Updated: July 3, 2023

The Portugal Golden Visa program has become one of the most popular investment schemes of its kind since its inception in 2012. For more than ten years, investors from the world over have had their sights set on Portugal, investing in the country in exchange for residency. To qualify, investors must be non-EU, non-EEA, or non-Swiss citizens and make a minimum investment into the country. The most popular pathway to qualify for the scheme is through investing in Portugal Golden Visa properties. 

In this article, we’re going to delve into the Portugal Golden Visa, the real estate investment option, prime locations, plus much more. 

Important note: The Portugal Golden Visa may be coming to an end. While there is still a possibility that the scheme itself will remain, it is highly unlikely that the real estate investment options will remain. If you are interested in applying through this investment pathway, we strongly recommend that you begin your Golden Visa process now. 

You can find out more on the topic in our article: Portugal is Ending Its Golden Visa Program. 

We’ll provide you with information on the following: 

  • Portugal Golden Visa: In brief
  • Benefits of the Portuguese Golden Visa property investment option
  • Property investment options under the Golden Visa
  • Where to buy property in Portugal to get a Golden Visa?
  • Portugal Golden Visa properties: Prime locations
  • Portugal Golden Visa Properties: Low-density areas
  • Madeira and the Azores
  • Golden Visa changes from January 2022
  • The time to invest in Portuguese property is now
  • FAQs
  • Plus much more!

Portugal Golden Visa: In Brief

There are countless reasons why investors seek residency in Portugal, whether it’s the sublime climate, high quality of life, attractive tax advantages through the Non-Habitual Residence program, or the affordable cost of living. 

There are many investment pathways for investors to choose from, including real estate, capital transfer, investment funds, job creation, or investment in artistic production, national heritage, or scientific research. The number of investment options is one of the key advantages of the program. However, with this said, the real estate pathway is clearly the most popular, with more than 90 percent of Golden Visa investments made through this route. 

Plus, with Portuguese residency, provided you meet the stay requirements, you will be able to apply for permanent residency and Portuguese citizenship after five years. You will need to ensure you meet the requirements, such as passing an A2 Portuguese language test and having a clean criminal record. With an EU passport, you will be able to live, study, and work across the EU and enjoy visa-free access to 174 countries worldwide.

Portugal’s Golden Visa requirements: 

  • You must be a non-EU, non-EEA, or non-Swiss citizen.
  • A minimum investment amount of €250,000 is required, and there are various investment options available to choose from. 
  • You should have a clean criminal record. 
  • During the initial year, you must spend at least seven days in Portugal, and for every subsequent two-year period, you must spend no less than 14 days. This requirement is known as the stay requirement.

You can find out more about the Portugal Golden Visa in our Portugal Golden Visa: Your Ultimate Guide. 

 

Benefits of the Portuguese Golden Visa Property Investment Option

We’ve briefly mentioned some of the benefits of the Golden Visa program. Here are a few more advantages of applying to the program. 

  • Invest in a dynamic real estate market
  • Potential for high returns on your investment
  • Many different property types and areas to invest in (note, however, that residential real estate investments must be located in a designated interior area in Portugal)
  • Indirect route to citizenship after maintaining your investment and legally residing in the country for five years
  • Live, work, and study in Portugal
  • Advantageous tax benefits, courtesy of the Non-Habitual Residence program
  • 20 percent discount on properties if located in a low-density area
  • Short stay requirement: During the initial year, you must spend at least seven days in Portugal, and for every subsequent two-year period, you must spend no less than 14 days. This requirement is known as the stay requirement.
  • Live in an affordable, safe EU country with a high quality of life
  • Excellent healthcare and education opportunities
  • Family members are eligible

 

Property Investment Options Under the Golden Visa

To be eligible for the Portugal Golden, the following property investment options are on the table:

  • Buy residential real estate in a designated interior area of Portugal worth at least €500,000 or €350,000 if investing in a rehabilitation project. If the residential property is located in a designated low-density area, a 20 percent discount applies.
  • Make commercial real estate investments anywhere in Portugal worth €500,000 or €350,000 if investing in a rehabilitation project. This can be an investment into touristic apartments or hotels, for example. If the commercial property is located in a designated low-density area, then a 20 percent discount applies.
  • Buy residential real estate or commercial properties anywhere on the Portuguese autonomous islands of Madeira and Azores, worth at least €500,000 or €350,000 if investing in a rehabilitation project.

