Portugal Golden Visa 2025: Complete Guide After Real Estate Ban
Get Portuguese residency and EU citizenship through investment. Real estate is out, but investment funds, cultural donations, and job creation remain. Your gateway to Europe's 3rd strongest passport.
🏠 Major 2025 Update: No More Real Estate
Critical Change: As of October 7, 2023, real estate investments no longer qualify for Portugal's Golden Visa. Investment funds now dominate with 90%+ of all new applications.
What is Portugal's Golden Visa Program?
Portugal's Golden Visa (officially the Residence Permit for Investment Activity - ARI) is Europe's most popular residency-by-investment program. Launched in 2012, it has attracted over €7.5 billion in investments and provided a pathway to EU citizenship for thousands of investors worldwide.
🇵🇹 Key Benefits of Portugal Golden Visa
- Minimal Residency: Only 7 days/year required (14 days every 2 years after)
- EU Citizenship Path: Apply for Portuguese citizenship after 5 years
- Schengen Access: Visa-free travel across 27 EU countries
- Family Inclusion: Spouse, children, and dependent parents included
- 3rd Strongest Passport: Over 190 visa-free destinations worldwide
- No Language Requirement: For residency (A2 Portuguese needed for citizenship)
Portugal Golden Visa Investment Options (2025)
Investment Funds
Most PopularInvest €500,000 in qualifying venture capital or private equity funds
Requirements: Fund must be CMVM-regulated, invest 60%+ in Portuguese companies, no real estate exposure, 5-year minimum maturity.
Cultural Donation
CheapestDonate €250,000 to arts, cultural heritage, or national patrimony projects
Projects: Support Portuguese museums, cultural institutions, artistic productions, or heritage restoration. Projects must be pre-approved by government.
Job Creation & Business Investment
EntrepreneurialCreate jobs or invest in Portuguese companies with employment requirements
Option 1: Pure Job Creation
- • Create 10 permanent jobs (8 in low-density areas)
- • No minimum investment amount
- • Must maintain jobs throughout Golden Visa period
Option 2: Investment + Jobs
- • Invest €500K in Portuguese company
- • Create 5 permanent jobs
- • Can be new company or expansion
Best For: Entrepreneurs wanting active involvement in Portuguese business. Requires business plan and ongoing operational management.
Scientific Research Investment
Invest €500,000 in public or private research institutions part of Portugal's scientific system
Institutions: Universities, research centers, technology institutes. Must be recognized as part of Portugal's national scientific and technological system.
Portugal Golden Visa Citizenship Costs: Complete Breakdown
Detailed Cost Breakdown:
Investment Fund (Most Popular)
RequiredMinimum investment in qualifying venture capital or private equity funds
€500k minimum. Fund must be CMVM-regulated, 60% invested in Portuguese companies, no real estate exposure.
Cultural Donation (Cheapest)
RequiredDonation to arts, culture, or national heritage projects
€250k minimum. Qualifying projects approved by government. Non-refundable donation.
Scientific Research Investment
RequiredInvestment in public or private research institutions
€500k minimum. Must be part of national scientific and technological system.
Job Creation Option
RequiredCreate and maintain permanent jobs in Portugal
Create 10 jobs (8 in low-density areas) or invest €500k in company + create 5 jobs. Varies by business type.
Application and Processing Fees
RequiredGovernment fees for Golden Visa application
€5,330 for main applicant. Additional fees for family members. Includes biometric appointments.
Legal and Advisory Services
OptionalImmigration lawyer and fund selection assistance
Highly recommended due to complexity. Includes due diligence, document preparation, ongoing compliance.
Due Diligence and Background Checks
RequiredKnow Your Customer (KYC) and compliance checks
Required for fund investments. Includes criminal background checks, source of funds verification.
Ongoing Compliance Costs
RequiredAnnual reporting, residence permit renewals, tax advisory
Annual costs for maintaining Golden Visa status. Includes tax advisory and permit renewals.
Important Cost Considerations:
- Real estate investments no longer qualify as of October 7, 2023 (Mais Habitação Law)
- Investment funds now represent 90%+ of all Golden Visa applications
- Minimum physical presence: 7 days in first year, then 14 days every 2 years
- Path to citizenship after 5 years with A2 Portuguese language requirement
- Processing times: 10-14 months (AIMA working to reduce backlog by June 2025)
- Biometric appointments automatically scheduled 30-90 days in advance
- NHR tax regime no longer available for new Golden Visa holders
- Program remains active despite speculation - government committed to continuation
💡 Money-Saving Tips:
- Order documents yourself instead of using agencies (save $200-500)
- Do translations through certified freelancers vs law firms (save $300-800)
- Apply directly to consulates rather than through services (save $1000+)
Portugal Golden Visa Process: Step-by-Step (2025)
Initial Preparation & Fund Selection
Choose investment option, select qualified fund (if applicable), obtain Portuguese tax number (NIF)
💡 2025 Update: Fund due diligence critical. Legal advice recommended for fund selection.
Document Collection & Due Diligence
Gather personal documents, criminal background checks, source of funds verification
💡 2025 Update: All documents need apostille certification. KYC process required for fund investments.
Make Qualifying Investment
Transfer funds to chosen investment vehicle, complete investment documentation
💡 2025 Update: Investment must be completed before Golden Visa application submission.
