Portugal
Portugal Golden Visa (Autorização de Residência para Atividade de Investimento — ARI)
Also known as: ARI, Portugal Investor Residence Permit
- Min investment
- $275K
- Program tier
- Renewable Temp
- Program type
- Golden Visa
- Initial validity
- 2 yr
- Renewable
- Yes
- Path to PR
- 5 yr
- Path to citizenship
- 5 yr
- Schengen access
- Yes
Investment options
Fund
$550KInvestment of EUR 500,000+ in qualifying Portuguese regulated venture capital or private equity funds (CMVM-regulated). Funds must allocate at least 60% of capital to Portuguese companies; cannot invest directly or indirectly in real estate (post-Oct 2023 reform). 5-year holding period.
Business Investment
$550KIncorporation or capital injection of EUR 500,000 into a Portuguese commercial company AND creation of 5 full-time jobs, OR EUR 500,000 into a company that creates 5 jobs.
Job Creation
—Creation of at least 10 full-time jobs in Portugal (8 in low-density areas). No minimum capital floor.
Donation
$275KDonation of at least EUR 250,000 to support artistic production, recovery, or maintenance of national cultural heritage. Most accessible route by capital, but funds non-recoverable.
Donation
$550KDonation of EUR 500,000+ to qualifying public or private research entities engaged in scientific research.
Physical presence
Path to citizenship
- Available: Yes
- Minimum years: 5
- Language test: Yes
Naturalization after 5 years of legal residence, A2 Portuguese (CIPLE test), clean criminal record, ties to Portugal. No physical residence test in days, but ties test enforced. Dual citizenship allowed. Portuguese passport is one of the strongest in the world (190+ visa-free).
Tax implications
- Becomes tax resident automatically: No
- Worldwide income taxed: No
- Territorial tax system: No
- Day-count for tax residency: 183 days
- Wealth tax: No
Golden Visa does NOT make holder tax-resident unless they spend 183+ days in Portugal or have habitual residence. NHR (Non-Habitual Resident) regime closed to new applicants 2024 except for grandfathered/limited research-and-skills cases (NHR 2.0 / IFICI). Standard PIT progressive up to 48% on residents. No wealth tax; AIMI on luxury property; capital gains 28% (50% taxable rate).
Family inclusion
- Spouse: Yes
- Children under 18: Yes
- Dependent adult children: Yes
- Parents: Yes
Spouse, dependent minor children, financially dependent adult children in full-time education (typically up to age 26), dependent parents over 65 (or younger if proven financial dependence), and adult siblings under 18 in the applicant's legal custody.
Additional fees
- Application fee: $600
- Government fees: $6K
- Legal/agent (est.): $12K
Initial AIMA application ~EUR 533/applicant. Approval fee ~EUR 5,335/applicant (lower for dependents). Renewal fee ~EUR 2,668/applicant. Legal/agent fees typically EUR 8,000-15,000+. Fund subscription fees vary 0-3% upfront plus 1-2% annual management.
Eligibility requirements
- Non-EU/EEA/Swiss citizen, age 18+
- Clean criminal record from country of citizenship and any country of residence in last year
- Health insurance valid in Portugal
- Investment in qualifying route with funds from non-Portuguese source
- Portuguese tax number (NIF) and Portuguese bank account
- AIMA appointment (currently backlog: 6-24 months for first biometrics)
Disqualifiers
- Prior Schengen entry ban
- Real estate purchases (closed Oct 2023 — including residential and commercial property)
- Government bond purchases (closed Oct 2023)
- Capital transfer of EUR 1.5M to bank account (closed Oct 2023)
Recent changes
- 2023-10-07
Mais Habitação law eliminated real estate, government bond, and EUR 1.5M capital transfer routes. Existing applications and renewals grandfathered. Funds, business, donation, and job-creation routes preserved.
- 2023-10-29
AIMA replaced SEF as the immigration regulator; significant processing backlogs through 2024-2025.
- 2024-2025
Portuguese courts (Lisbon Administrative Court) ruled that the 5-year citizenship clock starts on application submission date, not on biometrics — significantly accelerating citizenship timelines for applicants stuck in AIMA backlog.
- 2025
Right-leaning coalition government proposed lengthening naturalization to 7-10 years; status under parliamentary debate but not yet enacted as of May 2026.
- 2026
AIMA processing improving; biometric appointment wait times reduced to 6-12 months. Fund route remains most popular route. Real estate route closure now firmly final.
Notes
Portugal Golden Visa remains the gold standard for EU citizenship via investment — 5-year path to a passport in the EU's #4-strongest passport, with only 7 days/year presence. Real estate route is gone; fund route requires careful due diligence (no real estate exposure even indirect). Naturalization timing risk is the live political issue — investors planning multi-year holds must monitor the proposed extension to 7-10 years. Tax: separate from immigration — investors typically remain non-tax-resident throughout, then face decision at naturalization.
EasyPassport is a document-organization tool focused on citizenship by descent. This page is reference research, not legal or financial advice. Always verify with the official program authority.