Portugal’s Golden Visa program is one of the most popular residency by investment programs in the world, for a variety of reasons:

• The Portugal Golden Visa program is a legitimate route to full dual citizenship in Europe after holding an investment for just 5 years
• You can choose from a range of relatively affordable investment options that offer the potential for interesting returns and diversification within your existing financial plan
• Golden Visa holders only need to spend an average of 7 days per year in Portugal (2 weeks every 2 years, to be specific) to qualify citizenship by naturalization.
• While holding a Portugal Golden Visa residence card, you will have visa-free access to the entirety of the European Union’s Schengen area of free movement.
• Aftern obtaining the citizenship, you will be able to live, work, study, retire or open a business anywhere in the EU/EEA, and even pass these benefits onto future generations to come (depending on the circumstances).
• Whilst the Non-Habitual Resident special taxation regime has been the subject of much scrutiny and eventually scrapped in 2024, Portugal can still offer favourable tax benefits for some new residents on their income and savings/investments.
• Portugal is one of the safest countries in the world, with outstanding health and education systems. The cost of living is comparatively low versus the rest of Western Europe, the standard of living is high and the climate is very attractive.

The Portugal Golden Visa program is also fairly accessible compared to the other straightforward routes to a second citizenship. Qualifying investments are as follows:

• A €500,000 investment into a venture capital or private equity fund.
• The creation (or even maintenance, in some cases) of 10 jobs in local businesses.
• A €250,000 contribution to a local arts or cultural project (although this is almost always a donation, rather than an investment).

Would you like to explore your best options?

Detailed information about Portugal’s Golden Visa program is freely available, so you would be forgiven for asking why I felt the need to create this article.

Unfortunately, this is a fast-moving space where the information you will find is frequently out of date or demonstrably incorrect. This guide will cover everything you need to know about the Portugal Golden Visa in 2024 – although I will provide subsequent updates when there are major evolutions or modifications to the program.

If you have questions at any stage, feel free to reach out to me directly via the “Contact Us” button at in the menu bar at the top of this page.

Portugal’s Golden Visa Program is officially entitled the residence permit for investment activity (ARI), and was established in 2012 albeit to minimal fanfare. It has since proven to be very popular indeed given the ability of its holders to achieve a full European citizenship after just a few short years, without even having to moving to Portugal at any stage. The name Golden Visa is a marketing term rather than its official title (but it is certainly a lot catchier than ARI!) and it is designed to enable non-EU/EEA citizens to to avail of the benefits of being a Portuguese resident in exchange for making a qualifying investment into the country.

 

As of the beginning of 2024, the program has attracted more than 13,000 investors, raising well in excess of €7 billion for the country. Whilst the rules around qualifying investments have tightened in recent years (keep reading to learn more), this level of foreign direct investment is particularly hard to ignore. As a result, the Portugal Golden Visa program has been the subject of much international scrutiny, particular from lawmakers in Brussels who are not too enamoured with the concept of cash for citizenship (which, it could be argued, is the case for Portugal).

Fortunately, this is an easy question to answer. If you are able to make a qualifying investment at or above the minimum level, have a clean criminal record and are not a citizen of a blacklisted country (e.g. Russia at the time of writing), then you are eligible to apply for the Golden Visa.

Any non-EU citizen can apply for Portugal’s Golden Visa, provided they meet the investment requirements. The program is not open to (and neither is it necessary for) European citizens.

If needed, a corporate structure can also be used to make the investment.

In order to renew the Golden Visa upon its expiry after the initial 2 years, you will need to meet the physical stay requirements. Fortunately, these are very low indeed at just 2 weeks during that 2-year period.

The following are the basic requirements for a Portugal Golden Visa investment as of 2024:

1. The investment of at least €500,000, via capital transfer to Portugal, into venture capital funds that are regulated by the Portuguese Securities Market Commission (CMVM) and place at least 60% of their capital into Portuguese-listed securities.
2. Creation (or, in exceptional circumstances, maintenance) of at least 10 jobs in Portuguese businesses.
3. A hybrid model wherein you transfer a minimum of €500,000 to a Portuguese business in order to increase its share capital, in addition to creating a minimum of 5 additional permanent employment positions.
4. Make a capital transfer of at least €250,000 into projects related to an approved cultural or artistic project. This is usually considered a donation rather than an investment and is therefore rarely worth considering.

