Portugal Golden Visa 2025: Benefits, Eligibility, and Application Process

For over a decade, the Portugal Golden Visa has been an appealing option for American investors who want to live abroad and leverage the freedom of moving between the EU’s 27 countries without restrictions.

This guide will help you understand what it takes to enjoy the many benefits of the Portugal Golden Visa program. Since obtaining the Golden Visa is both a significant decision and a complex process, we’ll outline everything you should know, most notably:

• What the Golden Visa program is and how it works
• How it can benefit you
• Who can obtain a Golden Visa
• How to complete the application process as effortlessly as possible

What Is the Portugal Golden Visa Program?

Also known as the Residence Permit for Investment Activity (ARI), the Portugal Golden Visa is a residency-by-investment scheme launched in 2012 to attract foreign capital. It lets non-EU/EEA citizens obtain a Portugal residence permit through qualifying investments that support the country’s economy.

The program was motivated by the 2008 financial crisis, which required Portugal to obtain significant foreign capital and ensure a healthy recovery. It turned out to be a considerable success, drawing in over 12,000 families and €7+ billion in foreign investments.

In return, Portugal provided Golden Visa holders with many benefits, such as:

• The ability to live, work, and study in the country
• EU-wide and Schengen area mobility
• A path toward permanent residency or Portuguese citizenship

The Golden Visa program has gone through numerous changes since its introduction. It initially allowed applicants to invest in Portuguese real estate, but this caused a housing crisis that led to the government removing this possibility in 2023 with the introduction of the Mais Habitação (More Housing) program.

Still, the program offers various investment options for those who wish to inject capital into the Portuguese economy and relocate to the country.

Portugal Golden Visa Qualifying Investments in 2025

To obtain a Golden Visa, you may make one of five approved investments:

Portugal offers an incentive for investing in low-density areas—regions with fewer than 100 inhabitants per km² or GDP per capita below 75% of the national average. Investments in such areas enjoy a 20% reduction, but only investments in science research and arts/cultural heritage qualify for it.

Your chosen option will mainly depend on your financial and relocation goals. For instance, while a cultural donation in a qualifying low-density region could require only €200,000 with the reduction, it may not be the best option if you’re an investor looking for returns.

What Are the Eligibility Criteria for the Portugal Golden Visa Program?

Besides making a qualifying investment, you need to meet several criteria to obtain a Golden Visa:

• Citizenship: To qualify for the Golden Visa, you must not be a citizen of the EU, EEA, or Switzerland
• Legal age: You must be at least 18 to apply for the Golden Visa. Children can become eligible for it if their parents apply and include them as dependents
• Criminal records clearance: You need to provide police clearance certificates from your home country as proof that you have no serious criminal offences on record. Portuguese authorities will also check for any convictions in Portugal
• Financial good standing: You must not have any outstanding debts to the Portuguese Tax Authority and your country’s relevant regulatory bodies
• Entry visa: Before obtaining the Golden Visa, you will need a qualifying entry visa to enter Portugal (e.g., a Schengen tourist visa)

A major benefit of Portugal’s Golden Visa compared to other countries is a lenient minimum stay requirement. Once you obtain the Golden Visa, you only need to stay in Portugal for seven days in the first year, and a total of 14 days over the course of the following two years.This makes Portugal’s Golden Visa an excellent choice for investors who don’t necessarily plan on staying in Portugal at all times but instead want to be more mobile throughout Europe. Better yet, it’s far from the only benefit of the program. 

What Are the Main Benefits of the Portugal Golden Visa Program?

Apart from the low physical presence requirement, the most compelling aspects of Portugal’s Golden Visa program are:

• Robust family reunification: As the primary applicant, you can include immediate family in the Golden Visa, and they will have equal rights as you. Besides your spouse or minor child, you can include adult dependents in full-time education, and even your or your spouse’s parents
• Schengen area travel: Golden Visa holders can move freely between the 27 Schengen countries, which significantly simplifies business and leisure travel
• Residency rights: As a Portugal resident, you will gain access to the country’s public healthcare and education system, which can be highly beneficial for your family if you plan on long-term relocation
• Potential for EU citizenship: After five years of being a Portugal resident, you may apply to become a citizen

These advantages build on top of the general benefits of living in Portugal, regardless of your arrangement. You can enjoy a stable country with a solid standard of living and higher affordability than many EU countries.

How To Get a Golden Visa in Portugal

The process of obtaining a Golden Visa is pretty straightforward—here are the steps you need to follow:

1. Prepare a tax ID and bank account
2. Make a qualifying investment
3. Gather the necessary documentation
4. Submit an online application
5. Attend the biometric appointment and receive final approval
6. Obtain your residence card
7. Renew the residence card

1. Prepare a Tax ID and Bank Account

Before applying for a Golden Visa, you must obtain a tax ID (Número de Identificação Fiscal or NIF). It’s required for any financial activity in Portugal, including the investment you’ll make as part of your Golden Visa process.

