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Portugal: a recap of the Golden Visa Program

Key Features & Investment Options


The Golden Visa, officially called the Residence Permit for Investment Activity (ARI), encourages investments in Portugal by offering a pathway to citizenship after 5 years, without necessitating continuous residence in the country.

The Program offers a great route to Portuguese/European citizenship, especially for those without ancestral ties. Launched in 2012, it has seen several updates, the latest in October 2023 under the “Mais Habitação” package.

It stands out among similar programs in Greece and Spain as the most advantageous due to its diverse investment options and extensive family reunification policies.

Key Features & Benefits

  • Variety of investment options

  • Broad family reunification terms

  • No strict requirement to reside in Portugal

  • Authorization to work in Portugal

  • Access to Portuguese healthcare and education

  • Visa-free travel to 191 countries

  • Eligibility for a Portuguese passport after 5 years

Recent Changes (October 2023):

The latest changes focus on reducing real estate speculation by removing real estate investments from eligible options.

Notable discontinued options include:

  • Capital transfers of €1.5 million or more.

  • Real estate acquisitions of €500,000 or more.

  • Real estate rehabilitation projects totaling €350,000 or more.

Valid Investment Option 1: Capital Transfer

1. Acquisition of investment fund or VC fund units (min.€ 500,000) committed to the capitalization of companies incorporated under the Portuguese law, with amaturity of at least five years and with at least 60% of the investment portfolio in companies with a registered office in the national territory (real estate entities do not apply)

2. Research activities of public or private entities (min.€ 500,000) that are part of the national scientific and technological system (min. €400,000 in a low population density area)

3. Support (min. €250,000) of artistic production or in recovery/maintenance of national cultural heritage (min.€200,000 in a low population density area).

Valid Investment Option 2: Business

1. Creation of min. 10 new jobs (or 8 new jobs in a low population density area)

2. Incorporation of a commercial company (min.€500,000) that is registered and headquartered in Portugal, creating a minimum of 5 permanent jobs for a period of 3 years (or for the increase of the share capital of a company already incorporated and headquartered in Portugal, creating at least 5 permanent jobs or maintaining at least 10 jobs for 3 years)


This document is not a financial, investment, tax or legal advice. This document is issued for communication only.

This document contains forward-looking statements that involve inherent risks and uncertainties. Actual results may differ materially from those projected or implied in the forward-looking statements. The information contained herein is based on sources believed to be reliable, but no guarantee is made as to its accuracy or completeness. This document does not constitute an offer to sell or a solicitation of an offer to buy any security. Investors should carefully consider their financial situation, investment objectives, and risk tolerance before making any investment decisions. They should also seek independent professional advice as necessary.

The author of this document disclaims any liability for any losses or damages arising from the use of the information contained in this document. 

Sources : Henley & Partners (2024), Atlantic Bridge (May 2024), Pexels


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