Last updated: 05 Sep 2026
Portugal Golden Visa
The Portugal Golden Visa (Autorização de Residência para Investimento, or ARI) is a residence-by-investment programme that may grant eligible applicants and their families legal residence in Portugal.
What is the Portugal Golden Visa (ARI)?
The Portugal Golden Visa (ARI) is a programme to obtain a Portuguese residence permit via a minimum investment, launched in 2012. It is intended for non‑European nationals (Americans, Canadians, Brazilians, Turks, South Africans, Chinese, etc.) who want to benefit from advantages such as, notably, free access to the entire Schengen area and the right to work or study in Portugal.
The Golden Visa is a simple and fast route to European residence, enabling greater mobility and long‑term stability for those seeking maximum flexibility. Although residence was initially and mainly granted via a minimum investment in real estate, this option is no longer accepted for new applications since October 2023. The objective of this change is to encourage more diversified investments in the productive Portuguese economy.
Key takeaways
- • Residence, not citizenship
- • Minimal presence may apply, subject to statutory criteria
- • 4 eligible routes (funds, businesses, research, culture)
Key programme advantages
- • Flexible investment pathways: from €250,000 through approved Cultural Heritage or Scientific Research contributions, €500,000 through eligible Portuguese investment funds, or business and job-creation investments.
- • Right to live, work and study in Portugal. Portugal is a major European technology innovation hub, with many start-ups featured in the Sifted 250 ranking (the 250 fastest‑growing European start-ups). Its modern infrastructure network helps sustain significant industrial activity in sectors such as textiles, wood, glass, metallurgy, plastics and electronics.
- • Free movement within the EU Schengen area. Benefit from free movement across all 27 Schengen countries, making travel in Europe simple and seamless.
- • Minimum stay requirement: you must spend at least 7 days in Portugal during the first year, then 14 days during each subsequent two‑year period, i.e., an average of 7 days per year.
- • Eligibility for permanent residence after five years, without full-time residence obligations. Eligibility for citizenship now follows a longer timeline under Portugal’s 2026 nationality law reform: 7 years of legal residence for EU and CPLP (Portuguese-speaking country) nationals, or 10 years for other nationalities, counted from the date your residence permit is issued (not the date of application), and subject to reaching A2 level in Portuguese. Citizenship applications filed on or before 18 May 2026 remain under the previous 5-year rule.
- • No taxation on worldwide income: simply holding a Golden Visa does not make you a Portuguese tax resident. You can choose your tax residency based on the country where you spend most of your time.
- • Open to all non‑EU nationals: some nationalities (e.g., Iranian or Russian) may face difficulties opening a Portuguese bank account due to banking compliance requirements.
- • Family reunification allowed: it applies to spouses/partners, children under 18, adult children who are single and studying full‑time, as well as dependent parents over 55. By way of illustration, between 2012 (programme launch) and 2023, a total of 12,718 applications were filed by main investors, to which 20,424 additional applications were added for family reunification under the Golden Visa programme.
- • International‑standard healthcare infrastructure: high‑quality clinics and hospitals.
- • High quality of life: gastronomy and local wines, rich cultural heritage, mild climate and high security.
Eligible investment routes (overview)
4 investment options are available to Golden Visa applicants.
| Route | Type of contribution | Regulation | Involvement |
|---|---|---|---|
| Investment funds | Capital transfer into qualified funds | CMVM (regulator) | Passive (fund management) |
| Job creation / business | Jobs, company formation or capitalisation | IAPMEI, AIMA | Active (operations) |
| Scientific research | Transfer for research activities | Ministries, AIMA | Passive to moderate |
| Cultural heritage | Transfer for cultural projects | Culture ministry, AIMA | Passive |
Unsure which route fits?
The choice depends on the applicant’s risk profile and desired level of operational involvement. A short scoping exchange can help map eligibility and options with licensed professionals.