Your initial Golden Visa application is submitted online, usually by your lawyer. The full documentation pack, including police clearance certificates etc., must be attached. Once submitted, the application pack will be sent to the immigration authority (AIMA) for approval, after which you will be invited to a biometrics appointment. This must be done in person, but there is usually some flexibility on the dates to allow for the international travel that is usually required for a Golden Visa investor in Portugal. You can book your biometrics appointment at any of the centres throughout the country; you are not tied to the region in which you make the investment. After biometrics, you’ll then need to allow some time for the residence cards to be printed and couriered out to your home address.

During the first issuance of your Golden Visa (years 1 and 2)

As a holder of a valid residence card in Portugal, you will have the unlimited right to live and work in the country. You will also have the ability to travel visa-free within the EU Schengen area (subject to the 90/180 day rule when outside Portugal). You’ll need to visit Portugal for at least two weeks during these two years in order to renew the Golden Visa, which you should look to do 1-3 months before it expires. From 2023, the renewals process moved online, and now no longer require another in-person SEF appointment.

 

First Golden Visa renewal (years 3 and 4)

Exactly the same as above, as your renewed Golden Visa residence card will be valid for another 2-year period under the same conditions.

 

Second Golden Visa renewal (year 5, and then transition to citizenship or permanent residence)

After renewing the Golden Visa for the second time, you’ll be able to reach the key milestone of 5 years of legal physical residence in order to apply for either citizenship or permanent residence in Portugal (even if you were never tax resident in the country at any point). If you do not wish to move onto either full citizenship or a permanent residence permit, you do have the option of continuing to renew your Golden Visa every two years (however, this is more expensive and requires more bureaucracy, so there is no reason to ever recommend this course of action).

 

Preparing your Golden Visa application

The process of preparing your Portugal Golden Visa application is quite straightforward, provided you have the right guidance. Attempting to do this yourself would most likely be extremely confusing, time-consuming and with significant potential for mistakes (and, ultimately, rejection). This is especially true if you do not speak a native level of Portuguese. A lot of documentation is required, both in Portugal and in your current country of residence (which will then need to be translated into Portuguese and translated/Apostilled).

Whilst the requirements do vary slightly according to your own circumstances and family specifics, the general requirements for the application might be summarized as follows:

1. Get your Portuguese tax numbers (NIF)
2. Open a Portuguese bank account (usually as a non-resident, which will incur a modest ongoing account maintenance fee).
3. Select your investment and transfer the capital (be sure to take advice if you are not an experienced investor, and only work with credible entities with a demonstrable track record of success and investor care)
4. Compile the required documentation from your home country, and have it translated in Portuguese and Apostilled accordingly (doing this before the Portuguese documentation is important as the timeframes for an Apostille can be lengthy and delay the application).
5. Do the same for the required documentation in Portugal (minus the translation and Apostille).
6. Your lawyer will then review your documentation pack and prepare/submit the application for the Golden Visa through AIMA’s online portal. You will need to pay an application fee to AIMA at this stage. You’ll be issued with an ARI (Golden Visa) number to track your case.
7. AIMA will then inform you when your application is pre-approved, and invite you to book the biometrics appointment at the processing centre of your choosing.
8. Attend the biometrics appointment in Portugal, along with the originals all all documents provided to your lawyer for the online application.
9. Receive your residence cards at your home address once all necessary bureaucracy has been handled (AIMA and your lawyer will typically liaise to that effect and inform you once the process is completed).

The investment landscape can be a confusing one at the best of times, so I have prepared the below video with the aim of explaining the different types of funds that are available – and there are many – and break down the risks and benefits involved. I highly recommend watching this session before committing to any investment so that you can make an informed decision when selecting the best route for you and your family.

There are around 50 eligible funds for the GV at the time of writing, but this number can vary quite frequently as new funds are added or subscription periods closed. These options vary hugely in terms of quality, cost, investment philosophy, capital tie-in periods, performance history, even their tax treatment. As the #1 Golden Visa agent in Portugal currently, our team has access to exclusive fund options and preferential terms and conditions for our investors, so feel free to get in touch if you’d like to see what can be done for your family.

I’m afraid that EU securities regulations dictate that I cannot share specific fund information or potential options with you in this public space. We would need to get together in a private meeting to discuss those options instead – so feel free to book a free consultation if you would like to explore this together. If I’m not your cup of tea, that’s totally fine, but I do recommend you speak to a trusted advisor of some repute as a part of this process. Taking the right investment decision for your own individual circumstances can be the difference between a great experience and a long-term headache, so I can’t understate the importance of getting good advice here. Fortunately though, advice on fund selection is usually free – as it is in our case – and that’s because any Portugal Golden Visa agent worth his/her salt will offer this as a complimentary part of the wider onboarding process.

