Portugal’s Golden Visa: new rules, investment requirements and obtaining a residence permit
An investment residence permit is a popular immigration route that legalises residence in another country in exchange for investment in the economy or a business. Consequently, many prospective immigrants viewed the changes to Portugal’s Golden Visa in 2023 with caution. However, the changes have not made the country any less attractive to those wishing to obtain an investment residence permit.
Will the Portuguese Golden Visa still be in place in 2026 and 2027?
The programme is still in place, but its conditions have changed. Property has been removed from the list of options, and the focus has shifted to economic and social investments. However, the benefits of the Golden Visa programme, which made it a sought-after immigration tool, remain the same.
The main advantages of the programme are its investor-focused approach and flexible residency rules. These allow you to retain your residence permit status by physically being in the country for at least 7 days a year, but for no fewer than 14 days during each subsequent two-year period (the validity period of the card). Therefore, Portugal’s Golden Visa in 2026 will be particularly suitable for you if your primary objectives are not linked to obtaining permanent residency and/or citizenship quickly. The country can serve as a convenient gateway to the European Union or a long-term base for personal or business purposes.
However, a residence permit obtained under the ARI (Autorização de Residência para Investimento) programme does not preclude the option of changing your immigration status. Provided all eligibility requirements are met, you will be able to apply for permanent residency after 5 years of lawful residence in the country. After 7 or 10 years, you will be eligible to apply for citizenship.
Who might be interested in the Portuguese Golden Visa
EU/EFTA (European Free Trade Association) citizens may live, work and do business in the country without restrictions. For them, the partial abolition of the Portuguese Golden Visa in 2023, in terms of the property investment option, has not caused any inconvenience. The ARI programme is aimed at third-country nationals (cidadãos de países terceiros) for whom standard routes to obtaining a residence permit are not suitable.
This immigration route is often chosen by investors, businesspeople, entrepreneurs or High-Net-Worth Individuals (HNWIs). The ARI programme grants them the right to reside legally in Portugal and the right to move freely within the Schengen Area without significant immigration restrictions.
The Portuguese Golden Visa is also suitable for family investors who wish to regularise the status of their spouse and/or minor children. In this case, the programme is regarded as an effective tool for long-term planning, where stability, the possibility of legal residence in a developed European country, access to quality education and personal safety are particularly important.
Portugal’s new Golden Visa rules continue to offer an effective way to diversify assets and manage risk. The residence permit provides additional security for those seeking a ‘back-up’ residency status in a stable European jurisdiction. In this context, the ARI programme appears particularly attractive.
Comparison with traditional immigration routes
There are virtually no alternatives to the Portuguese Golden Visa in its previous form, especially if one does not view it solely as an immigration tool granting the right to a residence permit ( ). Its differences from traditional relocation schemes lie in its investment-based nature, the absence of mandatory permanent residence requirements, and its focus on maintaining status through capital rather than work, study, business, passive income or family ties.
The condition for retaining residency is maintaining the investment. By choosing this route, you will not be tied to an employer, the amount of passive income or an educational institution. Traditional immigration routes do not offer such flexibility. In many cases, this is a far more significant advantage than the relatively low financial threshold. It is therefore incorrect to suggest that changes to the rules or the closure of Portugal’s Golden Visa scheme regarding property investment have made the country less attractive to investors. The reform has not affected the key benefits of the ARI or the programme’s overall appeal.
Comparison of immigration routes:
| Route | Basis | Residence requirements | Features |
|
ARI (Golden Visa) |
Investment | At least 7 days per year |
|
|
D7 Visa |
Sufficient passive income | At least 8 months per year, with no absence exceeding 6 consecutive months |
|
|
D8 Visa |
Remote work | At least 8 months a year, absence — no more than 6 consecutive months |
|
|
D2 Visa |
Business activities | At least 8 months per year, with no absence exceeding 6 consecutive months |
|
|
Work Visa |
Contract work | From 8 months per year, absence not exceeding 6 consecutive months |
|
|
Student Visa |
Studying at a college, university or on language courses | From 8 months per year, absence — no more than 6 consecutive months |
|
A Portuguese residence permit without a Golden Visa is possible; the legislation provides for immigration routes tailored to various application models. The ARI programme adds an option that will appeal to investors and high-net-worth individuals, broadening the choice. Following the abolition of the route via property investment, the Portuguese Golden Visa has retained the possibility of obtaining a residence permit, offering an interesting and viable alternative.