These changes came into play in January 2022, when location restrictions were placed on residential real estate options, meaning that the property had to be located in an interior area of the country. There is also a discount if you invest in low-density areas for both residential and commercial properties. You can find out more in our article: Invest in Portugal Low-Density Areas.

You can read more about this in our article: Understanding the Portugal Golden Visa Changes. 

Important note: As we mentioned previously, the Portugal Golden Visa program may be coming to an end. If you are interested in applying for the real estate option, we highly recommend that you lodge your application now.

Where to buy property in Portugal to get a Golden Visa?

Where you buy Portugal property will depend on what you are looking for, and there are many different real estate options for investors to choose from when it comes to eligible properties for sale. From luxury villas to spacious country houses, you’ll find a variety of eligible properties. 

As we mentioned, there are location restrictions to buying a property that is residential. If you are looking to buy residential property, it needs to be situated in a designated interior area. Note that if the property is also located in a low-density area, then there is a 20 percent discount. 

Portugal Golden Visa properties: Prime locations

If you are looking for a prime location when it comes to purchasing real estate that qualifies for the Golden Visa, the following places should provide a guide for you. 

  • Lisbon (commercial real estate only)
  • Porto (commercial real estate only)
  • Sintra (commercial real estate only)
  • Braga (commercial real estate only)
  • Faro (commercial real estate only)
  • Sagres (commercial and residential)
  • Douro Valley (commercial and residential)
  • Alentejo (commercial and residential)
  • Peneda Gerês (commercial and residential)
  • Aljezur (commercial and residential)
  • Alentejo region (commercial and residential, depending on the location)
  • Central Portugal (commercial and residential, depending on the location)
  • Northern Portugal (commercial and residential, depending on the location)

Below is a Golden Visa Portugal real estate map that shows which areas of Portugal qualify for what type of real estate investment.

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Applying for the Portuguese Golden Visa program can be as easy as purchasing a second home or holiday home. You can also turn your newly bought property into a short-term rental opportunity, with the added flexibility to spend only seven days a year in Portugal on average to retain your Golden Visa residence permit. Alongside this, your immediate family members can also be included in the application.

Portugal Golden Visa properties: Low-density areas

Should you be looking to invest in a property that is located in a low-density area, there is a 20 percent discount. This is the case for both commercial and residential properties. 

The cheapest real estate investment option is to invest €280,000 in a rehabilitation project in a low-density area. 

Some classified low-density areas include the following:

  • Aljezur
  • Douro Valley
  • Peneda Gerês
  • Bragança
  • Castelo Branco

You can find out more in this article: The Portugal 280K Investment Option for the Portugal Golden Visa. 

Madeira and the Azores

Madeira and the Azores are autonomous regions of Portugal and are each captivating in their own right. You’ll find excellent investment options in both, and with thousands of tourists flocking to these island gems each year, you should be able to convert your property into a short-term rental investment opportunity. Plus, if you are contemplating relocating, you’ll find strong expat communities, particularly in Madiera. 

You can find out more about each location in the articles below:

 

Golden Visa Changes from January 2022

We have already mentioned the Golden Visa changes that came into force in January 2022. A more complete rundown of Golden Visa qualifying investments is provided below. 

Changes in the real estate sector:

  • Residential real estate investment in popular urban areas such as Lisbon, Porto, and much of the Algarve, as well as coastal towns like Setúbal and the Silver Coast, is no longer allowed for Golden Visa investors.
  • Investors can only purchase residential property in specific interior areas of Portugal, with a minimum investment amount of €500,000 or €350,000 for rehabilitation projects. If the property is located in a designated ‘low-density’ area, a 20 percent discount applies.
  • Investors are permitted to make a commercial real estate investment throughout the country, with a minimum investment of €500,000 or €350,000 for commercial rehabilitation projects. If the property is located in a designated ‘low-density’ area, a 20 percent discount applies.
  • Investors have the option to acquire both residential and commercial property in Portugal’s autonomous islands of Madeira and Azores, valued at a minimum of €500,000, or €350,000 for rehabilitation projects.

