What is a Portugal Golden Visa?
Portugal has been issuing residence permits by investment since 2012. The Golden Visa Program is popular among investors as it allows for increased mobility and offers a path to citizenship. The minimum investment amount is €250,000.
Investors choose between the four options:
- supporting arts and cultural heritage — €250,000;
- financing research activities — €500,000;
- purchasing investment fund units — €500,000;
- opening a company or investing in an existing business.
Applicants who buy investment fund units can return the money in 5—10 years. If the investor and their family members remain Portuguese residents for 5 years, they qualify for permanent residence or citizenship. Golden Visa holders keep their residency by spending seven days a year in Portugal.
Starting October 2023, investors will no longer be able to get a residence permit by purchasing property in Portugal. The changes were made according to the Mais Habitação bill signed by Portugal’s President. However, the changes never implied that a Portugal Golden Visa would be disabled. Investors can still participate in the program.
5 benefits of the Portugal Golden Residency Program
1. Ticket to Europe for foreign investors. Holders of Golden residency permits are allowed to live in Portugal with their families. Moreover, they can travel visa-free to the Schengen countries and stay there for up to 90 days within 180.
2. Path to citizenship. The Portugal Golden Visa is a step towards a Portuguese passport. Investors can apply for citizenship after 5 years of residing in Portugal.
3. Attractive tax regime. Foreign investors can get the status of a Non-Habitual Resident, which implies tax benefits valid for 10 years:
- no tax for self-employed persons’ income and dividends;
- 10% tax for pension payments;
- no tax for income earned outside Portugal;
- 20% income tax for highly qualified specialists such as engineers, doctors, architects, and executives.
There is a possibility that, starting 2024, the NHR tax regime will be disabled. However, those who have already obtained a residence permit in Portugal will be granted the right to benefit from the NHR under current conditions.
4. Better business opportunities. According to the 22nd EY Europe Attractiveness Survey, Portugal is the 6th out of the 10 most attractive countries for Foreign Direct Investment. Businessmen's startups are highly supported by the Portuguese government.
Portugal ranks 32nd among 158 countries in the Readiness for Frontier Technologies Index, making it one of the best destinations in the world for innovative businesses.
5. Visas for all the family. Investors can apply for a Portugal Golden Visa along with their family members, such as spouses, children and siblings under 26, and parents, if they are financially dependent on the investor.
Who qualifies for a Portugal Golden Visa
Investors over 18 years old can apply for a Portugal Golden Visa if they:
- have no criminal record or prosecution;
- have money for investments sourced outside Portugal;
- confirm having no debts in Portugal;
- are capable of confirming the legality of the income;
- bought medical insurance.
An investor’s spouse can also apply. Additionally, investors can include children under 18 in the application. Children aged 18 to 26 might be included in case they are financially dependent on the investor and live with them or study at a university.
Investor’s parents qualify for Portugal’s Golden Visa if they are financially dependent on the investor. Siblings of the main applicant can be included as well if they are under 26 and in the investor’s custody.
Documents needed to apply for a Portugal Golden Visa
The list of documents required to apply for a Golden Residency Permit in Portugal includes the following:
- A passport or another valid travel document.
- 2 passport-sized photos.
- Health insurance with a minimum coverage of €30,000.
- Certificates of criminal record from the country of origin and the countries where the
- applicant resided for more than a year.
- Permission for the competent authorities to check criminal records in Portugal.
- A sworn statement in which the applicant declares that they will comply with the minimum quantitative and temporal requirements of the investment activity.
- Evidence of proper tax filing by submitting a no-debt issued up to 45 days in advance by the Tax and Customs Authority and the Social Security or, if this is impossible, a no-record return from these entities.
- The NIF, Número de Identificação Fiscal — a Portuguese tax number.
Additional documents may be required, depending on the investment option chosen. For example, it might be confirmation of transferring the funds in the case of an investment in research activities. If the investor starts a business in Portugal, they confirm the existence of an entity and the creation of at least 10 full-time jobs.
