Golden Visa
Residence-by-investment programme, narrowed in 2023 and still in force on the productive routes.
The Golden Visa is the residence permit for investment activity provided for in Law 23/2007. It was substantially reformed in October 2023 by Law 56/2023 (the “Mais Habitação” law), which removed the real estate route and the simple capital transfer below €1.5 million. The productive routes remain in force: venture capital funds, scientific research, cultural contribution, job creation, company capital and capital transfer. Eligibility depends, in each case, on the route chosen, the documentation available and individual analysis.
What changed in the Portuguese Golden Visa
The October 2023 reform reshaped the programme substantially:
- the real estate route was eliminated — purchase of real estate in Portugal and funds with predominant exposure to real estate no longer qualify for the Golden Visa;
- the simple capital transfer to a Portuguese account in amounts below €1.5 million was eliminated;
- the routes with productive return to the Portuguese economy were preserved — qualified venture capital funds, scientific research at Portuguese institutions, cultural contribution, job creation, share capital of a Portuguese company and capital transfer of €1.5 million.
Before this reform, the overwhelming majority of files used the real estate route. The programme today has a fundamentally different profile — oriented to investment in productive, scientific and cultural sectors.
Routes currently available
The choice of route depends on the client’s wealth profile, the acceptable return horizon and the availability of independent financial advice. We do not recommend specific investment vehicles: the choice of fund, company or cultural project is a separate matter and must be informed by the investor’s own financial adviser.
Venture capital funds. Investment in qualified Portuguese funds meeting the legal requirements for allocation to non-real-estate Portuguese companies. The minimum amount is set by law.
Scientific research. Investment in Portuguese higher education institutions or in public or private entities forming part of the National Scientific and Technological System, in accordance with statutory requirements.
Cultural contribution. Support for investment in or the maintenance of national cultural heritage, with differentiated minimum amounts in low-density territories.
Job creation. Creation of at least ten direct and permanent jobs in Portugal, with effective contribution to the social security system.
Incorporation or capital reinforcement of a Portuguese company. Investment in the share capital of a Portuguese company, combined with the creation of at least five permanent jobs.
Capital transfer. Direct transfer of capital to Portugal in the minimum amount provided for in the law.
Each route has minimum amounts, formal evidentiary rules and practical pitfalls of its own, communicated in writing at the eligibility framing.
What the real estate route no longer allows
Before October 2023, the most-used route was the acquisition of real estate in Portugal. Following the reform:
- buying real estate is no longer a Golden Visa path, in any form — residential, commercial, urban renewal or real estate in low-density territories;
- the purchase of real estate in Portugal remains possible and legitimate as an investment in itself, with full protection of private property;
- it continues to warrant separate legal support, particularly for registry due diligence, promissory contracts, public deeds, land registration and the applicable tax regimes.
The misconception is common: we still receive enquiries based on the belief that “with X euros in real estate one obtains the Golden Visa.” This has not been the case since October 2023. Anyone contacting us with that premise is reframed immediately at the initial consultation.
How we assess a file
The Golden Visa eligibility analysis covers, as a rule:
- the route chosen and its compatibility with the applicant’s profile and means;
- the evidence of investment actually carried out, in accordance with the formal rules of each route;
- the absence of relevant criminal records in Portugal and in the countries where the applicant has resided;
- contemporaneous documentation — passport, evidence of investment, accommodation, health insurance;
- the minimum stay required for each renewal period.
The initial consultation usually lasts 25 minutes and always ends with a written framing: applicable route (without recommending a specific vehicle), document checklist, realistic timeline estimate per phase and a fee proposal where the matter permits.
Documents, timelines and administrative risk
The documentary component is often the decisive factor. Foreign documents require an apostille or consular legalisation depending on the country of issue, and almost always a certified translation into Portuguese. Criminal record certificates older than ninety days are, as a rule, refused. The evidence of investment must comply with the form prescribed by law for the specific route.
AIMA processing times in 2026 are not uniform: they vary by route, by the office handling the file and by the administrative phase. The Golden Visa is, by design, a multi-year path — between investment completion, issuance of the first title, successive renewals and the eventual application for nationality after five years.
Refusals may arise from documentary defects, mismatch between the investment vehicle and the letter of the law, incompatible criminal records or administrative inaction. Each of these scenarios has its own legal response, assessed case by case — request for further information, administrative appeal, action to compel the Administration to act, or administrative court proceedings.
How we work this area
The responsible partner reads the entire matter before the first reply. The initial consultation usually lasts 25 minutes and ends with a written framing of the applicable route, a document checklist, a timeline estimate per phase and a fee proposal where the matter permits.
We are not financial advisers and we do not recommend specific investment vehicles. Where the chosen route requires the selection of a fund, a cultural project or a company, the client is invited to obtain independent financial advice, which we then assess from a legal and eligibility standpoint.
We are bound by the Statute of the Portuguese Bar Association (Law 145/2015) and by Law 6/2024 on legal advertising. We do not publish results-based metrics, we do not make comparisons with other firms, and we do not promise outcomes.
Frequently asked
Can I obtain the Golden Visa by investing in real estate in Portugal?
No. The real estate route of the Golden Visa was closed in October 2023, with the entry into force of Law 56/2023. Buying real estate in Portugal remains possible and legitimate — but it is no longer a path to the Golden Visa.
Which routes are currently available for the Golden Visa in 2026?
Venture capital funds, scientific research at Portuguese institutions, cultural contribution, the creation of at least ten direct and permanent jobs, the incorporation or capital reinforcement of a Portuguese company together with the creation of five jobs, and capital transfer. Each route has its own minimum amounts and formal requirements, communicated in writing at the eligibility framing.
What is the minimum stay required of the holder?
As a rule, seven days in the first year and fourteen days in each subsequent two-year period. The count is made by AIMA based on registered entries and exits. Sustained failure to meet these minimums compromises the renewal of the title.
Can I apply for Portuguese nationality after the Golden Visa?
Yes. Nationality may be applied for by naturalisation after five years of legal residency. Since 2024, the period is counted from the date of the initial residence permit application, not from the issue date of the title — which means that administrative waiting time no longer counts against the applicant.
Does the Golden Visa allow family reunification?
Yes. Spouses, minor children, adult children still dependent through study or disability, ascendants in a state of economic dependence, and partners in a recognised de facto union may be reunified. Each category has its own documentary requirements.
How long does a Golden Visa file take in 2026?
AIMA processing times are not uniform and vary by route, by the office handling the file and by the administrative phase. We communicate estimates calibrated against recent observed practice for the type of file, not fixed deadlines, and we revisit them every fortnight. In any event, the Golden Visa is, by design, a multi-year path.
Responsible author
Jorge Ferraz. Admitted to the Portuguese Bar since 2002. Leads the professional website DefesaLegal.pt. University lecturer in Portugal. Practice in Golden Visa files before and after the 2023 reform, focused on the funds route, the company route and administrative reviews.
This page is a starting point. The actual analysis of your case begins at the initial consultation — 25 minutes, in person in Porto or by video, with a written framing afterwards.
Reviewed May 2026.