The Portugal Golden Visa Program, introduced in 2012, is a residency-by-investment initiative aimed at attracting foreign investors. In 2024, the program underwent significant updates. We cover those changes in detail with the help of Alina Mishurenko, an expert and the editor-in-chief at Immigrant Invest.
Recent changes and the current requirements of the Portugal Golden Visa Program
Portugal residence by investment, or the Golden Visa program has recently undergone significant changes. The most notable is the removal of real estate as an eligible investment option.
The government made changes to the Golden Visa program to tackle the problem of expensive housing. Foreign investors buying property under the Golden Visa Portugal initiative caused prices to go up, making it hard for locals to find affordable homes. These adjustments aim to create a more balanced housing market that benefits both investors and residents.
The current options of the Portugal Golden Visa Program are:
- Arts and culture support — €250,000+.
- Qualifying Portuguese investment funds — €500,000+.
- Scientific or technological research — €500,000+.
- Business, creating at least five jobs — €500,000+.
- Company, at least ten jobs — no minimum investment set.
To qualify, applicants must meet the following criteria: a non-EU/EEA citizenship,
no criminal convictions and legal source of funds for investment.
Family members can also be included. Eligible are: spouses, children under 18, dependent children between 18 and 26 (if financially dependent, or studying), and dependent parents.
Additional expenses include:
- application fee — €605 per applicant;
- residence permit card issuance fee — €6,045 per applicant;
- healthcare insurance — €400+ per applicant.
If investing in funds, the main applicant pays a commission of up to 7,5%. Then they will pay an annual commission on profits: between 0.5% and 3%. The investment income tax is 14%.
Benefits of the Portugal Golden Visa
Visa-free travel to Schengen Area. The Golden Visa allows visa-free travel across all countries in the Schengen Area for 90 days within any 180-day period. This is particularly beneficial for those who frequently travel within Europe, avoiding the cost of additional visas.
Pathway to EU citizenship. After six years of continuous residence in Portugal, investors can apply for citizenship, provided they meet the requirements. This includes basic language proficiency and passing background checks. Citizenship grants access to an EU passport, which allows travel to over 190 countries without needing a visa.
European banking. Portugal Golden Visa provides direct access to Portuguese and EU banking services. Some benefits include:
- SEPA transfers, allowing euro transactions across the EU with minimal fees. SEPA transfers typically cost between €0.50 and €5;
- multicurrency accounts, holding euros, USD, GBP, and more, reducing conversion fees. Conversion rates typically stay within 0.5% to 1% of the market rate;
- access to the international payment platforms like Stripe and PayPal. European accounts on these platforms often have transaction fees of around 1.4% + €0.25 per transaction, lower than non-European rates.
Relocation to Portugal. Portugal offers a high quality of life with a friendly community of welcoming locals and fellow expats. The climate offers mild winters and warm summers. Lisbon averages 15°C in winter and 28°C in summer. Algarve averages 17°C in winter and 30°C in summer.
The coastline spans 1,794 km with Blue Flag beaches with the highest cleanliness standards. Coastal cities provide easy access to beaches and the Atlantic. Common leisure activities include surfing, golfing, and hiking.
The culture of Portugal is incredibly rich; it features historic architecture, festivals, and a renowned culinary scene, including world-class wines.
Affordable living. The cost of living in Portugal is relatively moderate. A family of four can live comfortably on approximately €2,500 per month, excluding rent. Healthcare insurance costs around €50—150 per person monthly, and education costs for private schools range between €4,000—10,000 annually.
Short stay requirements: To maintain the Golden Visa, investors only need to spend seven days per year in Portugal. This low residency requirement is ideal for those with global commitments who cannot reside in Portugal full-time.
Profitable investment opportunities. One of the Portugal Golden Visa investment options is purchasing investment fund units. The units typically provide average annual returns between 4% and 7%. Some top-performing funds report returns up to 8% annually. The holding period is five years, and the exit strategies are planned after 6—10 years. The profits are distributed among the investors.
Safety. Portugal ranks 6th in the world for safety according to the Global Peace Index 2023, thanks to the low crime rates and political stability.
How to apply for the renewed Portugal Golden Visa
- Choose a residence by investment consultancy firm. This will help you with document preparation, choosing the right option, and going through every step.
Companies such as Immigrant Invest also offer a one-day preliminary Due Diligence — a compliance check by a certified Anti-Money Laundering Officer. This helps minimise the risk of application rejection .
- Obtain a Tax Identification Number (takes 1—2 weeks). A Portuguese tax number (NIF) is needed in order to open a local bank account, purchase property, or make other investments.
- Open a bank account (1—1.5 months). Your investment must be made from this account. The account setup and activation can take several weeks, depending on the bank.
- Make the investment (2—3 weeks). Complete the investment and gather supporting documents to prove it
- Prepare and submit Documents (5—6 months). Collect all required documents, such as your passport, proof of investment, and criminal background checks. Submit these to the Portuguese authorities for review. Processing can take up to six months.
- Submit biometric data (1—2 weeks). Once your application is being processed, you and your family will need to visit Portugal to provide biometric data, including fingerprints.
- Receive residence permit (6—8 months). After your application is approved, you will receive your residence permit cards. This typically happens within two weeks after the final approval.
The residence permit must be renewed every two years, and you must maintain your investment during this period. You are also required to spend at least seven days per year in Portugal to maintain your residency status.
In a nutshell
The Portugal Golden Visa Program, revised in 2024, removed real estate as an investment option to address housing affordability. Current options include investment in arts, culture, or research (€250,000+), or Portuguese investment funds (€500,000+). Applicants gain visa-free Schengen travel and potential EU citizenship after six years.
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