A Guide to Golden Visa Laws in Portugal

First introduced in 2012, Autorização de Residência para Actividade de Investimento, commonly known as the “Golden Visa”, is a popular pathway for foreign nationals to gain a residence permit in Portugal. The Portuguese Golden Visa provides visa-free travel throughout the Schengen Area, and is highly beneficial for foreign investors and entrepreneurs. After five years of residency through the Golden Visa, applicants can apply for Portuguese citizenship by naturalisation.

This guide will explore the legal frameworks protecting the Golden Visa in Portugal, the laws applicants should know about and how Portuguese immigration lawyers can help with the citizenship process.

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What is the Application Process for the Portugal Golden Visa?

The Portugal Golden Visa programme allows non-EU/EEA (European Economic Area)/Swiss citizens to gain residency in Portugal in exchange for significant financial investment. Non-EU nationals, such as British and American citizens, can gain numerous benefits, including visa free travel across the European Union and the right to live and work in Portugal.

To apply for the Golden Visa, the main applicant must meet the minimum investment threshold, hold a clean criminal record and provide proof of legal income. After gathering the required documentation, including evidence of identity and financial status, the application process is as follows:

  1. Choose a qualifying investment: Investors can contribute to Portuguese society through many different avenues and categories. This includes setting up a company in Portugal or investing a minimum of €250,000 in the preservation of national heritage, culture, and artistic activities.
  2. Obtain an NIF and a Portuguese bank account: An NIF (Número de Identificação Fiscal) is an Individual Tax Identification Number in Portugal, the application is free and can be obtained without having to be in Portugal, through a tax representative or a Portuguese lawyer. The NIF is needed to open a bank account.
  3. Submit initial application via AIMA (formerly SEF): The pre-application is submitted online and includes all documentation and proof of qualifying investment. Your Portuguese immigration lawyer (Advogado) can do this.
  4. Attend a biometric appointment: Once your pre-application has been accepted, you must arrange an appointment with AIMA. You and any dependents must physically attend the appointment and submit fingerprints to add to the application.
  5. Issuance of residence permit (valid for two years): After reviewing your application and performing a background check, AIMA will either reject or approve it. If approved, you will be issued a Golden Visa residence permit, which will need to be renewed after three years.

It is recommended that legal advice is sought and Giambrone & Partners’ expert immigration lawyers will assist and guide you through the Golden Visa application process, help gather documentation and ensure you are fully aware of the best ways to make a qualifying investment based on your circumstances.

Portugal visa application

If you are interested in Portugal’s Golden Visa program, request a callback with our cross-border immigration lawyers here.

How Have Recent Law Changes Affected the Golden Visa Programme in Portugal?

Recently, the Portuguese government made significant changes to the Golden Visa scheme. The "Mais Habitação” law, introduced in October 2023, altered the qualifying investments and removed options in respect of real estate investment, real estate related funds and capital transfers of €1,500,000. Amendments to Golden Visa laws in Portugal include:

Residential Real Estate investment has been Removed

Before 2023, Golden Visa applicants could obtain a residency permit by purchasing residential properties in major cities or coastal areas in Portugal. Under the "Mais Habitação" law, the Portuguese government has discontinued real estate investment options to address concerns about rising property prices, which have made it difficult for locals to find affordable housing.

The Golden Visa programme in Portugal continues to be popular with foreign investors. It accepts applications based on investments in areas such as R&D, job creation and the arts, as well as scientific and cultural heritage donations.

Residency Card Renewals

Another amendment to the Golden Visa is the timeframe for renewing a residency card. Now, a Golden Visa holder can renew their residency card after three years and then for two years. The residency card renewal has been extended by a year to enhance flexibility for investors and reduce the overall renewal amount.

Path to Citizenship

After five years of residency in Portugal, foreign nationals may choose to apply for Portuguese citizenship. Recent law changes include the date of submitting the Golden Visa application as the start date for the required residency instead of the date of receipt of the Golden Visa, shortening the waiting period for citizenship eligibility.

