Portugal Golden Visa 2026: Investment Routes, Costs and Rules

What the Golden Visa is now

Portugal's Golden Visa is a residence permit for qualifying investment activity. Its official name is the Autorização de Residência para Investimento, usually shortened to ARI.

The programme changed substantially in 2023. Purchasing Portuguese property is no longer an eligible route for new ARI applications, and the former EUR 1.5 million capital transfer route and EUR 350,000 property rehabilitation route were also removed for new applications.

There is an important transitional exception. Law 56/2023 preserved certain grant and renewal applications based on the repealed property and capital-transfer routes that were already pending when the reform entered into force. Existing or grandfathered cases therefore need to be distinguished from someone making a new Golden Visa application today.

The remaining routes focus on investment into areas such as Portuguese businesses, qualifying non-real-estate investment funds, research, culture and employment. Investments used for the current ARI routes cannot be aimed directly or indirectly at real estate.

The qualifying investment must be maintained for a minimum of 5 years counted from the date the ARI residence authorization is granted. Because the investment must already have been made when the ARI application is submitted, a long processing period can mean that the investment is held for considerably longer than 5 years from the original investment date.

The attraction of the ARI for many international investors is its relatively low physical presence requirement. It can therefore suit someone who wants Portuguese residence without planning to live in Portugal for most of the year.

Investment routes and minimums

Following the 2023 reform, the available Golden Visa investment routes for new applicants are:

For cultural investment, Portuguese law provides a 20% reduction in qualifying low-density areas, bringing the EUR 250,000 threshold to EUR 200,000. AIMA's published page has shown EUR 220,000, which is inconsistent with the statutory 20% reduction.

The company capital route allows a EUR 500,000 investment into a company based in Portugal. For a newly incorporated company, 5 permanent jobs must be created. For an existing company, a capital increase must create 5 new permanent jobs or maintain 10 jobs, including at least 5 permanent jobs, for at least 3 years.

For investors considering the fund route, see our separate guide to Portugal Golden Visa funds and investment options.

How to check a fund is eligible

There is no official CMVM list of funds that are certified as "Golden Visa eligible". Eligibility depends on whether the investment and the fund meet the legal requirements.

For the EUR 500,000 fund route, the investment must be made into units of Portuguese collective investment undertakings that are not aimed directly or indirectly at real estate. At the time of investment, the fund must have a maturity of at least 5 years, and at least 60% of the value of its investments must be invested in companies with their head office in Portugal.

An investor can combine investments across several qualifying funds to reach the required EUR 500,000 total.

AIMA requires evidence including a certificate confirming ownership of the fund units and a declaration from the fund manager confirming the relevant maturity and 60% investment requirements.

Eligibility for the Golden Visa is only one part of the decision. Investors should also examine who regulates and manages the fund, its fees, lock-up conditions, investment strategy and exit terms. No investment return should be assumed simply because a fund is suitable for an ARI application.

Costs: government fees and other costs

AIMA's 2026 administrative fee table was published on 28 February 2026 and took effect on 1 March 2026.

The reduction mechanism depends on how the relevant procedure is handled. Where an application can be submitted through a digital or online channel and the applicant chooses that channel, AIMA provides a 25% reduction. Where assisted digital service is chosen instead, the reduction is 10%. AIMA also provides for a 25% reduction in the other situations covered by the transitional fee rule.

The table below shows the standard ARI amounts and the published 25% reduced amounts. The amount actually payable in a particular case depends on the applicable procedure and channel.

The analysis fee is separate from the grant or renewal fee. For example, one investor obtaining a first ARI at the standard rates would pay EUR 842.80 for analysis plus EUR 8,418.90 for the grant, a total of EUR 9,261.70 in AIMA fees.

These figures do not include the investment itself or other possible costs such as fund charges, professional advice, banking, translations or document preparation. Those costs depend on the chosen investment and the applicant's circumstances.

Step by step

1. Choose the qualifying investment route.

   Decide whether the application will be based on a fund, research investment, cultural investment, job creation or qualifying company investment.

2. Obtain a Portuguese NIF.

   The Portuguese tax identification number is normally needed before arranging the banking and investment elements of the application.

3. Open a Portuguese bank account.

   The applicant normally establishes the Portuguese banking arrangements required for transferring and documenting the investment.

4. Make the qualifying investment.

   The investment must satisfy the requirements for the selected ARI category and must already have been made when the residence application is submitted.

5. Prepare the ARI documents.

   AIMA's requirements include proof of legal entry and stay, the relevant passport and identification information, health protection or qualifying health insurance, the applicable foreign criminal-record certificate issued within the required period and translated where necessary, tax identification information, authorization for AIMA to consult the Portuguese criminal record, a declaration of honour concerning the investment requirements and proof that the applicant's Portuguese tax and social-security position is regular, or evidence of non-registration where applicable.

