The Portugal Golden Visa is a residence permit for non-EU investors that asks for only 7 days a year in the country and can lead to permanent residence and citizenship. It still exists, but buying a home no longer qualifies for it. Since 7 October 2023, when Law 56/2023 took effect, the programme accepts five routes: a €500,000 stake in a Portuguese non-real-estate investment fund, a company with jobs attached, a research contribution, a cultural contribution, or the creation of 10 jobs. If your plan is to buy an apartment in Lisbon or a villa in the Algarve and get residence with it, the Golden Visa is the wrong tool. The D7 visa, or another country's programme, is usually the right one. This article sets out both, based on the rules published by AIMA, the Portuguese migration agency, as checked in September 2026.
What changed in 2023
From 2012 to 2023 most Golden Visa holders qualified by buying property. The Mais Habitação housing package, Law 56/2023 of 6 October 2023, removed three routes: property purchase, property renovation and the plain transfer of €1.5 million into a Portuguese bank account. New applications under those routes have not been accepted since the law came into force.
The law also closed a back door. The fund route now requires a non-real-estate fund, so a fund that buys Portuguese apartments does not count either. AIMA's page repeats the point for every route: the investment may not go, directly or indirectly, into real estate.
People who already held a property-based Golden Visa were protected. Under the law's transitional rules, permits granted before October 2023 can still be renewed on the original investment, and applications filed before that date are decided under the old rules. That is why you still see "Golden Visa property" listings from agents: they refer to the old regime, or to properties sold without any residence right.
Portugal Golden Visa requirements in 2026
The formal name is ARI, Autorização de Residência para Investimento, set out in article 90-A of the Foreigners Law (Law 23/2007). It is only for citizens of countries outside the EU, EEA, Switzerland and Andorra. AIMA lists these qualifying investments (checked September 2026):
| Route | Minimum | Main condition |
|---|---|---|
| Investment fund | €500,000 | Units in Portuguese non-real-estate collective investment funds with at least 5 years to maturity; at least 60% of the fund invested in companies based in Portugal |
| Company capital | €500,000 | Set up a Portuguese company, or add capital to an existing one, and create 5 permanent jobs (or keep 10, at least 5 permanent) for at least 3 years |
| Scientific research | €500,000 | Paid to public or private research institutions in the national science system; €400,000 in low-density areas, per AIMA's ARI page |
| Arts and cultural heritage | €250,000 | Artistic production or restoration of national heritage through approved public or public-interest bodies; 20% less in low-density areas |
| Job creation | No fixed amount | At least 10 jobs created in Portugal, or 8 in a low-density area |
Whatever the route, the money has to arrive by international transfer, and you sign a sworn statement that you will keep the investment for at least 5 years. You can invest in your own name or through a Portuguese single-member company (sociedade unipessoal por quotas) of which you are the only partner. On top of that, AIMA asks for a clean criminal record, proof that you owe nothing to the Portuguese tax office and Social Security, a Portuguese tax number (NIF), and health cover: either registration with the national health service (SNS) or an internationally recognised health insurance policy for the whole permit period.
Choosing a qualifying fund
The fund route is the only one that needs no business to run or institution to deal with, which makes it the simplest to hold. It is also where the market risk sits, so treat the choice as an investment decision first and a visa decision second.
What "qualifying" means
Under article 90-A and AIMA's checklist, a fund counts only if all of the following are true on the day you subscribe:
- it is a collective investment undertaking set up under Portuguese law and not a real-estate fund;
- its remaining maturity is at least five years;
- at least 60% of what it invests goes into commercial companies with their seat in Portugal;
- its assets are held by a depositary, usually a bank registered with the CMVM, Portugal's securities regulator.
For the application, the fund manager issues a declaration confirming the capitalisation plan, the five-year maturity and the 60% rule, and the registrar issues a certificate that the units are yours and free of any charge or pledge. So units pledged to a lender as security would not meet the requirement. You can split the €500,000 across several funds, as long as each one qualifies and the total reaches the minimum.
What to check before you sign
- The manager. Look the management company and the fund up in the CMVM's public register. Check how long the manager has been running venture capital or private equity money and what happened to its earlier funds.
- Fees. Ask for every fee in writing: subscription, annual management, performance fee and exit or redemption charges. Compare the total over the holding period.
- Lock-up and exit. Ask whether the fund is closed-ended. Find out when and how you get your money back, whether the manager can extend the fund's life, and what happens if you want out before the five years are up.
- Valuation. Private company stakes have no daily market price. Ask how often the fund is valued, by whom, and whether an independent auditor signs the accounts.
- Portfolio. Read what the fund will actually buy.