Submit Golden Visa Application
File application through AIMA online portal with all supporting documents
💡 2025 Update: All documents now submitted online through ARI portal. No more paper applications.
Application Review & Processing
AIMA reviews application, conducts background checks, verifies investment
💡 2025 Update: Processing times improving. AIMA targeting 4-6 months after backlog cleared by June 2025.
Biometric Appointment
Attend biometric data collection at AIMA office (automatically scheduled)
💡 2025 Update: Scheduled 30-90 days in advance. Location chosen by AIMA, no longer applicant choice.
Receive Golden Visa
Get 2-year residence permit, renewable for 3 years, then permanent residence or citizenship
💡 2025 Update: Can begin pathway to citizenship immediately. 5-year countdown starts from application submission.
Portugal Golden Visa FAQ (2025)
Is Portugal's Golden Visa still available after the real estate ban?
Yes! Portugal's Golden Visa program remains active. While real estate investments ended in October 2023, investment funds, cultural donations, job creation, and research investments are still available. The program generated €7.5+ billion and remains committed to attracting investment.
What's the cheapest way to get Portugal's Golden Visa in 2025?
Cultural donation at €250,000 is the lowest investment option. However, this is a non-refundable donation. Investment funds at €500,000 offer potential returns but higher initial cost. Total costs including fees range from €280,000-550,000+.
How much time do I need to spend in Portugal with a Golden Visa?
Very minimal: 7 days in the first year, then 14 days every subsequent 2-year period. This makes it one of the most flexible residency programs globally. You can live elsewhere while maintaining Portuguese residency.
Can I get Portuguese citizenship through the Golden Visa?
Yes, after 5 years of Golden Visa residency, you can apply for Portuguese citizenship. You'll need to pass an A2 Portuguese language test and demonstrate ties to Portugal. Recent law changes mean the 5-year period starts when you submit your application.
Which investment funds qualify for Portugal's Golden Visa?
Funds must be CMVM-regulated, invest 60%+ in Portuguese companies, have 5+ year maturity, and cannot invest in real estate (directly or indirectly). There's no official list, but options include venture capital and private equity funds. Due diligence is essential as fund options change regularly.
What happens to my Golden Visa investment after 5 years?
Investment requirements depend on your chosen route. Fund investments typically have 5+ year terms. You can apply for permanent residence or citizenship after 5 years, potentially allowing investment recovery. Cultural donations are non-refundable.
Can my family get Golden Visas too?
Yes, your spouse, dependent children under 18 (or any age if students), and dependent parents/grandparents can be included in your application. Each family member pays additional fees but gets the same residency rights.
Is the NHR tax regime still available for Golden Visa holders?
No, the Non-Habitual Residence (NHR) tax regime was discontinued for new tax residents. However, Portugal still offers competitive tax rates and you're only taxed on Portuguese-sourced income unless you become a tax resident.
Portugal vs Other EU Golden Visa Programs (2025)
| Country | Min. Investment | Real Estate Option | Stay Requirements | Citizenship Timeline | Status |
|---|---|---|---|---|---|
| 🇵🇹 Portugal | €250,000 | ❌ Banned Oct 2023 | 7 days/year | 5 years | ✅ Active |
| 🇪🇸 Spain | €500,000 | ✅ Available | 183 days/year | 10 years | ✅ Active |
| 🇬🇷 Greece | €250,000 | ✅ Available | 0 days/year | 7 years | ⚠️ Restrictions |
| 🇮🇹 Italy | €250,000 | ✅ Available | 90 days/year | 10 years | ✅ Active |
Why Choose Portugal Golden Visa Despite Real Estate Ban?
🇵🇹 Portugal's Unique Advantages
- Minimal Stay Requirements: Only 7 days/year - most flexible program globally
- Fast Citizenship Path: 5 years vs 7-10 years elsewhere
- World's 3rd Strongest Passport: 190+ visa-free destinations
- Stable Program: Over €7.5B invested, government committed to continuation
- Investment Diversification: Professional fund management vs direct real estate
⚖️ Consider These Factors
- Higher Minimum Investment: €500K for funds vs €250K cultural donation
- Fund Risk: Investment returns not guaranteed, unlike real estate ownership
- Complex Due Diligence: Fund selection requires professional expertise
- Processing Delays: 10-14 months currently, improving to 4-6 months by mid-2025
- No NHR Tax Benefits: Tax advantages reduced for new applicants
📊 2025 Market Insights & Trends
Application Trends
- • 90%+ of new applications now choose investment funds
- • US investors leading market share (previously Chinese)
- • Cultural donations gaining popularity among HNW individuals
- • Processing efficiency improving with digital-first approach
Program Improvements
- • Fully digital application process via ARI portal
- • Automatic biometric scheduling (30-90 day advance notice)
- • Backlog reduction target: completed by June 2025
- • 5-year citizenship countdown starts from application date
Expert Insight: Despite real estate removal, Portugal's Golden Visa remains Europe's most attractive residency program due to minimal stay requirements and fast citizenship pathway. Fund-based investments offer professional management and diversification benefits.
Ready to Start Your Portugal Golden Visa Journey?
Learn about Portugal's Golden Visa program and path to EU citizenship
💡 Consider: 💼 Minimum €280,000 investment required (real estate option ended 2023)