What is an Investment Fund

Investment Funds are financial products that bring together a group of investors with the aim of jointly investing their money in the financial and capital markets to benefit from the advantages inherent in collective investment. Returns are distributed among the Fund participants in proportion to the amount deposited by each.


Management Company

It is the responsibility of the Management Company to control the investment and allocation of the capital invested in the Fund, attempting to ensure the fulfillment of objectives and interests of the investors. The Management Company will analyze capital market trends and make investments based on the sector, theme, geographical area, etc., in which the Fund intends to operate.


Management Costs

Because there is an entity actively managing the Fund, there is a need to pay for this service. Most charge between 0.5% and 2.0% per year. It is important to check this before investing, as ongoing charges can affect the return on investment.

Advantages of Investing in an Investment Fund

·       Ease of investment realization;

·       By investing in an Investment Fund, you benefit from the technical knowledge and experience of the managers;

·       It is a financially diversified product, thus spreading the risk;

·       By investing collectively, investors have greater financial capacity to invest in certain asset classes that would be more difficult to access in the case of individualized investment, while some markets and sectors do not allow individual investment;

·       Tax is withheld at the source at the time of redemption. When applicable, investor gains are taxed at 28%, and tax is immediately withheld. Redemption operations and their respective capital gains do not need to be declared in the IRS.


Disadvantages of Investing in an Investment Fund

  • Like any type of investment, there are associated risks, including market risk, liquidity risk, etc.
  • The fact that it does not invest in an individualizable or fungible asset.


Obligations of Management Companies

Investment Funds are managed by fund management companies and are supervised by the Securities Market Commission (CMVM). Management companies are obliged to comply with reporting obligations about their activity regularly, and in case of bankruptcy, the money invested by investors is secure, and there will be a replacement of the management company by the regulatory entity, thus ensuring the continuity of investment operations.

Investment Funds Eligible for obtaining the Golden Visa in 2024

One of the investment modalities that allows obtaining a residence permit for investment activity (Golden Visa) is the transfer of capital in the amount of €500,000 or more, intended for the acquisition of parts of non-real estate collective investment entities, constituted under Portuguese legislation, whose maturity, at the time of investment, is at least five years, and at least 60% of the value of the investments is realized in commercial companies based in national territory.


Investment Requirements

For the investment to be eligible for the purpose of obtaining a residence permit, it must meet the following requirements cumulatively:

– Minimum investment of €500,000.00;

– The investment cannot be made in real estate funds;

The fund must have a maturity of at least 5 years at the time of investment; and

– At least 60% of the investment must be realized in companies based in Portugal.



Choosing the Fund for obtaining the Golden Visa

The choice of the Fund can be made following various criteria, including:

1st) Check if it is eligible for obtaining the Golden Visa. For this purpose, the Fund must comply with the legal requirements identified above;

2nd) Understand the type of assets, sector, geographical areas in which the Fund intends to invest;

3rd) Know the people responsible for the Fund and its management and assess their capacity and experience;

4th) Have complete knowledge of all costs associated with subscribing to the Fund;

5th) Inquire about the expected profitability;

6th) Fund characteristics – open, closed, maturity, etc.


In addition to these, it is also advisable to understand that depending on the characteristics of the Fund itself, there may be greater or lesser flexibility for the investor to withdraw the invested capital. Most Funds impose a penalty when the investor wants to withdraw the money invested before the initially designated term, but others do not impose any, leaving the investor the possibility of receiving interest (if any) until that date.


What happens to the Golden Visa in case of partial or total loss

In cases where, instead of a capital gain, the investor has a capital loss, there will be no impact on the process or on the maintenance of the residence card itself.

It is understood that the investor, having made the initial investment, has already fulfilled the requirements for obtaining the Golden Visa, and therefore, any changes or fluctuations in the market will not subtract from their right.

However, the Golden Visa requires that the investment be maintained for at least five years, with the replacement of the Fund in which the initial investment was made only in certain circumstances.


Golden Visa Process in 2024

  • 1st Step – Submission of the application on the ARI Portal

The request for the allocation of a residence permit for investors must be made online on the ARI Portal.