Documents needed and other requirements to apply for Portugal citizenship after a Golden Visa
Documents. To apply for citizenship within 5 years of residency, the investor collects the following:
- a valid ID, e.g. a resident card;
- a birth certificate;
- confirmation of no criminal record from all countries the applicant has lived more than 1 year since the age of 14;
- a copy of a certificate stating at least A2 level of the Portuguese language knowledge;
- a signed and completed citizenship application form — it should be signed under the supervision of a notary or an immigration officer;
- a paid fee of about €250 for the application.
All documents should be translated into Portuguese and properly legalised. The application form is signed in person at the Agency for Integration, Migration, and Asylum (AIMA). However, the applications themselves can be submitted in person or by mail to the Central Registry Office.
Applying in person is possible at the offices of the National Center for the Integration of Immigrants (Centro Nacional de Apoio à Integração de Migrantes) in Lisbon and Porto, at the Institute of State Registration and Notaries (Instituto dos Registos e Notariado, IRN) or consulates and representations of Portugal in a home country.
Applicants do not confirm their residence in Portugal when applying; the migration authority usually does it by checking foreigners against migration databases.
Who qualifies for Portuguese citizenship. The main conditions to meet to apply for citizenship are:
- Legal residence in Portugal for 5 years. Since the Golden Visa holders are not obliged to live in Portugal permanently, they only need to confirm they have resided in Portugal for 7 days a year during these 5 years.
- No convictions in Portugal. Those who committed crimes punished by a three-year prison sentence in Portugal will not obtain citizenship regardless of their previous personal or business history.
- The A2 level of Portuguese. Citizenship can only be granted to those who can confirm their proficiency in Portuguese. It can be done by passing an international exam, such as CIPLE.
How to acquire a Portugal passport after a Golden Visa: a step-by-step procedure
Here’s how to get Portugal citizenship after a Golden Visa. The process usually takes 5 years.
Immigrant Invest lawyers check an investor against international legal and business databases. The procedure reduces the risk of refusal to 1%; only a passport is needed.
Non-EU citizens obtain their NIF, or taxpayer number, remotely via a tax representative in Portugal.
The investor needs a NIF number and a passport to open a bank account in Portugal. At this stage, the investor fulfils the investment condition. This way, it should be done before the application is approved.
Immigrant Invest lawyers assist investors and their families in collecting the documents and filling out the forms.
An Immigrant Invest representative accompanies the applicant to the Portuguese agency AIMA for fingerprinting. AIMA was formed in October 2023, after SEF was disbanded.
If the application is approved, the residence permit is issued personally to the investor or their representative.
If the investor meets the program terms and renews their residence permits to maintain their status, they can apply for permanent residence or citizenship after five years as a resident.
Portuguese citizens can choose to live in any EU country and travel to 172 countries visa‑free, including the USA, Canada, the UK, and Australia.
5 benefits of Portugal citizenship
1. Perks of a European country’s passports. Probably the most sought-after benefit of being a Portuguese national is the right to travel visa-free to about 172 countries. Apart from tourism, Portuguese citizens can freely live, work, and study in any EU or EEA country without visas.
2. Access to cutting-edge medicine facilities. Holders of Portuguese passports are welcome to seek medical treatment all over Europe, including in countries with the highest life expectancy rates and the best medicine, such as Switzerland. The healthcare system of Portugal is on an international level.
3. Ability to study in Europe. Securing children’s future often means providing them with a proper education. With a Portuguese passport, the children of the investor can study at the world’s oldest universities across Europe.
4. Lower cost of living. Portugal is one of the most affordable countries in Europe. On average, it is twice cheaper to live in Lisbon than in Berlin or Madrid.
5. No need to renounce the first passport. Portugal allows dual citizenship, and if their country of origin also does, investors do not have to give up the first citizenship.
What to know about Portugal before moving there
If the investor plans to move to Portugal, here’s what to consider.
