The Golden Visa in Portugal: Invest to get Citizenship

I’ve been an immigration lawyer in Portugal for 15 years and have helped many international clients through the Portugal Golden Visa program. This residence by investment scheme is part of the broader golden visa programs which offer non-EU citizens various paths to citizenship, including eligibility requirements, investment options and residency and family reunification.

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The Portugal Golden Visa is a residency by investment initiative that allows non-EU/EEA/Swiss nationals to obtain a residence permit in Portugal in exchange for investing in the country. Launched in 2012 the program has become very popular among high net worth individuals seeking European residence and citizenship. 

The Portugal Golden Visa offers a range of benefits including visa free travel across the Schengen Area, the right to live and work in Portugal and the possibility to obtain Portuguese citizenship after 5 years of holding the investment. The program requires a minimum investment of €500,000 for venture capital funds and similar financial vehicles while also offering alternative paths that don’t require a minimum investment such as creating jobs in Portugal.

This Golden Visa is particularly attractive due to its flexibility and the low minimum stay requirements. As a Golden Visa holder you can enjoy the Portuguese lifestyle, without becoming tax resident - as is the case with the D7 Visa. However, there is flexibility and should you wish, you can eventually get a Portuguese passport which opens doors to many opportunities within the European Union.

Portugal introduced the Golden Visa in 2012 to attract foreign investment during economic challenges. The Portugal Golden Visa has channeled over €7.5 billion into the Portuguese economy with more than 12,000 main applicants and 20,000 family members benefiting from this pathway to European residency.

The program has evolved since its inception. Designed to attract international capital to boost the economy the most significant change was in October 2023 with the “Mais Habitação Law” which eliminated real estate investments as qualifying options for Golden Visa applicants. This change reflected the Portuguese government’s effort to address housing affordability challenges for local residents while still encouraging foreign investment in other sectors of the Portuguese economy.

Portugal’s citizenship has also become an attractive pathway for US investors with a reduced waiting period and minimum stay requirement making it easier for non-EU individuals to get a Portuguese passport.

To be eligible for the Portugal Golden Visa program you must meet the Portugal Golden Visa requirements. Firstly you must be non-EU/EEA/Swiss nationals and have a clean criminal record. Secondly you must demonstrate a minimum annual income of €7,200. The core requirement however is to make a qualifying investment in Portugal.

The investment options under the Golden Visa program are diverse and cater to different investor profiles. These include:

• Real Estate: No longer available as of October 2023. It was a popular option.
• Capital Transfer: Minimum transfer of €1 million into a Portuguese bank account or approved investment.
• Investment Fund: Minimum of €500,000 in a qualifying Portuguese venture capital or private equity fund.
• Job Creation: Create at least 10 full-time jobs in a Portuguese company.
• Research Activities: Minimum investment of €500,000 in research conducted by public or private scientific institutions.
• Cultural Activities: Minimum contribution of €250,000 to preserving national cultural heritage.

Each investment route has its own set of requirements and benefits so applicants can choose the path that best suits their financial goals and personal circumstances.

As of 2025 the Portugal Golden Visa consists of the following investment routes:

1. Fund Investment
   1. €500,000 minimum subscription to qualifying Portuguese venture capital or private equity funds
   2. Funds must comply with specific regulatory requirements and must not have direct or indirect real estate ties
   3. Professional fund management with potential returns
   4. Portuguese fund investment often focuses on innovation and growth sectors
2. Job Creation
   1. Create 10 full-time jobs in a Portuguese company you own as the main applicant
   2. Reduced requirement of 8 jobs if the business is established in a low-density area
   3. Alternative: €500,000 investment in an existing Portuguese business with creation of 5 jobs
3. Cultural Donation
   1. €250,000 contribution to preserving national cultural heritage
   2. €500,000 contribution to research activities conducted by public or private scientific institutions

Most of my clients now pursue either the fund investment option or the cultural donation route which is the lowest entry point at €250,000. Investment funds have become popular as they provide a qualifying residency option and potential investment income while supporting the Portuguese economy through strategic sectors. (Investing in a business might be more easily achieved via the D2 Visa, whereby you can obtain a residency permit through setting-up a business in Portugal).

