Your Quick and Simple Guide to the Portugal Golden Visa

Gerard Avecilla

Posted on Fri Nov 15

5 min read

Summary:

The Portugal Golden Visa program, a popular Residency-By-Investment scheme, has new guidelines in 2023 and 2024. Investors can still achieve Portuguese citizenship through updated requirements, shifting focus from real estate to investment funds.

Main Points:

New Requirements: Stricter, excluding real estate investments
Investment Options: Arts, venture capital, scientific research, job creation
Eligibility: Non-EU/EEA/Swiss nationals, 18+, no criminal record
Benefits: Residency, low stay requirements, Schengen travel, family inclusion
Application Process: NIF, bank account, documentation, biometric data

The rules surrounding Portugal’s visa programs began to change in 2023 and 2024. These changes included Portugal’s golden visa program, one of the most popular Residency-By-Investment programs worldwide. The program still exists, however, albeit with some new guidelines. Many investors are still eager to earn Portuguese citizenship using this pathway.

What are the new Portuguese golden visa requirements, and is it still a worthwhile path to citizenship?

In this guide, we’ll provide a succinct overview of the new golden visa program in Portugal. Keep reading to learn what has changed and what has remained the same about this popular program.

What is the Golden Visa in Portugal?

The Portugal Golden Visa program is officially known as the Residence Permit for Investment Activity (ARI). The Portuguese government first launched the program in 2012. The goal was to give foreign nationals the ability to earn residency by investment in Portugal. They hoped to boost economic growth and create new jobs for Portuguese citizens.

How Has the Golden Visa Program in Portugal Changed?

Instead of boosting the economy, the original golden program contributed to a housing crisis in Portugal. Initially, the Portuguese government planned to cancel the program outright. Instead, they decided to reform the program to make the requirements stricter and more specific.

The biggest change is that the Portugal investment visa no longer allows applicants to invest in real estate. Instead, it encourages those seeking this visa to contribute to investment funds. There are around 40 qualifying funds to support causes like sustainable agriculture and cultural projects.

Ideally, the new golden visa scheme will keep Portuguese citizens at the center, improving life for all.

Portugal Golden Visa Requirements

Applicants interested in a Portugal Golden Visa must:

Be a non-EU/EEA/Swiss national (Such as a US citizen)
Be at least 18 years old
Have no criminal record
Have a minimum of A2 level of Portuguese language proficiency
Make an investment in Portugal in an area other than real estate
Obtain a Portuguese tax identification number (NIF)
Have a valid passport
Have valid health insurance
Provide documentation confirming good standing with the Portuguese tax and customs authority and social security system

Furthermore, your investment must meet one of the following criteria:

Invest €250,000($270,402.50 USD) in the Arts
Invest €500,000 ($540,805.00) in venture capital or private equity funds
Donate €500,000 ($540,805.00) to scientific research
Create a company with 10 full-time employees
Create a company with 5 full-time employees plus invest €500,000 ($540,805.00)

Benefits of the Portugal Golden Visa

Foremost, those granted a Portugal gold visa are granted residency in Portugal. However, the Portugal golden visa program is notable for its very low stay requirements. Investors need only stay in the country for seven days in a one-year period. Thus, investors with global business interests do not need to maintain long-term residency in Portugal.

Likewise, your Portuguese residence will grant you travel mobility visa-free within the Schengen area.

If you meet the low residence requirement, you are entitled to Portuguese healthcare, education, and all other public services. If you meet the criteria, you will be eligible to apply for permanent residency in Portugal after 5 years.

Other benefits of the Portugal golden visa program include:

Dependent family (spouse and children) are included in the application
Tax benefits and access to the NHR tax regime (pay very few taxes for up to 10 years)
Visa-free travel to over 170 countries

The Application Process for the Portugal Golden Visa

All applicants must have a Portuguese NIF (Portuguese fiscal/tax ID number) and open a bank account in Portugal. Once acquired, you can apply for pre-approval from the Portuguese SEF using an online application form. This process can take up to a year.

If granted pre-approval, you must submit extensive documentation, all of which must be translated into Portuguese.

The documentation includes:

The Portugal golden visa application form
Receipt confirming you have paid the processing fee
A valid passport
Valid travel documentation
Formal confirmation that you have transferred investment funds from abroad
A background check from your country of origin
A declaration of honor stating that you will maintain your investment for a minimum of 5 years
Proof of good standing with Portuguese Tax and Customs authority
Proof of good standing with Social Security (or proof of non-enrollment)

Applicants should also schedule an appointment with the Portuguese SEF to submit pertinent biometric data. The Portuguese government will then begin the approval process, which involves an extensive document review and background check.

How Long Does It Take to Receive a Portugal Golden Visa?

The length of the process can vary from as little as 8 months to up to 3 years. This depends on the size of the applicant backlog. Most applicants agree that the process is somewhat bureaucratic.

Based on current data, it takes most new applicants an average of 2 years to receive a Portugal golden visa. Thus, it’s critically important to work with an immigration expert. These professionals can confirm that your paperwork and documentation are correct the first time.

Often, if you make an error, the clock starts over, which can extend the process by months. If your goal is Portuguese citizenship, a mistake can add years to the process.

The passionate and experienced team at HAYMAN-WOODWARD can help. Connect with us today to learn how we can help you with your Portugal golden visa application. We can’t wait to help you on your journey toward Portuguese residence or citizenship.