At the time of submitting the application on the ARI Portal, a profile of the applicant must be created to which all documents substantiating the requirement for the residence permit are attached, namely:

  • Criminal record certificate, valid, certified by the Portuguese diplomatic or consular representation;
  • Declaration from a financial institution, certifying the international and effective transfer of capital;
  • Documents related to the investment, depending on the investment in question.


Once the application for the allocation of a residence permit is submitted, it is subject to pre-approval analysis. This analysis period can last between one and a half and two years until the application is pre-approved.

Simultaneously with the submission of the Golden Visa application by the main applicant (the investor), the processes of family members can also be submitted, namely:

a) Spouse;

b) Dependent minor or incapacitated children of the applicant;

c) Adopted minors;

d) Adult children dependent on the applicant;

e) Ascendants in the direct line in the 1st degree of the applicant;

f) Younger siblings who are under the guardianship of the applicant.


Fee: €580.31


  • 2nd Step – Request for Residence Permit

As soon as the main Applicant is notified of the pre-approval of their residence permit application and as soon as vacancies are made available, the Applicant must schedule their visit to AIMA to submit all the original documentation initially submitted on the ARI Portal and collect biometric data.


  • 3rd Step – Approval of the Residence Permit Application

After the submission of all original documents and the collection of biometric data – photograph, fingerprints, and signature – AIMA reanalyzes all the information collected to approve the card issuance.

This reanalysis phase may take between six months and a year. On the day of the appointment at AIMA, in addition to the main applicant, family members can also be present.

After this period and if the process is approved, the applicant will be notified to proceed with the payment of the fees.


Fee: €5798.58


  • 4th Step – Residence Permit Issuance

After paying the fee, the residence card will be issued within approximately 90 business days.

Once the Residence Card is assigned, the main applicant and respective family members are subject to compliance with quantitative and temporal requirements. This means that the residence cardholder is obliged to maintain the investment for a minimum period of five years, and is also subject to compliance with minimum periods of stay in national territory:

  • In the first year – the residence cardholder must be in Portugal for at least 7 days (consecutive or interpolated).
  • Following two-year periods – the residence cardholder must be in Portugal for at least 14 days (consecutive or interpolated).


Thus, on average, the residence cardholder must be in Portugal 7 days per year for a period of 5 years from the date of issuance of their residence card.

Note that family members grouped are subject to compliance with the same minimum periods of stay in Portugal that are established for the main applicant.



The residence card is issued for an initial validity of 2 years and is renewable for two more periods of 2 years.


Depending on the situation, the renewal of the residence card may take place automatically or it may be necessary for its holder to travel to Portugal.

Fee: €2899.34


Advantages of the Golden Visa

– Allows circulation in the Schengen Area as a tourist for a period of 90 days without the need for a Schengen visa;

– Access to the National Health Service;

– Allows access to Courts, Education, and the Business Universe;

– Eligibility to obtain Portuguese nationality after 5 years of legal residence in Portugal from the date of submission of the application on the ARI Portal;

– Eligibility to obtain a permanent residence permit after 5 years of legal residence in Portugal.

Portuguese Investment Landscape 

Lisbon and Oporto were recently featured as Best Cities in the World by TimeOut Worldwide. This ranking was looking to spot the Top50 cities in the world that are perfect for city breaks – Porto can be found in the 10th position and Lisbon in the 13th. However, it’s not only for touristic reasons that Portugal is often spotlighted. It’s also one of the most interesting options for international investment in the most diverse areas. 

Real Estate used to lead the investment list. In 2023, this area experienced an investment decrease following a global trend due to the inflation rate, rising debt costs, and other factors. However, there was still an “Avalanche” of money from investors looking to get Portuguese Golden Visas, as one can read in Portugal Resident. 

“In 2023, many investors simply shifted from the property route which had been terminated by the government to the investment in a fund route where they mostly invest in Portuguese companies.” 


Real Estate 

In 2023, Portugal’s real estate market experienced a shift, recording a total investment of 1.6 billion euros, reflecting a 50% decrease compared to the previous year. Factors such as high inflation rates, rising debt costs, and discrepancies in price expectations between buyers and sellers contributed to this decline, according to insights from Savills reported by CASASAPO Notícias. 