As of 2023 the Portuguese government has made significant changes to the Golden Visa program and removed real estate purchases as a qualifying investment option.

However understanding the Portuguese Real Estate Market Trends is still important for investors who are considering other options such as investment funds that may indirectly involve real estate. For a comprehensive guide on the legal aspects of property acquisition in Portugal refer to our buying property in Portugal guide.

The Portugal Golden Visa application follows these steps:

1. Documentation Preparation
   1. Valid passport with sufficient validity period
   2. Clean criminal record from your home country
   3. Portuguese tax number (NIF)
2. Financial Setup
   1. Open a Portuguese bank account to facilitate your investment 
   2. Transfer your capital from abroad to Portugal
3. Investment and Application
   1. Make your qualifying investment according to your chosen pathway
   2. Submit your Portuguese Golden Visa application online to AIMA (formerly SEF)
   3. Pay the application fees to the Portuguese Immigration and Border Service (SEF) which manages the residency application process
4. Biometrics and Approval
   1. Attend a biometrics appointment at an AIMA office
   2. Get your Portugal residence permit (Golden Visa residency permit)

Application processing time is 12-15 months from investment to residence cards. The first card is valid for one year and renewals are now valid for three years (a welcome change introduced in 2024).

Golden Visa applicants should be prepared for some bureaucracy but with proper guidance the process is manageable and straightforward.

One of the program’s best features is the minimal stay requirement. You need to spend:

• 7 days in Portugal during the first year
• 14 days during each subsequent two-year period

After 5 years of holding your Golden Visa you can apply for permanent residence or Portuguese citizenship. Portuguese citizenship is a big advantage of the Golden Visa program, it offers visa free travel to Schengen countries and a path to citizenship in 5 years. The citizenship application takes 12-18 months to process.

To apply for Portuguese citizenship you must:

• Maintain your investment throughout the 5 year period
• Have no outstanding tax obligations in Portugal
• Clean criminal record* Pass A2 level Portuguese language test

The Portuguese language requirement is the most challenging part for most applicants but with proper preparation it’s doable. There are many language schools and online programs specifically for Golden Visa holders who want to turn their relocation to Portugal into a permanent option by becoming a Portuguese citizen.

A Portuguese passport offers many advantages:

• Full European Union citizenship rights
• Freedom to live, work and study anywhere in the EU
• Visa free travel to 186 countries worldwide
• Ability to maintain dual citizenship (Portugal allows dual nationality)
• Security and stability as a Portuguese national
• Inclusion of dependent children in your application

Additionally, having Portuguese permanent residency through various residence permits such as the Golden Visa allows potential residents to ‘start the clock’ towards permanent residency while still in their home country.

The accelerated timeline for US investors to get a Portuguese passport through the Golden Visa program has made this route very attractive. Recent changes have shortened the waiting period making it easier for individuals to get residency and citizenship.

For many of my clients especially those from countries with travel restrictions or political uncertainty these benefits are life changing for themselves and future generations.

The Portuguese Golden Visa program extends to family members:

• Spouse or legal partner
• Dependent children under 18
• Dependent adult children who are students and financially dependent
• Dependent parents of the main applicant or spouse

The eligibility requirements for family reunification under the Portugal Golden Visas include significant investments and relevant documentation such as NIF number and medical insurance. This family friendly approach makes the Portugal investment visa very attractive for those who want to get European residency for their entire family with a single investment.

An important distinction to understand is that legal residency through the Golden Visa doesn’t automatically make you a Portuguese tax resident. Tax residency only applies if you spend more than 183 days in Portugal during a fiscal year. 

Additionally while direct citizenship through investment is not possible, maintaining a qualifying investment for 5 years allows applicants to apply for Portugal citizenship by investment. This process offers benefits such as the ability to live in the EU and the advantages of Portuguese citizenship.

One option is the Non-Habitual Resident (NHR) tax program which offers significant tax benefits for up to 10 years for those who qualify. The program is very attractive for retirees and high skilled professionals considering to move to Portugal especially with the changes happening in 2024 that affect foreign residents and their tax benefits.

