The Golden Visa, formally known as the Residence Permit for Investment Activity (ARI), is a scheme that allows third-country nationals to obtain a residence permit in Portugal by making a qualifying investment within national territory. Launched in 2012, the programme has undergone significant structural changes in recent years, notably through Law No. 56/2023, which removed real estate investment and the transfer of capital for property acquisition as eligible routes. This article falls within the Immigration and Nationality practice area at Araújo & Associados.
The ARI scheme is provided for under the Foreigners’ Law and is administered by the Agency for Integration, Migration and Asylum (AIMA), successor to the former SEF in this matter. Unlike other residence routes based on own income or professional activity, the Golden Visa is based on making a qualifying investment in Portugal, the maintenance of which for a set period is a condition for renewing the residence permit.
Since the removal of the real estate route, the investment routes currently eligible for the Golden Visa are concentrated in areas with a direct impact on the Portuguese economy, science and culture:
Each route has its own minimum investment value, documentary requirements and maintenance periods, defined by law and by AIMA regulations, so the choice of the most suitable route depends on an assessment of the investor’s profile and specific objectives.
One of the main advantages of the Golden Visa is the reduced minimum stay requirement in national territory, compared with other residence routes: as a rule, seven days of presence in the first year and fourteen days in each subsequent two-year period. This requirement allows the holder to maintain the residence permit without the need to establish an effective residence in Portugal, while continuing other activities abroad.
The Golden Visa application is submitted to AIMA, with the process being predominantly electronic, followed by an appointment for the collection of biometric data in Portugal. Processing the application includes proof of the investment made, identification documentation for the applicant and, where applicable, family members included through reunification, as well as a criminal record certificate from the country of origin. Decision timeframes depend on AIMA’s caseload at any given time and on the investment route chosen, so it is not possible to give a uniform timeframe applicable to all proceedings.
Submitting a Golden Visa application removes the need for a prior consular visa application.
The Golden Visa grants a residence permit, which is distinct from Portuguese nationality. Permanent residence may generally be applied for once five years’ holding of a residence permit have elapsed. The timeframe for naturalisation – acquisition of Portuguese nationality – was changed by the Nationality Law reform in force since 18 May 2026, which set a general period of ten years of legal residence for most applicants, and seven years for nationals of European Union member states and of the Community of Portuguese Language Countries (CPLP). As this is a recent legislative change, it is advisable to confirm the applicable timeframes and requirements with up-to-date legal advice, particularly for proceedings already under way at the date the new law came into force.
For applicants who do not wish to make a qualifying investment, there are other routes to a residence permit in Portugal, namely the D7 visa, intended for holders of regular own income, described in the article D7 Visa for Retirees, and the digital nomad visa, intended for professionals carrying out remote activity for entities based outside Portugal, described in the article D8 Visa for Digital Nomads. The choice between these routes depends on the applicant’s profile, objectives and specific financial situation.
In operation since 1980, with offices in Porto and Lisbon, Araújo & Associados handles immigration proceedings for clients from more than 31 countries, providing legal advice in Portuguese, English, French, German and Spanish.
No. Since Law No. 56/2023 came into force in October 2023, property investment and the transfer of capital linked to property acquisition are no longer eligible routes for the Golden Visa. Golden Visas granted before this change remain valid under the terms on which they were granted.
The minimum amount varies depending on the route chosen, with the cultural support route requiring the lowest investment value and the investment fund and scientific research routes requiring the highest values. The specific amounts are subject to legal and regulatory updates, so they should be confirmed at the time the application is submitted.
No effective or permanent residence is required. The minimum stay requirement is significantly reduced compared with other residence routes, allowing the holder to maintain the residence permit without needing to establish habitual residence in Portugal.
Yes, the Golden Visa holder is authorised to work in Portugal. In addition, the residence permit obtained through the Golden Visa allows the holder to reside in Portugal and travel within the Schengen area under the terms applicable to holders of a Portuguese residence permit.
The applicable timeframe was changed by the Nationality Law reform in force since May 2026, with the general period of legal residence required for naturalisation now set at ten years, reduced to seven years for nationals of European Union member states and of the CPLP. Permanent residence, which is distinct from nationality, can generally be applied for earlier, after five years.
Yes, through the family reunification process, with the fees payable to AIMA calculated per applicant included in the process, including spouse or civil partner and dependent children.
For further information about the Golden Visa, or to schedule a legal consultation, you can contact us through our Porto or Lisbon offices, by telephone, e-mail or through the form available on the website. We provide legal advice in Portuguese, English, French, German and Spanish.
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