Portugal Golden Visa: A Comprehensive Guide
Portugal Golden Visa: An Overview
The Portugal Golden Visa, officially known as the Golden Residence Permit Program (Autorização de Residência para Atividade de Investimento – ARI), is a highly popular residency-by-investment scheme designed to attract foreign capital to Portugal. Since its launch in 2012, it has become one of the most sought-after programs of its kind globally, offering a fast-track route for non-EU/EEA/Swiss nationals and their families to obtain a Portuguese residence permit in exchange for a qualifying investment.
Eligibility Criteria:
To qualify for the Golden Visa, an applicant must make a substantial investment and commit to maintaining it for a minimum of five years. Following changes in 2023, the popular real estate purchase option is no longer an eligible route. The current main investment categories focus on capital contributions to the Portuguese economy:
Investment in Funds: The most popular option is a capital transfer of at least €500,000 for the acquisition of units in qualified investment funds or venture capital funds. These funds must be non-real estate related, committed to the capitalization of Portuguese companies, have a maturity of at least five years, and ensure that at least 60% of the investment is made in companies with a registered office in the national territory.
Job Creation or Company Investment: An entrepreneurial route involves the creation of a minimum of 10 new full-time jobs in Portugal. Alternatively, an investment of €500,000 can be made to either incorporate a new company in Portugal that creates five permanent jobs, or to increase the share capital of an existing Portuguese company, combined with the creation or maintenance of at least five permanent jobs for a minimum period of three years.
Scientific Research: A capital transfer of at least €500,000 can be directed toward research activities conducted by public or private scientific institutions that are part of the national scientific and technological system.
Arts and Cultural Heritage: A philanthropic contribution of at least €250,000 can be made to support artistic production or the recovery and maintenance of national cultural heritage. This minimum amount is reduced to €200,000 if the investment is carried out in a low-density area.
Key Benefits:
The enduring popularity of the Golden Visa stems from a combination of unique and compelling advantages:
Path to EU Citizenship: The most significant draw is the possibility to apply for Portuguese citizenship or Permanent Residence after just five years of holding the Golden Visa, provided basic requirements are met. Portuguese citizenship grants the right to live, work, and study in any European Union country and provides a powerful passport for visa-free travel to over 180 countries worldwide.
Minimal Stay Requirement: Portugal’s program is renowned for its low physical presence requirement. Investors only need to spend an average of seven days per year in Portugal to maintain and renew their residence permit over the five-year period. This makes it an ideal choice for global investors who do not wish to relocate full-time.
Schengen Area Mobility: Golden Visa holders gain the right to travel visa-free throughout the Schengen Area of Europe (29 European countries), which significantly simplifies business and leisure travel across the continent.
Family Inclusion: The program includes a robust family reunification policy. The main applicant can extend the visa benefits to their immediate family, including a spouse or legal partner, dependent minor children, dependent adult children enrolled in full-time education, and dependent parents of either the applicant or the spouse.
Right to Live, Work, and Study: The residence permit grants holders the full right to live, work, and study in Portugal, with access to the country’s public healthcare and education systems.
Favorable Tax Regime: While obtaining the Golden Visa does not automatically make one a tax resident in Portugal, it does allow investors to benefit from Portugal’s Non-Habitual Resident (NHR) tax status, if they choose to become tax residents, potentially offering significant tax advantages on foreign-sourced income for a period of ten years.
Application Process:
The Portugal Golden Visa application process is structured and requires careful preparation, often involving legal assistance to ensure all requirements are met.
The entire process begins with preparatory steps outside of Portugal, culminates with an in-person visit for biometrics, and ends with the issuance of your residence card:
Step 1: Secure Legal Representation and Preparation
The process starts by engaging a specialized Portuguese immigration lawyer. They will be granted a Power of Attorney to act on your behalf, which is essential for the first logistical steps.
Establish a Tax ID (NIF): You and any included family members must obtain a Portuguese Tax Identification Number (NIF – Número de Identificação Fiscal). Your lawyer can complete this remotely.