Scenic view of the city of Porto in Portugal in warm winter sunset light with boats and Douro river in foreground

Ensure that you meet all eligibility requirements for Portuguese citizenship by seeking assistance from experienced immigration lawyers (Advogados).

Find out more about the Portuguese citizenship services at Giambrone & Partners here.

What Are the Legal Requirements for the Portuguese Golden Visa Programme?

Minimum Residency

For their Golden Visa to remain valid, applicants must reside in Portugal for a minimum of seven days per year or 14 days within two years. The Golden Visa programme is ideal for individuals who wish to secure EU residency and eventual citizenship while maintaining their primary residence elsewhere.

Consider keeping accurate travel records to and from Portugal, as these may be requested during renewal or citizenship applications.

Annual Renewal and Documentation required

After the initial residence permit is granted, Golden Visa holders must apply for renewal to extend their legal status in Portugal. Timely renewal is crucial. Delays or incorrect documentation can lead to lapses in residency, potentially disrupting the five-year timeline required for Portuguese citizenship.

Qualifying Investment

Applicants must make a qualifying investment to be eligible for the Portuguese Golden Visa. With the removal of the real estate route, the most common options for investment opportunities are:

  • €500,000 or more in a regulated investment fund (approved by Portuguese authorities)
  • €250,000 in support of arts, culture, or national heritage
  • €500,000 in scientific research activities
  • €500,000 in a Portuguese business that creates a minimum of five full-time jobs

Golden Visa applicants must present evidence of their investment throughout the temporary residency. Depending on the investment route, this might involve submitting updated fund subscription confirmations, company documentation, or evidence of cultural contributions.

Plants growing on coins with a Portugal flag background

For more information, read our guide on major changes to Portugal’s Golden Visa scheme.

How Can Golden Visa Applicants Apply for Portuguese Citizenship?

Many Golden Visa holders apply for Portuguese citizenship after five years of residency. Becoming a Portuguese citizen benefits those looking to live and work in the country on a long term basis without needing a visa or permit. Also, after permanent residence, becoming a citizen strengthens ties to the country and cultural identity.

Foreign nationals must gather all documentation, including proof of Portuguese residency, to apply for citizenship by naturalisation. Citizenship applications are submitted at an IRN (Institute of Registries and Notaries) office, a CNAIM (National Support Centres for Migrant Integration), a citizen shop, or through a Portuguese embassy or consulate. A fee of €250 is required.

Read more about the application process to Portuguese citizenship by naturalisation via investment here.

As mentioned above, new law changes have defined the start date of the residency from the date the residency visa application (Golden Visa) was submitted. Ensure you navigate differing laws and cross-border legislation with the assistance of experienced immigration lawyers.

When Should I Seek Help from an Immigration Lawyer?

Navigating the complexities of the Portuguese Golden Visa programme can be challenging. From the initial investment to applying for citizenship, the entire process requires careful planning, correct documentation, and legal procedures.

An immigration lawyer can help you avoid costly delays, ensures your investment remains compliant and provides you with confidence in meeting Portugal’s legal requirements. With recent changes in law and eligibility criteria, seeking accurate, up-to-date advice tailored to your specific circumstances is important.

Giambrone & Partners is an international law firm that specialises in cross-border matters, including applying for residency and citizenship in Portugal. Our Portuguese immigration lawyers understand the ever-changing laws regarding the Golden Visa programme and will guide you through every stage of the application process.

Request a callback to discuss your circumstances.

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Frequently Asked Questions

Can I include my family in the Golden Visa application?

Family members, such as spouses, dependent children, and dependent parents, can be included in your Golden Visa application. They must meet specific documentation and residency requirements and be present during the biometric appointment to give their fingerprints.

What happens if I sell my investment before five years?

Selling your qualifying investment before the five-year period may disqualify you from renewing your visa or applying for Portuguese citizenship.

Always consult legal advice before changing your investment.

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