Portugal Golden Visa
A residence permit through investment — without real estate
What Is the Portugal Golden Visa?
Portugal's residence permit for investment activity (ARI) remains open, but its shape changed. Law 56/2023 of 6 October revoked the property-based routes, so buying a home or a rehabilitation project no longer qualifies. What remains are investment funds, scientific research, cultural heritage, company creation and job creation, together with one of Europe's lightest physical presence requirements.
The ARI is a residence permit granted to non-EU nationals who carry out a qualifying investment activity in Portugal, personally or through a company established in Portugal or another EU state with a permanent establishment in Portugal. Holders can live and work in Portugal and travel within the Schengen Area without a visa.
Real Estate Is No Longer an Eligible Route
Law 56/2023 revoked subparagraphs i), iii) and iv) of article 3(1)(d) of Law 23/2007 — the €1,500,000 capital transfer and both property routes, the €500,000 purchase and the €350,000 rehabilitation purchase. No new application can be based on buying property, at any value. Property already held under a permit granted before the change is a separate matter: those permits can still be renewed.
Investment Options
Investment Funds
A capital transfer of €500,000 or more into units of non-property collective investment undertakings set up under Portuguese law, with a maturity of at least five years at the time of investment and at least 60% of the investments placed in companies headquartered in Portugal.
Research
A capital transfer of €500,000 or more into research activities carried out by public or private scientific research institutions.
Culture
A capital transfer of €250,000 or more into artistic production, or into the recovery or maintenance of national cultural heritage.
Business Creation
A capital transfer of €500,000 or more to incorporate a company headquartered in Portugal together with five permanent jobs, or to reinforce the capital of an existing one while creating at least five permanent jobs or maintaining at least ten jobs — five of them permanent — for a minimum of three years.
Job Creation
Creating at least ten jobs, with no minimum capital set for this route.
Amounts and conditions are set in Law 23/2007 as amended. They are confirmed against the current text before any application.
Who Can Apply?
The ARI is open to non-EU nationals who meet one of the quantitative requirements above and hold the investment for the minimum period.
- Carry out the investment personally or through a company, and keep it for at least five years.
- Hold a valid passport and a Portuguese tax identification number.
- Have no conviction recorded in the criminal record checks carried out during the application.
- Meet the minimum stay requirement for each period of the permit.
Stay Requirement
7 days per year
Portugal asks for very little physical presence: seven days in the first year — consecutive or spread out — and fourteen days in each subsequent two-year period. This is one of the lightest presence requirements among European investment residence programmes.
Application Process
- Choose the investment route and obtain a Portuguese tax identification number.
- Open a Portuguese bank account and transfer the funds.
- Complete the investment and gather the supporting evidence.
- Submit the application through the ARI portal with the required documents.
- Attend the biometrics appointment and receive the residence permit.
Processing times depend on the authorities' caseload and are confirmed at the time of application.
Path to Citizenship
The nationality rules changed in 2026. Organic Law 1/2026, in force since 19 May 2026, requires seven years of legal residence for nationals of Portuguese-speaking countries and EU member states, and ten years for everyone else — replacing the five-year rule that applied before. Applicants must also pass tests on Portuguese culture, history and civic organisation and make a solemn declaration of adherence to the principles of the democratic rule of law. Applications submitted before the law came into force continue under the previous rules.
Any material still quoting citizenship in five years is out of date.
Why the Portugal Golden Visa?
Minimal Stay
Seven days in the first year and fourteen days per two-year period afterwards — you do not need to relocate.
Schengen Travel
Live and work in Portugal and travel within the Schengen Area without a further visa.
Family Included
Family reunification is available under the general rules of Law 23/2007.
Diversified Investment
Regulated funds, research, culture and business routes rather than a single asset class.
Official sources: Law 23/2007 as amended by Law 56/2023; Organic Law 1/2026; AIMA
This page follows the text of Law 23/2007 as amended by Law 56/2023 of 6 October, the transitional provisions of that law, and Organic Law 1/2026 on nationality. Amounts and conditions are set by the Portuguese authorities and can change.
Your Legal Assistance: Tor Advisory
As the legal partner of Trem Global, Tor Advisory is an international legal consultancy firm specializing in investment and golden visa programs. With professional associates, Tor Advisory advises global clients on diverse areas concerning Golden visa programs around the world and eases the process before their path to a brand new life.
Why Trem Global
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