If you’re not a Portuguese tax resident you’ll only pay income tax on investment income generated in Portugal. But if you become a tax resident Portugal offers options that may provide tax benefits for certain types of income.

The Portugal Golden Visa program has specific tax implications that applicants should consider. As a Golden Visa holder you are generally considered a non-tax resident in Portugal which means you are exempt from paying taxes on foreign or worldwide income. 

This can be contrasted from the retirement visa in Portugal which, though a simpler, rather cheaper alternative to the Golden visa, does require tax residency status.

This is a big advantage for those who have substantial income sources outside Portugal. The program was specifically designed to attract international capital to boost the country’s economy after the 2008 economic crisis.

However any income generated in Portugal such as rental income from a property is subject to Portuguese income tax. Note that tax residency rules apply if you spend more than 183 days in Portugal within a fiscal year and you may be subject to Portuguese tax on your global income. Regardless of residency status sale of property in Portugal that realises a profit is subject to capital gains tax.

Given the complexity of international tax laws it’s highly recommended that Golden Visa applicants consult with a tax professional to understand their specific tax obligations and optimize their tax situation while complying with Portuguese regulations.

By understanding these tax implications Golden Visa holders can make informed decisions and plan their residency and investments in Portugal.

Tax implications are crucial when investing in Portugal en route to a Golden Visa especially for those with connections to their home country. Portugal has an extensive network of Double Taxation Treaties (DTTs) with over 70 countries including the UK, US and most European countries.

These treaties are designed to prevent the same income from being taxed twice and determine which country has the right to tax specific types of income. Contributions to national heritage projects are an investment option that can offer economic incentives under the Golden Visa program.The UK-Portugal Double Taxation Convention for example has been in force since 1969 and covers income tax, capital gains and other taxes. This treaty is very relevant for British investors in Portuguese funds or receiving rental income from Portuguese properties.

Key areas covered by Portugal’s DTTs include:

• Investment income (dividends, interest, royalties)
• Capital gains from property or investment sales
• Pension and retirement income
• Employment income
• Business profits

For Golden Visa holders these treaties become especially relevant when:

• Receiving investment income from your home country while resident in Portugal
• Selling assets in your home country while holding Portuguese residency
• Determining where to pay taxes during the 5 year path to citizenship
• Planning retirement income streams across multiple jurisdictions

Note that legal residency through the Golden Visa doesn’t automatically make you a Portuguese tax resident. You only become a tax resident if you spend more than 183 days in Portugal during a calendar year or have your “habitual residence” here.

Many Golden Visa investors strategically maintain their tax residency outside Portugal during the initial years only becoming Portuguese tax residents when advantageous for their overall situation.

When submitting your Portugal Golden Visa application, you’ll need to provide:

1. Personal Documentation
   • Valid passport copies for main applicant and family members
   • Birth and marriage certificates as applicable
   • Clean criminal record certificates from countries of residence
2. Financial Documentation
   • Proof of qualifying investment
   • Bank statements showing the capital transfer from abroad
   • Declaration from a Portuguese financial institution confirming fund receipt
   • Approval of the investment project by the Portuguese government
3. Residency Requirements
   • Portuguese address details
   • Health insurance coverage in Portugal
   • Statement of intent to maintain the investment

After initial approval you’ll receive a temporary Portuguese residence permit valid for 1 year. Upon renewal you’ll receive a Golden Visa residency permit valid for 3 years which can be renewed again if you maintain your investment and comply with the minimum stay requirements.

The ultimate goal for some Golden Visa holders is to get permanent residency or citizenship after completing the 5 year residency period. This can often be achieved through Portuguese citizenship by investment where significant financial investments in Portugal provide an indirect pathway to citizenship. The Portugal citizenship requirements include:

1. Maintaining legal residency for 5 consecutive years2. Passing an A2 level test demonstrating basic Portuguese language proficiency
2. Demonstrating ties to the Portuguese community
3. Holding a clean criminal record
4. Meeting the minimal stay requirements

I am often asked about the Portuguese language requirement for citizenship. You effectively need to demonstrate basic Portuguese proficiency (A2 level) to obtain citizenship. Language proficiency is key for a successful golden visa journey as it ensures you can fully integrate and take advantage of the opportunities that come with Portuguese citizenship.

