Golden Visa Portugal DLAS
The Portugal Golden Visa (also known as ARI – Residence Permit for Investment Activity) is a residence-by-investment program aimed at nationals of non-EU/EEA/Swiss countries.
It was established in 2012 and grants the right to live, work, and study in Portugal, as well as free movement within the Schengen Area.
About us
DLAS – Dinis Lucas & Almeida Santos – Boutique Law Firm, is a founding member of ASSOCI’ARI, a non-profit associative institution under private law, providing support and cooperation to foreign investors, already residing or intending to reside in Portugal, which incorporation was inspired and motivated by the amendments made to Law no. 29/2012 of 9 August, which constitutes the first amendment to Law no. 23/2007, of 4 July, that regulates the legal entry, stay, exit and removal of foreigners from the national territory, and more specifically, the special system applicable to the granting and renewal of a residence permit, with the waiver of a residency visa, for investment business in the national territory (ARI / GOLDEN VISA), thereby creating the need for the development of an entity focused on the monitoring of those who intend to invest in our country, in order to assist foreign investors and in order to identify most problems on the permit ARI / GOLDEN VISA, and act near the competent authorities to solve them.
In order to develop these activities, DLAS has a specialized department focused on helping all members who wish to obtain the ARI / GOLDEN VISA authorization. Our firm is also specialized in the procedures regarding the residence permit and legal assistance in investments.
In view of the special incentive for granting and renewal of residence for those who aim to invest in Portugal (ARI / GOLDEN VISA), without needing a residence visa, DLAS provides a legal department focused on granting its members an ARI / GOLDEN VISA authorization and providing legal assistance during all the investment process. Therefore, we provide a special service regarding the ARI issuance and the following procedures.
Our legal services include not only the assistance and preparation required during the process for obtaining the ARI / GOLDEN VISA authorization and its renewals for a 5 year period, but also real state purchase (promissory contracts, purchase and sale deeds and the following registration), as well as the incorporation of a Portuguese company for that purpose.
The Golden Visa Portugal is one of the most attractive residence programs in Europe.
Short Stay Requirement
Requires only 14 days minimum stay every 2 years.
Visa-Free Travel
Right to travel without a visa: 175 countries worldwide / 26 countries in the Schengen area.
Family Inclusion
Includes family member: spouses and dependents (children and +65 parents).
Path to Citizenship
Enables applying for citizenship 5 years from the application date.
Living in Safety
Right to live, work and study in the 7h safest country in the world.
High-Quality Healthcare
Access to high-quality healthcare in Portugal.
About Golden Visa / ARI
Qualifying Investment Options
Following recent reforms, certain routes (such as most real estate acquisitions) are no longer eligible.
Current qualifying categories are focused on funds, science, innovation, culture, and job creation.
- Investment/venture capital funds: €500,000, with at least 60% of the portfolio invested in companies headquartered in Portugal.
- Scientific research activities: €500,000 to public or private entities within the national scientific and technological system.
- Artistic production or cultural heritage: Approx. €250,000.
- Low population density areas*: Reduced thresholds for certain investments (€200,000–€400,000 depending on type).
- Job creation / business investment: Creation of permanent jobs, or capital contribution to Portuguese companies with clear employment objectives.
* Defined as areas with fewer than 100 inhabitants per km² or GDP per capita below 75% of the national average.
Requirements & Documentation
- Applicant must be at least 18 years old.
- Clean criminal record both in the country of origin and in any country of recent residence.
- Lawful source of funds/investment; investment must be made via a Portuguese bank account (in some cases account opening may not be mandatory).
- Portuguese taxpayer number (NIF).
- Core documentation: valid passport, biometric photographs, criminal record certificates, proof of investment, and supporting evidence as required.
Physical Presence / Renewal / Continuity
- The initial residence permit is valid for 2 years, renewable typically for further 2-year periods.
- The qualifying investment must be maintained throughout the residence period until permanent residence or citizenship is obtained.
Portuguese Citizenship
- After 5 years of legal residence under the Golden Visa, holders may apply for Portuguese citizenship (subject to conditions).
- Applicants must demonstrate basic knowledge of Portuguese (A2 CEFR level).
- Must not have been convicted of a crime punishable by 3 years or more under Portuguese law.
- Demonstrating ties to the Portuguese community may strengthen the application.
Costs and Fees
In addition to the minimum investment, applicants are subject to government processing fees, residence card issuance fees, as well as legal and administrative costs.
Recent Legislative Amendments / Proposed Changes
- Between 2023–2024, reforms removed most real estate acquisition routes from the list of eligible investments.
- In June 2025, a proposed amendment to the Nationality Law was introduced: extending the minimum residence period for citizenship from 5 to 10 years, with exceptions for nationals of Portuguese-speaking countries (CPLP).
- There are also discussions to reinforce the physical presence requirement for naturalisation.
