Overview & Introduction

Portugal’s Golden Visa program stands as one of the most distinguished residency-by-investment schemes, both in Europe and globally. Since its inception in October 2012, the program has facilitated residency for nearly 10,000 families. What makes Portugal’s Golden Visa so exceptional? Here are the highlights:

It provides a variety of cost-effective investment options to qualify for residency.
It requires minimal physical presence, with just a seven-day stay in Portugal per year.
It grants visa-free travel across all 26 Schengen Area countries.
It offers a pathway to Portuguese citizenship in as little as five to six years.
Portugal is recognized globally as a trustworthy and reputable nation, with its Golden Visa program free from any international blacklists.
Portugal is a safe, affordable, and highly attractive country, ranking 3rd out of 163 nations in the Global Peace Index 2020. It is renowned for its exceptional quality of life, modern infrastructure, pleasant climate, and world-class healthcare and education systems.
Portugal ranks 25th in the 2023 Health Care Index, making its healthcare system one of the best globally.
Portugal’s education system provides free public education from ages 6 to 18 and is accessible to all residents. Private and International schools are also available and complement the offer with different curricula for all foreign students.

In this Guide to Portugal’s Golden Visa, you will learn:

The essentials of the Portuguese Golden Visa program.
The key advantages and unique benefits it offers.
A step-by-step guide to obtaining a Golden Visa.
A detailed overview of everything you need to know about this premier residency program.

What is Portugal’s Golden Visa?

Portugal’s Golden Visa program, officially known as the Residence Permit for Investment Activity (ARI), is a residency-by-investment initiative specifically tailored for non-EU nationals.

Purpose of the Golden Visa Program

To grant, through a simplified immigration process, a temporary residence permit (commonly known as the Golden Visa) to foreign citizens who make an eligible investment in Portugal.

Launched in October 2012, the program was introduced as a strategic measure to attract international capital and stimulate economic recovery following the global financial crisis of 2008. Portugal’s allure goes far beyond its investment opportunities—its stunning natural landscapes, extensive coastline, sunny climate, warm hospitality, and celebrated culinary traditions make it a uniquely desirable destination. Paired with its exceptional quality of life and affordability compared to other European capitals, Portugal has become a magnet for global investors.

The Portuguese Golden Visa program not only grants the right to live, work, and study in Portugal but also offers a clear pathway to permanent residency or citizenship in as little as five years. This feature, combined with the country’s many advantages, underscores the program’s enduring appeal.

Advantages of Portugal's Golden Visa

1. Visa-Free Travel

A Portuguese Golden Visa grants you access to the Schengen Area, enabling free movement across 26 European countries without additional visas.
After five years, you may apply for Portuguese citizenship, which allows you to obtain a Portuguese passport. With this passport, you gain visa-free travel to 186 countries worldwide.

2. Opportunity to Live, Work, and Study in Portugal

Residency: The Golden Visa enables you to live in Portugal either part-time or full-time.
Healthcare: Full-time residents are required to have health insurance, granting access to Portugal's robust public healthcare system.
Education: You can access public schools that follow the Portuguese curriculum or choose private international schools offering British or American curricula. For more information, consult our guides on Portugal’s healthcare and education systems.
Work Authorization: Golden Visa holders can work anywhere in Portugal or establish and manage their own businesses.

3. Family Reunification

Investors applying for a Golden Visa may also request the granting of temporary residence permits for the purpose of family reunification for the following family members:

The spouse or partner in a non-marital partnership.
Minor or incapacitated children who are under the care of the couple or one of the spouses.
Minor children adopted by the Investor or their spouse, even if they are not married, provided that the adoption is recognized by a decision of the competent authority of the country of origin and that the legislation of that country grants adopted children rights and obligations identical to those of natural filiation, with this decision also recognized by Portugal.
Adult children who are under the care of the couple or one of the spouses, provided they are single, economically dependent on the Investor, and enrolled in an international higher education institution; and
Ascendants in the first degree of the holder or their spouse, provided they are under their care and are economically dependent.

Just like the procedure for the investor's application formalization, the formalization of the request for a temporary residence permit for family reunification will consist of two phases: a) In the first phase, a preliminary application (online) must be submitted through the ARI Portal of AIMA, along with the payment of the corresponding analysis fee, after the investor's online application has been formalized; b) The second phase will take place in person at one of the regional delegations of AIMA.

