Portugal Golden Visa

Also known as: Portugal ARI, Autorização de Residência para Investimento

Reference:Lei 23/2007 + Portaria 1334/2010 + Lei 56/2023

Portugal's Golden Visa programme (formally ARI) launched in 2012 and was the most popular European RBI by application volume from 2014 to 2022. The Mais Habitação law (Lei 56/2023) closed the property-investment route on 6 October 2023 amid concerns about its contribution to the Portuguese housing-affordability crisis. Existing ARI holders retain their permits; pre-cutoff applications continued processing under prior rules.

Active 2026 investment options:

• Venture-capital or private-equity funds — €500,000 minimum invested in Portuguese-regulated funds (CMVM-supervised) with at least 60% of assets invested in Portuguese-incorporated companies. The most-used route post-property closure.

• Research and development (R&D) — €500,000 invested in Portuguese R&D activities at recognised institutions.

• Cultural heritage — €250,000 donation to Portuguese cultural-heritage support, with a 20% reduction (to €200,000) for low-density inland regions.

• Job creation — incorporation of a Portuguese company with at least 10 employees (8 in low-density regions), or business expansion creating equivalent employment.

• Capital transfer (alternative) — €1.5M transfer to a Portuguese bank (rarely used due to opportunity cost).

Residence-card mechanics:

• Initial card valid 2 years; renewals 3 years each.

• Minimum physical presence: 7 days in Portugal in the first year, 14 days in subsequent 2-year periods. The lowest physical-presence requirement of any European RBI.

• Family eligibility — spouse, children under 26 if dependent, dependent parents, and unmarried minor siblings under 18.

• Path to permanent residence at year 5; Portuguese citizenship application typically possible at year 5-7 depending on the Nationality Law amendments under consideration in 2025-2026.

Tax considerations: ARI residence does NOT automatically make the holder a Portuguese tax resident. Many ARI holders deliberately stay under the 183-day Portuguese-residence trigger to avoid Portuguese worldwide taxation. Those who do become tax residents may have qualified for the now-closed NHR before December 2023, or for the narrower IFICI from 2024.

Active 2026 investment options:

• Research and development (R&D) — €500,000 invested in Portuguese R&D activities at recognised institutions.

• Cultural heritage — €250,000 donation to Portuguese cultural-heritage support, with a 20% reduction (to €200,000) for low-density inland regions.

• Job creation — incorporation of a Portuguese company with at least 10 employees (8 in low-density regions), or business expansion creating equivalent employment.

• Capital transfer (alternative) — €1.5M transfer to a Portuguese bank (rarely used due to opportunity cost).

Residence-card mechanics:

• Initial card valid 2 years; renewals 3 years each.

• Minimum physical presence: 7 days in Portugal in the first year, 14 days in subsequent 2-year periods. The lowest physical-presence requirement of any European RBI.

• Family eligibility — spouse, children under 26 if dependent, dependent parents, and unmarried minor siblings under 18.

• Path to permanent residence at year 5; Portuguese citizenship application typically possible at year 5-7 depending on the Nationality Law amendments under consideration in 2025-2026.

Portugal Golden Visa

Sources

Related terms

Deeper guides

Portugal Golden Visa

Sources

Related terms

Deeper guides