Application Process
- Legal/consultancy stage: assessment of investment option.
- Preparation of documents (passport, criminal records, financial proof, NIF, Portuguese bank account, if required).
- Execution of the investment.
- Online submission to the competent authority (currently AIMA – Agency for Migration and Asylum, successor to SEF).
Application Process
- Legal/consultancy stage: assessment of investment option.
- Preparation of documents (passport, criminal records, financial proof, NIF, Portuguese bank account, if required).
- Execution of the investment.
- Online submission to the competent authority (currently AIMA – Agency for Migration and Asylum, successor to SEF).
- In-person visit to Portugal for biometrics and submission of originals.
- Approval, payment of issuance fees, and collection of residence card.
- Renewal at the end of each period, maintaining both the investment and the minimum stay requirement.
Family Members and Reunification
- Spouse or legally recognised partner.
- Minor or legally incapacitated children who are dependents of the couple or one of the spouses;
- Adopted minors (by the applicant or the spouse);
- Adult dependent on the couple or one of the spouses, who are single and studying;
- Ascendants in the direct line (1st degree) of the applicant or the spouse, if they are dependents;
- Minor siblings under the care of the resident.
Frequently Asked Questions (FAQ)
1. What is the Residence Permit for Investment?
The Residence Permit for Investment, also known as the Golden Visa, is a residence permit granted to citizens of non-EU countries who make one of the qualifying investments set out under Portuguese law.
2. After a favorable decision, do I receive a card?
Yes. Once a favorable decision is issued, the applicant receives a “residence title” card, issued in accordance with EU Directives and Regulations. This card allows, among other things, free circulation within the Schengen Area and access to various public and private services.
3. What are the main benefits of the Golden Visa?
Some key advantages include:
- Free movement within the Schengen Area;
- Entering and leaving Portuguese territory without restrictions;
- Minimal stay requirement in Portugal (7 days per year);
- Access to public and private services in Portugal, including the (mostly free) National Health Service;
- Right to work, study, and invest in Portugal;
- Possibility of applying for Portuguese nationality or a permanent residence permit after five years;
- Family members can also benefit from these advantages through family reunification (see
question 8).
4. Has the Golden Visa regime ended, or is it still possible to request a residence permit?
The Golden Visa regime has not been revoked and is still in force under AIMA (the Portuguese authority for Immigration). It remains possible to apply for new Golden Visas. There are currently five eligible investment models for this program (see question 5).
5. Which investments are eligible for obtaining the Golden Visa?
Currently, you may apply for a residence permit for investment by making one of the following investments:
1. €500,000 in venture capital funds (FCR) or other forms of non-real-estate collective investment schemes;
2. €500,000 to incorporate a new company or to increase the share capital of an existing company, combined with the creation of five new permanent jobs or the maintenance of ten jobs (at least five of which must be permanent);
3. A donation of €250,000 in support of a cultural project certified by the Ministry of Culture;
4. Creation of at least 10 new jobs;
5. €500,000 in scientific research projects developed by public or private institutions certified by the Portuguese Government.
6. For how long do I have to maintain my investment?
The investment must be maintained for a minimum period of five years, counting from the date the Golden Visa is granted.
7. Is it possible to apply for a Golden Visa through a real estate investment?
From October 7, 2023 onward, the acquisition of real estate (with or without rehabilitation works) is no longer eligible for new applications. This change does not affect applications submitted prior to that date, nor does it prevent their renewal. New applications must rely on one of the eligible investment models (see question 5).
8. Which family members are eligible for family reunification?
You can apply for a residence permit for the following family members of the investor:
- The spouse;
- Minor or legally incapacitated children who are dependents of the couple or one of the spouses;
- Adopted minors (by the applicant or the spouse);
- Adult children dependent on the couple or one of the spouses, who are single and studying;
- Ascendants in the direct line (1st degree) of the applicant or the spouse, if they are dependents;
- Minor siblings under the care of the resident.
9. What rights do the family members have?
Once approved, family members have the same rights as the investor (see question 3).
10. What is the validity period of the Golden Visa?
The Golden Visa is valid for two years, and can be successively renewed for equal periods.
After five years from the issuance of the first Golden Visa, the applicant can choose whether to continue renewing the Golden Visa or to apply for a Permanent Residence Permit. The Permanent Residence title must be renewed every five years.
Should you decide to apply for Portuguese nationality, once approved, you become a Portuguese citizen and no longer need to renew any residence permit.
11. What are the procedural costs for obtaining the Golden Visa?
Apart from the investment and costs associated with legal and tax assistance, the Golden Visa applicant should consider the following administrative costs (according to the fee schedule in effect at the time of writing):
- Issuance of the first residence permit:
i. Analysis fee: €605.10 (paid at the time of submitting the application)
ii. Residence title issuance fee: €6,045.20 (paid after the in-person appointment for biometric data collection). - Renewals:
iii. Renewal application analysis fee: €605.10 (paid when submitting the renewal application).
iv. Renewed residence title issuance fee: €3,023.20 (paid after notification of a favorable
renewal decision).