4. Citizenship and Passport Opportunities

After five years of maintaining your Golden Visa you may apply for Portuguese nationality by naturalization and obtain a Portuguese passport.
Beneficiaries can apply for Portuguese nationality, provided they meet the legal requirements for naturalization, becoming a holder of one of the "five most powerful" passports in the world.

Eligibility requirements include:

No outstanding tax obligations in Portugal
A clean criminal record in Portugal and your home country
Passing a basic Portuguese language test (covered in more detail later).

5. Tax Benefits

Possibility to avoid tax implications: considering the minimal stay requirements, the Golden Visa is the only residence permit in Portugal that allows the beneficiary not to become a tax resident in Portugal (as they do not meet the fiscal requirements), which would entail taxation on worldwide income. Obtaining legal residency through the Golden Visa does not mean becoming a tax resident.

Non-Residency: Golden Visa holders are not subject to Portuguese tax unless they reside in the country for more than 183 days per year.

Tax Residency: Those who choose to relocate can benefit from Portugal’s Non-Habitual Resident (NHR) tax regime. The NHR program offers:

Tax exemptions on certain foreign income for the first ten years of residency.
Adjusted taxation for foreign pension income, following updates made in 2020.

6. General Benefits

Residency is optional: While you gain the right to live and work in Portugal, there is no obligation to relocate.
Free travel within the Schengen Area.
Family members enjoy the same Golden Visa privileges.
After five years, applicants can pursue permanent residency or Portuguese citizenship, granting access to the benefits of living, working, or studying in any EU country. Portugal’s Golden Visa combines flexibility, attractive tax conditions, and a pathway to European citizenship, making it one of the most comprehensive residency-by-investment programs available.

Eligibility: Who Can Apply for Portugal’s Golden Visa?

1. Nationalities

The program is open to all non-EU, non-EEA, and non-Swiss citizens.

2. Prerequisites

To qualify for Portugal’s Golden Visa, the primary applicant must meet the following requirements:

Be at least 18 years old.
Maintain a clean criminal record in their home country and Portugal.
Ensure that all investment funds originate from outside Portugal.

3. Minimum Investment for the Golden Visa

Applicants must meet specific minimum investment thresholds to qualify. Eligible investment options include securities funds, capital transfers, business creation, and donations. A detailed breakdown of qualifying investments is provided later in this guide.

4. Family Members

Under the family reunification framework, the Golden Visa benefits can be extended to eligible dependents. These include:

Spouse or partner
Children under 18 years old
Dependent children under 26 years old who are unmarried and full-time students
Parents of the primary applicant (depends on demonstrating financial dependence on the main applicant)

5. U.S. Applicants

U.S. citizens are eligible for Portugal’s Golden Visa program. The program offers several advantages for American investors: Business Expansion: U.S. entrepreneurs can use the Golden Visa program to expand their businesses in Portugal, benefiting from the country’s favorable tax incentives and growing market.

6. UK Citizens

Since the conclusion of the Brexit transition period on December 31, 2020, UK citizens are no longer granted free movement within the Schengen Area. Portugal’s Golden Visa program offers a valuable alternative for British investors, enabling them to regain access to Schengen travel. The program has become increasingly popular among British citizens seeking to mitigate the impacts of Brexit, while enjoying Portugal’s desirable lifestyle and the opportunity to obtain European citizenship.

7. LGBTQ+ Partners

Portugal is a progressive and inclusive nation, recognized as one of the world’s most LGBTQ+-friendly countries:

Same-sex couples and dependents are fully eligible for the Golden Visa through the family reunification framework.
Same-sex marriage is legal in Portugal, ensuring that LGBTQ+ partners enjoy the same rights and benefits as any other applicants.

Portugal’s Golden Visa program ensures inclusivity and accessibility, making it an appealing choice for individuals and families worldwide.

Requirements to Obtain Portugal’s Golden Visa

1. Low Stay Requirement

Portugal’s Golden Visa program offers one of the most flexible residency requirements in Europe. Holders of the Golden Visa must spend a minimal amount of time in Portugal each year:

The initial residence authorization is valid for two (2) years, during which the holder must spend a minimum of fourteen (14) days in Portugal.
For subsequent residence authorizations, these are valid for three (3) years, with a stay requirement of at least twenty-one (21) days within that period.

2. Make and Maintain a Qualified Investment for Five Years

To qualify, applicants must demonstrate that they have personally made the required minimum investment and maintain it for at least five years while holding Golden Visa residency status.

Investment Maintenance: Once permanent residency or citizenship is obtained, maintaining the investment is no longer required.