- Visa risk. Ask what the manager does if the fund stops meeting the 60% or maturity conditions, since your renewal depends on it.
None of this is guaranteed by the Portuguese state. The €500,000 can grow, shrink or be returned late. A fund manager's projected return is a projection, nothing more.
Fund versus the other routes
| Route | What happens to the money | Effort on your side |
|---|---|---|
| Fund, €500,000 | An investment you own; value and exit date depend on the fund | Low: choose the fund, keep the units |
| Company, €500,000 + 5 jobs | Capital of a business you own | High: run or oversee a Portuguese company and payroll for at least 3 years |
| Research, €500,000 | A contribution to a research institution rather than an asset you hold | Low once paid |
| Culture, €250,000 | A contribution to an arts or heritage project rather than an asset you hold | Low once paid |
| 10 jobs | Whatever the business needs | High: keep 10 people employed |
The cultural route has the lowest entry figure, but budget it as money you will not get back. The fund route costs twice as much up front and may return the capital, with the market risk described above.
How much a Portugal Golden Visa costs
Besides the investment, AIMA charges per person, and the same amounts apply to each family member. From AIMA's fee table (last updated 26 February 2026):
- application analysis: €842.80, or €632.10 if filed digitally;
- issue of the first permit: €8,418.90, or €6,314.20 digitally;
- each renewal: €4,210.30, or €3,157.80 digitally;
- permanent residence for a Golden Visa holder or family member: €11,786.70, or €8,840.00 digitally.
Over the first five years, one applicant or a family of four on the fund route pays roughly this, at AIMA's in-person rates:
| Item | 1 applicant | Family of four |
|---|---|---|
| Fund investment (can be returned, not a cost) | €500,000 | €500,000 |
| Analysis and first permit | €9,261.70 | €37,046.80 |
| One renewal | €4,210.30 | €16,841.20 |
| Government fees if one renewal falls within five years | €13,472.00 | €53,888.00 |
| Government fees if two renewals fall within five years | €17,682.30 | €70,729.20 |
| Lawyer, translations, apostilles, fund fees | Not fixed: ask for a written quote | |
Whether you pay one renewal or two in five years depends on the renewal term AIMA applies to your permit, so the table shows both. Filing digitally cuts each AIMA fee by 25%. We do not quote lawyers' or fund fees here because they vary widely between firms and funds; get them in writing, including what happens at renewal, before you transfer the investment.
Documents checklist
AIMA's list for the fund route (September 2026) is short but strict about dates:
- a valid passport;
- proof that you entered and are staying in Portugal legally, for example the entry stamp from a visa-free visit;
- proof of health cover (SNS registration or international health insurance);
- criminal record certificates from your country of nationality and from any country where you have lived for more than a year, issued no more than 3 months before you submit, translated into Portuguese and apostilled or legalised;
- your tax number, or its equivalent from your country of origin or residence;
- the application form authorising AIMA to check the Portuguese criminal record;
- the sworn statement that you will keep the investment for 5 years;
- certificates of no debt from the tax office and Social Security, issued no more than 45 days earlier;
- the receipt for the analysis fee;
- for the investment: the Portuguese bank's declaration confirming the international transfer, the certificate of ownership of the fund units, and the manager's declaration on maturity and the 60% rule.
Documents go into AIMA's ARI portal as PDF files. AIMA's FAQ also warns that you may have to show accommodation and means of subsistence, and that both are checked again at renewal.
Application timeline and waiting times
- Get a NIF and open a Portuguese bank account.
- Choose the fund, subscribe and make the investment by international transfer.
- Collect the bank, registrar and manager certificates.
- Pre-register on AIMA's ARI portal, upload the documents and pay the analysis fee.
- Wait for AIMA to accept the file and set an appointment.
- Travel to Portugal for the biometrics appointment and pay the issue fee.
- Receive the residence card.
On paper, AIMA has 90 days to decide a residence permit application (Law 23/2007, article 82). In practice the agency publishes no processing time for the Golden Visa, and it sets appointments itself, in the order and at the places its capacity allows. The business newspaper ECO reported on 19 May 2026 that AIMA's delays on Golden Visa applications had reached four to five years in some cases. If your file has been accepted but no appointment has come, AIMA's FAQ tells you to request one by email to geral@aima.gov.pt with the subject "Pedido de agendamento ARI". Plan for a long wait and do not organise a move around a specific date.
Stay rules and renewals
The permit is issued for two years and renewed for longer periods (three years under the general rule of Law 23/2007, article 75); check the current renewal term with AIMA when you apply.
