Major reforms in late 2023 and ongoing developments in 2025 have reshaped the Portugal Golden Visa program, eliminating the popular real estate and capital transfer options. The program is still active and offers a pathway to EU residency and citizenship through specific, qualifying investments.
Key changes and current status of Portugal Golden Visa program
- Real estate is no longer eligible: As of October 2023, purchasing residential or commercial property in Portugal no longer qualifies for a Golden Visa.
- Capital transfer is removed: The option to make a €1.5 million capital transfer has also been eliminated.
- Focus on productive investment: The program is now geared toward stimulating economic and cultural development through venture capital funds, job creation, and scientific and artistic contributions.
- Processing timeline: While reforms are intended to streamline the process, application backlogs persist. Processing can take 12 to 24 months, though upgrades to the Agency for Integration, Migration and Asylum (AIMA) may eventually shorten this.
- Citizenship rules under debate: In June 2025, legislative proposals were submitted to potentially extend the citizenship eligibility timeline from five to ten years and to add stricter requirements. The outcome of this vote is still pending.
Program Overview & History
- Started in 2012.
- Open to non-EU/EEA citizens who make qualifying investment.
- More than 11,628 investors as of January 2023.
- Provided over €6.7 billion direct investment to Portugal.
- Real estate route closed in late 2023.
Eligibility requirements for Portugal Golden Visa program
To qualify for the Golden Visa in 2025, applicants must be non-EU/EEA/Swiss citizens, have a clean criminal record, and make one of the following qualifying investments:
- Minimum investment: Must maintain the qualifying investment for a minimum of five years.
- Minimal physical stay: Must spend an average of seven days per year in Portugal (14 days every two-year period).
Current investment options for Portugal Golden Visa program
| Investment option | Minimum amount | Details |
|---|---|---|
| Investment Funds | €500,000 | Invest in qualifying, non-real estate, CMVM-regulated venture or private equity funds that invest at least 60% in Portuguese companies. This is now the most popular route. |
| Cultural Heritage Donation | €250,000 | A non-refundable contribution to artistic production or the recovery and maintenance of national cultural heritage projects. This is the lowest investment threshold available. |
| Cultural Heritage Donation (Low-Density) | €200,000 | The cultural donation is reduced by 20% if made to projects in low-density areas. |
| Scientific Research | €500,000 | A capital transfer to public or private scientific research institutions that are part of Portugal’s national science and technology system. |
| Job Creation | N/A | Creation of at least 10 new, full-time jobs in Portugal. This can be reduced to eight jobs if in a low-density area. |
| Company Capitalization | €500,000 | Investment in an existing or new company in Portugal that creates or maintains at least five permanent jobs for three years. |
Timeline to Citizenship
| Milestone | Standard Timeline (2024–2025) |
|---|---|
| Application submission | Y0 |
| Biometrics | ~Y1 |
| Residence Card issued | ~Y1.5 |
| Renewals | Year 2, Year 4 (online, no biometrics) |
| Citizenship/PR Option | Year 5+ |
| Passport in hand | Year 7–8 (after approval delays) |
Pathway to citizenship
After holding the Golden Visa for five years, applicants can apply for Portuguese citizenship, provided they meet certain criteria.
- Residency: Five years of temporary legal residency.
- Language: Pass a basic (A2 level) Portuguese language test.
- Criminal record: Maintain a clean criminal record. for For citizenship applicants who do not have a clean criminal record, we have a special track with the assistance of local lawyers who specialize in
- Minimal physical stay: Continue meeting the minimum physical stay requirements.
Application process
- Select an investment: Choose a qualifying investment from the remaining options.
- Due diligence: Perform preliminary checks and gather all necessary documents.
- Obtain NIF and bank account: Secure a Portuguese tax identification number (NIF).
- Execute investment: Transfer the investment funds to a bank account and complete the investment.
- Submit application: The application is submitted electronically through the AIMA online portal.
- Biometrics appointment: Attend an in-person meeting in Portugal to provide biometric data.
- Approval and cards: Upon approval, pay the fees for residence cards, which are issued for an initial two-year period.
- Renewals: Renew the residence permit after two years, and again after another two years.
Cost Guide (Fees, 2025)
| Fee Type | Amount (with online discount) | Frequency |
|---|---|---|
| Application Fee | €605.10 per person | Initial + each renewal |
| Residence Permit Fee (initial) | €6,045.20 per person | Initial only |
| Renewal Fee (every 2 years) | €3,023.20 per person | Each renewal |
| Total Process (5 years) | €13,906.90 per person | Whole Process |
| Permit Issuance (per lost card) | Replacement cost applies | As needed |
Frequently Asked Questions
- Do I have to move to Portugal? No, just visit 14 days every two years (or 7 per year recommended).
- Can I include my family? Yes, with separate fees and documentation for each member.
- Do I need Portuguese language? Yes, A2 level before citizenship.
- Can I spread investment across funds? Yes, as long as total meets minimum.
- How long does approval take? 20–30 months on average; citizenship total now ~7–8 years due to new rules.
- Can donations be tax-deductible? Usually not, except in rare cases for Portuguese tax residents and only up to €1,000.