The A2 level represents elementary proficiency, meaning you can:

• Understand frequently used expressions in areas of immediate relevance
• Communicate in simple, routine situations requiring direct exchange of information
• Describe in simple terms aspects of your background, immediate environment and matters of immediate need

The test consists of four components:

• Reading comprehension (about 30-45 minutes)
• Listening comprehension (approximately 30 minutes)
• Writing (typically producing a short text of 60-80 words)
• Speaking (a brief interview lasting about 10 minutes)

You can take the CIPLE (Certificado Inicial de Português Língua Estrangeira) exam at certified centres worldwide, including the Camões Institute or certain Portuguese universities. The exam fee is typically around €72 and results are usually available within one month.

Many of my clients start language preparation during their 2nd or 3rd year of residency. I recommend starting with online courses like Pimsleur or Babbel and then structured classes with native speakers as you approach the 5 year mark. Several language schools in Portugal offer specialized courses for Golden Visa holders with both intensive and part-time options.

Once you have complied with the 5 requirements above you’ll receive official Portuguese nationality including a Portuguese passport with all its visa-free travel benefits. As a Portuguese national you will have the right to live, work and study anywhere in the European Union.

When advising clients on their Portugal Golden Visa investment I consider their individual circumstances:

• For those seeking potential financial returns investment funds in venture capital fund units offer professional management and diversification
• For clients with entrepreneurial aspirations the job creation route aligns with business goals
• For those seeking the lowest entry point the cultural donation provides a straightforward option at €250,000

Investment Funds: The Popular Choice

Under the Golden Visa rules you can invest at least €500,000 in a qualifying investment fund or venture capital fund that supports Portuguese companies and projects. These funds have diversified portfolios, including technology startups, renewable energy and infrastructure, to stimulate the local economy and provide a path to residency.

Some popular funds in the market are managed by well established Portuguese asset management firms like Iberis Capital and Portugal Gateway which often appear in online discussions as they invest in small and medium enterprises (SMEs) with growth potential. In general these funds target stable returns through a mix of innovative sectors like clean energy or technology.

From my experience with clients there are several key points to consider when choosing a fund:

1. Risk profile: Some funds offer lower risk by focusing on development in prime Portuguese areas like Lisbon or Porto, capitalising on strong tourism and relocation trends.
2. Manager track record: The fund manager’s past performance and expertise has a big impact on potential risks and returns.
3. Investment timeline: Typically the lock-in period is 5 to 10 years - which while aligns with the citizenship timeline requires a long term commitment.

These funds are regulated by the CMVM (Portuguese Securities Market Commission) and must meet specific criteria to qualify under the Golden Visa scheme. I always recommend to do a thorough due diligence on the fund’s performance history, fees and transparency before investing.

Other Investment Options

For clients with entrepreneurial aspirations the job creation route (creating 10 full time positions) aligns with business goals but obviously requires more active management and is a highly specific route to the visa.

For those looking for the lowest entry point the cultural donation option at €250,000 is a straightforward path but offers no financial return.

Another option is the capital investment in a commercial society headquartered in the national territory which requires the creation of 5 permanent jobs. This emphasizes the creation or maintenance of these jobs for a minimum period, highlighting its importance in the investment process.

Each investment option has its pros and cons and the right choice depends on your financial goals, risk tolerance and long term plans for residency or citizenship. As your legal advisor I’m here to help you with these options and to choose the one that best suits your situation.

Despite the changes Portugal has reaffirmed its commitment to the Golden Visa program. Portugal’s Golden Visa is a strategic investment opportunity for non-EU citizens, especially for American investors. The shift away from real estate investments is an adjustment not a elimination.