Cash is king. Commonly, it is a bit of a challenge to pay by credit card when dealing with fees. For example, co-payments at hospitals or fees for issuing a residence permit card might require cash.
Off-hours are life. Portugal is a large tech-hub; however, the country’s residents enjoy a slower pace of life. That includes siestas, so if you are used to 24/7 services in your country of origin, you might find it difficult to adapt.
Be ready to wait. The average term for obtaining Portugal’s passport is 5 years. But once the citizenship application is submitted, foreigners are subjected to a rather long wait. The same applies in the case of appointments in public hospitals.
English is not a cure-all. Although English is widely spoken, at some point, foreigners will feel the necessity of learning Portuguese to fully integrate into local society. Besides, to apply for citizenship, the investor will need to confirm the basic knowledge of Portuguese.
Other ways of obtaining Portugal nationality
Portugal is considered one of the most expat-friendly countries in Europe. Foreigners have plenty of options to move there by participating in immigration programs.
Immigration visas allow investors to apply for a residence permit and qualify for citizenship in 5 years. To qualify, the investor needs to keep their residence permit and confirm the knowledge of Portuguese at a level A2 and a clear criminal record.
Portugal D2 Visa is issued for opening a company or buying a ready-made business. An investor’s spouse, children, and parents can also apply for the D2 Visa.
Startup Visa is for entrepreneurs who want to move to Portugal to start and develop an innovative business. However, the startup needs to be approved first, and if it is, an investor can get a visa.
Portugal D7 Visa allows those with €760 in passive monthly income to relocate to Portugal and apply for a residence permit. From 2024, the minimum income required will be €820. To apply for a D7 visa, foreigners open a bank account and get a taxpayer number in Portugal.
Portugal Digital Nomad Visa is for remote workers with a stable monthly income of €3040. Starting 2024, the minimum income required will be €3280, as the minimum wage will be raised.
Key takeaways
- The Portugal Golden Visa is popular among investors as it allows for increased mobility and offers a path to citizenship. The minimum investment amount is €250,000.
- Investors who obtain a Golden Visa qualify for permanent residence or citizenship in 5 years. To do so, they keep their residence permit and confirm the knowledge of Portuguese at a level A2 and a clear criminal record.
- There’s no need to permanently reside in Portugal to keep a residence permit. Golden Visa holders keep their residency by spending seven days a year in Portugal.
- Investors can apply for a Portugal Golden Visa along with their family members, such as spouses, children, parents, and siblings. Afterwards, they will also be able to apply for citizenship.
Portuguese citizens can choose to live in any EU country as well as travel to 172 countries visa-free, including the USA, Canada, the UK, and Australia.
Frequently Asked Questions
There’s no opportunity to obtain Portuguese citizenship by investment. Foreigners can get a Golden Visa and then reside in the country.
Golden Visa holders can apply for Portuguese citizenship after 5 years of keeping their residence permit. To keep it, they should live in Portugal seven days a year.
Getting a Portugal residence permit by investment has plenty of advantages. The main are visa-free travel to 172 countries, the right to get a Portuguese passport, a Non-Habitual Resident tax regime, better business opportunities, and visas for all family members.
In comparison with other visas to Portugal, the Golden Visa comes with a hefty bill. The minimum investment amount is €250,000 plus additional expenses that include state fees, buying insurance, collecting and translating documents, etc.
Investors can get citizenship in Portugal after a Golden Visa. In this case, they need to keep their residency for 5 years.
Other ways to obtain Portuguese citizenship are related to confirming the legal ties to the country: for example, by marriage or descent.
Typically, the fastest way to obtain Portugal citizenship is to prove one’s ancestors were Portuguese nationals or to marry a Portugal’s national. However, not all investors can enjoy this option.
Portugal’s Golden Visas can be a step towards a passport. It only takes 5 years to qualify for citizenship, less than in the majority of European countries.
Investors can still apply for Portugal’s Golden Visa. Some of the investment options were disabled, such as property purchases. However, the Portuguese government has not yet expressed an intention to discontinue the program.
