The Ultimate Guide on Portugal Golden Visa 2024

Portugal is famous for its attractive landscape, stretches of coastline, and delicious food. Moreover, the high-quality life and robust economic opportunities attract a large number of immigrants to live and work in this country. However, immigration seems slow. For high-net-worth individuals and professionals, the golden visa is a shortcut to secure residency rights. In this passage, we are going to introduce Portugal’s golden visa program, including its requirements, applications, processing time, fees, and other concerning issues.

What is a Portugal Golden Visa? 

Portugal’s golden visa program, launched in 2012, is also known as a Residency by-investment scheme for citizens outside the European Union and European Economic Area countries (EEA) countries. Aiming to attract foreign investment, the visa allows high-net-worth individuals (HNWIs) to move to where they want, for example, a favorable jurisdiction, and become residents. Since its inception, more than 12,000 investors as well as their accompanying family members have obtained residency through this program. Besides studying, working, and living in Portugal, visa holders can also travel freely within Schengen areas. Moreover, this visa type leads to a Portugal permanent residence or citizenship in Portugal after 5 years.

Golden Visa Countries 

Besides Portugal, more than 100 countries around the world issue golden visas, and most of them are located in Europe. According to Henley & Partners, here is a list of golden visa countries or nations that have similar programs.

Portugal Golden Visa Latest Updates

There are multiple investment routes for the wealthy, such as energy, industry, technology, real estate, etc. However, property investment is no longer acceptable since October 2023, which means applicants cannot obtain a Portugal golden visa by purchasing real estate or property-related funds.

Starting in 2024, the Portuguese government is turning its eyes to investment funds, thus providing more diverse investment mandates.

Portugal Golden Visa Requirements

In this section, we are going to introduce the eligibility for the Portugal Golden visa application.

• Nationalities

Only non-EU, non-EEA, or non-Swiss nationals are qualified for the visa.

• Age

All applicants must be at least 18 years old.

• Good Character

Applicants should have no criminal record in their home country and Portugal.

• Minimum Investment

Investors should have at least €250,000 either in single or multiple investment options.

• Duration of Stay

The visa holder must spend an average of 7 days in Portugal every year.

As non-EU nationals, US citizens are qualified for the Portugal golden visa. Portugal has tax incentives for foreign income, which is attractive to the US. Not to mention that its cost of living is much lower than that in the US, especially in large cities like New York, San Francisco, etc.

Portugal Golden Visa Investment Options

Featured with a dynamic economy and potential market, Portugal is an ideal place to start up companies or develop businesses. Foreign investors have a variety of choices to gain Portugal’s golden visa. Please note that the investment must be done before applying for the visa.

Fund Subscription

Applicants must subscribe to at least €500,000 in Private Equity and Venture Capital funds in Portugal that are managed by CMVM (Portuguese Securities Market Commission) accredited managers. Acceptable sectors include energy, industry, and technology. In no cases should the funds be related to real estate activities.

Company

Foreign entrepreneurs and investors can invest in Portugal through the following methods, which might generate new employment.

• Set up a new company with a share capital of €500,000 no less than 10 full-time job vacancies in densely populated areas or 8 vacancies for low-density areas.
• Invest €500,000 in an existing Portuguese company that provides at least 5 full-time positions for no less than 3 years.

Donation

Donating to artistic, science, and technology is also an acceptable investment option. The invested projects must be approved by the Office of Strategy, Planning and Cultural Assessment (Gabinete de Estratégia, Planeamento e Avaliação Culturais, GEPAC), for example:

• At least €250,000 in Portuguese Arts, National Heritage, or Culture.
• At least €500,000 in research and development activity.

Real Estate Acquisition (No Longer Eligible)

When applying for a Portugal golden visa through real estate investment, applicants should purchase one property or more worth the required minimum total amount. New properties must be at least €500,000. The requirement drops to €400,000 when it is located in low-density areas. When buying real estate older than 30 years old in an urban rehabilitation area, one should pay €350,000 while those in low-density areas should reach €280,000. Please note that real estate investments are no longer eligible for a golden visa application since October 2023.