The program still offers one of the most accessible paths to citizenship by investment in Europe with family reunification benefits for spouses, dependent children and dependent parents. Plus the many benefits Portugal Golden Visa offers: investment opportunities, flexibility of residency and a path to Portuguese citizenship making it more and more attractive to foreign investors.

Now that the Golden visa in Spain has been cancelled, the Golden VIsa in Portugal - together with the Golden Visa in Greece - stand out as the most attractive alternatives. 

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Portugal is famous for its high quality of life making it a popular destination for Golden Visa applicants. The country offers a unique blend of traditional culture, rich history and modern amenities to ensure a comfortable and enjoyable life. From its beautiful beaches and landscapes to its cities and towns Portugal has something for everyone. 

The cost of living in Portugal is relatively low compared to other Western European countries making it an excellent choice for individuals and families looking to relocate. With its mild climate, delicious food and friendly people Portugal is the perfect place to live.

As a Golden Visa holder you will have the right to live and work in Portugal and to travel freely in the Schengen Area. You will also have access to Portugal’s public healthcare system and education institutions. 

But you will also have some obligations: to maintain your investment for a minimum period of 5 years and to spend at least 7 days in Portugal in the first year and 14 days every 2 years thereafter. You will also need to comply with Portuguese tax laws and regulations including to obtain a Portuguese tax number (NIF) and to file tax returns. It is essential to understand your rights and obligations as a Golden Visa holder to ensure a smooth and successful application process.

There are many resources available to help Golden Visa applicants. The Portuguese government’s official website has all the information on the Golden Visa program including eligibility criteria, application process and required documents. 

Many law firms and consulting companies specialise in Golden Visa applications and can offer guidance and support. You should also consult a Portuguese bank to open a bank account and transfer the funds for your investment. 

Join online communities and forums to connect with other Golden Visa applicants and get valuable insights and advice.

If you’re considering the Portugal Golden Visa I recommend first clarifying your long term goals. Are you looking for European residency, tax optimization or a path to citizenship? Your goals will guide your investment choice. For British citizens specifically understanding the practicalities of moving to Portugal from the UK is essential for a smooth transition alongside your investment planning.

Next consult with legal and tax professionals experienced with the Golden Visa in Portugal to ensure your application addresses the latest requirements. Portuguese immigration processes managed by the Portuguese Immigration and Border Service (SEF) involve specific documentation and property investment approvals. Professional guidance is key to navigating these changes successfully.

The journey from Golden Visa holder to Portuguese citizen requires patience and planning but for thousands of families now enjoying their European passports the golden visa journey has been worth the investment.

Many prospective applicants ask similar questions when considering their options for obtaining Portuguese residency through investment. The Portugal Golden Visas program requires significant investments and relevant documentation, such as an NIF number and medical insurance. Recent changes to the investment options available under the Golden Visa Scheme have made it even more appealing for non-EU citizens seeking residency in Portugal.

Is the real estate investment option still available?

No, as of October 2023, real estate purchases no longer qualify for the Golden Visa program. However, existing Golden Visa holders who obtained their permits through real estate investment before this change can still renew their residence permits and progress toward citizenship

What is the minimum investment required for the Portuguese Golden Visa?

Currently, the lowest investment threshold is €250,000 for contributions to national cultural heritage. Fund investments require a minimum of €500,000 in qualifying venture capital or private equity funds.

Can I bring my family with me?

Yes, the main applicant can include spouse/partner, dependent children, and dependent parents in the same application. All family members will receive Portuguese residency permits.

Is dual citizenship allowed in Portugal?

Yes, Portugal fully allows dual citizenship, meaning you can obtain Portuguese nationality without renouncing your original citizenship (though you should verify if your home country permits dual nationality).

How long does the entire process take?

From making your qualifying investment to receiving your first residence permit typically takes 12-15 months. After maintaining your Golden Visa for five years, you can apply for citizenship, which takes approximately 12-18 additional months to process.

The Golden Visa program remains one of Europe's most straightforward paths to obtaining residency and eventually citizenship through investment. Despite evolving requirements, it continues to attract foreign investment while offering a gateway to European opportunities for non-EU nationals.