Key Highlights: 

  • Investor Demographics: 54% of transactions were led by domestic investors, focusing on retail, hospitality, and office assets. 
  • Resilient Sectors: Retail and hospitality outperformed, with retail showing a remarkable 42% increase in investment compared to 2022. 

Origin of Capital: 

  • National investors dominated, accounting for 54% of 79 transactions. 
  • Cross-border investment reached 1.1 billion euros, directed mainly at hospitality, retail, healthcare, and student housing. 


Golden Visa Program Continues to Thrive 

Contrary to speculation, Portugal’s Golden Visa program remains robust. In 2023, the government’s termination of the property route led investors to shift towards the investment in funds route, particularly in Portuguese companies. 


Key Highlights: 

  • High Demand: 352 golden visas were granted through the investment funds route, amounting to €125 million. 
  • Investment Surge: Investment funds and venture capital companies witnessed an “avalanche” of funds from investors seeking Portuguese Golden Visas. 
  • Significant Impact: Between January and September, over €125 million flowed into funds and VCs specializing in Portuguese companies, a 45.4% increase from 2022. 


Achievements in Business and Innovation 

Portugal’s business landscape has seen notable achievements, reinforcing its appeal to international investors. AICEP mentioned some of the most notable achievements for Portugal in this context:  

  1. MSG INSUR:IT: Increased investment in Porto’s center of excellence. 
  1. Accenture: Established a Cloud Security center of excellence in Porto. 
  1. IP Parking: Opening a new development office in Portugal. 
  1. Bosch: Plans to invest in the Aveiro Plant. 
  1. Vitec: Expanding its R&D office in Porto. 
  1. BPCE-IT: Expanding its team in Portugal at Natixis, creating a tech hub with 320 new positions. 
  1. BIOrbis: Collaborating with Universidade Católica. 
  1. Bedrock Streaming: Expanding to Portugal with a new office. 
  1. Elementis: Unveiling a new R&D and support center in Portugal. 


Outlook for 2024 and Key Challenges 

The recovery of the investment market in 2024 is contingent on the decline in interest rates, stabilizing economic indicators, and increased investor confidence. Anticipated interest rate cuts in 2024 are expected to drive investors towards diversified strategies, particularly in alternative segments like hospitality and retail. There are 4 key challenges one can anticipate: 

  • Macroeconomic Uncertainty 
  • Global Geopolitical Tensions 
  • Legislative and Tax Changes 
  • International Governmental Instability 


Despite these challenges, we anticipate a market stabilization post-legislative election in 2024. With over 85% of the sector attributed to foreign investment in the past decade, Portugal remains poised to leverage its strengths and attract foreign investors. 

And it’s easy to understand why. Portugal is still a politically and socially stable country, considered one of the safest in the world, thus with one of the strongest passports in the world 

Finally, recent changes to the nationality law, which allows the nationality process to be submitted five years after submitting the Golden Visa process, will be an important aspect this year for investors, who see this program feature as the main differentiator when compared to other Golden Visa programs. 

To know more about this, understand why and how you should invest in Portugal don’t hesitate to contact our team of lawyers here. 

New Immigration Rules to the Portuguese Immigration Law was issued, introducing significant changes aimed at streamlining processes and incorporating online procedures. Here’s a summarized version of the official document:


1) Digital Submission:

Applications for residence permits, both new and renewals, are now encouraged to be submitted digitally through a designated online platform accessible via a central services portal.

2) Enhanced Security Measures:

To combat illicit activities, applications for residence permits will be digitally submitted using qualified electronic signatures. Residence permits will be handed over in person at AIMA offices, reinforcing security measures.

3) Administrative Approval for Researchers:

A new provision allows for administrative approval for residence permits applied for by third-country nationals holding a ‘researcher’ or ‘researcher mobility’ permit from an EU member state, provided there is no opposition within 30 days.

4) Family Reunification Automation:

Anticipating government statements, an online platform is being introduced for automated family reunification processes.

5) Golden Visa Program Updates:

Changes to the Golden Visa program include a shift to “access to supporting information” instead of requiring specific documents. AIMA can request opinions from competent national entities to verify investment fulfillment, broadening oversight.