Eligibility criteria
- • Non-EU/EEA/Portuguese nationality
- • Qualifying investment maintained for the required period
- • Clean criminal record (Portugal and country of residence)
- • No tax or social security arrears
Presence and family
- • Minimal presence may apply, subject to statutory criteria and renewal practice
- • Spouse, dependent children and dependent parents may be included under one qualifying investment
Key Golden Visa investment option: investment funds
Following the reform introduced by the Portuguese government at the end of 2023, investment options were redirected away from real estate toward initiatives that contribute sustainably and in a diversified manner to the development of the Portuguese economy. In this new framework, the most favored option today — and the only truly passive one while still offering potential returns — is to invest a minimum of EUR 500,000 in one or more Portuguese funds (Private Equity, Venture Capital, or strategic sector funds such as health, tourism, agro-industry, renewable energy, entertainment, or football).
These funds must be regulated by the Portuguese Securities Market Commission (CMVM), recognised as eligible under the Golden Visa programme, and managed by duly licensed and audited management companies.
These funds must:
- • have a minimum maturity of 5 years;
- • allocate at least 60% of their capital to companies headquartered in Portugal;
- • not invest directly or indirectly in real estate.
When analysing fund investment options under the Golden Visa, you can choose between two categories: open‑ended funds and closed‑ended funds. For Golden Visa investors, understanding these differences is essential, as they can have a significant impact on your investment decision.
Open‑ended funds: they allow you to enter or exit the investment at any time (listed shares, corporate bonds, digital assets). Units can be bought or sold freely. The purchase and sale price is determined based on net asset value (NAV), calculated daily and published by banks or licensed placement agents.
Another notable feature of open‑ended funds is their indefinite duration: they have no fixed term and can, in theory, operate indefinitely unless the management company decides otherwise. Open‑ended funds are generally recognised for offering broader diversification.
However, open‑ended funds eligible for the Golden Visa must invest at least 60% of their capital in Portuguese companies. This requirement limits diversification, as Portugal has a relatively small number of listed companies, often concentrated in sectors such as finance and energy. This may increase exposure to local economic developments or regulatory changes.
Closed‑ended funds: the investment is locked in for a determined period, generally between 7 and 10 years. Closed‑ended funds operate with a fixed duration, and subscriptions are only possible during a single subscription period. Once that period closes, the fund is closed to new subscriptions and the investment phase begins.
Unlike open‑ended funds, closed‑ended funds do not have a public secondary market for buying and selling units. Most investors hold their units until the fund’s maturity, although occasionally the manager may offer a buyback. The fund is valued periodically (generally semi‑annually), and the result is reflected in the NAV.
Closed‑ended funds are structured with a long‑term capital appreciation objective and can invest in high‑growth, low‑liquidity private companies, offering meaningful upside potential. This approach can generate higher returns, but requires patience and a long investment horizon.
Although closed‑ended funds offer more limited diversification, they are generally more resilient during periods of market stress. The absence of daily redemptions allows managers to remain focused on the long‑term strategy, without being constrained by short‑term liquidity decisions, thereby helping preserve long‑term value for investors.
Required documents for the Golden Visa:
- • Passport or official ID issued by a public authority
- •
Proof of medical coverage:
- – document issued by the Portuguese National Health Service, or
- – certificate from an internationally recognised health insurance provider
- • Criminal record certificate from the country of origin and/or residence (issued within the last 3 months, translated into Portuguese)
- • Tax identification number from the country of origin and/or residence
- • Completed application form authorising consultation of the criminal record in Portugal
- • Declaration on honour confirming compliance with the minimum stay requirements
- • Receipt of payment of ARI application fees (Residence Authorisation for Investment)
Given the number of steps and required documents, we act as administrative support throughout the minimum 5‑year requirement by coordinating and centralising all necessary measures to facilitate your administrative steps.
To quickly validate fit (route, timeline, constraints), use the contact form for a short scoping exchange. Coordination only.
