As of July 19th 2023, it was announced in the Portuguese parliament that the visa by real estate investment of €500,000 or more is in the process of being discontinued. While other investments options for this Golden Visa are likely to remain, our experts believe this is likely to involve investing in Portuguese businesses which might not be as popular as real estate. The D7 Visa offers many of the same benefits, alongside the Non-Habitual Residency (NHR) tax regime benefits and this remains the best route.

The Golden Visa programme is a residency-by-investment scheme offered by the Portuguese government to non-European Union citizens, allowing them to obtain residency and right to work in Portugal in exchange for making significant financial investments in the country.

Any non-European Union (EU), non-European Economic Area (EEA), and non-Swiss nationals are eligible to apply for the Golden Visa programme if they meet the necessary investment requirements.

Initially, the Golden Visa is valid for one year and can then be renewed for two successive periods of two years each.

Yes, immediate family members, including a spouse, dependent children, and dependent parents, can also be eligible for residency under the main applicant's Golden Visa.

Some of the primary benefits include the freedom to live and work in Portugal, visa-free travel within the Schengen Area, right to healthcare and education as well as a smooth pathway to citizenship.

The Golden Visa is Portugal’s residency-by-investment program, offering non-EU investors the ability to obtain Portuguese residency through qualifying investments in Alternative Investment Funds approved by Portuguese regulators (CMVM). Benefits include residency in Portugal for you and your dependent family (including parents over 65 and offspring still in education). Benefits also include visa-free travel within the European Schengen Zone and the ability to apply for permanent residency or citizenship after five years, provided requirements are met. Unlike Portugal’s ‘D’ visas that require 183 days of residency in Portugal per year and tax status, Portugal’s Golden Visa is the only visa that requires 7 days residency per year and the flexibility to choose your tax residency.

Sign the Subscription Agreement for a qualifying alternative investment fund. Transfer the required investment amount, plus any associated fees, including legal, compliance, subscription and annual management fees. Engage a Portuguese legal advisor to submit your application. Required documents include proof of investment, passport copies, criminal records, and proof of address. Cross-border tax advice is recommended. Once the investment and application are submitted, initial approval is typically granted, triggering the start of your five-year Golden Visa residency. Upon approval, you and your qualifying family members will receive residency cards valid for two years, renewable every two years.

Yes, the Golden Visa covers your immediate family, including spouse or legal partner, children under 18 years old, dependent children over 18 who are full-time students and dependent parents of the investor or spouse over 65.

You must spend a minimum of seven days per year in Portugal to maintain your residency.

Yes, after five years of maintaining the Golden Visa including annual renewals, you can apply for permanent residency and Portuguese/EU dual-citizenship with your home country if you maintain your qualifying investment for the full period (minimum 5 years) and meet basic Portuguese language and cultural knowledge requirements.

Golden Visa holders are not automatically tax residents in Portugal unless they spend more than 183 days per year in the country. If you become a tax resident then investment returns from the Fund may also be tax-efficient under Portuguese alternative investment funds regulations. Capital gains from the investment in the Fund are generally not taxed for non-tax residents but always check with a cross-border tax advisor relevant to your situation. Professional tax advice is recommended before making an investment.

Golden Visa investments in alternative investment funds are long-term private equity investments. Key points to consider are investments are typically for 5-7 years, with possible extensions. Early withdrawals may not be possible, except through specific fund distribution mechanisms. Alternative investment funds and private equity are highly illiquid. Capital returns depend on the fund’s performance and distribution schedule.

Investing in an alternative investment fund involves risks, including market fluctuations affecting returns, short to medium-term illiquidity, regulatory or economic changes in Portugal. It is always advisable to consult with financial, tax and legal advisors before investing. Portugal Pathways can put you in touch with relevant independent professionals should you need support.

The sale of participation units in an alternative investment fund is subject to prior consent from the Fund Manager and must comply with the terms of the subscription and management agreement filled with the regulators CMVM.

The Portuguese government occasionally updates the Golden Visa program. However, existing investors are typically protected under “grandfathering” rules and do not fall foul of retrospective changes. Fund managers and legal advisors monitor and communicate changes to investors.

Processing times vary and depend on AIMA (formerly SEF). Currently, after making the investment and application, the five-year dual-residency period begins.

Yes, Portugal’s Golden Visa allows you to apply for permanent dual citizenship after five years giving you freedom of movement across the 29 European Schengen region countries as well as your existing passport.

Most alternative investment funds have a 7-10 year investment cycle. After five years, you can apply for permanent residency or citizenship, but early exit terms will depend on the fund’s management agreement which is held on file with the regulators and supplied to the investor along with the subscription agreement when singing up for investment.

Alternative investment funds typically have limited liquidity in the early years. Withdrawing funds before five years may invalidate your Golden Visa. Professional advice is recommended and Portugal Pathways can provide introductions to independent financial, immigration or tax advisors.

Yes, a NIF (Número de Identificação Fiscal) and a Portuguese bank account are required to apply for the Golden Visa.

No language test is required for the Golden Visa itself. However, an A2 level Portuguese language certification is required for permanent residency or citizenship after five years.

Various funds qualify, focusing on sectors like technology, healthcare, and infrastructure. Contact Portugal Pathways for a list of eligible funds.

As of 2025, eligible investment routes for the Golden Visa program include several options. Investors can choose to invest a minimum of €500,000 in approved Golden Visa Alternative Investment Funds. Another option is a €500,000 investment in a commercial company that creates at least five permanent jobs. Alternatively, job creation itself qualifies, requiring the establishment of ten new jobs in Portugal. For those interested in research, a €500,000 investment in certified scientific research projects is an eligible pathway. Additionally, there is a Cultural Production Golden Visa donation option of €250,000, or €200,000 if located in a low-density area. Similarly, the Artistic Production Golden Visa investment requires a contribution of €250,000 (or €200,000 in a low-density area). However, this option can be more challenging as it depends on finding relevant and approved projects authorized by Portuguese government bodies. To explore these options further, arrange a discovery call with Portugal Pathways. They can provide insights into the different investment routes and share their Golden Visa residency by investment guide. Portugal Pathways also offers a Golden Visa investment index featuring up to 30 alternative investment funds in Portugal that are approved for Golden Visa purposes.

Yes, applicants must not have been sentenced to more than one year in prison in Portugal. Not be listed in the Schengen Information System for bans on entry/residence and not have security or public order concerns.

The updated government fees for the Golden Visa program in 2025 are as follows. The Application Analysis Fee is €605.10, while the Residence Permit Issuance Fee is €6,045.20. For renewals, the fees include an Application Analysis Fee of €605.10 and a Residence Permit Renewal Fee of €3,023.20.

Yes, but transitioning requires meeting the Golden Visa investment requirements. Other visa options (D2, D3, D7, D8) require tax residency in Portugal, 183 days required stay in the country whereas the Golden Visa only requires 7 days and flexibility of tax status.

Existing applications and renewals remain valid under previous rules. New applicants must comply with any updated requirements. For more details or to arrange a discovery call, contact Portugal Pathways.