lawyer to assist with obtaining an NIF tax number and opening a Portuguese bank account.
• Select compliant CMVM-regulated funds and complete the signing of fund subscription agreements.
2. Fund subscription and investment completed:
• Transfer €500,000 from a personal offshore account under the same name to the fund custodian account (keep complete remittance records).
• Obtain the fund subscription certificate (Certificado de Investimento)
• If you choose the cultural donation route, complete the donation to an institution approved by the Ministry of Culture and obtain the necessary compliant approval documents.
3. Submit your AIMA residence permit application:
• The lawyer submits the Golden Visa application materials (full set of personal documents, investor proof, medical insurance, etc.) to AIMA (Integration, Immigration and Asylum).
• The application fee is approximately €533 per person.
• 2026 Time Window: AIMA has begun processing the Golden Visa electronically, shortening the waiting time for fingerprint appointments. However, there is still a backlog of approvals due to a large number of applicants. It is recommended to keep your contact information up-to-date after application and promptly submit any supplementary documents.
4. Verification and fingerprint collection:
AIMA reviews applications (processing time is approximately 6-9 months, depending on the complexity of the case and the amount of supplementary documentation required).
• Arrange for the entire family to travel to Portugal for biometric information collection (fingerprints/photos) through AIMA.
• A card production fee (approximately €5,325 per person) is required upon data collection.
5. Obtain your residence permit:
• First-time recipient of a 2-year Golden Residence Permit
• The residence permit allows you to legally live and do business in Portugal and move freely within the Schengen Area.
6. Renewal and Maintenance (2+2 Model):
• Apply for a visa extension before the two-year period expires; each extension is for two years.
• Renewal requires meeting the following conditions: maintaining a qualified investment, residing in Portugal for a certain number of days (7 days in the first year + 14 days every 2 years thereafter), having valid medical insurance, and having no criminal record.
• Pay the visa renewal application fee and card renewal fee (approximately €2,663 per person)
7. Apply for permanent residency or citizenship after 5 years:
• To obtain permanent residency: Hold a card for 5 years + accumulate 35 days of residence + pass Portuguese A2 level + have no criminal record → Submit permanent residency application
• Citizenship (EU Passport): Hold the card for 5 years + 35 days of residence + Portuguese A2 level exam + integration certificate → Apply for Portuguese citizenship (residence requirement remains 5 years, but there is a risk of extension).
If the citizenship law is extended to 10 years, the time window will need to be recalculated. Currently, the processing time for permanent residency and citizenship applications is 4-8 months. Due to the large volume of cases and the asynchronous review process at each stage, sufficient time should be allowed when planning.
Total duration: Approximately 8-12 months from signing the contract to receiving the first residence card approval; after holding the card for 5 years, it takes approximately 5-6 years to complete the entire process of converting to permanent residency/citizenship.