English 
Português 
Español 
Portugal’s Golden Visa remains one of the world’s most sought-after residence-by-investment programs, even after the sweeping 2023 reform that eliminated real estate as a qualifying route. In 2026, the program continues under the administration of AIMA — Agência para a Integração, Migrações e Asilo (Agency for Integration, Migration and Asylum), created in October 2023 to replace the now-defunct SEF. The rules have become stricter, but the path to European residency remains open for non-EU investors willing to back funds, scientific research, job creation, or cultural heritage.
This guide breaks down what changed, what stayed the same, and how the process actually works in 2026.
What Is the Portuguese Golden Visa
Officially called the Autorização de Residência para Atividade de Investimento (ARI), the program was launched in 2012 to attract foreign capital to Portugal. In exchange for a qualifying investment, the holder receives a residence permit that allows them to live, study, and work in the country, with a minimum stay requirement of just seven days per year. After five years of maintaining the investment and meeting the stay requirement, the holder may apply for permanent residency or Portuguese citizenship.
The 2023 Reform
Pressure on the real estate market led the Portuguese government to pass Law No. 56/2023 (known as the Mais Habitação package), which took effect in October 2023 and fully eliminated property-purchase routes — previously responsible for over 90% of approvals. The initiative redirected the program toward productive investments with direct impact on the Portuguese economy, science, and culture.
Qualifying Routes in 2026
- Venture capital or private equity funds: minimum investment of €500,000 in funds regulated by the CMVM, with at least 60% of the portfolio in Portuguese companies and a minimum duration of five years. This is currently the most commonly used route.
- Scientific research: donation of €500,000 to public or private institutions that are part of the national scientific and technological system.
- Cultural heritage: investment of €250,000 in artistic support or the recovery and maintenance of Portuguese cultural heritage, through public entities or services.
- Company creation with 10 jobs: incorporation of a company in Portugal that maintains at least ten formal positions throughout the validity period of the authorization.
- Company + capital: investment of €500,000 in a newly formed or existing commercial company, combined with the creation of five permanent jobs.
The equivalent in U.S. dollars varies with the exchange rate. In mid-April 2026, €500,000 corresponds to approximately US$545,000, and €250,000 to roughly US$273,000.
Who Can Apply
The program is open to any citizen of a country outside the European Union, the European Economic Area, or Switzerland. Brazilians, Americans, Indians, South Africans, and nationals of virtually any country outside the European bloc are eligible.
The personal requirements have remained stable since the program’s inception:
- Be at least 18 years of age
- Hold a valid passport
- Present a clean criminal record from the country of origin and from any country where the applicant has resided for more than one year
- Prove the lawful origin of the invested funds
- Maintain valid health insurance covering Portuguese territory
- Obtain a NIF (Número de Identificação Fiscal — Portuguese tax identification number) and open a bank account in Portugal
- Be in good standing with the Portuguese Tax Authority and Social Security
Basic Portuguese at the A2 level is only required at a later stage, when the holder applies for citizenship after five years of legal residency.
Step-by-Step Process
Preliminary Steps
Before submitting the application, the applicant must obtain a NIF from the Tax Authority, open a bank account at a Portuguese institution, and transfer the investment funds from a documented foreign source.
Application Submission
Since 2022, the entire process has been fully digital through AIMA’s ARI portal. Applicants upload their passport, proof of investment, criminal records (apostilled and translated), tax declarations, proof of health insurance, and all other required documents electronically.
Review and Pre-Approval
AIMA conducts document review and security checks. This stage is currently the program’s main bottleneck: the backlog inherited from the defunct SEF and the institutional transition have created a significant queue of pending cases.
Biometrics and Residence Card
After pre-approval, the applicant attends an in-person appointment at an AIMA office in Portugal for biometric data collection. The physical residence card is then issued with an initial validity of two years, renewable for additional three-year periods.
Current Processing Times
Timelines have been severely affected by the SEF-to-AIMA transition and the inherited backlog. In 2026, the realistic expectation is 24 to 36 months between application submission and the issuance of the first residence card, based on data consolidated by AIMA itself and reports from the applicant community.
Important: the clock for naturalization purposes now starts from the date of application submission — not from the date of card issuance — per a ruling by the Portuguese Constitutional Court. This partially mitigates the practical impact of the queue for those pursuing citizenship.
Practical Benefits
The Golden Visa grants free movement throughout the Schengen Area, currently comprising 29 European countries, without the need for additional visas. The Portuguese passport, obtained after five years, provides visa-free access to more than 175 countries, including the United States under ESTA.
The holder’s immediate family may be included from the initial application. Spouses, registered domestic partners, minor children, economically dependent adult children, and even financially dependent parents may obtain the same status as the main applicant.
The Non-Habitual Resident (NHR) regime, which offered aggressive tax incentives, was discontinued in 2024 for new residents. In its place, the Incentivo Fiscal à Investigação Científica e Inovação (IFICI) is now in effect — a far more narrowly scoped program aimed at qualified professionals in specific fields.
Who This Program Makes Sense For in 2026
The Portuguese Golden Visa is best suited for investors who want a secure path to the European Union without needing to relocate immediately, who have at least half a million euros available to lock in for five years, and who value the eventual transition to European citizenship. For those who want to actually live in Portugal from day one, other pathways — such as the D7 visa for passive income or the D8 for digital nomads — may be faster and less costly.
The documentary complexity and the transitional regulatory environment make it essential to work with professionals specializing in Portuguese immigration law. Formal errors can restart portions of the process and add months or years to the wait.
Victoria Harper
Editor-in-Chief
Leading journalism and editorial content at Visto n’ Visa, Victoria helps make immigration topics clear, trustworthy, and easy to understand. Her focus is on delivering useful, human, and relevant content for people exploring new paths abroad.