6) Monitoring Group Powers:

AIMA, along with relevant entities, will now assess investment activities biennially, emphasizing their impact on science, culture, foreign direct investment, and job creation.

7) Transition for Pending Applications:

Pending applications and renewals for residence permits related to investments before October 2023 will follow the entrepreneurial immigrant regime, with necessary adjustments.

8) Automation and Simplification:

The key aspect of the new law is automation, with AIMA gaining extensive powers to consult databases for efficient processing.
AIMA is required to check application requirements within 15 days, promoting simplicity by reducing physical documentation.

9) Verification through Online Systems:

Criminal record verification in third countries is to be done through online systems, resorting to traditional certificates only when necessary.

Verification of legal entry and stay in Portugal will be conducted using online systems, potentially posing challenges for longer-term residence permits.


Conclusion and Impact of New Immigration Rules:

The amendments aim to alleviate delays through online processing but also introduce stricter measures against abusive immigration practices.

The changes may pose risks for certain residency program renewals and tax status qualifications, emphasizing the need for careful consideration when choosing programs.

To help you navigate these new rules and several amendments, don’t hesitate to contact our team of lawyers here.

It’s official! Diogo Capela was (again) elected one of the Top 25 Global Migration Attorneys during the EB-5 & Global Immigration Expo event in Newport Beach, California.

After speaking on Golden Visa opportunities in Portugal and sharing his expertise about Immigration-related topics, Diogo received his 3rd consecutive award which also positions Lamares, Capela & Associados as the “one-stop shop” if you’re looking for a firm that can safely solve your issues when it comes to Migration.

This recognition comes from the Uglobal Immigration Magazine, which annually spotlights the top-notch within its “Top 25 Global Migration Attorneys” award.

This acknowledgment is reserved for attorneys working in the migration area, showcasing considerable experience processing a substantial volume of applications. That’s why we would like to thank all who trusted us as the legal partner to solve Migration issues and the partners who stand by every day to facilitate our work.

The distinguished list of winners is a testament to the industry’s trusted figures who drive progress through their foresight and inspiration. Congratulations to all, especially to Diogo on behalf of LACA.

With the definitive end to the Golden Visa approved yesterday by the President of the Republic, it’s time to move towards a more stable investment framework and diversify the forms of investment in Portugal.

There is no doubt that Portugal continues to be a very attractive destination for investors who now find their investment options more limited, but still have plenty to choose from.

If the initial objective is indeed the Golden Visa, they can continue to apply according to the conditions we have already detailed in this article – namely the creation of 10 new jobs (or maintenance of 5) and investment in scientific research or Portuguese cultural heritage.

As direct, or indirect real estate investment is out of the equation, there are other benefitable investment options that are increasingly interesting for international investors – investment funds.


Investment Funds – what are they?

What are investment funds anyway? For those new to the area, this expression may “scare” you, but the idea (and the explanation) is simpler than it seems – it’s about investing together.

Due to the amounts of investment required and the greater complexity of some areas of investment, it presupposes that there is a professional manager, i.e. a specialist – a fund manager – looking after your money. You can also invest on your own, but this is not advisable, especially if you have no experience.

Participation in the fund is proportional, i.e. each person who invests in the fund receives a proportional share of the profits or losses, based on how much they have invested. If you have a manager, you will also have to pay them a fee for their services.

Usually, funds are flexible, meaning you can buy or sell your stake in the fund at any time and thus guarantee liquidity. It’s a convenient and affordable option for individual investors.


Investment Funds in Portugal

There are several investment options in Portugal that offer profitability and opportunities for foreign investors:


Renewable Energy Investment Funds

Portugal has invested significantly in renewable energies, such as solar and wind. Investing in funds related to clean energy can be an interesting option as the country seeks to increase its renewable energy production.


Tourism Investment Funds

Tourism is a vital industry in Portugal, and investment funds focused on this sector can be attractive to investors.

Some of these units are strongly related to the maintenance of Portugal’s cultural heritage, which could still be a route to the Golden Visa. It’s also an area that usually creates a lot of jobs.