Steps toward the Golden Visa
- • Free, no‑obligation consultation to assess whether the programme fits your profile and your family’s circumstances
- • Introduction to a venture capital or private equity fund manager for qualified investment advice
- • Introduction to a legal representative (we can recommend several)
- •
We will then work with you and your designated legal representative in Portugal to prepare your Golden Visa application, including:
- – opening a bank account
- – obtaining the tax identification number (NIF)
- – finalising the investment selection
- – submitting the online pre‑application form
- • Assessment and approval of your profile as an investor by the fund manager
- • Transfer of the required funds from your account to the fund’s account
- • Issuance by the fund manager of a subscription declaration
- • Submission of the full Golden Visa documentation to the law firm and payment of application fees to AIMA
- • Attendance at an in‑person appointment scheduled with AIMA for biometrics and official filing
- • Waiting for the final decision before receiving your residence card, valid for two years and renewable subject to maintaining the investment and paying renewal fees
Indicative timeline
Timeframes vary by case and depend on AIMA capacity, but as a general guide:
- • Document gathering & investment setup (approx. 1–3 months): opening a Portuguese bank account, obtaining a tax identification number (NIF), and completing the qualifying investment.
- • Online submission & pre-approval (approx. 6–18 months): submission of the application through the AIMA portal; AIMA review and processing is typically the largest bottleneck.
- • Biometrics appointment (approx. 1–3 months after pre-approval): in-person appointment in Portugal for fingerprints and signatures.
- • Card issuance (approx. 1–4 months after biometrics): final review and issuance of the initial residence card, valid for two years.
These ranges are indicative, based on current practice, and can change with AIMA capacity and case complexity. They are not a guarantee of processing time.
To quickly validate fit (route, timeline, constraints), use the contact form for a short scoping exchange. Coordination only.
Costs (overview)
Costs depend on the route and family size; figures and fee schedules must be confirmed at filing.
Categories
- • Minimum required investment: €500,000
- • Government fees: analysis, issuance, renewals (per applicant; schedules evolve)
- • Professional + admin: legal, translations/legalisation, renewals/travel, fund fees
Detailed Golden Visa cost breakdown
1. Required investment (mandatory)
- • From €200,000 to €500,000 depending on the chosen investment route.
- • The Cultural Heritage route starts at €250,000, reduced to €200,000 for projects located in designated low-density regions of Portugal.
2. Government administrative fees (AIMA/ARI) - per person
- • Application assessment: €600 to €800
- • Residence permit issuance: €6,000 to €8,000
- • Renewals (years 2 and 4): €3,000 to €4,000 each
Estimated total over 5 years: €12,000 to €16,000 per person
3. Professional fees
- • Legal and advisory services: €5,000 to €20,000 per applicant (23% VAT applies in Portugal; families and complex files are often in the upper range)
4. Other common administrative costs
- • Certified translations and apostilles: €500 to €2,000
- • Certificates and legalisation: €50 to €300 per document
- • Health insurance (if required): €400 to €1,200 per person/year
- • Tax representation: €500 to €1,000 per year
- • Banking and transfer fees: €100 to €500
5. Annual costs related to fund investments
- • Annual management fees: 1% to 2%
- • Potential performance fees and other administrative charges
Important points to consider
- • These amounts are estimates based on the AIMA fee schedule in effect since 1 March 2026 (updated annually every 1 March per Portaria n.º 307/2023, based on INE consumer price index variation) and current market practice; actual costs may change following official updates from AIMA or the Portuguese government.
- • The base investment (for example €500,000) is not necessarily a sunk cost but invested capital; performance depends on the selected investment vehicle.
To quickly validate fit (route, timeline, constraints), use the contact form for a short scoping exchange. Coordination only.
Portuguese citizenship
From a legal standpoint, Portuguese nationality is generally acquired through descent, marriage, civil union or birth on Portuguese territory.
