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Portugal’s Golden Visa remains one of Europe’s most sought-after residency-by-investment programs, even after the sweeping rule overhaul in 2023 and the regulatory adjustments that extended through 2025. The removal of real estate, the replacement of the NHR tax regime, and the transfer of case management from the former SEF to AIMA have completely reshaped the path for those looking to establish residency in the country in 2026. This guide consolidates the current landscape, focusing on what is actually relevant today for investors, families, and skilled professionals.
The program’s original premise, established in 2012, remains intact: offering legal residency to non-European nationals who contribute capital or expertise to Portugal, with flexible physical presence requirements and the possibility of applying for citizenship after five years of residency. However, the entry pathways, administrative costs, and tax environment have all changed. Anyone planning to apply in 2026 must work from current information, not from versions inherited from the old regime.
What the Golden Visa Is
The Portuguese Golden Visa, officially known as the Autorização de Residência para Atividade de Investimento (ARI), is a residency permit granted to citizens of third countries who make qualifying investments in Portuguese territory. The program is established under Law 23/2007 (the Foreigners Act) and was significantly amended by Law 56/2023, known as the Mais Habitação package, which removed the purchase of real estate and most funds with real estate exposure from the list of eligible categories.
The permit is renewable and requires a minimum stay of seven days in the first year and fourteen days in each subsequent two-year period, a rule preserved in the recent reforms. After five years of continuous legal residency, the holder may apply for Portuguese nationality, provided they meet requirements related to language proficiency, the absence of a relevant criminal record, and effective ties to the national community.
Investment Categories
After the 2023 reform, the eligible pathways for obtaining the Golden Visa are concentrated in productive capital, science, culture, and job creation. The current thresholds and requirements are:
- Venture capital or private equity funds: minimum investment of 500,000 euros in qualifying funds, with no direct or indirect real estate exposure, a maturity period of at least five years, and at least sixty percent of capital invested in companies headquartered in Portugal.
- Scientific research activities: minimum contribution of 500,000 euros to public or private entities that are part of the national scientific and technological system.
- Support for artistic production and cultural heritage: minimum contribution of 250,000 euros, reduced to 200,000 euros when applied in low-density territories.
- Company formation with job creation: creation of at least ten permanent positions in a Portuguese company, or five positions when combined with an investment of 500,000 euros in an existing company headquartered in the country.
- Capital transfer for research or business capitalization: contribution of 500,000 euros to eligible institutions and companies, subject to applicable conditions.
The purchase of residential, commercial, or low-density area real estate no longer qualifies for the program. Funds with any level of real estate exposure, even indirect, also lost eligibility after the Mais Habitação law took effect. For those still relying on materials published before October 2023, this is the point that most frequently leads to errors.
Who Can Apply
Citizens who do not belong to the European Economic Area or Switzerland, are over eighteen years of age, and have a clean criminal record may apply. The applicant must maintain the investment throughout the entire validity period of the permit, hold valid health coverage in Portugal, obtain a Tax Identification Number (NIF), and open a local bank account before formalizing the investment.
The program allows for family reunification from the initial application. A spouse or civil partner, minor children, and adult children who remain financially dependent and are enrolled in education may be included. Parents and parents-in-law aged sixty-five or older, or of any age when economic dependence is demonstrated, are also admitted as dependents under the same permit.
How the Application Works
The process was historically handled by the Serviço de Estrangeiros e Fronteiras (SEF), which was dissolved in October 2023. The new Agência para a Integração, Migrações e Asilo (AIMA) absorbed its functions and now centralizes the review of Golden Visa applications. The transition brought significant delays, and some applications filed before the dissolution were still awaiting decisions in early 2026.
The applicant submits an expression of interest through the AIMA online portal, attaching proof of investment, a legalized criminal background check, proof of health insurance, the NIF, and a valid passport. After document review, an interview is scheduled for biometric data collection at a Portuguese consulate or delegation. The final decision rests with the competent directorate, and the residency card is subsequently issued on a scheduled date.