The minimum stay is what made the Golden Visa popular. You must spend at least 7 days in Portugal in the first year and 14 days in each following two-year period (Regulatory Decree 84/2007, article 65-C, confirmed in AIMA's FAQ). Those days can be split into several trips. AIMA may ask for proof of presence if it has doubts, so keep boarding passes and hotel or rental records.
At renewal you show that the investment is still in place, that you met the minimum stay, and again your health cover, accommodation, means of subsistence and clean tax and Social Security position. Selling or switching the investment before you hold another status can cost you the renewal, so talk to your lawyer before you redeem fund units.
Family members who can join
Family members apply through family reunification (articles 98 to 100 of Law 23/2007), and AIMA accepts their applications together with yours; they are decided once your own permit is approved. Law 61/2025, in force since 23 October 2025, made most residents wait two years before bringing family members, but Golden Visa holders are among the exceptions. The eligible relatives are:
- Spouse. A marriage certificate is the proof.
- Unmarried partner. Article 100 covers a partner in a de facto union that can be properly proven. Portugal's de facto union law (Law 7/2001) applies to two people regardless of sex, so same-sex partners are covered on the same terms. Admission of an unmarried partner is at the state's discretion rather than an automatic right, so prepare solid evidence of life together.
- Children under 18, including adopted children, who depend on you or your spouse.
- Children aged 18 to 25 who are single, depend on you and are studying. Article 99 of the law refers to study in Portugal, while AIMA's page also lists children studying elsewhere, so confirm your case with your lawyer.
- Parents of you or your spouse who depend on you financially.
- Brothers and sisters under 18 under your legal guardianship, where a court decision recognised in Portugal gave it to you.
Each family member needs their own criminal record certificate, no-debt certificates, a statement of responsibility signed by the investor, and proof of the family link. For adult children and parents AIMA pays particular attention to proof of dependency.
What the permit gives you in practice
- Living, working and studying in Portugal. Article 83 of Law 23/2007 gives residence permit holders access to education and vocational training, employment and self-employment, health services and the courts, without any further authorisation.
- Health care. The access to health services in article 83 covers the national health service, the SNS. For the application itself AIMA accepts either SNS registration or private international insurance.
- Travel in the Schengen area. A Portuguese residence card lets you stay in other Schengen countries for up to 90 days in any 180-day period without a visa. It does not give the right to live or work in another EU country.
- Permanent residence. After five years of legal residence you can apply for permanent residence (Law 23/2007, article 80). AIMA issues Golden Visa holders a specific permanent investment permit that is not cancelled for long absences.
- Citizenship, under the longer 2026 rules below.
Citizenship: the path became longer in 2026
Organic Law 1/2026, published on 18 May 2026 and in force since 19 May, raised the minimum legal residence for naturalisation from five years to ten, or seven for citizens of Portuguese-speaking countries and EU member states.
Two other changes matter to Golden Visa holders. The 2024 rule that counted residence from the date you applied for your permit has been repealed, so the clock now runs from the permit itself and the years spent waiting for AIMA no longer count automatically. And applicants must prove, by test or certificate, knowledge of Portuguese language and culture, history and national symbols, know citizens' rights and duties, and sign a declaration of adherence to democratic principles. Citizenship applications already pending on 19 May 2026 are decided under the old five-year rule.
On language, the Nationality Regulation (Decree-Law 237-A/2006, article 25) has so far accepted a certificate at level A2 or higher of the Common European Framework, such as the CIPLE exam. Organic Law 1/2026 ordered the government to update that regulation within 90 days, so check the current test rules with the IRN, the registry office that handles nationality, before you book an exam.
The Constitutional Court struck down several provisions of the first version of this reform in December 2025 (ruling 1133/2025), and the text was voted again. How the new counting applies to people who applied for a Golden Visa before 2026 but have not yet applied for citizenship is not fully settled, and ECO reported in May 2026 that groups of investors were preparing legal action. If citizenship is your main goal, ask a Portuguese lawyer to calculate your own dates.
I want to buy property in Portugal: what are my options?
Portuguese law does not stop foreigners from buying property. The purchase simply gives no residence right on its own, which is exactly what Law 56/2023 changed for investors. You have three practical paths.
1. The D7 visa (passive income)
The D7 is a residence visa for people with a regular passive income: pensions, rent, dividends, interest. Portugal applies the means-of-subsistence scale of Ministerial Order 1563/2007: 100% of the national minimum wage for the main applicant, 50% for each additional adult and 30% for each child. The minimum wage in mainland Portugal is €920 a month in 2026 (Decree-Law 139/2025), so a single applicant needs at least €920 a month, or €11,040 a year, and a couple €1,380 a month.