In spite of the previous sections, investment funds are not the only route to a Golden Visa. In fact, there are intelligent structures that exist that will allow you to access the Golden Visa through a relatively modest capital investment, whilst avoiding the restrictions that often accompany a fund-based investment. To learn more about this particular point, I would recommend watching the below video on an alternative strategy that utilizes the job creation/maintenance route, and how that can be used to create a very compelling investment option.

With the right investment selected, your administrative presence established in Portugal and your bank account opened, you’re now ready to move your funds over to the country. The most common way to do this is by way of wire transfer, although this can be a little expensive if there is a currency conversion involved. An advisor may be able to help you get a better rate, but BE CAREFUL here – some currency conversion brokers may use certain processes that would invalidate the transfer for Golden Visa purposes, so check before proceeding.

Our team here has had positive experiences dealing with Spartan FX. Their unique setup of using multiu-currency accounts in the investor’s name allows our clients to convert into Euros quickly, easily, and in a compliant way for the Golden Visa. What’s more, they offer some of the most competitive rates in the market, and the ability to fix a rate for up to 48 hours.

Spartan FX have produced a PDF guide on “Moving Money to Portugal” which you can access for free using the button below:

You’ll need to prepare the following as part of the application process. This is not an exhaustive list, but our team (if using our services) will guide you on the requirements for your specific case as needed:

• Your passport (valid and current)
• Evidence of a legal entry into Portugal (when arriving for biometrics) e.g. passport stamp, valid visa
• A police clearance certificate (PCC) from your country of This could also be requested for any country (or countries) where you have been resident for more than a year, but it is rare for this to be needed. PCCs are typically valid for 90 days, so do not order this too early in the process (especially as you’ll need some time for the translation and Apostille).
• A form allowing AIMA to view your Portuguese criminal record.
• A sworn statement declaring that you will maintain your investment and meet the ongoing requirements (i.e. retaining the investment for the 5-year period).
• Accreditation document from the Portuguese Social Security system and Tax and Customs Authority and Social Security system
• Proof of payment of the application processing fee.

Remember, any document that is not already in Portuguese will need to be translated and Apostilled in order to be considered valid. You will also need to prepare some additional documentation according to the investment being used. Your advisor and/or lawyer will guide you on this point.

It is strongly recommended that you let your lawyer handle this process for you. The risk of error and subsequent visa rejection is considerable if you try to submit the application yourself, especially if you do not have a good grasp of the Portuguese language. Whilst it is possible to do this without help, a mis-step could prove costly – use a trusted professional.

How expensive is it to get the Portugal Golden Visa?

The legal fees and any fees relating to your investment will vary on a case-by-case basis. There is an application fee of €773.74 that is payable upon submission. This is called an “Analysis Fee” which is required in order for AIMA to consider the application. Another fee of €7,730.11 per person will be payable later on, upon the issuance of the Golden Visa.

There are similar fees two renewals (at the end of year 2 and 4) are charged at €3,865.79 each, per person. You will also need to pay the €773.74 application fee again for each family member, plus the lawyer fees for overseeing the renewal process (this is usually far cheaper than the legal fees charged to obtain the Golden Visa).

What are the main benefits of the Portugal Golden Visa?

As a Golden Visa holder, you can:

1. Live, work, study or retire in Portugal
2. Travel visa-free across the EU Schengen area (subject to the 90/180 day rule)
3. Include dependent family members
4. Apply for permanent residency and/or Portuguese citizenship after five years, provided you pass the A2 level language test (more on that below)
5. Access the outstanding Portuguese healthcare and education systems (if you are resident)

At the time of writing, the EU Schengen are countries are: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland.

In the interest of clarity, Bulgaria, Croatia, Cyprus, and Romania will be joining the Schengen area in the future. However, you can also travel there visa-free under your Golden Visa residence permit.

Is the Golden Visa the right route to residency for me?

The Golden Visa is the only visa that gives you a clear route to citizenship, without committing to living in Portugal full-time for 5 years. The fees associated with the Golden Visa are higher than the other visa types, and you do need to tie up some money for at least 5 years, but it is the only visa route that gives you citizenship and allows you to keep your current tax residency, and the only one that gives you the flexibility to leave Portugal to live elsewhere during those 5 years. And, if done right, it can deliver a decent profit on the funds that you invest.

That said, if you want to move to Portugal right now, and you can commit to staying there for at least the next 5 years, then the Golden Visa is probably not for you. You may as well look at a cheaper alternative, where you don’t need to invest any money to qualify. The D7 or D8 are what most people choose here, so I suggest you look at those if this is you.

