Golden Visa Portugal: Your Ultimate Guide 2024

Since its inception in October 2012, the Portugal Golden Visa program has become one of the most popular residency-by-investment programs of its kind, with more than 20,000 applicants benefitting from the scheme.

Through the Portuguese Golden Visa program, holders will have the opportunity to secure permanent residency after five years, provided that they hold their investment for the duration of this time. Subsequently, applying for Portuguese citizenship is possible, provided you meet all the requirements under Portuguese Nationality Law.

In this ultimate guide to the Portugal Golden Visa, we’ll arm you with everything you need to know about the residency-by-investment scheme, guiding you through the benefits, eligibility, investment options, and the application process.

What is the Portugal Golden Visa?

Portugal’s Golden Visa is a residency-by-investment program designed to attract foreign investors by offering them a path to residency in exchange for making a qualified investment in the country.

The program, introduced in 2012, has been highly popular due to its flexibility and the benefits it provides to investors.

Under this program, non-EU citizens can obtain a residency permit by making specific investments in Portugal, such as creating jobs or investing in cultural or scientific projects.

One of the most common routes involved investing at least €500,000 in real estate, although this option was removed in 2023, or investing in venture capital and investment funds.

The Golden Visa allows investors to live and work in Portugal, travel freely within the Schengen Area, and, after five years, apply for permanent residency or citizenship.

Is the Portugal Golden Visa ending?

No, Portugal’s Golden Visa isn’t ending. The Prime Minister of Portugal revealed plans in 2023 to eliminate the residency-by-investment scheme, but the government subsequently voted to only restructure the program. The new legislation came into effect in October 2023, and the most significant change was the removal of real estate as an investment option.

Benefits of Portugal's Golden Visa

Visa-free access

The Portugal Golden Visa program allows you to travel freely across the EU and Schengen Area. After five years, you can be eligible to apply for a Portuguese passport, provided you meet all the criteria. Armed with a Portuguese passport, you will have visa-free travel to 174 countries.

The Portuguese passport is one of the most powerful in the world. Our residency and citiznehsip division, Global Citizen Solutions, created an innovative Global Passport Index that measures the strength of a passport, not only on visa-free access but also takes into account investment opportunities and quality of life, using three standalone indexes that together generate the overall ranking. Portugal ranks in 31st position in the index, performing particularly well in the Enhanced Mobility Index (12th) and the Quality of Life Index (13th).

Live, work, and study

Golden Visa holders can live, work, and study in Portugal. Note that if you opt to live in Portugal full-time, then you will need to have medical insurance. However, once you secure residency, you will have full access to all the public services in the country, which include healthcare and education.

Public schools follow the Portuguese curriculum, although there are many private British and American international schools available, including German and French international schools. You’ll be able to work in Portugal without any issues, including starting or running your own business in the country.

The government of Portugal has made a particular effort to encourage foreign businesses to relocate to Portugal, attracting top talent, digital nomads, tech companies, and startups. This can be seen with Web Summit, the biggest tech festival in the world, moving to Portugal in 2016.

Family reunification

As the primary applicant, you’ll be able to extend your Golden Visa to your family members. The application can be made simultaneously for the main applicant and the dependents.

The following family members are eligible to apply alongside the primary applicant:

• Spouse
• Children under 18 years old
• Dependent children under 26 years old. Dependent children need to be full-time students and not be married.
• Parents of the main applicant, if they are over 65 years old

Portuguese citizenship

After five years of securing your Golden Visa and holding your Portugal Golden Visa investment, you may apply for citizenship in Portugal. To qualify for Portuguese citizenship, you must have the following:

• No outstanding tax payments in Portugal
• Clean criminal records in both Portugal and your home country (or any country where you have lived for more than a year)
• Completed the CIPLE Portuguese language A2 exam

Tax benefits

You will not have any tax responsibility as a Golden Visa holder unless you spend more than 183 days in the country per year. If you do, then you become a Portuguese tax resident. However, the country has a very favorable tax regime in place for foreign nationals. The Non-Habitual Residence (NHR) scheme allowed foreign nationals to receive significant tax benefits when living in Portugal.

