Portugal Golden Visa

5 years

Low Density Region (Donation)

5 Jobs

Job Creation with Head office

5 Years

Low Density Area (Refundable)

Investment Fund
Venture Capital
5 Years

Fully refundable with Annual returns.

Private Consultation
Contact us

Portugal launched ARI/Golden Visa scheme in Oct 2012 for third country non-EU nationals to obtain a residence permit through property investment or business activities.  It is one of the most popular residence by investment schemes in the world offering a full path to portuguese citizenship after five or six years.

Portugal has closed real estate route for GV investment from Oct 7, 2023 after President signed the promulgation changing the GV legislation removing all real estate options and capital transfer investments above 1.5m euros. From Oct 29, 2023 all applications for golden visa will be processed by AIMA (Agency for Integration, Migration and Asylum) replacing SEF.


  • Full residency rights to Live, study, work in Portugal.
  • Most popular european property investment scheme
  • Very minimal residency requirements.
  • Profitable real estate investment
  • Naturalize for citizenship after 5 years.
  • No taxes unless you live 183 days in Portugal
  • No interviews, No language tests
  • Immigrate to Europe with family and children.
  • Travel freely in Schengen including Switzerland, Germany etc.
  • Qualify for Portuguese PR after 5 years of living.

Eligible investments

The following investments qualify for portuguese golden visa scheme.

1. Investment Funds: Capital transfer with a value equal to or above €500,000 Euros, for purchasing shares in investment funds or in venture capital geared to capitalize small and medium companies that, in turn, must present a feasible capitalization plan.

2. Scientific Research & Technology: Capital transfer with a value equal to or above €500,000 Euros for investing in research activities conducted by public or private scientific research institutions involved in the national scientific or technology system;

4. Art, Culture & Public interest: Capital transfer with a value equal to or above €250,000 Euros for investing in artistic output or supporting the arts, for reconstruction or refurbishment of the national heritage, through the local and central authorities, public institutions, public corporate sector, public foundations, private foundations of public interest, networked local authorities, local corporate sector organizations, local associations and public cultural associations, pursuing activities of artistic output, and reconstruction or maintenance of the national heritage;  Projects in low density regions (NUTS III) receive 20% reduced in minimum investment for GV purpose.

5. Employment: Job creation at least, 10 job positions

Note: Portuguese, EU and EEE nationals are not eligible to apply for the ARI/Golden Visa scheme.

The Portugal cultural donation and artistic production routes launched in Jul 2015 under Law 63/2015, can be the cheapest investment route for Golden visa, if you know where to put your money. Both investment routes require prior approval from Ministry of culture and the investment must be maintained for 5 years atleast.

1.Cultural Donation

This route is involves non-refundable one time donation to cultural heritage projects in Portugal. For example to Museum, archeology, refurbishment of national heritage sites and monuments or foundation. The minimum investment required is 250,000 euro (in major cities) and 200,000 (in low density regions NUTS III).  The investment is reduced 20% in Low density regions, eligible for Golden Visa. The Investment must be approved by Ministry of Culture and the government will file GV application with the immigration authority on your behalf.

2.Artistic Investment

Foreigners can make an investment in artistic projects in Portugal. For example, music, paintings, movie production. Under this route, minimum 250,000 euro required (refundable investment) or 200,000 in Low density regions. (reduced 20%) are eligible for Golden visa. The Direção Geral das Artes (DGArtes) is an organization of the Ministry of Culture of Portugal is responsible for approving investment applications for artistic projects. Filing the application for Golden visa must be done by legal representative.

Once the application is approved, investors will be issued a residence permit to live in Portugal. Investments above €500,000 will receive permanent residence cards valid for 5 years, while investments less than €500,000 are issued residence permits with 2 year renewals. The validity of residence permit depends on how much disposable income you show for living in Portugal.

3.Investment Funds

For Golden visa program, Portugal requires a Capital transfer of the amount of 500,000 Euros, or higher, for the acquisition of units of Private equity (PE) funds which invest in companies not listed in stock market or venture capital (VC) fund of funds dedicated to the capitalisation of startups companies. The conditions for capital injected under the Portuguese legislation, whose maturity, at the moment of the investment, is,

  • Investment must be held for at least, of five years and, at least,
  • 60% of the investments invested in companies headquartered in Portugal.
  • Head office in national territory

Yields: You should expect returns of 3-5% a year, for example when the fund ends in 5-10 years.

