Portugal Golden Visa
Fund investment · 14 days every 2 years · Citizenship after 5 years
Portugal’s golden visa (ARI) remains one of the few European residence programs with a clear, short path to citizenship: five years of lawful residence, a low physical-presence requirement, and an A2 Portuguese test. Since October 2023 the property route has been closed, and qualifying investment funds became the main channel.
- Main route
- €500,000 in a qualifying fund
- Typical timeline
- 8–14 months
- Stay requirement
- 14 days every 2 years
- Citizenship
- After 5 years, with A2 Portuguese
The property purchase route was closed by the Mais Habitação package in October 2023. Other investment routes remain, each with its own conditions.
What changed in 2023
Portugal’s golden visa was created in 2012 and for a decade was best known for property investment. The Mais Habitação legislation, effective in October 2023, removed real estate and capital transfers from the list of qualifying investments. Applications already accepted under the old rules were preserved, but new applicants can no longer qualify through a property purchase.
The program itself continues. Qualifying funds, research investment, cultural patronage, and job-creating investments remain available, and the residence and citizenship timeline is unchanged.
Qualifying investment routes
| Route | Minimum | Notes |
|---|---|---|
| Investment fund | €500,000 | Subscription to a Portuguese-regulated venture or investment fund, held for at least five years. The most used route since 2023. |
| Research and development | €500,000 | Investment in public or private research carried out in Portugal. |
| Cultural heritage | €250,000 | Support for national cultural heritage, with a lower threshold in low-density areas. |
| Company capital and jobs | €500,000 | Capital injection into an existing Portuguese company, plus maintaining jobs. |
| Job creation | 10 jobs | Creation of at least ten permanent positions. |
Fund selection matters. The fund must be regulated, the manager must be authorized, and the investment must meet the ARI conditions at the time of subscription — not only at the time of marketing.
Residence, presence and family
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Initial permit — Usually two years, converted to renewable two-year permits while the investment is maintained.
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Physical presence — Fourteen days in each two-year period. Portugal does not require the family to live there to keep the permit.
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Family coverage — Spouse, dependent children, and dependent parents can be included, making three-generation applications possible.
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Work and study — Golden visa holders may work and study in Portugal, unlike some investor programs that restrict employment.
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Schengen travel — The permit allows travel within the Schengen area under the standard 90/180-day rule.
The application sequence
Tax number and bank account
The applicant obtains a Portuguese tax number (NIF) and opens a local bank account, which can usually be done remotely.
Fund subscription
A qualifying fund is selected, due-diligenced, and subscribed; the capital is transferred from the applicant’s own account.
Document authentication
Criminal-record, marriage, and birth certificates are apostilled or legalized and translated into Portuguese.
ARI filing
The application is submitted online with the investment evidence and family documents.
Biometrics and approval
The applicant attends a biometrics appointment in Portugal; approval typically follows within eight to fourteen months of filing.
Renewal and citizenship
Permits are renewed every two years; after five years of lawful residence and an A2 language certificate, citizenship can be applied for.
Costs beyond the investment
The €500,000 subscription is not the full cost. Fund management and subscription fees, legal and due-diligence costs, application and renewal fees, document authentication and translation, and travel for biometrics all add to the budget. Fund fees vary and should be read in the fund’s documents rather than assumed.
A key question is what happens after five years. The fund can generally be redeemed once citizenship is granted or the residence is no longer needed, but redemption before that point can undermine the basis of the permit. The exit should be planned at the same time as the entry.
Frequently asked questions
Fund investment or a deposit — which route is available?
The fund route is the main channel. Capital transfer and deposit-based routes were removed with the 2023 changes. Any proposal that still markets a simple deposit as a golden visa route should be checked against the current rules.
Which funds qualify?
Portuguese-regulated venture capital or investment funds that meet the ARI conditions, are managed by an authorized Portuguese manager, and maintain the required investment level. The fund’s regulatory status and investment policy should be verified independently, not only from marketing material.
Can I live outside Portugal and keep the permit?
Yes. The requirement is fourteen days in each two-year period. That is enough to keep the residence permit, but citizenship additionally requires lawful residence and the language test, so the practical plan should be considered before relying on citizenship later.
How does it compare with Greece and Spain?
Portugal offers the clearest five-year path to citizenship and permits work, but requires a larger fund investment than Greece’s lower-threshold property route and has a presence requirement. Spain’s program differs in investment type and residence conditions. The decision usually turns on whether the objective is a passport or a residence base.
Does redeeming the fund after five years affect status?
Once citizenship is granted, the investment is no longer needed. Before that point, redemption can affect the basis of the residence permit and the continuous-residence calculation, so timing should be planned with counsel.
What are the additional costs?
Fund subscription and management fees, legal fees, due diligence, application and renewal fees, authentication and translation, and travel. These vary with the fund and family size and should be budgeted separately from the €500,000 subscription.
Talk to an advisor
Send us the details of your case. A senior advisor will tell you which route is realistic and what it will take — before any fee is agreed.
Last updated: 2026-11-03