12. How long does the procedure take until the Golden Visa is issued?
The law provides that AIMA (the Portuguese authority for Immigration) must decide within 90 working days. However, due to staff shortages and other factors, this timeframe has often been exceeded. The Portuguese government created a task force, along with a plan to reduce backlogs and hire more staff. Positive effects are beginning to be seen.
13. What are the requirements for renewing the Golden Visa?
To renew the Golden Visa, the applicant must generally meet the following requirements:
1. Maintain the investment for at least five years;
2. Comply with the minimum stay requirements in Portugal (at least 7 days per year);
3. No record of being banned from entering or staying in the Schengen Information System;
4. No conviction in Portugal with a prison sentence longer than 1 year;
5. No security or public order reasons preventing the renewal.
14. What are the requirements for applying for a Permanent Residence Permit?
The main requirements for applying for Permanent Residence are:
- Demonstrating basic knowledge of Portuguese;
- Maintaining the investment for a minimum of five years;
- Holding a Golden Visa residence permit for at least five years;
- Complying with the minimum stay requirements in Portugal (at least 7 days per year);
- Having no conviction in Portugal for a prison sentence over 1 year in the previous five years.
15. What are the requirements to apply for Portuguese nationality?
In addition to meeting general requirements, the applicant must show they have held a Golden Visa for at least five years and that they possess sufficient knowledge of the Portuguese language.
16. Is a passport issued after obtaining Portuguese citizenship?
Yes. As a Portuguese citizen, you are entitled to receive both a Portuguese Citizen Card and a Portuguese passport.
17. If I invested in a venture capital fund and want to redeem my units or receive distributions from that fund, what are my tax obligations in Portugal?
If you are not a tax resident in Portugal, any distributions or potential capital gains from selling or redeeming fund units are exempt from personal income tax (IRS) in Portugal, and you are not required to submit an annual tax return in Portugal.
Exception: If you are a tax resident in a jurisdiction considered a “tax haven” by the Portuguese Ministry of Finance, a withholding tax applies:
- 35% if relating to redemption of fund units;
- 28% if relating to selling the fund units.
If you are considered a Portuguese tax resident, the distributed income is subject to a 28% final withholding tax (no obligation to file if withheld at source).
- Capital gains from the redemption of fund units are similarly subject to a 28% final
withholding tax (no obligation to file), although there is the possibility of 10% to
30% partial exclusion of the taxable amount depending on how long you held the
units and the type of investment fund. - If you choose to sell the fund units instead of redeeming them, the gains are subject to a
28% special rate, and must be reported on your annual tax return, where you may also
check if the 10% to 30% exclusion might be applicable.
18. If I opt to invest in a commercial company and receive dividends, what are my tax obligations in Portugal?
For a non-resident in Portugal, dividends are subject to a final withholding tax at a 28% rate, withheld at source by the Portuguese company.
- Exception: If you reside in a jurisdiction considered a “tax haven” by the Portuguese
Ministry of Finance, the withholding tax rises to 35%. - A double taxation treaty (DTT) between Portugal and your country of residence may
reduce the withholding tax rate. In such cases, the Portuguese company must apply the
reduced rate when justified by the DTT provisions. - Non-residents do not need to file an annual tax return in Portugal for dividends covered
by the final withholding tax.
For a Portuguese tax resident, dividends are subject to a 28% final withholding tax (again, no
separate filing required if this method is chosen). However, the shareholder may opt for
“englobamento” (adding the dividends to all other income for progressive tax rates). In that
case, only 50% of the dividends is taxed, but one must consider that all income in the same
category (Category E) is also “englobed,” potentially increasing the overall tax rate.
19. If, after investing in a commercial company, I decide to sell my shares and thus realize a capital gain, what are my tax obligations in Portugal?
If you are not a tax resident in Portugal, your capital gains are generally exempt from personal income tax (IRS) in Portugal.
Exceptions:
- If you reside in a jurisdiction deemed a “tax haven” by the Portuguese Ministry of Finance.
- If the capital gains come from selling shares in companies whose assets are more than 50% real estate located in Portugal.
If you are a tax resident in Portugal, the gains obtained from selling shares are typically subject to a 28% special rate.
- This applies to the net balance between capital gains and losses in the same tax year.
- Capital gains from shares are compulsorily aggregated (i.e., taxed at progressive
rates) if:
1. The shares were held for less than 365 days, and
2. Your total taxable income (including those gains) reaches the highest IRS bracket (currently
any amount over €83,696).
Note: Gains from “micro” or “small” non-listed companies may benefit from a 50%
reduction (only 50% of the gain is taxed).