Fund costs: Here are the brief overview of costs you should expect from subscribing to an Portugal investment fund

  • Subscription fee – 1%-5%
  • Annual Fund management fee – 0.75% to 2.75% of the funds value.
  • Performance fee – TBD
  • Additional Legal costs
  • Success fee (paid to fund managers) when dissolving the fund.

New VC Renewable Energy Fund

We offer new VC investment fund eligible for golden visa program in Portugal.

  • CMVM approved fund.
  • 500,000 euro investment (fully refunded after 5 years)
  • 8% annual returns
  • Low risk (exit strategy)
  • Guaranteed buyback after 3 years.
  • Waiting times now counted for citizenship in Portugal.

Please contact us for a free consultation.

Taxes: Portuguese non-residents are generally exempt from paying taxes from dividends and capital gains on the investment fund. If you are a tax resident in Portugal, 10% of withholding tax on distributions apply.

Fund Eligibility

Investment funds (private equity, VC fund) sold for the purpose of GV program must

  • Regulated by  Portuguese Securities Market Commission (CMVM),
  • Must not invest directly or indirectly in real estate market.
  • Fund manager is a depositary financial institution or Bank of Portugal regulated by central bank.
  • Fund advisor is external Fund Management company.
  • Audited by Portuguese Tax Authorities complying with tax laws.
  • Comply and eligible for Golden Visa regulation.
  • Disclose invested sectors, strategy risk and exit strategy.

Please refer to full list of Portugal GV investment funds.

Residence permit

Amendment introduced to article 75 of the Aliens Act, by article 183 of Act n.º 2/2020, of 31 March – State Budget to 2020 in force since 01/04/2020 and to 2020 –, the temporary residence permit for investment purposes is valid for two years  from the date of issue of the corresponding title.

Permanent Residence permit

To the citizens holding a residence permit for investment purposes and their family members, complying with the requirements provided in article 80 of the Aliens Act and wish to be granted with a permanent residence permit, a permanent residence permit for investment purposes shall be issued, exempt of the provided in article 85, n.ºs 2, 3 and 4, subparagraph b) of the same diploma (cancellation of the right due to absences from the national territory, see article 65-k of the Regulatory Decree 84/07 of 5/11, as amended). The Permanent Residence Permit for investment purposes may be subject to specific fees of analysis and issuance, to be regulated by amendments to Ordinance 1334-E/2010, of December 31.


The competent authorities, would preclude the granting of the Golden visa;

  • Absence of conviction for a crime which in Portugal is punishable by a custodial sentence of more than one year; The applicant is not within a period of prohibition of entry into the national territory, following an expulsion measure from the country;
  • Not listed in the Schengen Information System;
  • Not listed in in SEF’s Integrated Information System for non-admission purposes, under article 33 of the Aliens Act​;

Golden Visa fees

The following fees are payable to the Government and SEP (immigration office).

Government Processing Fee

€ 513.75

Initial investor residency permit

€ 5173.60

Renewal of residence permit

€ 2,586.80

Residence permit for family members

 € 2,586.80

Financial Management and Fiscal Representation (0.5% per year)

€ 2,500.-

Property Transfer Service 1.5%

€ 7,500

Permanent residency application

€ 350

Citizenship application

 € 250


Portugal ARI Golden Visa Brochure – Download pdf

Residence requirements

The Portugal program does not require you to live or stay in Portugal at all. No minimum residence requirements, except you are only required stay in Portugal are 7 days on the first year and 14 days over the subsequent periods of 2 years. For example if you have a business to look after in UAE, you might like to stay in UAE for most of the time but want to visit or live in Portugal anytime you want, without applying for visa. We also take care of property rentals, when you are out of the country. We work with developers of many real estate projects in Portugal (Lisbon, Porto etc).

Application process

The Golden Visa application initial steps are the following:

  • Obtaining a Portuguese Tax Number;
  • Opening a Portuguese Bank Account;
  • Transfer into the Portuguese Bank Account the funds addressed to property investment.

For the Tax Number obtainment, we need the required documents:

  • Passport copy;
  • Proof of address;

Regarding the Bank account opening, we would need the following documentation:

  • Passport copy;
  • Proof of address;
  • Proof of employment;
  • Tax Number (ID card) from origin and residency country;
  • Portuguese Tax Number.
  • Bank statement
  • Tax Return

Once these steps are completed, you will be in a position of legally purchase a property in Portugal and as soon as you provide the aforementioned documents, we are able to draft the necessary documents to be signed.