Investment options
The shift in focus towards investment in the economy, science and culture has brought stability and predictability to the ARI programme. The basic requirements are geared towards financial transparency. The key requirements are maintaining the investment for the entire duration of the residence permit and ensuring the legality of the source of income, which must be documented.
Investment options under Portugal’s Golden Visa programme in 2026:
- Investment, CMVM-regulated or venture capital funds — from €500,000, registration in Portugal is mandatory. They must not be linked to residential property. It is important to check the fund’s term, asset structure and compliance with ARI requirements. This is the most popular option, as it offers the potential for profit, although this is not guaranteed.
- Scientific research — from €500,000. Funds will be channelled into R&D (Research and Development) at universities, laboratories and specialised centres. Such projects must be recognised at national level.
- Culture — from €250,000. The main objective is to support and fund projects in the arts, as well as the restoration and preservation of Portugal’s historical heritage . If the project is located in sparsely populated regions, the financial threshold may be lowered.
- Creation of new businesses and/or jobs. ARI offers two standard options. The first is the creation of at least 10 new jobs, in which case no separate investment is required. The second involves an investment of €500,000 or more in a new or existing Portuguese business, plus the creation of 5 jobs and their retention for at least 3 years.
Applying to participate in the ARI programme
Generally speaking, the procedure consists of several stages: preparing the documentation package, resolving tax and financial matters, finalising the investment plan, and submitting the application via AIMA (Agência para a Integração, Migrações e Asilo, the Agency for Integration, Migration and Asylum). Approval is not guaranteed; the main reasons for refusal include a dubious or undocumented source of funds, breaches of investment requirements, and legal and administrative factors. However, provided all the rules of the Golden Visa programme are followed, the compliance procedure is successfully completed, and a full set of documents is submitted, the risk of refusal is relatively low.
Key stages:
- Gathering the required documents. Minimum requirements include a valid passport, proof of the lawful source of funds, tax and financial documents, and a certificate of no criminal record. If you have included family members in your application, you will need to provide the relevant supporting documents.
- Tax and financial matters. You will need to obtain a Portuguese tax identification number (NIF), open an account with a local bank and be ready to transfer funds.
- Selecting an investment route. You need to choose the option that suits you best, taking into account the eligibility requirements and financial conditions. You must then transfer the funds and request documentary evidence from the bank and the recipient of the funds.
- Submitting the application and its review. Documents for the Portuguese Golden Visa are submitted via AIMA. You will need to pay government fees and charges, and provide biometric data. The approximate timeframe for a decision on the application is 8 to 18 months. If the decision is positive, you will receive a Portuguese residence permit and can move to the country.
The government fee under the ARI (Golden Visa) programme for processing the application (Taxa de recepção/análise) is €632.10 for the main applicant and €85–90 for each family member. The fee for issuing the first residence permit (Taxa de concessão) is €6,314.20 per person. Each renewal of the residence permit (Taxa de renovação) — €3,157.80 per person.
Validity of the Golden Visa, renewal conditions
In most cases, the initial residence permit under the ARI programme is valid for 2 years. Provided all requirements are met and the investment is maintained, renewals are possible, with no limit on the number. To retain your status, you are not required to reside in the country permanently or comply with any special conditions. Alternative methods of obtaining a Portuguese residence permit do not offer such flexibility.
The conditions for changing immigration status under the ARI programme are standard and do not depend on the ARI programme itself. After 5 years of legal residence in the country, you may apply for permanent residency or citizenship, provided the standard requirements are met. However, whilst you may reside in the country on an investment residence permit, further steps leading to permanent residence or citizenship are not legally mandatory.
Portugal’s Golden Visa scheme is no longer available for property investment, but there are other immigration routes that may be of interest to investors, businesspeople and high-net-worth individuals. The ARI programme offers greater flexibility than traditional residence permit schemes, but preparation for participation is essential. If you require further information on this topic or assistance with a specific situation, please contact our specialists in any way that suits you.
FAQs Portugal’s Golden Visa
Can I sell the investment asset after obtaining a residence permit?
You cannot sell or withdraw the investment asset before obtaining permanent residence or citizenship — this will result in the revocation of your residence permit.
Can family members be included later?
Yes. You can include your spouse or partner and minor children in the application. In some cases, adult children and parents may also be included, provided you can provide documentary evidence of their financial dependence. This can also be done later through the family reunification programme.
Can I work or run a business under the Portuguese Golden Visa scheme?
Yes. Unlike other immigration routes, the ARI does not restrict your ability to earn an active income in Portugal. You are entitled to work under a contract, run a business or be self-employed. It is important to bear in mind the programme’s main condition: maintaining the investment.