Capital Transfer (No Longer Eligible)

Before October 2023, investors can apply for a golden visa after transferring a minimum of €1,500,000 Capital to Portugal. It must not be a loan from a Portuguese financial institution.

What Documents Do I Need for Portugal Golden Visa Application?

Applicants must present the following documents to prove their identity, nationality, investment records, and so on. If the documents are issued by a non-Portuguese entity, they need to be legalized. If the entity is located in a member country of the Hague Convention, please add an apostille to the legalization. Supposing that the original document is not in Portuguese, please include a notarized translation.

• Photocopy of a valid passport or other certified government-issued travel document.
• Proof of the minimum investment, such as receipt of fund subscription, company statement, donation certificate, etc.
• Proof of health insurance from the National Health System in Portugal or an internationally covered insurance company outside Portugal.
• Certificate of no criminal record issued within the last 3 months
• Applicant’s permission for the Agency for Integration, Migration, and Asylum (AIMA, known as SEF previously) to access criminal records in Portugal.
• A sworn declaration affirming compliance with the minimum investment requirements.
• Proof of no debts from Portuguese tax, customs, insurance, and social security systems issued within the last 45 days of golden visa application.
• Proof of payment

How To Get a Golden Visa in Portugal

The Portugal golden visa application could be quite straightforward if you follow the steps below.

• Decide Investment Options

You have to pick the most suitable option from the list of available investment types according to your capability and interests. It is suggested to turn to a visa consultant or lawyer if possible.

• Complete the Investment

After selecting the investing option, you should pay for it and gain proof of investment, such as a certificate or statement from the funding management company.

• Gather Supporting Documents

The process might be tiring and time-consuming because it involves translations, notarizing, certifications, etc. Try to be patient and considerate. Don’t miss any documents, especially when there are dependents involved.

• Obtain a NIF

NIF refers to the tax identification number in Portugal. Individuals should bring proof of residence (i.e. utility bill, lease agreement, etc.) and government-issued ID to a Finanças office to apply for NIF in Portugal. If you are outside the country, you should provide a power of attorney and appoint a representative, such as a lawyer or an accountant, to obtain NIF on behalf of you.

• Create a Bank Account

Portuguese banks accept non-Portuguese residents and foreign clients. Applicants outside Portugal should turn to a law firm. To open a bank account in Portugal, you should prepare a valid passport, NIF number, Portuguese phone number, proof of address, and payslips.

• Lodge Application Online

After everything is prepared, you are supposed to fill out the applications, upload the required documents, and pay the visa fees on the AIMA portal. In some cases, your law firm will finish it on your behalf.

• Schedule and Attend Your SEF Appointment

After your application is analyzed and approved preliminarily, SEF will ask you to make an appointment to have an interview and submit biometrics including fingerprints and photographs. All persons involved in the application, either the main applicant or dependents, should attend the corresponding SEF office in person.

• Collect Your Visa

After your golden visa application is approved, the authority will send you a notification and request the approval fees. Then your residency card is ready to be picked up in person or mailed to a specified address.

Processing Time for Golden Visa Application

It takes about 6 months for AIMA to process your applications and arrange an appointment. Additionally, you have to wait for another 4 weeks to receive the residence permits after the interview. Generally, counting from deciding on the investment type, the processing time ranges from 9 to 12 months.

Once issued, the visa is valid for 2 years, after which it could be renewed twice for another 2 years. After living the Portugal with a golden visa for 5 years, one might be eligible for permanent residence and/or Portuguese citizenship.

Fees for Portugal Golden Visa Program

The total cost includes legal fees and application fees except for the amount for investment. Here is a detailed price list.

Portugal Golden Visa Benefits

As a popular residence permit, the Portugal golden visa holders can enjoy lots of advantages in their work and life.

