Portugal Golden Visa 2026: Complete Guide to Requirements, Costs & Process

Key Takeaways

Portugal's Golden Visa remains one of Europe's most attractive residency-by-investment programs in 2026

Real estate investment was removed in October 2023 — remaining options include investment funds (€500,000), donations (€250,000), and company creation

Minimum stay requirement is just 7 days per year (14 days per 2-year permit)

After 5 years, holders can apply for permanent residency or Portuguese citizenship

Total government fees over 5 years: approximately €16,000 per single applicant

Processing time: approximately 12–18 months from application to card issuance

What Is Portugal's Golden Visa?

Portugal's Golden Visa (formally the Autorização de Residência para Atividade de Investimento, or ARI) is a residency-by-investment program launched in 2012. It grants non-EU/EEA nationals a residence permit in exchange for a qualifying investment in Portugal.

The program has been one of Europe's most successful, attracting billions in investment and thousands of applicants since its inception. Despite significant changes in 2023 — most notably the removal of real estate as a qualifying investment — the program continues to offer compelling pathways to European residency.

Why It's Still Popular in 2026

Low physical presence requirement — just 7 days per year on average

Schengen Area access — visa-free travel across 27 European countries

Path to citizenship — Portuguese passport after 5 years, one of the world's strongest

Family reunification — include spouse, children, and dependent parents

No minimum income requirement — unlike the D7 visa

Tax benefits — though the NHR regime has changed, Portugal still offers competitive tax planning

Investment Options in 2026

Since October 2023, real estate purchases no longer qualify. The remaining investment routes are:

1. Investment Fund Subscription — €500,000

The most popular route in 2026. You invest a minimum of €500,000 in a qualifying Portuguese investment fund (venture capital or private equity fund registered with the CMVM).

Key details:

Fund must be registered with Portugal's Securities Market Commission (CMVM)

Minimum fund maturity typically 6–10 years

Management fees: typically 1–2% annually

Performance fees: typically 20–50% of profits above a hurdle rate

Capital is at risk — returns are not guaranteed

Pros: Passive investment, professionally managed, diversified exposure to the Portuguese economy.

Cons: Capital locked for fund duration, management fees reduce returns, limited liquidity.

2. Donation to Arts/National Heritage — €250,000

The lowest-cost entry point. Donate at least €250,000 to support Portuguese arts, culture, or national heritage preservation.

Key details:

Funds go toward preservation of national cultural heritage

This is a donation — the capital is not returned

Must be channeled through approved cultural institutions

Total capital required (with fees): approximately €268,500

Pros: Lowest minimum investment, straightforward process, meaningful cultural contribution.

Cons: Non-recoverable investment (it's a donation), limited to cultural projects.

3. Donation to Research & Development — €500,000

Invest €500,000 in scientific research activities conducted by Portuguese public or private research institutions.

Key details:

Funds support approved R&D activities

This is also a donation — capital is not returned

Must go through recognized research institutions

4. Company Creation — €500,000 + 5 Jobs

Create a new company in Portugal with share capital of at least €500,000 and create a minimum of 5 permanent jobs (or 10 jobs with no minimum capital).

Key details:

Option A: €500,000 share capital + 5 permanent jobs

Option B: Create 10 permanent full-time jobs (no minimum capital)

Jobs must be maintained throughout the investment period

Company must remain operational

Pros: Active business involvement, potential for returns, job creation contributes to economy.

Cons: Most complex option, requires ongoing management, employment obligations.

5. Capital Transfer — €500,000

Transfer at least €500,000 to invest in an existing Portuguese company, combined with the creation of 5 permanent jobs.

Eligibility Requirements

To qualify for Portugal's Golden Visa, applicants must:

1. Be a non-EU/EEA/Swiss national

2. Be at least 18 years old

3. Have no criminal record (clean criminal history in country of origin and Portugal)

4. Make a qualifying investment (maintained for at least 5 years)

5. Have valid health insurance covering Portugal

6. Meet minimum stay requirements (7 days/year average)

7. Have a Portuguese tax number (NIF)

Family Members

Your Golden Visa application can include:

Spouse or partner (including same-sex partners)

Dependent children under 18, or under 26 if full-time students

Dependent parents aged 55+ (of applicant or spouse)

Siblings under 18 who are legal dependents

Each family member pays additional government fees but does not need a separate investment.

Costs Breakdown

Government Fees (Per Person)

| Fee Type | Amount | When |

|----------|--------|------|

| Processing fee | €773.74 (+ €83/dependent) | Initial + each renewal |

| Initial application | €7,730 | Once |

| Renewal application | €3,866 | At each renewal (x2) |

Total government fees over 5 years (single applicant): ~€16,236

Total Cost Estimates

| Route | Investment | Fees (est.) | Total Capital Needed |

|-------|-----------|-------------|---------------------|

| Fund subscription | €500,000 | ~€28,500 | ~€528,500 |

| Cultural donation | €250,000 | ~€18,500 | ~€268,500 |

| R&D donation | €500,000 | ~€18,500 | ~€518,500 |

| Company creation | €500,000+ | ~€25,000+ | ~€525,000+ |

*Estimates include legal fees (~€15,000–20,000), document processing, health insurance, and miscellaneous costs.*