3. Required Documentation

Applicants must submit the following documentation when applying for the Golden Visa:

a) Identification: A copy of a valid passport or other government-issued travel document.

b) Proof of Investment: For investment funds: A subscription statement from the fund’s management entity and a statement from a Portuguese financial institution confirming the transfer of funds.

c) Health Insurance:

If in Portugal: Proof of registration with the Portuguese National Health Service (SNS).
If outside Portugal: Proof of coverage from an international health insurance provider.

d) Criminal Record: A criminal record certificate issued within three (3) months prior to submission by the applicant’s country of residence.

e) Authorization Form: A completed form authorizing AIMA (Serviço de Estrangeiros e Asilo) to access the applicant’s Portuguese criminal record.

f) Affidavit of Compliance: A signed declaration confirming compliance with the required minimum investment for five years.

g) Tax and Social Security Clearance: Certificates from the Portuguese Tax Authority and Social Security System confirming no outstanding debts, issued within 45 days prior to submission.

h) Payment Receipt: Proof of payment for the ARI application fee.

4. Document Legalization

Non-Portuguese Documents: All documents issued outside Portugal must be legalized.
Hague Convention Countries: Legalization must be completed through an apostille process.

5. Document Translation

Any document not originally in Portuguese must be translated into Portuguese and certified by a notary. Certification ensures that the translation is accurate and meets legal standards.

By adhering to these requirements and ensuring the necessary documentation is in order, applicants can streamline their application process for Portugal's Golden Visa program.

Bank Account and Tax Identification Number (NIF)

Bank Account and NIF Number

To meet the requirements of the Golden Visa program, the primary applicant must:

Open a Portuguese Bank Account (Investment must be made from this account).
Obtain a Portuguese NIF (Tax Identification Number)

The NIF is required for opening the account and completing the investment.

How to Obtain a NIF

Provide proof of address from your country of residence.
Bring your government-issued Passport and proof of address to a Tax Office in Portugal (Finanças).
Receive your NIF number on the spot (usually within an hour).

Alternatively, you may authorize your lawyer via a Power of Attorney (PoA) to handle this step on your behalf.

How to Open a Bank Account in Portugal

Portuguese banks facilitate account opening for non-residents. Here’s what you need:

Passport or government-issued travel document.
NIF number.
Portuguese phone number.
Proof of address from your country of residence (less than 3 months old).
Proof of income or a payslip (less than 3 months old).

Qualifying Investments for Portugal Golden Visa

Qualifying Investment Funds

Minimum investment of €500,000 in a qualified Portuguese investment fund. An international capital transfer in the amount of EUR 500,000 or more, intended for the acquisition of shares in non-real estate collective investment vehicles, established under Portuguese law.

Among the available options, 3 Comma Capital’s flagship Golden Visa-eligible Portugal Golden Income Fund is widely regarded as an excellent choice for investors.

Company / Job Creation:

An international capital transfer in the amount of EUR 500,000 or more, intended for the establishment of a commercial company with its headquarters in the national territory, combined with the creation of 5 (five) permanent jobs, or for the reinforcement of the share capital of an already established commercial company with its headquarters in the national territory, with the creation of 5 (five) permanent jobs or the maintenance of 10 (ten) jobs, with a minimum of 5 (five) permanent jobs, for a minimum period of three years.
Creation of at least 10 jobs in Portugal: Presentation of the individual employment contracts signed with the workers.

Donations

Cultural Preservation: Invest a minimum of €250,000 in the preservation of Portugal's national heritage.

Golden Visa Financing Guidelines

Minimum Investment: The required minimum investment cannot be financed through a loan from a Portuguese financial institution.
External Loans: You may use a loan from a non-Portuguese institution to cover the minimum investment.
Additional Loans: Loans from Portuguese banks can be used for any amounts exceeding the minimum investment requirement.

By ensuring that all financial requirements and documentation are met, applicants can secure their eligibility for Portugal’s Golden Visa program efficiently.

Step-by-Step Guide of Portugal Golden Visa

The application process for the Portuguese Golden Visa is efficient and well-structured. Below is a detailed breakdown of the steps required to successfully complete the process.

Step One: Choose the Type of Investment

Evaluate the available investment options and decide which best aligns with your objectives. Historically, real estate investment has been the most popular choice, with over 90% of applicants opting for this option. However Portugal has passed legislation in October 2023 changing what type of investment qualifies for the scheme. Buying property is no longer eligible for the program.

