The Golden Visa, officially known as the Residence Permit for Investment Activity (ARI), is one of the most attractive pathways for international investors to obtain legal residence in Portugal, with the possibility of acquiring Portuguese citizenship after a period of residence. As of 2025, the program remains active, focusing on sustainable and productive investments.
What is the Golden Visa?
The Golden Visa is a residency-by-investment program launched in 2012, aimed at non-EU, non-EEA, and non-Swiss citizens. Through a qualifying investment, the applicant and their family can live, work, and study in Portugal, as well as travel freely within the Schengen Area.
Who Can Apply for the Golden Visa?
The Portugal Golden Visa is available to third-country nationals (outside the EU/EEA/Switzerland) who:
- Make a qualifying investment in Portugal;
- Are over 18 years old;
- Have no relevant criminal record;
- Transfer investment funds from outside Portugal;
- Have sufficient financial means to support themselves;
- Hold valid health insurance in Portugal.
The program also allows for the inclusion of direct family members, such as:
- Spouse or partner in a de facto union;
- Minor or dependent children (including students up to 26 years old);
- Dependent parents of the applicant or spouse.
How Does the Golden Visa Work in Portugal?
The process is based on making a qualifying investment, which must be maintained for at least five years. The current investment options include:
| Investment Option | Minimum Investment |
| Investment Funds | €500,000 |
| Cultural Donations | €250,000 (€200,000 in low-density areas*) |
| Scientific Research | €500,000 (€400,000 in low-density areas*) |
| Job Creation | 10 jobs (8 in low-density areas*) |
| Company incorporation or capital increase | €500,000 + 5 jobs |
*“Low-density areas” refer to regions listed by the government with fewer than 100 inhabitants per km² or a GDP per capita below 75% of the national average.
Applicants must stay in Portugal for a minimum of 7 days in the first year and 14 days in each subsequent two-year period.
How to Apply for the Golden Visa in Portugal?
The application process involves:
- Document collection: Passport, proof of residence, criminal record, health insurance, and investment proof;
- Obtaining a Portuguese tax number (NIF);
- Opening a Portuguese bank account to transfer the investment;
- Making the investment and submitting the application via the ARI Portal;
- Paying the applicable fees;
- Pre-approval of the application;
- In-person interview and biometric data collection;
- Receiving the residence card, valid for two years. After payment, the card is sent to the applicant’s registered address in Portugal.
How to Renew the Golden Visa?
The Golden Visa must be renewed every two years, up to a total of five years of residence (or ten years if the new Nationality Law is approved). To renew, the investor must:
- Maintain the original investment;
- Prove compliance with the minimum stay requirement;
- Submit updated documentation online, including:
- Valid passport;
- Proof of investment maintenance;
- Updated criminal record certificate;
- Health insurance;
- Proof of address in Portugal;
- Payment of renewal fees.
The process is handled again through the AIMA portal, with a new biometric appointment. After five years (or ten, if the law changes), the holder may apply for permanent residence or Portuguese citizenship, provided they meet the legal requirements, including basic knowledge of the Portuguese language.
What Has Changed in the Golden Visa Program?
Since October 2023, with the implementation of the Law “Mais Habitação”, the program has undergone significant structural changes:
- Residential real estate is no longer eligible as an investment option. This aims to combat real estate speculation and improve housing access;
- Simple capital transfers are no longer accepted as a qualifying investment;
- The focus has shifted to productive investments, such as venture capital funds, science, innovation, culture, and job creation;
- The program now emphasizes greater social and economic impact, encouraging projects that benefit national development and promote regional cohesion.
These changes ensure that the Golden Visa program continues to attract foreign capital in an ethical, sustainable, and strategically aligned manner.
Advantages of the Golden Visa Program
- Pathway to Portuguese citizenship;
- Flexible residency requirements;
- Safe and stable environment in Portugal;
- Access to high-quality healthcare and education;
- Tax benefits for non-habitual residents.
The Golden Visa in Portugal remains an excellent opportunity for those looking to invest in a European country with high quality of life, stability, and access to the EU market. With the new rules, the program is now more aligned with sustainable development and innovation goals. To ensure a secure and successful application, it is highly recommended to work with a specialized law firm that can ensure full legal compliance and maximize your chances of approval.
Looking to invest or immigrate to Portugal?
At Lamares, Capela & Associados, we have extensive experience with Golden Visas and immigration processes. You can count on our support to:
- Assist with document preparation
- Help schedule your immigration interview
- Ensure compliance with all legal requirements
- Obtain your Portuguese tax identification number
- Acquire Portuguese nationality through naturalization after a few years of residence
Contact us and invest in Portugal safely and hassle-free.