Is the NHR ending?

The State Budget Law for 2024 stated the end of the popular Non-Habitual Resident) NHR tax regime from 1 January 2024. With this said, certain individuals can still apply up until 31 March 2025, and the scheme will be replaced by the Tax Incentive for Scientific Research and Innovation, which is anticipated to be implemented later in 2024. To learn more, please refer to: NHR Program Portugal: All You Need to Know. 

Portugal Golden Visa Investment Options

In order to qualify for the Golden Visa permit in Portugal, a successful journey begins with making an investment. This investment needs to be completed before the application can be submitted. Here’s a summary of the potential investment options for the Golden Visa program in Portugal:

1. Fund subscription: Make a contribution to Portuguese investment funds (such as private equity funds or venture capital funds) worth at least €500,000
2. Investment or donation in the arts or reconstruction of national cultural heritage with a donation of at least €250,000
3. Scientific research: Science or Technology research contribution of at least €500,000
4. Creation of ten jobs: Creation and maintenance of ten jobs during the required period
5. Share capital and job creation: Venture capital funds for a commercial company in the national territory or reinforcement of a company’s share capital. This company must have its head office in the national territory. The minimum investment of €500,000 is combined with the creation of five or maintaining ten jobs (five of them permanent).

The minimum investment amounts for options 2 and 3 may be reduced by 20% when the investment activity is carried out in low-density areas. These regions have fewer than 100 inhabitants per square kilometer or a GDP per capita of under 75 percent of the national average.

Investment options that are no longer eligible

• Real estate investment: Acquire a real estate property worth more than €500,000 in Portugal
• Real estate purchase: Buy a property with construction dating back more than 30 years or located in urban regeneration areas for refurbishing for a total value equal to or above €350,000
• Capital transfer: Make a transfer of a value equal to or above €1.5 million

Golden Visa Eligibility Requirements

To qualify for the program, you must fulfill the following Golden Visa Portugal requirements:

• Have a clean criminal record. If you don’t have a clean criminal record, a lawyer should analyze your case.
• Be either non-EU, non-Swiss, or non-EEA national
• Minimum investment of €250,000, with a range of investment routes to choose from
• Spend an average of 7 days per year in Portugal, guaranteeing a total of fourteen days during the validity of each residence card (issued with a validity of 2 years)

Required documents for the Golden Visa Portugal

The required documents for the Golden Visa Portugal can change at the discretion of the Portuguese government. These documents must be submitted by Golden Visa applicants for the initial application as well as for each renewal. The following documents are necessary to apply for the Golden Visa Portugal:

• Portugal Golden Visa 2024 application form
• Copy of a valid passport and travel documents
• Declaration from your bank in Portugal confirming the transfer of funds from abroad
• Proof of health insurance in Portugal (only required if the investor resides in Portugal)
• A background check or a police clearance letter from your country of origin
• A declaration of honor compromising to maintain the investment for five years
• Documents showing a good standing with the Portuguese Tax and Customs Authority
• Document showing non-enrollment or a good standing with the Social Security
• A receipt showing that you already paid the application processing fee
• Note that the certificates of criminal records or police clearance letters must have been issued no more than 90 days before submitting your application.

US citizens applying for the Portugal Golden Visa scheme

US citizens can apply for the Portuguese Golden Visa. Indeed, many American citizens are heading to Portugal due to the affordable cost of living, high-quality life, excellent healthcare and education, and progressive legislation. This is without mentioning the fact that English is widely spoken in Portugal, and the climate is sensational. 