Minimum Stay and Renewal
The initial permit has a validity of two years and is renewed for successive three-year periods, in accordance with the current text of Law 23/2007. For each renewal, the holder must demonstrate that the investment has been maintained and that the minimum stay requirements have been met. Loss of the investment before the required period may result in revocation of the permit, which is why the stability of the chosen vehicle (fund, company, or cultural project) is just as important as the initial qualification.
Citizenship and Permanent Residency
After five years of legal residency, the holder may apply for permanent residency or Portuguese citizenship, the latter being the most common path among Golden Visa investors. Naturalization requires Portuguese language proficiency at level A2 or above, the absence of a relevant criminal conviction, and effective ties to the national community.
Parliament is debating, in 2025 and 2026, the possibility of extending to ten years the minimum residency period required for naturalization. The proposal is under review and could alter the calculations for those beginning the process now, particularly regarding the definition of transitional rules. Legislative monitoring has therefore moved from being a minor consideration to an integral part of the strategic analysis for any application initiated today.
Applicable Tax Regime
The former Non-Habitual Resident (NHR) regime, which offered reduced or zero taxation on foreign income for ten years, was discontinued for new beneficiaries as of January 1, 2024, with transitional rules for those who had qualified before that date. In its place, the government created the Incentivo Fiscal à Investigação Científica e Inovação, known as IFICI or NHR 2.0, with a much more restricted scope: it applies primarily to professionals in fields such as higher education, scientific research, certified startups, and qualified sectors explicitly listed in ministerial orders.
For the average Golden Visa investor who does not work in a field covered by the official lists, the tax treatment follows the general rules of the Portuguese Personal Income Tax Code (IRS) applicable to tax residents. Tax treaties to avoid double taxation signed by Portugal, including those with Brazil, the United States, and the United Kingdom, remain available and should be analyzed on a case-by-case basis for estate and tax planning, especially when there is significant income in more than one jurisdiction.
Current Costs and Timelines
In addition to the principal investment amount, applicants must account for government fees applicable at each stage: application review, issuance of the residency card, and renewals. These amounts are published annually by ministerial order and are subject to updates. Legal advisory fees, costs for obtaining and legalizing documents, and certified translation into Portuguese are also part of the total budget and should be factored in from the outset.
Average review timelines have fluctuated significantly since the transition to AIMA. In 2025 and 2026, applications filed in 2022 and 2023 were still awaiting biometric appointment scheduling in some jurisdictions. The situation has gradually improved following staff reinforcements and judicial measures that cleared backlogs, but investors should work with realistic expectations, as timelines often exceed the ideal statutory deadlines.
Risks and Considerations When Choosing
Investments in venture capital and private equity funds have limited liquidity and are subject to market fluctuations. Due diligence on the fund manager, the fund’s regulations, investment thesis, and return history is an essential step. The alignment between the fund’s maturity period and the residency renewal schedule must also be verified, to avoid situations where capital is no longer invested before the minimum period required by law has elapsed.
For company formation, meeting the employment target requires consistent operational planning. Failure to maintain the required positions during the statutory period may jeopardize future renewals. For cultural and scientific categories, prior approval of the project by the competent authorities must be confirmed before disbursement, as the contribution may otherwise not be recognized as an eligible investment.
Portugal’s Golden Visa remains, in 2026, one of the most consistent pathways for obtaining European residency through qualifying investment, but today’s program bears little resemblance to what was described in informational materials through 2023. Making decisions based on outdated information is the most common mistake among first-time applicants. A careful reading of current legislation, combined with an individualized analysis of one’s financial, tax, and family profile, is the starting point for any well-founded application.
About the author
Victoria Harper
Editor-in-Chief
As a journalist and lead editor at Visto n’ Visa, Victoria helps ensure that immigration topics are covered in a clear, trustworthy, and easy-to-understand way. Her focus is on delivering useful, human, and relevant content for people exploring new paths abroad.
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