You can apply for a NIF at a local tax office or online through the Tax and Customs Authority website via a tax representative you designate, free of charge. While some third-party sources suggest that online applications may take anywhere from a few to around 10 business days, official timelines haven’t been published, and actual processing times may vary.

After obtaining a NIF, you need to open a Portuguese bank account through which you will facilitate the investments. Much like obtaining a NIF, this is typically done with the support of a representative.

With proper guidance, you can get your NIF and bank account within a few days. While exact timings can vary based on individual circumstances, having expert support ensures the process moves as smoothly and quickly as possible.

2. Make a Qualifying Investment

Once you have your NIF and a bank account, you can make your preferred investment to qualify for a Golden Visa. Depending on your chosen category, doing so may involve steps like:

• Purchasing fund units
• Executing the donation to your chosen project or research facility
• Incorporating a company and hiring staff to meet the job creation requirement

The Portuguese government will look for evidence of the investment, which can include:

• Business registration
• Employment contracts
• Fund subscription certificate

The investment must be executed before you apply for the Golden Visa, and the funds must be transferred to Portugal as a prerequisite for a successful application. 

3. Gather the Necessary Documentation

Upon making your investment, you need to collect all the documents necessary to submit a Golden Visa application. These include:

• Valid passport
• Proof of investment
• Bank letter confirming the fund transfer
• Criminal background check from your country (no older than three months)
• Proof of health insurance valid in Portugal
• Certificate of no debt to the Portuguese and your home country’s tax authorities
• Payment confirmation for the application fees (€806,80)

When planning your costs, make sure to include any legal or service fees you’ll incur if working with legal professionals, advisors, or representatives.

Any documents from your home country (e.g., your health insurance policy and background check) must be apostilled/legalized and translated into Portuguese by a certified translator.

4. Submit an Online Application

You need to submit your Golden Visa application through the Portuguese immigration portal. In 2024, Portugal switched from the Serviço de Estrangeiros e Fronteiras (SEF) to the Agência Para a Integração Migrações e Asilo (AIMA), so make sure to consult the latter for any specifics regarding the process and use their service for the application.

You will use the AIMA Services Portal to submit all the necessary documentation. This digitization is a part of the government’s efforts to streamline the application process, which took effect in 2023.

If everything is in order, you’ll be granted pre-approval and receive a notice to appear in person for your immigration appointment. While this used to range from 30 to 90 days, current timelines may be longer.

5. Attend the Biometric Appointment and Receive Final Approval

After pre-approval, you’ll need to go to Portugal for your immigration appointment. While it may seem sensible to do so in Lisbon, you may encounter a notable backlog. The good news is that you can select between various alternative AIMA offices based on availability, so you may not need to wait too long.

At the appointment, officials will collect the necessary data, such as:

• Biometrics
• Photographs
• Signatures

Although the appointment is sometimes referred to as an interview, it’s largely procedural and may not involve extensive actual interviewing. All you’ll need to do is present the original documentation for the additional review and provide the above data.

Note that everyone on the application must attend the appointment in person, so all your family members and dependents will need to go with you.

6. Obtain Your Residence Card

After the final approval, you will pay the residence card issuance fee (€8.060,20 per applicant) and obtain the card. At this point, you can relocate to Portugal and enjoy the aforementioned benefits of residence.

In theory, you should obtain your residence card soon after the biometrics are collected. Unfortunately, processing has slowed down in recent years, so a realistic waiting time can range between at least 12 to 24 months.

The good news is that, under the current rules, the five-year period required for permanent residency or citizenship starts from the date your initial Golden Visa application is submitted—not the date you receive your residence card. So even if there are delays in processing, they won’t affect the timeline.

7. Renew the Residence Card

Your initial residence card is valid for two years, after which it will need to be renewed. After the first renewal, you’ll need to complete another one that will encompass the fifth year, after which you can apply for citizenship.

Each renewal costs €4.030,90 per resident and is completed in person through appointments scheduled on the AIMA portal. You will need to provide additional documents and information, such as:

• Updated criminal background checks
• Proof of investment maintenance
• Biometric data

As long as your documentation is in order and you meet the minimum physical presence requirement of 14 days per year (after the initial seven days in the first year), you can maintain your residence without complications.

How To Get Portugal Golden Visa Citizenship After 5 Years

After holding your Golden Visa for five years, you have three options:

1. Keep maintaining it through regular renewals
2. Apply for permanent residence
3. Pursue Portuguese citizenship

Becoming a permanent resident may seem appealing, but you should be aware of the benefits and drawbacks of doing so:

Benefits	Drawbacks
Indefinite rights to live in Portugal	Mandatory residence renewal every five years
No investment maintenance requirements	No Portuguese passport

Because of the related limitations of permanent residence, many investors decide to apply for Portuguese citizenship. Besides obtaining a Portuguese passport, you’ll have all the rights of EU citizens, which is appealing to investors who wish to permanently stay in Europe and conduct business outside of Portugal.