Investment in funds has gained considerable momentum in recent years. 3 Comma Capital’s Portugal Golden Income Fund is a standout option for those seeking both financial returns and residency benefits.

Step Two: Gather All Necessary Documents

Collect all required documents for yourself as the main applicant and for any dependents.

Important Note: The documentation process often involves translations, notarizations, apostilles, and certifications. Engaging a professional consultant can simplify this step and save time.

Step Three: Obtain your NIF and Open a Bank Account

NIF (Número de Identificação Fiscal): This is the Portuguese Tax Identification Number and is essential for the Golden Visa process (Check above how to obtain your NIF).

Bank Account: Open a bank account with a credit institution authorized or registered in the national territory with the Bank of Portugal, where you are the sole holder, and which is free from any encumbrances or charges. This process is straightforward and can typically be completed within a day. Your legal advisor can handle these tasks on your behalf if you grant them a power of attorney.

Step Four: Formalize the Investment

Once your investment choice is finalized, complete the transaction.

Step Five: Submit the Pre-Application

Submit your pre-application online to AIMA (Serviço de Estrangeiros e Asilo) once:

Your qualifying investment is made.
All required documentation is ready.
Processing Time: The pre-application typically takes around five weeks.

Note: Your legal office will generally manage this submission on your behalf, ensuring everything is in order.

Step Six: Schedule and Attend Your AIMA Appointment

AIMA will provide available dates for your biometric appointment after reviewing your pre-application.

On the scheduled date, you and any dependents must visit an AIMA office in person to submit fingerprints and officially process the application.

Step Seven: Receive Your Golden Visa Residence Cards

You and your dependents will receive your Golden Visa residence cards.
Each card is valid for two years, after which it must be renewed.
Typical Timeline: It takes approximately 4 - 6 months from your biometric appointment to receive your residence cards.

Step Eight: Apply for Portuguese Citizenship

After holding your Golden Visa for five years, you can apply for:

Permanent Residency or
Portuguese Citizenship (see below)

Application Timeline: The citizenship process generally takes around one year.
Key Advantage: Once you achieve permanent residency or citizenship, you are no longer required to maintain your investment in Portugal.

By following these steps, applicants can navigate the Portuguese Golden Visa process with ease, ensuring a smooth path toward obtaining residency and, ultimately, Portuguese citizenship.

Timeline for the Portuguese Golden Visa Process

The Portuguese Golden Visa process is structured and spans several stages over five years, culminating in permanent residency or citizenship. Here’s a detailed breakdown of the timeline:

Initial Application

Online Submission: Submit your initial application and supporting documents to the Serviço de Estrangeiros e Asilo (AIMA) online.

AIMA Review & Biometric Appointment: Processing time for AIMA to review your application and schedule a biometric appointment can several months, depending on volume. You may apply at any AIMA office in Portugal, avoiding high-demand locations such as Lisbon.

Biometric Appointment: Attend the biometric appointment in person with all dependents to complete your application.

Golden Visa Issuance: After the biometric appointment, it typically takes four months to receive your Golden Visa residence cards.

Start Date: Your residency begins the day your Golden Visa card is issued.

Year One and Two

Residence Card Validity: The initial Golden Visa residence card is valid for two years.
Stay Requirement: Spend at least 14 days in Portugal during this period.
Renewal Window: Between 30-90 days before the card expires, schedule another AIMA appointment to renew your residence authorization.

Year Three, Four, and Five

Renewed Residence Card Validity: The renewed Golden Visa residence card is valid for three years.
Stay Requirement: Spend at least 21 days in Portugal during this period.

After Five Years

At the End of Year Five you have three options:

Apply for Permanent Residency in Portugal.
Apply for Portuguese Citizenship. (Citizenship applications typically take 6-12 months to process).
Continue with the Golden Visa Temporary Residency Program. (This requires maintaining your investment and renewing your residence card).

Key Milestone: Once you achieve permanent residency or citizenship, you are no longer obligated to maintain the Golden Visa investment.

Important Notes:

Documentation Updates - for each renewal, you must resubmit updated documents, including criminal records and biometric data.

Dependents - the timeline and requirements apply equally to all dependents under your Golden Visa application. By following this timeline, applicants can navigate the Golden Visa process smoothly and transition to permanent residency or citizenship without interruptions.

