Is the Portugal Golden Visa Worth It? Pros, Cons, and New Rules Explained
November 10, 2025
The Portuguese Golden Visa program allows wealthy expats to obtain legal residency in Portugal through investment. Since its introduction in 2012, the program has granted visas to over 13,000 applicants, thanks to its accessibility and potential for high investment returns.
However, the 2022 Golden Visa changes increased minimum investment requirements, making the visa less accessible. This shift in perception raises a key question for new investors: Is the Portugal Golden Visa worth it in 2025?
To help you make an informed decision, this guide will answer the following questions:
- How does the Portugal Golden Visa program work?
- What are the advantages of obtaining the Portuguese Golden Visa?
- What are the downsides associated with the Portugal investment visa?
- Who may benefit from the Portugal Golden Visa in 2025?
What Is the Portugal Golden Visa?
The Golden Visa program, also known as the residence permit for investment activity (ARI) in Portugal, enables expatriates from outside the EU, EEA, and Switzerland to obtain a Portuguese residency permit by making a qualifying investment.
The Golden Visa holders can legally reside, work, and study in Portugal. The visa also allows them to bring their family members to Portugal, including their spouse, children, and parents.
After five years of holding legal residency under the Golden Visa, investors may become eligible to apply for Portuguese citizenship, provided they meet all legal requirements.
According to the latest updates to the Golden Visa program made in 2023, you must invest in one of the following options to qualify for the Portuguese Golden Visa:
| Portugal Golden Visa Investment Options in 2025 | Minimum Investment | Rules and Requirements |
| Fund subscription | €500,000 | Invest at least €500,000 in qualifying Portuguese funds, such as capital or private equity funds |
| Portuguese company | €500,000 | Transfer a minimum of €500,000 to a Portuguese business that must create at least five full-time jobs in a period of three years |
| Donation | €250,000 or €500,000 | Either invest €250,000 (or €200,000 in low-density areas) in preserving the Portuguese national heritage or €500,000 in scientific research |
| Job creation | N/A | Create 10 jobs (or eight in low-density areas) in Portugal without a minimum investment requirement |
Portugal Golden Visa Changes in 2022 and 2023
After the changes to the Portugal Golden Visa in 2022, the minimum investment requirements have increased significantly. While in 2021, you had to allocate at least €350,000 toward an investment fund, a Portuguese company, or science and research, the minimum required investment was raised in 2022 as follows:
- Investment funds: €500,000
- Portuguese company: €500,000
- Science and research: €500,000
Additionally, the option to transfer a capital of €1 million and obtain the visa increased to €1.5 million. However, after a program update that occurred in October 2023, the capital transfer option is no longer available.
The 2023 update also terminated the real estate investment option that allowed applicants to secure the Golden Visa by investing €280,000–€500,000 in Portuguese real estate.
With these changes in mind, we’ll explore the pros and cons of obtaining the Portugal Golden Visa to see if it’s worth it.
What Are the Benefits of the Portugal Golden Visa?
Depending on your needs and financial goals, applying for the Golden Visa in Portugal in 2025 may be worth it, as the program provides the following advantages:
- Minimal residency requirements
- Favourable tax regime
- Visa-free access to the EU Schengen area
- Pathway to Portuguese citizenship after residency by investment
Minimal Residency Requirements
According to the Portugal Golden Visa residency requirements, you don’t have to be a Portuguese tax resident to be granted a residence permit. However, you must honor the minimum stay requirement in Portugal, which entails:
- Seven days during the first year
- No less than 14 days for each subsequent two-year period after the initial year
Although your residence permit will be valid for two years, you have to comply with the requirements outlined above.
Note that the Golden Visa grants holders the right to enter Portugal at any time, regardless of border restrictions. It also allows residents to live in the country without any limitations on their length of stay. Should you decide to reside in Portugal, you will enjoy notable privileges, such as overall safety, a warm climate, excellent cuisine, and access to the Atlantic Ocean.
Favourable Tax Regime
Expats who make a qualifying investment in Portugal but don’t reside in the country can enjoy the Portugal Golden Visa tax benefits.
The Portuguese government offers favourable tax rates for expats who aren’t considered tax residents in Portugal. Since the Golden Visa program has minimal residency requirements, you can take advantage of favourable tax rates as long as you:
- Spend fewer than 183 days in Portugal per year
- Hold a habitual residence outside of Portugal
Income derived outside Portugal isn’t taxed if you are a Portuguese non-resident for tax purposes. You are subject to a 25% tax rate on employment and business income sourced within the country. This is significantly lower than the regular tax rates of up to 48%.
If you meet specific professional criteria, you may also qualify for the Incentivised Tax Status (ITS) program. The ITS provides various tax advantages, such as a flat rate of 20% on employment income generated in Portugal or elsewhere.
Visa-Free Access to the EU Schengen Area
The Portuguese Golden Visa allows you to travel in the EU Schengen Area without an additional visa. The area includes 29 countries (25 European Union member states and four non-EU countries), some of which are:
- Austria
- Germany
- France
- Norway
- The Netherlands
You can legally spend up to 90 days in a six-month period in the Schengen states.
Another benefit the Golden Visa may grant you is qualifying for the U.S. Visa Waiver Program (VWP). By becoming a Portuguese citizen down the line, you will be allowed 90-day stays in the U.S. for tourism or business purposes without a visa. Travelers must obtain an Electronic System for Travel Authorization (ESTA) approval before the trip.