If you wish to become a Portuguese citizen, you must understand three essential aspects of doing so:

1. Naturalization requirements
2. Citizenship application process
3. Potential changes to the citizenship requirements

Naturalization Requirements

Besides the five-year residence, you must meet several conditions to become a Portuguese citizen, most notably:

• Language proficiency (at least A2 level)
• Clean criminal record
• Registration in Portugal’s tax and social security system
• Attachment to the community (for which you should qualify automatically thanks to residence)

You don’t need to have lived in Portugal full-time to become a citizen—the Golden Visa minimum requirements are also applicable here, so you can freely move around the EU without harming your chances of obtaining citizenship.

Language requirements are typically considered the most significant challenge for foreign investors, but the A2 level is quite easily attainable. If you wish to take a course to meet this requirement, plan to enroll at least 6–9 months ahead of your citizenship application to leave enough time to learn the language.

Citizenship Application Process

To apply for Portuguese citizenship, you’ll need to submit the relevant documents through the Institute of Registries and Notary (IRN) online portal. The key documentation includes:

• Proof of legal residence
• Criminal record
• Proof of A2 language proficiency

The application processing time can be extensive (1–2 years), but you can maintain your residence and the related benefits in the meantime (as long as you undergo any applicable renewals).

After approval, you’ll swear an oath and get a Portuguese birth certificate, after which you may apply for a passport. 

Potential Changes to the Citizenship Requirements

In June 2025, Portugal’s Council of Ministers proposed significant changes to the citizenship requirements. Most notably, naturalization might require 10 years of residence instead of five. For CPLP (Community of Portuguese Language Countries) citizens, the period would increase to seven years according to the proposal, making them an exception to the broader 10-year requirement.

Other notable changes could include:

Change	Overview
Reference date	Residency begins once the residence card is issued, instead of the application date
Integration requirements	Besides language proficiency, applicants may need to demonstrate knowledge of the Portuguese culture and political system
Birthright provisions	Children born in Portugal may only be granted citizenship if one parent resided in Portugal for at least three years (as opposed to the current two-year period)

Note: As of this writing, the proposed changes are not in effect and may be significantly modified after the upcoming parliamentary debate and presidential review. Depending on when you are reading this guide or planning on relocating, make sure to familiarize yourself with the applicable requirements.

Is Portugal’s Taxation System Favorable for Golden Visa Holders?

The tax treatment of your income while holding a Golden Visa mainly depends on your residence status. If you maintain your primary residence outside of the country, you will not pay any taxes on worldwide income. Still, you’ll pay taxes on any income generated in Portugal (e.g., capital gains on your investments).

If you become a Portuguese resident/citizen, you’ll be subject to the taxation of both domestic and worldwide income. High-income individuals might pay up to 48% income tax, which may be substantial.

On the bright side, Portugal does not impose wealth tax, and inheritance/gift taxes are limited (there is no inheritance tax on close relatives).

Portugal offers notable tax exclusions and incentives, such as those related to scientific research, like TISRI. The Tax Incentive for Scientific Research and Innovation, or TISRI, is a tax regime introduced in 2024 to attract highly skilled professionals. While it’s not available to everyone, it’s worth exploring if you plan to work and live in Portugal.

However, accessing these programs may be complicated if you do it alone. It’s best to consult a legal or tax professional to understand the exemptions you can qualify for.

Risks and Challenges of Obtaining the Portugal Golden Visa

While the Portuguese government tries to streamline the Golden Visa application process, it still involves quite a bit of bureaucracy. You need to gather and apostille various documents, which can be time-consuming without adequate guidance.

The removal of real estate as an investment option is also a notable challenge for many investors who wanted to invest in Portuguese property and now need to seek alternative options. Each investment category offers a unique set of benefits and drawbacks, so selecting the right one is another consideration that often requires expert support.

Finally, ongoing compliance after receiving the residence card can be cumbersome. Each renewal must be carefully planned to ensure all the necessary documentation is ready and to prevent unnecessary delays.

All of the above calls for meticulous preparation. If you need comprehensive support throughout and beyond the application process, Nomad Capitalist can help.

Get the Portugal Golden Visa Effortlessly With Nomad Capitalist

Nomad Capitalist is an advisory firm that has helped over 1,500 high-net-worth clients ensure seamless immigration, tax optimization, and asset protection worldwide. We’ve done so through personalized, structured strategies that account for each client’s unique circumstances and objectives.

Our Action Plan provides you with a step-by-step strategy based on your personal goals, whether that includes a Golden Visa or another path. After learning more about your priorities, our team builds a tailored plan to help you meet your financial, immigration, or other objectives without legal or administrative complications. Here’s how it works:

1. You fill out an application form so that we can determine if we’re a good fit
2. We schedule an onboarding call to understand your goals and needs
3. We create and present a comprehensive plan according to your relocation specifics
4. We execute the plan and handle all the administrative work (residency paperwork, bank accounts, etc.
5. You get lifetime support and Action Plan updates

By engaging Nomad Capitalist, you get a trusted partner who handles the legwork and lets you focus on the rewarding aspects of your relocation.