Changes in capital transfers:

  • The required amount for capital transfers increased from €1 million to €1.5 million.
  • The minimum subscription requirement for investment the fund investment option increased from €350,000 to €500,000.
  • The investment amount for scientific research increased from €350,000 to €500,000.
  • The investment amount for an existing business registered in Portugal increased from €350,000 to €500,000.
  • The investment amount for arts and cultural heritage, valued at €250,000, remains unchanged.

 

The Time to Invest in Portuguese Property is Now

If you are looking to purchase property in Portugal and qualify for the Portuguese Golden Visa, you should lodge your Golden Visa application now. 

The Portuguese Golden Visa may be ending in the coming months, as announced by the Portuguese government earlier in the year. With this said, on 20 June 2023, Portugal’s Socialist Party (PS), which holds the Parliamentary majority, put forward a proposal to amend the Mais Habitação (More Housing) Bill that keeps the Golden Visa Program open. However, the revised proposal includes the following:

  • Investments of a real estate nature and capital investment through deposits and similar instruments will not be eligible for the Golden Visa.  

This means that you will no longer be able to invest in Portugal Golden Visa properties and be eligible for the Portugal Golden Visa. Time is of the essence if you are looking to apply for the real estate option of the program, and you should begin the Golden Visa process now. 

 

Goldcrest: Who We Are and How We Can Help You

Goldcrest is a buyer’s agent that is based in Lisbon. We provide expert, impartial advice on real estate investments and how to buy property in Portugal. From scouting out the perfect property through to property acquisition, we have you covered throughout the process.

If you are looking to purchase property in Portugal, don’t hesitate to get in touch. Our team of skilled experts is available to solve all your real estate doubts, offering insightful expertise and strategic advice. If you are looking for Golden Visa residential properties, we can provide you with several options to consider across the country. 

The following articles may also be of interest to you: 

Frequently Asked Questions about Portugal Golden Visa Properties

What properties qualify for Golden Visa Portugal?

To qualify for the Portugal Golden Visa, the following real estate investment options are on the table:

  • Buy residential real estate in a designated interior area of Portugal worth at least €500,000 or €350,000 if investing in a rehabilitation project. If the residential property is located in a designated low-density area, a 20 percent discount applies.
  • Buy Portugal Golden Visa commercial property anywhere in the country worth €500,000 or €350,000 if investing in a rehabilitation project. If the commercial real estate investment is located in a designated low-density area, then a 20 percent discount applies.
  • Buy residential real estate or commercial properties anywhere on the Portuguese autonomous islands of Madeira and Azores, worth at least €500,000 or €350,000 if investing in a rehabilitation project.

Where is the best place to live in Portugal for the Golden Visa?

If you are looking to invest in residential Portugal Golden Visa properties, you will come across location restrictions. You will need to invest in a property that is located in a designated interior area of the country, ruling out Lisbon, Porto, and much of the Algarve. Some popular places to live in Portugal for the Golden Visa are Aljezur, the Douro Valley, Viana do Castelo, Madeira, and the Azores. 

Note that some residential Algarve Golden Visa properties are still eligible for the program, such as in Sagres, in the western Algarve. Residential Lisbon Golden Visa properties no longer qualify, although you can still invest in commercial real estate in the Portuguese capital and be eligible for the program. 

Note that if you are looking to buy commercial real estate, you will face no location restrictions to qualify for Portugal’s Golden Visa program. This can be an investment into touristic apartments or hotels, for example.

Should I invest in property for the Portugal Golden Visa? 

Yes, Portugal Golden Visa properties are a great investment option to qualify for the Portugal Golden Visa. Apart from the stability of Portugal’s real estate market, the flourishing tourism industry presents an excellent opportunity for a favorable return on investment when renting out your property. 

Acquiring Golden Visa property in Portugal goes beyond making a wise financial decision; it allows you to embrace a new lifestyle and become the owner of a desirable home or vacation retreat in a European gem with a sublime climate and high quality of life. However, it’s important to note that certain location restrictions apply, particularly if you aim to qualify for specific programs by purchasing residential property, as it must be situated in an interior area.