Application Process & Timeline

Step-by-Step Process

1. Choose your investment route and engage a Portuguese lawyer

2. Obtain a Portuguese tax number (NIF) — can be done remotely via fiscal representative

3. Open a Portuguese bank account

4. Make your qualifying investment

5. Gather required documents (criminal record certificates, proof of investment, health insurance, etc.)

6. Submit your application online via AIMA (Agency for Integration, Migration and Asylum)

7. Wait for pre-approval — typically 2–6 months

8. Attend biometrics appointment in Portugal

9. Receive your Golden Visa card — typically 4 months after biometrics

Timeline

| Stage | Duration |

|-------|----------|

| Preparation & investment | 1–3 months |

| Application submission | — |

| Pre-approval | 2–6 months |

| Biometrics appointment | Schedule after approval |

| Card issuance | ~4 months after biometrics |

| Total | ~12–18 months |

Renewals

First renewal: after 2 years

Second renewal: after 4 years

Apply 30–90 days before permit expiry

Must demonstrate investment maintenance and minimum stay compliance

Path to Permanent Residency & Citizenship

Permanent Residency (After 5 Years)

After 5 years of Golden Visa residency, you can apply for a permanent residence permit. This removes the investment maintenance requirement and grants indefinite residency rights.

Portuguese Citizenship (After 5 Years)

Portugal is one of the few countries that allows Golden Visa holders to apply for citizenship after just 5 years. Requirements:

5 years of legal residency (Golden Visa counts)

Basic Portuguese language skills (A2 level — basic conversational)

No serious criminal convictions

Demonstrated ties to Portugal (though the low stay requirement helps)

A Portuguese passport provides:

Visa-free access to 190+ countries (one of the world's strongest passports)

Right to live and work anywhere in the EU

Dual citizenship is permitted — Portugal does not require renouncing your original nationality

What Changed in 2023 (and What It Means for 2026)

The "More Housing" law (Mais Habitação), effective October 7, 2023, brought major changes:

Removed

❌ Real estate investment (all property routes eliminated)

❌ Capital transfer of €1.5M+ (standalone bank deposit route)

Still Available

✅ Investment funds (€500,000)

✅ Cultural donations (€250,000)

✅ R&D donations (€500,000)

✅ Company creation/capital transfer (€500,000)

✅ Job creation (10 jobs minimum)

Impact

The removal of real estate was designed to address Portugal's housing crisis. While it reduced application volumes initially, the fund route has become increasingly popular, with a growing number of CMVM-registered funds targeting Golden Visa investors.

Golden Visa vs. D7 Visa: Which Is Right for You?

| Feature | Golden Visa | D7 Visa |

|---------|-------------|---------|

| Minimum investment | €250,000–€500,000 | None (passive income proof) |

| Income requirement | None | ~€820/month minimum |

| Stay requirement | 7 days/year | 6+ months/year |

| Processing time | 12–18 months | 2–4 months |

| Cost (fees) | ~€16,000+ | ~€500 |

| Path to citizenship | 5 years | 5 years |

| Best for | Investors who don't plan to live full-time in Portugal | Retirees, remote workers, and those who want to live in Portugal |

Frequently Asked Questions

Can I still buy property with a Golden Visa?

No. As of October 2023, real estate investment is no longer a qualifying route for Portugal's Golden Visa. The remaining options are investment funds, donations, and company creation.

How long do I need to stay in Portugal?

Just 7 days per year on average. Specifically, 14 days within each 2-year permit period.

Can I work in Portugal with a Golden Visa?

Yes. Golden Visa holders have the right to work in Portugal, whether employed or self-employed.

Is the €250,000 donation refundable?

No. The cultural heritage donation route is exactly that — a donation. The funds are not returned. However, it remains the lowest entry point to the program.

Can I include my family?

Yes. Spouse/partner, dependent children (under 18, or under 26 if students), and dependent parents aged 55+ can be included. Each family member pays additional government fees.

What happens after 5 years?

You can apply for permanent residency (no more investment requirement), apply for Portuguese citizenship (EU passport), or continue renewing your Golden Visa.

Is the program likely to be cancelled?

While there's always political risk, the program has survived multiple government changes and reforms. The 2023 changes removed real estate but kept the program active. As of 2026, there are no credible proposals to end it entirely.

What This Means for Expats

Portugal's Golden Visa remains a strong option for non-EU nationals seeking European residency, especially those who don't want to relocate full-time. The removal of the property route was significant, but the fund and donation options provide viable alternatives.

For those planning to actually live in Portugal, the D7 visa is likely more cost-effective. The Golden Visa's real value lies in its flexibility — minimal stay requirements combined with a clear path to one of the world's most powerful passports.

Further Reading

[D7 Visa Portugal: Everything You Need to Know](/d7-visa-portugal-guide/)

[Cost of Living in Portugal 2026](/cost-of-living-portugal-2026/)

[Portugal NHR Tax Regime: What's Changed](/portugal-nhr-tax-changes/)

[Best Places to Live in Portugal for Expats](/best-places-live-portugal-expats/)

*Last updated: March 1, 2026*

*Disclaimer: This guide is for informational purposes only and does not constitute legal or financial advice. Immigration laws change frequently — always consult a qualified Portuguese immigration lawyer before making investment decisions.*