Capital Market Investment Funds

Capital markets are essential components of a country’s financial system and play a key role in allocating financial resources. They are where companies and governments can raise money by selling shares, bonds, and other financial instruments to investors. In Portugal, there are several capital markets, including Euronext Lisbon – and the Stock Market for companies within Euronext -, the Alternext market, and the Debt Market.


Agricultural Investment Funds

Investment funds in the agricultural sector are investment vehicles that focus on activities related to agriculture, agro-industry, and agrobusiness. These funds invest in projects, companies, or assets linked to the agricultural sector, with the aim of generating a financial return for investors. They can include various areas such as food cultivation, production of agricultural commodities, food processing, agricultural logistics, and much more.

In Portugal, some investment funds are related to the agricultural sector:

  • Agricultural Venture Capital Funds: investment in start-ups and innovative companies in the agricultural sector, such as those involved in agricultural technology (AgTech) or sustainable solutions for agriculture.
  • Agricultural cooperatives: Although they are not traditional investment funds, agricultural cooperatives in Portugal can be a way of participating in collective agricultural activities and investing in the sector.
  • Financial Institutions: Banks and financial institutions in Portugal can offer investment products – such as Caixa Invest Agro – aimed at the agricultural sector, such as term deposits or thematic investment funds that include agricultural companies.


Venture Capital and Private Equity Funds

Investors can tap into venture capital and private equity funds in Portugal. These funds invest in early-stage Portuguese companies or companies looking for growth and expansion. Investors can participate in the success of these companies and receive solid returns based on their performance.

With the start-up ecosystem booming, investing in start-ups is a way of supporting and benefiting from the growth potential of new businesses. These funds can offer significant return opportunities, although they also involve a higher level of risk.


Return on Investment Funds

As for profitability, returns vary depending on the type of fund and the underlying assets. It is important to realize that all investments carry a certain level of risk, and returns are not guaranteed. Investors should carry out careful research and consider their risk profile before investing in any fund.

In addition, it is advisable to consult a financial advisor or investment specialist for personalized guidance based on your financial goals and individual situation. Portugal can continue to be an excellent choice for investors if they are willing to explore the various investment opportunities available in the country.

We’re here to help you with this mission and to answer any questions you may have about this or any other topic that falls under the remit of our team of lawyers. Discover all our services here and don’t hesitate to get in touch to find out more.

The HQA Visa promises to be an alternative solution to the well-known Golden Visas due to the reduced requirement regarding the minimum periods of stay in Portugal. Is this the case?

Before explaining this new type of visa, let us explain the context in which it emerged.

Portugal continues to experience a growing influx of migrants. However, the limit on the minimum length of stay in the national territory is a factor that weighs on the decision of those wishing to move to the country.

Residence Permits for Investment Activities, popularly known as Golden Visas, emerged in 2012 with the benefit of breaking the barriers inherent to mandatory periods of stay, as, by the provisions of Article 65-C of Regulatory Decree 84/2007, the holder of this type of residence permit needs to remain in national territory for an average annual period of 7 days.

It turns out that the popular Golden Visas, as set out in Article 90-A of Law 23/2007, not only entail very large capital spending for investors but, in recent times, have seen their survival questioned in some respects (we’ve written about it here).

Considering these factors, the “HQA VISA” has been hailed as a much more cost-effective solution that encompasses the benefits of Golden Visas. This means that, with a considerably lower investment, the holders of the “HQA Visa” would not have to comply with mandatory minimum periods of stay in national territory, acquire the possibility to circulate throughout the Schengen area without limitations and, after 5 years, give its holder the possibility to apply for the attribution of Portuguese nationality.

But is the HQA Visa all that? The answer is: yes and no.

The truth is that the HQA VISA, which is nothing more than the Residence Visa for Highly Qualified Workers, is not a low-cost alternative to Portuguese Golden Visas.

Once a residence permit has been granted in any of its modalities, except in the case of Golden Visas, the foreign resident still must comply with certain minimum stay rules in the national territory to ensure that his/her residence permit is not canceled.

According to paragraph a) of no. 2 of article 85 of Law no. 23/2007, of July 4, during the valid period of the temporary residence permit, its holder must not leave the country for a period exceeding six consecutive months or eight interposed months. The granting of permanent residence also requires compliance with the periods of stay in the national territory, this time by the provisions of paragraph b) of paragraph 2 of Article 85 of the Aliens Act.