Open a Portuguese Bank Account: A local bank account is mandatory to perform the qualifying investment. Your lawyer will facilitate the remote opening of this account.
Initial Fund Transfer: The minimum investment capital (e.g., €500,000 for the fund route) must be transferred from your personal, international bank account to your new Portuguese bank account.
Step 2: Make the Qualifying Investment
You must complete the entire qualifying investment before you can submit the Golden Visa application. The most common route today is the investment fund option.
Execute the Investment: For a fund subscription, you will instruct your Portuguese bank to transfer the funds directly to the chosen, regulated investment fund.
Obtain Proof: You will receive an official document, such as a subscription certificate from the fund manager, as evidence of your completed and maintained investment.
Step 3: Gather and Legalize Required Documents
The documentation phase is crucial and time-sensitive. Any document issued in a foreign language must be translated into Portuguese and certified. For countries party to the Hague Convention (like the U.S. and U.K.), documents must have an Apostille stamp for legal recognition in Portugal.
Key documents to gather include:
Valid Passport
Criminal Record Certificate from your country of origin and any country you have lived in for more than one year (must typically be less than 90 days old).
Marriage and Birth Certificates for all dependents.
Proof of investment completion.
Proof of no tax debt to Portugal and your country of residence.
Proof of health insurance valid in Portugal.
Step 4: Online Application Submission and Fee Payment
Your Portuguese lawyer will compile all the legalized documents and submit the application digitally through the official AIMA online portal. Your application then enters the pre-approval queue for review by AIMA.
The non-refundable application analysis fee (approx. €605.10 per person) is paid immediately after the online submission to secure your place in the processing queue.
Step 5: Receive Conditional Approval and Book Biometrics
Once AIMA has reviewed the application file and is satisfied, you will receive conditional or “pre-approval.”
Biometrics Scheduling: You will be notified when you can schedule your mandatory, in-person biometric appointment at an AIMA office in Portugal. You, and all dependents, must attend this meeting.
Step 6: Attend the In-Person Biometrics Appointment
This is your first mandatory trip to Portugal. At the AIMA appointment:
You will present the original copies of all documents submitted online.
Your biometric data (photograph and fingerprints) will be collected.
This meeting seals the application process and begins the final stage of physical card production.
Step 7: Final Approval and Residence Permit Card Issuance
After the biometrics appointment, AIMA conducts the final background checks and issues the definitive approval.
Residence Permit Issuance Fee: Once approved, you pay the large permit issuance fee (approx. €6,045.20 per person).
Receive Your Card: The two-year residence permit cards will be printed and mailed to your Portuguese address or collected by your lawyer. This officially grants you residency in Portugal and visa-free travel across the Schengen Area.
Visa Validity:
The Portugal Golden Visa itself is a temporary residence permit issued in stages, totaling a five-year legal residency period.
Initial Permit: The first residence permit is typically issued for 2 years.
Renewals: It is then renewed for subsequent two-year periods (e.g., Year 2 to Year 4, and Year 4 to Year 6) until the five-year legal residency period is complete.
Investment Term: You must maintain your qualifying investment for a minimum of five years.
To maintain and renew your Golden Visa status, you must meet a minimal physical stay requirement in Portugal. You do not need to reside full-time in the country.
The general requirement is an average of 7 days per year over the 5-year period, broken down as follows:
First 2-year period: A minimum of 14 days of physical presence in Portugal.
Subsequent 2-year periods: A minimum of 14 days of physical presence in Portugal in each renewal period.
After holding the Golden Visa for ten years and maintaining your legal residence status, you become eligible to apply for Portuguese citizenship.
To be eligible for citizenship, you must meet the following core requirements:
Legal Residence: Maintain legal residency in Portugal for at least five years.
Language Proficiency: Pass a basic Portuguese language test (at least A2 level proficiency).
Clean Criminal Record: Have no relevant criminal convictions in Portugal or your home country.