Portugal Golden Visa Program

TL;DR

 

Who is it meant for? Investors from outside the EU need to have €500,000 for funds or €250,000 for cultural donations

What is the main financial need? At least €500,000 in venture capital or private equity funds that qualify

Is this a realistic timeline? Official: 6 months. The truth is that it will take 12 to 18 months because of AIMA appointment backlogs

 

Portugal's Golden Visa program continues to be one of the most favored methods by which one may acquire a European residency permit. All real estate options were removed by the recent changes but investment fund routes are still very flexible. Besides, the programme doesn't set a lot of conditions for living in the EU.

But getting appointments and approvals takes more than just money. Knowing about current legislative debates and administrative realities is what sets successful applications apart from those that are stuck.

Golden Visa Investment Options

Currently, the Golden Visa programme offers five ways to invest. Each of them has different requirements from AIMA and problems with processing.

Fund Subscription

Golden Visa fund requirements include a minimum investment of €500,000 in venture capital or private equity funds that fulfill the requirements. All funds must be registered by the Portuguese Securities Market Commission (CMVM). At least 60% of the money invested has to be directed to companies in Portugal.

Cultural Heritage Donation

The donation of €250,000 is used to support the conservation of art and cultural heritage. Before the investment, GEPAC (Ministry of Culture) has to approve the projects. Investments in low-density areas reduce the minimum amount to €200,000. This is the least costly method of accessing the Portugal Golden Visa program.

Job Creation

You may establish a business in Portugal that employs ten people full-time. Normally, if your company is worth 500,000 euros then you might consider this option. The number of employees required is decreased to eight in low-density areas.

Investment in Research

The €500,000 is channeled to research projects that enhance scientific infrastructure in Portugal. In low-density areas, the investment is reduced to €400,000.

It takes expert analysis to figure out which investment path is right for you based on how much risk you can handle.

→ Our consultation for visa package includes looking at different investment options, making a tax strategy, and making a realistic timeline based on how the AIMA application process works right now.

What You Need to Know About €500,000 Investment Fund Options?

To invest in Portugal's fund route, you need at least €500,000 across all qualifying vehicles. More than 55 funds in different sectors now accept Golden Visa subscriptions.

Open-Ended Funds

These are the funds that allow you to come and go as you wish, but still, keep your 5-year commitments. For example, VIDA Fund acquires distressed hotel assets and repositions them into high-performing hotels and aparthotels. Purchases of stocks, corporate bonds, and other assets can be made by investors. Learn more here.

Funds with a Set End Date

Fixed lifecycle structures (7, 10 years are usually considered) are meant to generate higher returns. So, it is possible to find such projects as Ando Europe (hospitality sector, 9% target IRR), VIDA Fund (hospitality, 10% target), and C2 Legacy Buyout (15% target IRR). On average, performance fees take from 20% to 35% of the profits that are above the hurdle rates. The 7 year length is ideal as it allows people to apply for permanent residency/citizenship after 5 years and then it takes a year or two to be approved, so the 7 year length is perfect.

Sector-Specific Strategies

• Renewable Energy: Investing in projects that focus on solar, wind, and hydropower usually has a projected return of 7% to 12%
• Technology & Digital Assets: Funds that focus on blockchain infrastructure and Bitcoin exposure want to make 10–20% a year
• Agriculture: Investing in high-value crops like olives, almonds, and avocados aims for returns of 10% to 11%
• Hospitality: Funds that buy hotels and apartments want a 9–10% IRR
• Maritime Economy: Investments in sustainable fishing and ocean energy projects aim for 13% returns

IRA Investment Structures

American investors can use their Individual Retirement Account funds without any penalties. You need to know both the rules for the Portugal residency by investment and the IRS rules for this strategy to work. Implementation is still fairly new, so it needs expert help.

→ Book a consultation with us for more information.

To handle fund complexities, you need the right Portuguese tax system from the start. Getting your NIF (Tax Identification Number) before signing up for a fund is very important for smooth processing. Our NIF package gives you your number in 7 business days through video call document certification.

→ Ask us about our Complete Golden Visa Packages that includes NIF numbers, bank accounts, and legal support through the entire process.

Golden Visa Eligibility Criteria

All Golden Visa investment routes have the same basic eligibility requirements.

Age and Nationality

• People who want to apply must be at least 18 years old
• People who are not from the EU, EEA, or Switzerland can apply
• People from the EU can't get Golden Visa benefits

Standards for Criminal Records

• Origin countries must have clean background checks
• A criminal record check in Portuguese is also required
• Certificates must be sent out within 90 days of receiving the application

Checking the Source of Investment

• Money must come from outside of Portugal
• You need bank documents that prove the foreign transfer
• Know-Your-Client (KYC) rules are stricter than the usual rules for buying real estate

Requirements for Physical Presence

• During the first two years, you must spend at least seven days in Portugal
• For the next two years, you will need a total of 14 days
• This is about one week per year on average for the whole program

IMPORTANT NOTE: On October 28, 2025, Parliament passed a new citizenship law that made the Portuguese citizenship pathway take 10 years instead of 5. On November 13, 2025, the Socialist Party asked the Constitutional Court to review the law before it went into effect. The court is expected to make a decision on December 15, 2025. If the decision is upheld, investors who applied before June 19, 2025, may still have 5-year pathways. Once the law goes into effect, applications made after this date will have to meet 10-year requirements. Families who want their kids to become citizens before they turn 18 face planning problems because of this uncertainty in the law.