According to this legal provision, the holder of permanent residence, which is valid for 60 months, may not be absent from the country for a period exceeding 24 consecutive months or 30 interpolated months.

However, there are several exceptions to the obligation to comply with these deadlines and which, as exceptions, do not result in the cancellation of the residence permit. The existence of weighty reasons of a personal, family, or professional nature that led to the need to be absent from the country for periods longer than those mentioned above, does not affect the maintenance of the residence permit of the third-country national.

Therefore, if the highly qualified worker holding the “HQA VISA” is absent from the country for periods longer than those indicated above and these absences are justified with professional reasons and documented, he/she should not be disadvantaged.

This exception applies not only to Residence Permits for Highly Qualified Workers but also to all other types of Residence Permits. This exceptionality, which allows the absence of the holders of these residence permits for longer periods, can never be confused with the flexibility inherent in Residence Permits for Investment activity.

If you have any questions regarding these types of visas, residence permits, or any other, please do not hesitate to contact our team of lawyers.

On July 19th, the Portuguese Parliament approved the new terms for obtaining the Golden Visa in Portugal. The modifications proposed by the Government resulted from social and political pressure to answer the housing crisis in Portugal.

The amendments to the Golden Visa program are linked to Real Estate Investment which is no longer included in the list of criteria to access this type of residence permit.

Since 2012 that Real Estate investments of over 500 thousand euros or acquisition of properties with at least 30 years old have granted the residence permit to foreign investors through the Golden Visa program.

They are now no longer eligible which concerns the approximately 8,000 Portuguese Golden Visa applications awaiting approval (more than 21,300 in the pre-analysis phase).

Equity holdings higher than €500 thousand euros in venture capital funds are also excluded as well as the capital transfers equal to or higher than €1.5 million.

The goal is to prevent any type of investment in the Real Estate sector, direct or indirect, as well as millionaire transfers.

Eligibility criteria to obtain the Portuguese Golden Visa

The program remains valid and beneficial only to those who

  • Invest more than 500 thousand euros in a Portuguese company that generates at least 5 jobs or ensures the maintenance of 10.
  • Invest at least €250 thousand euros in Portuguese cultural and artistic heritage, either through restoration or maintenance of existing cultural sites (investment is reassessed every two years)

With such measures, the Government aims to facilitate and promote the allocation of resources in the Portuguese business sector, human resources and cultural heritage.

It is possible to check all the amendments and the final Golden Visa eligibility criteria list by consulting the Mais Habitação website.

If you have any questions or would like to proceed with your Golden Visa request under these new criteria, feel free to contact us so we can assist you with the whole process.

The Immigration, Borders, and Asylum Report by SEF with the latest available data from 2022 is now available (PT only).

There have never been so many foreigners living in Portugal is the first obvious conclusion. The number is rising since 2017, back when Portugal had just over 420,000 foreign residents. Today there are over 780,000, mostly Brazilian citizens (close to 240,000), followed by citizens from the United Kingdom (approximately 40,000) and from Cape Verde (close to 37,000).

When looking at the current distribution of these citizens within Portugal, the vast majority (more than 300 thousand) is settled in Lisbon, followed by the districts of Faro, Setubal, and Porto respectively.

SEF ReportThe prevalence of Brazilian citizens in Portugal is not new, but it is important to highlight that there is significant population growth (22%) compared to last year.

Considering the relevance of this community in Portugal, the Government has carried out initiatives such as Digital Equality – already explained by us – which aims to facilitate the bureaucratic processes needed upon the arrival of Brazilian citizens to Portugal. This initiative, among many other mechanisms, allows the acquisition of residence in a much simpler (and digital) way.

Back to SEF report, it is also interesting to note that, despite the increase in the number of Brazilian citizens in Portugal compared to last year, the growth of the “Others” category reflected in the SEF chart was even greater. Foreigners now living in Portugal from destinations considered unconventional grew by more than 33%, according to existing data.

The most expressive numbers are related to the arrival of citizens from Oceania (+130%) and Eastern Europe (+94%). The latter can be justified by the war in Ukraine and the acceptance of many new citizens who fled the conflict in this country.