Portuguese Nationality

Acquisition of Portuguese Nationality by Naturalization

The Portuguese government grants Portuguese nationality by naturalization to foreigners who legally reside in Portugal, that is, holders of valid residence permits, for a minimum period of 5 years, provided that the following requirements are met:

They must be of legal age or emancipated under Portuguese law;
They must have a suficient knowledge of the Portuguese language – level A2 (which is presumed to exist for applicants who are natural and national citizens of Portuguese-speaking countries);
They must not have been convicted, with a final sentence, to a prison term of 3 years or more for a crime punishable under Portuguese law;
They must not pose a danger or threat to national security due to their involvement in activities related to terrorism, under the respective law; and
There must be no involvement of the foreign citizen in activities related to violent or highly organized crime.

For the purposes of submitting the nationality application, the following documents will be required:

Valid Residence Permit and Passport;
Birth Certificate, with a recent issuance date and duly apostilled;
Criminal Record Certificate from the country of origin and nationality, as well as from the countries where the applicant has resided after reaching the age of criminal responsibility, i.e., 16 years of age, with an issuance date of less than 3 months from the date of application and duly apostilled; and
Document proving knowledge of the Portuguese language – level A2, unless knowledge is presumed in certain cases.

The application for Portuguese nationality is made through the online platform of the Portuguese Civil Registry, which is available to Portuguese lawyers, upon granting a Power of Attorney for this purpose. This process may involve the payment of an application fee.
Obtaining Portuguese nationality does not have tax implications for the investor and their family members, nor does it mean that they become tax residents in Portugal. They will only be subject to taxation in Portugal on income sourced from Portugal.

Fees and Costs Portugal Golden Visa

In addition to the minimum investment, there are various government and legal fees associated with the Portuguese Golden Visa process. These fees vary based on the type of investment and the specific services required.
Below is a comprehensive breakdown of all the relevant costs:

Government Fees

Initial application: €605 per applicant. This fee is payable once at the beginning and again at each renewal.
Residence Permit: €5,645 per person, paid once at the start of the process.
Renewal Fee: €3,645 per person, payable at each renewal.

Legal Fees

Legal fees can vary significantly based on the law firm and the complexity of your application. Since the Golden Visa investment is a considerable amount, it’s highly recommended to work with an experienced law firm to handle due diligence, application, and renewal processes.

Total Estimated Legal Fees:

Range for a Family of Four (over five years): €20,000 – €30,000
Payment Structure: Fees can typically be paid in installments, depending on the law firm, as services are rendered over the five-year period.

Note: Legal fees are subject to the firm’s rates, number of dependents, and other factors, but they will not significantly differ between different investment types.

Tax Implications of Portugal's Golden Visa

The tax implications of the Portuguese Golden Visa program depend on whether you are a legal resident, a tax resident, and the type of investment you make.
Below is an outline of key tax considerations:

Legal vs. Tax Residency

Legal Residency: Holding a Portuguese Golden Visa does not automatically make you a tax resident of Portugal. You must meet specific requirements to be considered a tax resident.
Tax Residency: To become a tax resident, you must spend more than 183 days per fiscal year in Portugal. Tax residents are subject to Portuguese taxes on their worldwide income.

Non-Habitual Resident (NHR) Tax Program

The Non-Habitual Resident (NHR) tax regime is designed to attract high-value professionals and investors. It offers significant tax advantages to those who change their tax residency to Portugal.

Key points of the NHR program:

Eligibility: To qualify, you must not have been a tax resident in Portugal for the previous five years.
Tax Benefits: The program offers a flat 20% tax rate on income from qualified professions. Foreign-sourced income may also be exempt from taxation.

The NHR program has benefited over 10,000 applicants since its launch in 2009.

Main Statistics Portugal Golden Visa Program (2012 – 2024)

Total Number of Main Applicants: 13,000+

Total Number of Dependents: 20,000+

Total Investment into Portugal: €7.4 billion

Most Common Nationalities:

China: 5,500+ applicants

Brazil: 1,300+ applicants

U.S.: 800+ applicants

Turkey: 600+ applicants

South Africa: 600+ applicants

Important Note: 3 Comma Capital strives to ensure the accuracy and timeliness of the information provided; however, we cannot accept responsibility for any inaccuracies or outdated details.

If you still have questions, we invite you to consult our comprehensive FAQ about Portugal's Golden Visa for further details. 3 Comma Capital team is always available to clarify any additional queries you might have. You can contact us by using our Contact Form or e-mail us hello@3commafunds.com.

Golden Visa

How to Secure Portugal’s Golden Visa: A Comprehensive Guide for Investors