Pathway to Portuguese Citizenship by Investment
The Golden Visa allows investors to secure Portuguese citizenship by investment after holding the visa for five years.
To be eligible for the Portugal Golden Visa citizenship, you must:
- Have no criminal record in and outside of Portugal
- Provide proof of renewing your Golden Visa residence permit
- Provide evidence of maintaining your initial Golden Visa investment
- Have an account in a Portuguese bank
- Provide a Portuguese tax identification number (NIF) certificate
- Pass an A2-level Portuguese language proficiency test
Note that the language test can be avoided by completing 150 hours of language lessons.
Once you become a Portuguese citizen, you will receive a Portuguese passport and an EU citizenship. This permits visa-free travel to over 180 countries and allows you to live and work within the EU/EEA, which includes establishing businesses, owning property, and accessing exceptional healthcare and premium education at prestigious European universities.
What Are the Portugal Golden Visa Disadvantages?
While the Portuguese Golden Visa provides various benefits, you should also consider potential drawbacks before deciding whether this visa is worth your investment.
The main disadvantages of the Golden Visa in Portugal include:
- Visa application and renewal fees
- Financial cost vs. value
- Potential processing delays
Visa Application and Renewal Fees
Obtaining and retaining the Golden Visa in Portugal incurs high costs. In addition to the minimum required investment, you must cover application fees, residence permit costs, and renewal charges. The exact rates are outlined below:
| Fees | Single Applicant | Couple |
| Application fee (also charged on renewals) | €605.1 | €1,210.20 |
| Initial issuance charges | €6,045.2 | €12,090.40 |
| Renewal costs (applicable twice) | €3,023.2 | €6,046.40 |
| Total cost over five years | €13,906.9 | €27,993.8 |
Note that the renewals are charged at the end of years two and five, and with each renewal, you must also pay the application fee of €605.1 for yourself and each family member (if applicable).
Based on these rates, if a family of four moved to Portugal on a Golden Visa, the total cost would be €55,627.6.
Financial Cost
The new Golden Visa rules from 2022, which significantly increased the minimum investment requirement, may deter some investors from applying for the visa.
In addition to the total cost of approximately €13,906.9 per applicant for fees alone, you must also invest either €250,000 or €500,000 to obtain the Golden Visa. This means the lowest total investment would be €263,906.9, while the highest amounts to €513,906.9 per person.
The high investment requirements for the Golden Visa may make the program less appealing to some investors, depending on their financial circumstances and long-term goals.
Potential Processing Delays
Due to the high demand for the Portugal Golden Visa program, many applicants experience significant processing delays. While applications should be processed in several months, the average waiting period in 2024 was around three years.
If you are hoping to secure Portuguese citizenship through the Golden Visa as soon as possible, these delays can hinder the process.
It should be noted that the Portuguese government is actively addressing the Golden Visa processing delays.
Previously, the five-year residency requirement for citizenship only started once the initial residence permit was issued. However, the Portuguese nationality law that was updated in January 2024 and came into effect on 1 April 2024 states that the time between submitting a temporary residence permit application and its approval now counts toward the five-year residency period.
Is It Worth Applying for the Portugal Golden Visa Program in 2025?
Applying for the Portugal Golden Visa in 2025 is still worth it for most wealthy investors. It provides a direct pathway to Portuguese citizenship with minimal requirements to reside in Portugal.
The visa is particularly suitable if the following applies to you:
- You can allocate €250,000–€500,000 toward qualified investments
- You have sufficient funds to cover €13,906.9 in fees per person over five years
- You want to obtain foreign residence without exposing your income to high tax rates
- You plan on moving to Portugal in the future, but don’t intend to change residence now
- You are more comfortable making an investment for a potential return than making a donation
- You want a path to citizenship or permanent residency within five years with minimal physical presence requirements
- You are interested in creating a legacy for future generations and want your descendants to inherit the citizenship
If you decide that the Portuguese Golden Visa meets your financial needs and objectives, Nomad Capitalist can provide professional assistance with the application process.
Secure the Golden Visa in Portugal Seamlessly With Nomad Capitalist
Nomad Capitalist is an advisory firm specializing in helping high-net-worth individuals ensure seamless immigration, tax optimization, and asset protection.
Instead of general advice, we provide personalized strategies that align with each client’s circumstances and goals, from obtaining residence, citizenship, and dual citizenship to legally reducing cross-border tax liability.
Our long-term Action Plan is designed to meet your financial and lifestyle needs, whether you choose to invest in a Golden Visa or explore other residency or citizenship options. The plan includes:
- Guidance on obtaining second residencies or citizenships through investment, descent, or naturalization
- Guidance in selecting the best international banks and accounts for both personal and business needs
- Advice on offshore banking and tax structuring
To receive a specialized, comprehensive Plan, complete our online application form to determine whether you’re a good fit. Once approved, we will:
- Schedule a one-to-one onboarding call to discuss your relocation goals
- Create and present a step-by-step overview of your Action Plan
- Handle the relocation-related administrative work
- Offer ongoing support and advice
Our Action Plan is designed for serious entrepreneurs and investors who are ready to take action. Build your custom international strategy today!
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