Rental income from a property you buy in Portugal can count towards that income. Consulates also ask for accommodation in Portugal, and a flat you own is the strongest proof you can show. The catch is presence. The D7 is a visa for actually living in Portugal: a temporary residence permit can be cancelled after six consecutive months, or eight months in total, of absence within its validity (Law 23/2007, article 85). If you want a holiday home plus residence without living there, the D7 does not fit.
2. The Golden Visa plus a separate purchase
Nothing stops you from investing €500,000 in a qualifying fund for the Golden Visa and buying a home with other money. The home plays no part in the application. This suits buyers who want the 7-day presence rule and have the capital for both.
3. A country where property still qualifies
Some programmes in Europe and the Gulf still accept a property purchase. Greece, for example, has kept a real-estate route; thresholds and zones are covered in our Greece Golden Visa guide. The UAE also grants long-term residence to property owners above a set value; see Dubai Golden Visa through property.
Taxes: residence is not tax residence
Holding a Golden Visa does not make you a Portuguese tax resident by itself. Under article 16 of the Personal Income Tax Code (CIRS), you become one if you spend more than 183 days in Portugal in any 12-month period or keep a home there that suggests habitual residence. A D7 holder who actually moves will be a tax resident. The old NHR tax regime was closed to most new applicants by the State Budget Law for 2024 (Law 82/2023), so do not plan around it. Get tax advice for your own situation before moving.
FAQ
Who is eligible for the Golden Visa in Portugal?
Adult citizens of countries outside the EU, EEA, Switzerland and Andorra who make one of the qualifying investments, have a clean criminal record and have no debts to the Portuguese tax office or Social Security. EU citizens do not need it, since EU free-movement rules already let them live in Portugal.
How much money is required for a Portugal Golden Visa?
At least €500,000 for the fund, company and research routes, and €250,000 for the cultural route (less in low-density areas). AIMA fees come on top: about €9,260 per person for the analysis and the first permit at in-person rates, as of February 2026.
Can I still get a Portugal Golden Visa by buying property?
No. Property purchase stopped qualifying on 7 October 2023 under Law 56/2023. Permits granted earlier through property can still be renewed.
Is the Golden Visa programme suspended or closing?
No. As of September 2026 AIMA accepts applications under the five routes above. What changed in 2026 is the citizenship timeline, not the residence permit. In May 2026 the government said, as reported by ECO on 19 May, that the Golden Visa was never meant as a route to nationality. No end date for the programme has been announced.
Can I invest through a company?
Yes, within limits. AIMA accepts an investment made through a Portuguese single-member company of which you are the sole partner, and the law also allows a company set up in Portugal or another EU country with a permanent establishment in Portugal. You then add the company's commercial registry certificate to the file.
Can children over 18 be included?
Yes, up to 25, if they are single, financially dependent on you and in education. After 25, or once they work or marry, they need a permit of their own.
Do I need to speak Portuguese?
Not for the Golden Visa or its renewals. You need it for citizenship: level A2 under the nationality regulation so far, plus the culture and civic knowledge the 2026 law added. Permanent residence has its own conditions, so ask your lawyer whether a language certificate is needed in your case.
Can UK citizens live permanently in Portugal?
Yes, but since Brexit they apply as non-EU citizens. Britons who lived in Portugal before 31 December 2020 are covered by the Withdrawal Agreement, and AIMA runs a separate Brexit service for them. Everyone else can stay visa-free for up to 90 days in any 180-day period under the Schengen rules, and needs a visa or permit, such as the D7, the Golden Visa or a work visa, to stay longer. After five years of legal residence you can apply for permanent residence (Law 23/2007, article 80).
Can I get citizenship in Portugal if I buy a house?
Not through the purchase. Citizenship depends on years of legal residence: ten years for most nationalities under Organic Law 1/2026, seven for EU and Portuguese-speaking countries, plus the language and civic requirements. Buying a house can support a D7 application, and a D7 counts as legal residence.
Where is the official Portugal Golden Visa website?
The official rules and the application portal are on AIMA's site, aima.gov.pt, under "Autorização de Residência para Investimento". The laws themselves are published in the Diário da República, and fund registrations can be checked on the CMVM site.
What to do next
If residence is the goal and you have €500,000 of capital you can lock up for five years, shortlist funds registered with the CMVM, get every fee in writing and have a Portuguese lawyer check them against article 90-A. If you mainly want a home in Portugal, work out whether your passive income clears the D7 scale for your family, then look at property in Portugal with the D7 accommodation requirement in mind. In both cases, check AIMA's page again before you apply: the investment, family and citizenship rules changed three times between October 2023 and May 2026.