That said, if you can’t commit to becoming a Portuguese tax resident, i.e. spending at least 6-8 months there each year, then the Golden Visa would likely be the one for you.

You might even have zero intention of moving to Portugal at all, and just want the easiest and cheapest way to get a European passport – and all the benefits that that brings. In which case, the Golden Visa would also be for you.

Which investment funds are available for Golden Visa investments?

Qualifying funds for the Golden Visa change frequently, and there isn’t a full list available (certainly not one that is kept up to date). That said, you can review a list of Portuguese funds on the CMVM website, just be aware that many of these do not meet the requirements for the Golden Visa itself. An advisor can usually add a lot of value here.

Can I invest in several different funds for the Golden Visa?

You can do this, yes. However, it is far more straightforward to invest the whole €500,000 in a single fund, and thereby remove complications with your application and any potential confusion with AIMA.

Can I use a 401(k) or an IRA to invest in the Golden Visa?

Yes, you can. However, this requires a tailor-made structure and a little more bureaucracy. Investing in this way would come with some additional cost and the potential for delays in getting the required structures set up.

Can I use a limited company to invest in the Golden Visa?

Yes, you can. However, it must be a single-person company (empresa unipessoal), and it must be registered in Portugal. The funds must be received by the company from abroad prior to making the investment

How long are the processing times for the Portugal Golden Visa in 2024?

This has been the subject of some consternation in recent years, as SEF (and now AIMA) came under fire for their speed in processing the application backlog that arose after COVID-19 (and other, more avoidable, challenges that came about in Portugal around a similar time). Fortunately, we believe that AIMA are making strong progress on this point and we expect a processing time of around 12 months going forward. Of course, this cannot be guaranteed and further time should be built into your projections to avoid disappointment.

Can I submit my Portugal Golden Visa application in an embassy or consulate?

The whole process can be done online, up to the biometrics stage. Here, you will need to be physically present in Portugal. Unfortunately, this cannot be done remotely.

When would I need to be in Portugal for the biometrics?

You can expect to wait around 9 months for your biometric appointment (at the time of writing, may be subject to significant change depending on circumstance).

After you’ve received your first residency card, you will need to renew it after two years. The renewal process has now moved online, although you will still need to be present in Portugal for at least 14 days during that 2-year period.

Does time spent in Portugal for the biometrics visit count towards my physical stay requirement?

No. Any time in Portugal accrued before the first residency card is received does not contribute to your 14 days. You must visit after the residence card’s issue date.

Can I include my family on my Golden Visa?

Absolutely, although you cannot bring everyone. Your spouse, children (if they are under 18, or enrolled in studies and financially supported by you) and parents (over 55, with a dependency requirement if under 65) can all join you.

Must dependent children remain dependent throughout the Golden Visa process?

The tests for dependence must be passed at each renewal date. We can help you demonstrate this, and design a plan at the kick-off stage.

Must all supporting documentation be translated into Portuguese?

Yes. If an original document is not in Portuguese, it must be translated and Apostilled. No other language, and that includes English, is accepted.

It can be a good idea to do this in your country of origin, but it’s also possible to get it done in Portugal.

What taxes will I need to pay in Portugal?

Getting the Golden Visa residence permit does not commit you to becoming a tax resident in Portugal. Therefore, unless you decide to base yourself in Portugal and thereby become a tax resident, it is highly unlikely that your Golden Visa will impact your tax position in any way. That said, you will still need to cover the relevant taxes linked to your investment in Portugal (if relevant). An advisor can assist you with this.

You are likely to be considered tax resident in Portugal if either of the following scenarios are true:

• You spend more than 183 days in Portugal in a 12-month period
• You maintain your habitual place of residence in Portugal during a 12-month period

What if I do not renew my residence card in time and it expires?

Do not worry if this happens to you. This would not have any impact on your legal residency, only your ability to travel within the EU. Time during the residence cards would even count towards the 5 years needed for citizenship.

What is the Portuguese language requirement for citizenship?

To be eligible for citizenship, you’ll need to pass the CIPLE. This is a test at the A2 level (one step up from beginner) and is among the easiest language tests in the context of global citizenship by naturalization processes.

You can take the Portuguese language test at any time during the investment holding period. You can take it (and fail it!) as many times as you like until you pass.

Use the calendar below to book your free session with Jonathan (or one of our expert Residency & Citizenship by Investment team members). Together we will explore your objectives, situation and the most appropriate investment options for your needs. Meeting instructions will be sent to your email inbox instantly.