Golden Visa for UK citizens

As Brexit has come to pass, UK citizens have seen some changes to their freedom of movement around the world. The Portuguese Golden Visa is now available to UK citizens. Armed with the Golden Visa, they can have the ability to travel freely across the EU and potentially secure citizenship after five years through naturalization, provided they meet all the requirements. A high quality of life increased travel freedoms, and a favorable climate are some of the key reasons why British nationals have their sights set on Portugal.

Portugal Golden Visa Cost

Government application fees

The government fees involved with the submission, granting, and renewal of the residence permit are payable per person, whether a main applicant or a family member. There will be a discount on the amounts if the applications are done online:

• Online application submission – € 605.10
• Granting the permit – € 6,045.20
• Per renewal – € 3,023.20

Application legal fees

• Golden Visa legal application fees Range from €5,000 to €8,000 for single applicants. Dependents younger than 18 can be included in the application free of charge.
• Additional Portugal Golden Visa application fees: This will cost between €500 and € 2,000 for dependents aged 18 and older. Note that children are free of charge.

Golden Visa renewal legal fees

• Renewal legal costs: For a single applicant: €1,000 to €2,500
• Additional fees: €500-€2,000 for dependents aged 18 and above. Children are free of charge.

Portugal Golden Visa Processing Time

To obtain the Golden Visa in Portugal, you must make a qualifying investment and keep the respective investment for five years. To submit your application, it is advised to consult with a Portugal Golden Visa lawyer or a Golden Visa consultant to see what documentation you need on top of your investment. While applying for the Golden Visa is relatively straightforward, there are quite a few steps to take toward a successful Golden Visa process.

Year 0
The visa application and the supporting documents are submitted online to AIMA. Once they approve your application, you then need to appear for an interview in person, in AIMA. As the main applicant, you and all your dependents can book the AIMA appointment simultaneously.

You’ll then need to wait between 9-12 months before your residence permit is issued. Once granted, the initial permit is valid for two years.

Year 2
After the two years are up, the residence permit must be renewed. The second permit is valid for two more years.

Year 4
The residence permit will be up for renewal at the end of year four. This can be renewed for another two years.

Year 5
You can apply for permanent residency and/or Portuguese citizenship at the end of the fifth year if you meet the requirements. Once the citizenship is granted, you can obtain a Portuguese passport.

March 2024 Update: Residency Waiting Time Will Count Towards Nationality

In early 2024, the Portuguese parliament approved significant amendments concerning the waiting period required for Portuguese nationality applications. Previously, individuals seeking Portuguese nationality through naturalization were required to hold residency in Portugal for at least five years, starting from when the initial residency permit was issued.

However, the new legislation states that the time between the visa application and the issuing of the temporary residency permit will now be factored into the calculation of the required legal residency period for nationality, provided the residency permit is granted.

This legislative update is particularly beneficial for D7 Visa applicants, where many had to wait much longer than usual to get a temporary residence permit appointment with AIMA. Under the proposed changes, individuals experiencing delays in residency approvals will have their waiting period considered, enabling them to apply for Portuguese nationality sooner.

Goldcrest: 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, helping you with the property search and offering insightful expertise and strategic advice.

Why choose Goldcrest?

• Local knowledge: With offices located across Portugal, our presence nationwide allows us to assist you personally across the country.
• Independent service: As an independent buying agent, we do not represent any development or project. Our service is entirely tailored toward each individual client, providing you with everything you need to secure the perfect property at the best possible price. As an impartial advisor on the market, we work solely on behalf of our client and provide a service tailored to your needs and requirements.
• Streamlined process: Our real estate agents speak English and Portuguese, and our service is completely focused on providing you with a hassle-free buying experience, saving you time.
• Experienced team: Our expert real estate team has a vast local knowledge of the Portuguese property market. We have cutting-edge technology and metasearch tools at your disposal to provide full market coverage, ensuring the best investment choices and negotiated prices.
• Network of partners: We have a close network of partners, including lawyers, property management services, builders, architects, designers, and landscape gardeners, again saving you time and hassle by providing you with trusted experts in their field of work.