Regarding the procedure of purchasing a property, please note the following short comments:

  1. Usually, the sellers require a small payment (5-10%) to reserve a property and take it out of the market for a brief period (usually around 30 days).
  2. Within the next 30 days, it shall be:
    1. Granted a deed of purchase and sale (which transfers property ownership to the buyer);
    2. In case the granting of the public deed is not possible/convenient within the 30 days, parties usually enter a promissory contract of purchase (which legally block the property to the buyer until the deed is granted).

Once the Golden Visa investment threshold is achieved you will be entitled to apply for the Golden Visa.

The Golden visa application itself is compressed of 3 main steps:

  1. Application (through the Immigration Office’s website, where scanned copies of the required documentation are uploaded);
  2. Pre-Approval: The Immigration Office will analyze and rule on the application submitted online. The pre-approval means that the Immigration Offices confirms the documentation is complete and valid, allowing you to move forward to the actual submission of the original documentation and biometrics collections (fingerprint scanning, digital photo and digital signature);
  3. Schedule of Appointment for Documentation Submission and Biometrics Collection (in person).

The required documentation is the following:

  • For the Main Investor:
  • Criminal Record;
  • Tax Number from the country of origin or residence.

All the above documentation shall be translated into Portuguese (you can send us in English and we will translate it), issued no longer than 90 days when submitted to the Immigration Office and duly legalized (certified by Local Authorities and either at Portuguese Consulate or Apostilled).

All the Portuguese documentation (relating to the property and the investment) can be directly obtained by our firm.

The entire process takes between 4-9 months.

Non-Habitual Tax Regime

The Non-Habitual Residence Tax Regime (NHR) is an often overlooked  by HNW investors, while taking up residence in Portugal through Golden visa scheme. This scheme will be scrapped in 2024.

This taxation scheme was introduced in 2009, with the aim of attracting talent and high net worth individuals. Portugal is a top choice for Ultra and High Net Worth Individuals who wish to take up residence in the European Union, according to PWC. In short, by becoming a Portuguese tax resident under the Non-Habitual Residency scheme, your income will be tax-free both in Portugal and in the income’s source country (example income from UK).

  • Non habitual residents will be exempt from Personal income tax (PIT) on salaries of a non Portuguese source if such salaries were subject to tax in the country of source under an existing Double Tax Treaty or, if no Tax Treaty exists, were subject to  tax in another jurisdiction and are not considered as Portuguese source income under domestic rules.
  • Business and professional income of a non Portuguese source relating to high added value services of a scientific, artistic or technical nature, as well as from intellectual or industrial property or industrial, commercial or scientific information, earned by non habitual residents abroad are exempt from PIT provided such fees could have been taxed under an existing Double Tax Treaty or could have been taxed in another non black listed jurisdiction in accordance with the provisions of the OECD.
  • Rental income, investment income and capital gains of a non Portuguese source obtained by non habitual residents are also PIT exempt, provided the above mentioned conditions are met.
  • Pensions paid abroad to non habitual residents are also PIT exempt if such pensions were subject to tax under an existing Double Tax Treaty or if the pension should not be considered as obtained in Portugal and related contributions did not allow a PIT deduction in Portugal.
  • Under the non habitual residents tax regime, MNC’s will have a major advantage in placing their centres of excellence in Portugal, for example their R&D departments, and Portuguese companies will have a significant stimulus to attract the best talent.
  •  UHNWI’s are able to accrue their wealth in a white listed friendly tax environment, to dispose of their assets benefiting from tax exemptions, to pass on their wealth  or estate without inheritance or gift taxes and/or to enjoy their retirement without tax leakage on their pensions.

All nationalities including EU/EEA nationals can qualify for this NHR scheme. Anyone who has not been a tax resident in Portugal during the preceding five years and takes up residence in Portugal is eligible to participate in this scheme. Becoming a Portuguese tax resident requires residing in Portugal for at least 183 days in a 12 month period.  A person who does not fulfil this requirement can still be considered a tax resident in Portugal if he has a home in Portugal which is intended to be his permanent residence.  Ownership of home and residency status can be easily obtained by purchasing a property for 350K euros through the existing Golden visa scheme in Portugal.

The NHR status is issued for ten year period is not extendable. For ten years, the migrant can profit from advantageous tax rates. The migrants’ Portuguese sourced income will be taxed at a flat rate of 20% if the income is derived from ‘high value activities’, while many forms of foreign source income (including foreign source pensions) are exempted from taxation. Moreover, Portugal does not impose wealth taxes. There are no wealth tax or capital duties in Portugal. Inheritance or a gifts received by a spouse, descendant or ascendant is tax exempt.  capital gains from the sale of securities will be subject to tax in Portugal, currently at a flat rate of 28%.

Permanent residence

After five years of legally living by meeting 14 days per year minimal residence requirement.