Imigração em Portugal









It is also interesting to realize when analyzing the new foreign residents in Portugal that, citizens of countries like India, Bangladesh, Nepal, or Pakistan go to Portugal for professional reasons, while those who come from Africa, from countries like Angola or Cape Verde, go to Portugal mostly under a request for family reunification. Brazilian citizens are no exception – 47% of residents go to Portugal for professional reasons, while around 30% have applied for family reunification.

The list of foreigners who were granted residency through “investment activity” – which is related to the attribution of Golden Visas through, mainly, the purchase of real estate and transfer of capital – is led by citizens from the USA (216), followed by the Chinese (213) and Brazilians (109).

Finally, there was also a significant increase in nationality permit applications – since 2021, more than 63,000 Portuguese nationality permits have been issued to foreign citizens, mostly to citizens of Israel (>20 thousand) and Brazil (>18 thousand).

Imigração em Portugal

Generally, these residence permits are granted nationality through naturalization but, when it comes to Brazilian citizens as the majority, the numbers show that most obtained nationality by their own will, through marriage or similar.

Access the full report – with much more data – here and do not hesitate to contact our team for any questions about Immigration and request support or advice in this area.


A Lamares, Capela & Associados apoia e representa os seus clientes nos serviços relacionados com a concessão de vistos e autorizações de residência em Portugal, bem como nos processos de aquisição da nacionalidade portuguesa. Prestamos ainda serviços de relocalização a clientes individuais e empresas que pretendam instalar-se em Portugal.

The Government is considering the continuity of the Gold Visa Program in Portugal, without real estate investments or the transfer of capital.

How will it then be possible to obtain the Gold Visa in Portugal?

Some of the already-known conditions remain, namely

  • The creation of at least 10 jobs;
  • Capital transfers equal to or higher than 500 thousand euros for investment funds or venture capital funds;
  • Capital transfers equal to or higher than 500 thousand euros to be applied in scientific research activities; and
  • Capital transfers of no less than 250 thousand euros for artistic production or recovery/maintenance of Portuguese cultural heritage;
  • Capital transfers equal to or higher than 500 thousand euros, aimed at the incorporation of a business registered in Portugal, combined with the creation of five permanent jobs; or to increase the share capital of a given company registered in Portugal that is already established, with the creation or maintenance of jobs (a minimum of five permanent jobs, for three years).

The Parliament is expected to vote on these new terms on 19th of July.

The Uglobal Magazine published an article focused on the theme of Golden Visa in Portugal, whose legislation was generally approved, however it is still being debated in the specific area.

In its introduction, the article says: “Nearly four months ago, the Portuguese government announced ending the golden visa program as part of its strategy to combat rising housing costs, setting in motion a legal process that aims at scrapping Europe’s most popular residency by investment program.”

Diogo Capela, partner at Lamares, Capela & Associados contributed to this dossier: “
“It is still possible to submit Golden Visa applications and the foreseen amendments have not yet been approved, so I advise my clients and investors to keep working on their processes, so we can submit their applications before the end of the program”.

The Golden Visa Portugal Program was created in October 2012 with the aim of attracting foreign investment. In a decade, it moved about 7 billion euros and, until January of this year, 11,180 Residence Permits for Investment were issued (until December 2022), according to the data released by the Foreigners and Borders Service.

Read the full article: Portuguese parliament continues golden visa debate – Uglobal

Get in touch with us for further information.

Lamares, Capela & Associados is committed to protecting and respecting your privacy and we will only use your personal information to manage your account and provide the products and services you have requested. Occasionally, we would like to contact you about our products and services and also about other matters that may be of interest to you.

Contacte-nos para saber mais detalhes.

A Lamares, Capela & Associados tem o compromisso de proteger e respeitar a sua privacidade e usaremos as suas informações pessoais apenas para gerir a sua conta e fornecer os produtos e serviços que nos solicitou. Ocasionalmente, gostaríamos de contactá-lo sobre os nossos produtos e serviços e também sobre outros assuntos que possam ser do seu interesse.
We value your privacy

We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. By clicking “Accept”, you consent to our use of cookies.