• Visa-free Travel

Foreigners with this visa can travel freely within the 27 EU and Schengen countries without extra prearranged visas. Moreover, you might be eligible to apply for a Portuguese passport after 5 years, thus taking a visa-free trip to more than 150 countries and territories.

• Access Public Service and Benefits

Golden Visa holders can live, work, and study in Portugal without requesting an extra residence permit, work permit, or student’s permit. Moreover, you are entitled to access medical insurance, public schools, and even run your own business.

• Family Reunion

The main applicant for a golden visa can sponsor a spouse, children below 18, unmarried dependent children below 26 and studying full-time in school, and parents above 65.

• Access to Portuguese Citizenship

After holding the visa for investment for 5 years, you might be qualified to become a Portuguese citizen as long as you satisfy the naturalization requirements.

• Tax Benefits

Golden visa owners are exempted from taxation as long as they spend less than 183 days in the country every year. Even if you have to pay the tax, there are favorable tax regimes for foreigners.

Portugal Golden Visa Disadvantages

As the new rules take effect, the downside for the Portugal golden visa program is obvious. Applicants can no longer obtain the visa by investing in real estate in Portugal, especially in rural or less populated areas, which used to be the most popular and accessible option. Moreover, main holders cannot have parents younger than 65, or children above 26 who are not full-time students to apply for the visa at the same time.

Portugal Golden Visa Validity & Renewal Process

The golden visa is valid for 2 years upon issuing, after which it could be renewed twice and each has a 2-year validity, so it will be valid for 6 years in total.

The golden visa must be renewed every two years. People with an expired visa might be deprived of residency. Therefore, it is suggested to renew it 30 days before the expiry date through the following steps.

• Gather required documents, including existing visa, proof of identity, and proof of investment.
• Submit documents and biometrics to SEF on the AIMA portal.
• Wait for approval and collect the renewed residence card.

Portugal Golden Visa to Citizenship 

Investors with golden visas and residing in Portugal for 5 years are entitled to apply for Portuguese citizenship. The following requirements are required.

• Applicants do not have unpaid taxes.
• Applicants do not have criminal records.
• Applicants must pass the CIPLE Portuguese language A2 exam.

After your citizenship application is approved, you can live, work, and study like a local, which means you can travel in and outside the country freely and don’t have to renew the residence permit regularly. Moreover, you can enjoy all the civil rights of Portuguese citizens.

FAQ

👉 Is Portugal stopping the golden visa?

No, but the Portugal golden visa requirements have changed compared with those before October 2023.

👉 Which golden visa is better Spain or Portugal?

It depends on your real needs. Generally speaking, Portugal requires less investment amount and grants a European passport in a shorter time than Spain.

👉 Which EU country has the cheapest golden visa?

The cheapest Portugal golden visa programs in Europe belong to Malta (about €100,000), Greece (about €250,000), Portugal (about €€250,000 -€500,000), and Latvia (about 250,000).

👉 Which country has the best golden visa?

Portugal, Malta, Greece, Cyprus, Spain, and Italy are popular choices for investors due to their scenery, political and economic environment, and quality of life. Moreover, the golden visa program there is more improved.

👉 What is the difference between a golden visa and digital nomad visa in Portugal?

The difference lies in eligibility and requirements. Digital nomad visas are issued to remote employees, freelancers, or business owners while the golden visas are for investors. The requirements for minimum income are much less than that for minimum investment amount.

Summary

Portugal golden visa is issued to foreign investors outside the EU, EEA, and Switzerland. According to the new rules, investment in real estate is no longer available in the Portugal golden visa program. Instead, you can obtain the investor visa through fund subscription, company investment, and donation. Golden visa applications can be lodged online. With this visa, the holders can enjoy a set of benefits while working, studying, and living in the country. It takes about 9 to 12 months to receive the visa, so please apply for it in advance and remember to renew it as it expires.