Portugal citizenship

Under the requirements set out by the Nationality Act (Act number 37/81 of 3 October) after 5 years, it is possible to naturalize for Portugal passport and citizenship.

What differentiates Portugal with other golden visa programs is – You don’t need to permanently live in Portugal to file your citizenship application after five years, but you will need your A2 portuguese language proficiency.  This is the only golden visa program that offers citizenship without living.

Portugal Passport

Portugal has the fifth powerful passport in the world with visa free travel to 186 countries in 2018 (UK, Ireland, Canada, United States etc..)

Visa free travel

The ID card (residence permit) issued by Portugal allows you to travel all 26 schengen countries including Switzerland and maximum stays of 90 days in 180 day period allowed in combined in all EU member states. Non EU citizens cannot visit UK using the portuguese residence card (will need a separate visa). You may also visit other non schengen EU countries such as Croatia, Romania, Cyprus, Bulgaria, Montenegro etc. using the EU residence permit issued by portugal for stays upto 30 days.


As long as the investors do not stay more than 180 days per year in Portugal, no taxation applies (except a slight property tax).

Documents required

The basic documents needed are:

– The application
– Passport
– Proof of legal entry into Portugal
– Proof of health insurance
– Criminal record certificate from the relevant authority of the applicants home country or from any other country where he/she resided for over a year
– Signed application enabling consultation of the Portuguese Criminal Records by SEF
– Proof of the requirements fulfillment

We provide the services which includes a full handholding process over the next 6 years until citizenship can be applied, hence we take care on renewal of the residence permits, mail, authorities etc.

Portugal Golden visa – FAQs

The following are the frequently asked questions about the golden visa investment program in Portugal.

What is Golden visa?

Golden visa offers fast track long term permanent residency status against investment activities such as in business or real estate purchase in Portugal.

What is Amended Portugal Golden Visa ?

The New GV rules implemented from Oct 7 has removed all property investments (direct, indirect), bonds, bank deposit options .

Can UK nationals apply for Portugal GV scheme?

Yes, UK nationals will be eligible to apply for Portuguese golden visa scheme as a result of Brexit from Jan 1, 2021.

Do you offer €280,000 euro properties in Portugal?

Not anymore after the closure.

What makes Portugal golden visa very attractive?

Portugal is one of the safest countries in the world, real estate market resisted decline due to Covid and its geographic location with proximity to US, Canada and South America with excellent travel connections, makes Portugal a desirable country to invest.

When did Portugal launch golden visa scheme?

Portugal launched ARI/Golden visa scheme in Oct 2012, since then it has been the most successful golden visa program in Europe.

Can i get Portuguese citizenship?

It is possible to get portuguese citizenship after 5 years through golden visa scheme. There are no strict residence conditions (2 weeks per year). You also have to pass  portuguese language test.

What is Non habitual tax regime?

It is a special tax regime where portuguese sourced income will be taxed at a flat rate of 20% if the income is derived from activities abroad. This benefits many expats and foreigners.

Can i visit and live in other schengen countries?

Yes with the residence permit issued by Portugal, you can visit or live in other schengen states for upto 90 days in 180 day period.

How long is the residence permit issued?

Depending on the investment you make, the residence permit under golden visa program is issued for one or two years with the possibility of unlimited extensions

How do i apply for golden visa from abroad?

You can apply for C or D visa in any portuguese embassy or consulate abroad for the purpose of golden visa investment

Are there any residency or living requirements?

The PGV program does not require you to live or stay in Portugal at all. You are only required stay in Portugal are 7 days on the first year and 14 days over the subsequent periods of 2 years

How much time it takes to get golden visa?

The normal processing times are 12-20 months

Why Portugal?
  • Pleasant warm climate.
  • Low cost of living.
  • Excellent healthcare system.
  • 300 daily flights from Portugal to destinations worldwide including USA.
  • Freely travel in schengen.
What is the difference between Portugal and Greece?

Portugal is slightly a better program than Greece. You can see comparison here

Can EU/EEA nationals apply?

No, it is only open for third country nationals outside EU.

Are there any residency requirements?

No, except you have to visit Portugal using schengen visa once a year (7 days).

How do i start the process?

You have to pay 1% initial retainer fee usually €5,000 euros and our lawyers will start the process .

When do i get permanent residence permit (PR)?

After 5 years of living in Portugal uninterrupted living. You must NOT be absent from the country for more than 6 months every year before and after PR.

Can family members apply?

Yes, all family members can apply for visa under “family unification”.

Can i travel to all Schengen countries?