Learn more about Portugal's new nationality law and what it means for you.

Documents Required

At AIMA, thorough documentation decides whether an application is accepted or rejected.

Valid Passport

The passport must be valid for at least three months longer than the visa. Include copies of the biographical page and any pages that show old Portuguese stamps.

Portuguese Tax Number (NIF)

A tax identification number is required for all Golden Visa routes. Needed before subscribing to a fund or sending a cultural donation. Opens the door for Portuguese bank accounts and paying taxes.

Criminal Record Certificate

Background checks from the country of origin must be done within 90 days of submission. If you've lived somewhere else for more than 12 months, you need to get clearance from that place. AIMA permission was used to send in a separate Portuguese criminal record check.

Proof of Investment

• Fund Subscription: Confirmation from the fund manager that the capital commitment has been made and the transfer is complete
• Cultural donation: Certificate from a project entity that GEPAC has approved
• Documentation must show that the minimum investment levels have been met

Coverage for Health Insurance

You need to sign up for Portuguese health insurance or SNS (National Health Service). Coverage must stay active for the whole time you live there. Each family member needs their own policy documents.

For more information, read about travel and health insurance requirements for Portugal.

Proof of Accommodation

A rental agreement or proof of ownership of the property that shows a Portuguese address. Lease agreements must meet consulate requirements for how long they last. Notarization and registration confirmation are needed for property deeds.

Documents for Bank Transfer

A letter from a Portuguese bank saying that money has arrived from foreign accounts. You need to give the amounts, dates, and details of the account where the money came from. If necessary, documents for converting currency.

The AIMA Application Process Steps

There are several steps that Golden Visa applications go through in the Portuguese immigration system.

Step 1: Capital Deployment

Put your money into the investment you chose (like a fund subscription or a cultural donation). Get official papers showing that the investment is finished and that you are following the rules.

Step 2: Submit Online

Fill out AIMA's online application form with your personal information. You can upload scanned documents that meet certain size and format requirements. Pay the first processing fee, which is between €533 and €605 per person.

Step 3: Preliminary Review

AIMA checks the documents for the first time (officially, this takes 30 days). Requests for more paperwork usually come in 45 to 90 days after the original submission.

Step 4: Biometrics Appointment

Set up an in-person interview at the AIMA office after getting initial approval. Reality right now: appointments are booked 6 to 12 months in advance because there are so many people waiting.

Step 5: Final Decision

AIMA gives formal approval or rejection (official timeline: 90 days). When an application is approved, a residence card is made. Pay the fees for your residence permit, which are about €5,325 to €6,045 per person.

Step 6: Get Your Card

Go to the right AIMA office or Portuguese consulate to get your European residency permit. The card is good for two years at first. Send in your plan renewal 30 to 90 days before it runs out.

NOTE: Family members may be brought at the same time via the "Residence Visa for Accompanying Family Member Applying for a Residence Visa".

Fees and Portugal Visa Application Timeline

In 2025, official timelines will be very different from what applicants go through.

Official Timeline (What AIMA Says)

• AIMA says that it will take 90 days to process an application once it is complete
• Theoretically, biometrics appointments can be made within six months
• From the time you invest until you get your card, the whole process takes 6 to 8 months

Actual Timeline (Reality)

It takes at least 12 to 18 months for current applications to get their cards after they are submitted.

Our team helps you get an appointment within 4 months from the date of your application!

→ Contact now

Fees from the Government

Updated Fees:

• Processing fee: €806.80 per applicant
• Initial residence permit: €8,060.27 per applicant
• Renewal fee: €4,030.13 per applicant

For more information on investment strategies, read about Portugal Golden Visa explained: 5 to 10-year change, deadlines, and fund strategies.

Why Choose Visas.pt?

To get a Golden Visa in Portugal, you need to know more than just general immigration advice. Visas.pt keeps an eye on AIMA's booking systems by hand every day, looking for rare openings in appointment slots that come up when people cancel.

→ Get expert help to make sure your move to Portugal goes smoothly. Book a consultation for a visa today!

FAQs

Can holders of the Portugal Golden Visa program work in Portugal?

Yes, a residence permit gives you the right to work anywhere in Portugal. You can start a business or get a job without getting a separate work permit.

How does the Portuguese citizenship pathway work with the Golden Visa?

Naturalization is possible after living in the country for five years. But proposed legislation would make this last 10 years instead. The Constitutional Court is expected to rule on this on December 15, 2025.

Do I need to complete the AIMA application process if my fund investment changes in value?

Changes in the value of investments do not affect Golden Visa status. For compliance, only the amount of the initial investment at the time of application matters.