Following Portugal’s 2026 nationality law reform (Lei Orgânica n.º 1/2026, in force since 19 May 2026), the residence period required to apply for citizenship through naturalisation has been extended: 7 years of legal residence for EU and CPLP (Portuguese-speaking country) nationals, and 10 years for all other nationalities — up from the previous 5-year requirement. This period is now counted from the date your residence permit is issued, rather than the date of application.
Applications submitted to the IRN on or before 18 May 2026 continue to be assessed under the previous 5-year rule.
To apply for Portuguese nationality through naturalisation, applicants must generally meet the following conditions:
- • be at least 18 years old;
- • prove the required period of legal residence in Portugal (7 or 10 years, depending on nationality, or 5 years if grandfathered under the transitional rule above);
- • demonstrate basic knowledge of Portuguese (A2 level);
- • not have criminal convictions corresponding to a sentence exceeding the applicable threshold.
Note: this citizenship timeline is separate from eligibility for permanent residence, which remains available after 5 years of legal residence under the Golden Visa programme, unaffected by this reform.
Rules and their application to individual cases can be complex, particularly around the transitional provisions — verify current requirements and how they apply to your specific timeline with licensed Portuguese counsel.
Who the Portugal Golden Visa is for (and who it is not)
Suitability depends on profile and objectives. This framework helps structure an informed decision.
Often relevant if
- • You seek EU residence, with a presence potentially compatible with a minimum requirement (subject to statutory criteria).
- • You can commit a qualifying investment for the required minimum duration of 5 years.
- • You want to include your spouse and dependent family under one investment.
- • You accept that timelines and decisions are at AIMA discretion (no guarantee).
Often less suitable if
- • You need guaranteed approval or predictable timelines.
- • You plan to live in Portugal full‑time (other routes may fit better).
- • You prefer active operational involvement rather than a more passive investment.
- • Your risk/capital profile does not align with the intended qualifying investment route.
Last updated: 05 Sep 2026
Staying updated — rules, practice and changes
Golden Visa rules, AIMA practice and fee schedules can evolve. Legislative changes and operational adjustments can affect eligibility, process and costs.
Staying informed is essential to decide. Verify current requirements at filing with licensed Portuguese counsel.
Frequently asked questions
Is real estate still eligible for the Portugal Golden Visa?
Do I need to live in Portugal to keep the Golden Visa?
How long does the process take?
What are the main cost categories?
Can my family be included under one application?
Does the Golden Visa guarantee Portuguese citizenship?
A specific question? Request a short scoping exchange.
Advice without incentives
When a Golden Visa applicant takes the investment fund route, advisers are typically paid by fund managers through referral commissions. Because these commissions vary between funds, a conflict arises: the recommendation that earns the most may not be the one that suits you best.
Mosaico Advisory is built on a different premise.
We do not recommend, promote or favour any particular fund. We set out the available options clearly and objectively, so you can make an informed decision based on your own circumstances, goals and preferences — dealing directly with the fund manager of your choice.
Our Same-Rate Rule underpins this approach: regardless of which fund you select, our fee is identical. What you choose never influences what we earn.
Investment funds are our only source of remuneration. We receive no fees or commissions from lawyers, banks, property agents or any other third party. The donation route carries no fee for us and remains available whenever it is the right fit for your situation.
No preferred fund. No hidden incentives. No conflicted advice.
Our fee is confirmed in writing from the outset — no ambiguity, no surprises.
Independent advice should mean exactly that.
Mosaico's role within this framework
Mosaico Advisory Ltd provides coordination infrastructure. Our role is to structure the sequence of analysis and administrative actions, facilitate alignment between clients and licensed professionals, and maintain continuity and institutional memory across multi‑year processes.
Mosaico is not an execution provider. We do not provide legal, tax or investment advice. We do not manage filings, execute steps or determine eligibility.
Authorities retain final discretion. AIMA and competent authorities determine eligibility, approval, timelines and outcomes.