Yes, you can enter and exit through any schengen country with the pink ID card issued by Portugal immigration office.

Can i travel to US and UK with the schengen residence permit card?

No, you will need a separate visa. UK does not participate in schengen, neither does US.

You may apply for UK and USA at the consulates in Lisbon using your residence status.

What is the visa procedure?

After completing the real estate acquisition with the necessary papers, you have to apply for long term residence permit status, at the Portugal embassy in your country. After 2 months they will issue you D visa which is valid for 1 year. You have to enter Portugal using D visa and within 30 days, you have to report at SEF immigration office and collect your residence permit card which is initially valid for 1 year.

Remember with D visa, you must enter Portugal first (not other schengen countries). Only after getting your residence permit card (pink card) you may travel to schengen countries.

If you already have schengen visa, you can come to Portugal to complete the investment process, but you still have to apply for long term status at the Portuguese embassy in your home country.

If you already have schengen residence permit, issued by another EU member state, then you can apply for Portuguese residence permit (under golden visa rules) at Portuguese consulate in that EU member state.

What is the processing time frame?

It may take from 12-20 months.

What is the validity of the residence permit issued under golden visa?

Permanent residence permits issued with 2-5 year validity depending on the investment.  If you dont visit Portugal, you cannot prolong your residence permit.

How many years for Portuguese citizenship?

Golden visa investors qualify for citizenship after 5 years of uninterrupted living. You must pass portuguese language tests (A2). Portuguese citizenship means you get full EU citizenship.

How good is the portuguese passport?

Portugal is one of the founding members of Schengen. Portuguese passport is ranked 6th best passport in the world with visa free travel to 172 countries according to henley restrictions index 2016. Portuguese passport gives right to live and work in 26 member states of EU including Switzerland and United Kingdom.

Can the property be rented out?

Yes, we can help you to rent it out (Airbnb) and managing the property when you are out of the country.

What is the minimum for real estate investment?

We recommend €500,000 euros invested in Lisbon or coastal areas. We do not recommend the €350,000 euro option because it involves renovation of old buildings (over 20 years old) which is really difficult doing renovations. The documentation required by authorities are really difficult causes long delays, and poor living conditions inside the property.

What are the taxes with property investment?

Stamp duty(0.8%), Property transfer tax (5-6%), and IMI (municipal tax annually 0.3% to 0.5%) are applicable.

Can i invest in Government bonds or securities?

This route is closed.

Who are the main foreign investors in the Golden visa portugal scheme?

Chinese, Brazilians, Turks, South Africans and Lebanese. These are the people who have invested in properties

What are the reasons for golden visa refusal?
  • Criminal record in the past.
  • Threat to safety, health and security of the EU
  • Ban in Schengen information System (SIS)
  • Frozen property assets in EU

You wont be able to prolong or extend your residence permit if you dont maintain the investment for 5 years.

Do i have to pay income taxes in Portugal?

No, only if you have lived in Portugal for 183 days.

Can the investors apply jointly?

Yes, joint acquisition of funds or shares allowed, provided that each of the joint owners invest €500,000 or more  3 investors could make a joint investment of 1,5 million euro. Only then each investor will get their visas approved.

What are the additional costs with investment funds?

Fund management fee (1%-1.5%), performance fee (30%) and other legal costs.

Can US citizens purchase investment funds for golden visa?

Yes, US citizens do qualify. However it must be reported duly to IRS under FATCA and foreign assets held by US citizens abroad. Some investment funds may be restricted to US citizens. Some banks in Portugal may also  deny banking services to US citizens. Some funds are classified as PFICs (Passive Foreign Investment Companies) are taxed by the IRS.a

Are there any country restrictions for golden visa?

No, the golden visa program is open to all country nationals. EU citizens cannot apply.

How long investment must be held for?

You must hold the real estate for 5 years, if not golden visa will stand canceled.

How to prolong the validity of the portuguese residence permit issued under golden visa?

You can renew or prolong the validity of your portuguese residence permit, at immigration offices in Portugal well before 30 days of expiry date, by satisfying the following conditions.

  • You have met the  minimum periods of stay in Portugal ( 7days 1st year, 14 days 2nd year onwards)
  • You have maintained the investment for the minimum period of 5 (years)
  • You have no criminal record in Portugal
  • You have been a threat to public health or security in Portugal.
  • You have sufficient funds to live in Portugal.

It will take about 60 to 90 days and the authorities will arrive at a decision .

Can i invest for Portugal Green visa?

This is approved but still in the pipeline. The minimum required is €500,000 invested in clean green energy projects.