6. Submit the online ARI application.

   The application is registered through AIMA's ARI system. A lawyer registered as the applicant's legal representative can manage the online process where properly authorised. The ARI is expressly exempt from the ordinary Portuguese residence-visa requirement, so there is no separate residence-visa application as part of the normal Golden Visa process.

7. Pay the applicable fees.

   AIMA charges an analysis fee and, when the residence permit is granted, a separate grant fee.

8. Attend biometrics.

   The applicant must attend the required appointment in Portugal so that biometrics and the application can be completed.

9. Receive the residence card.

   After approval and completion of the required procedures, the ARI residence card can be issued.

Processing times and the 2026 backlog

Golden Visa processing times remain one of the least predictable parts of the programme, but it is important to distinguish the legal decision deadline from the total real-world time an applicant may spend in the process.

Article 82(5) of Law 23/2007, as amended by Law 62/2026 of 10 September 2026, provides that an application for a residence authorization must be decided within 90 days. That period can be extended by a further 30 days in exceptional and duly justified circumstances, including the complexity of the case, and the applicant must be informed of the extension.

Article 82(6) provides a 60-day decision period for a residence renewal. The former Article 82(7) has been revoked, so an overdue renewal should not be described as automatically approved under that former provision.

These statutory decision periods should not be confused with the entire elapsed time from first starting an ARI application to receiving a residence card. An application can spend substantial time awaiting portal processing, document updating, scheduling, biometrics or reaching the stage at which it is ready for a formal decision.

Jornal Económico reported on 13 February 2026 that approximately 13,000 ARI applications were pending. That figure is a press report rather than a figure we found confirmed in the specified official sources. AIMA's official 2024 Migration and Asylum Report confirms that 2,081 ARIs were granted in 2024, while AIMA's 2026 performance framework identifies reducing pending ARI applications as an institutional objective.

Market and adviser estimates commonly cite around 12 to 24 months for parts of the process, while some advisers report cases taking 2 to 3 years before the first residence card. These are anecdotal or market estimates, not official AIMA processing periods and not a guarantee of how long a new application will take.

Delays can also create practical issues where an underlying investment project changes or stalls. We discuss this separately in Golden Visa delays: what happens if my investment project stalls?

The ARI regime remains in force on 30 September 2026. Article 90-A remains part of the current immigration law and AIMA continues to operate the ARI process.

Minimum stay

The Golden Visa has a much lower physical presence requirement than residence routes designed primarily for people living in Portugal.

An ARI holder must spend at least 7 days in Portugal during the first year. In each subsequent 2-year period, the requirement is at least 14 days.

The days do not have to be consecutive.

This limited minimum stay is one of the main reasons the ARI is considered by investors who continue to work, operate businesses or maintain their main home outside Portugal.

Family members

Eligible family members can apply for residence alongside the Golden Visa investor.

Family members of an Article 90-A ARI holder are specifically exempt from the 2-year waiting period that now applies to many ordinary family reunification cases in Portugal.

Potentially eligible relatives include a spouse or recognised partner, minor children, dependent adult children who are studying, dependent parents and minor siblings who are under the applicant's guardianship.

Each family member has their own government application and residence permit fees.

For a wider explanation of the current rules, see our guide to Portugal family reunification rules in 2026.

Renewals

The initial ARI residence card is valid for 2 years. Article 90-A provides for ARI renewals in further 2-year periods.

This is worth noting because some general descriptions of Portuguese residence permits refer to 3-year renewals. The specific ARI renewal rule continues to provide for 2-year periods.

AIMA has processed ARI renewals electronically through its Renewal Portal since 16 February 2026.

For renewal, the qualifying investment must continue to be maintained and the applicant must meet the minimum stay requirement. AIMA's current ARI guidance also identifies a valid passport, health protection, means of subsistence, proof of accommodation, the relevant criminal-record requirements, a regular Portuguese tax and social-security position and payment of the applicable fees among the renewal requirements.

The minimum physical presence requirement for each subsequent 2-year period is 14 days in Portugal, consecutive or non-consecutive.

Permanent residence and citizenship

Permanent residence

An ARI holder can potentially qualify for Portuguese permanent residence after at least 5 years of temporary residence, subject to the conditions in Article 80.

Those conditions include demonstrating basic knowledge of Portuguese. An A2 or higher PLA certificate is one accepted way of proving this, but AIMA also accepts other specified forms of evidence, including certain Portuguese education certificates, IEFP basic-Portuguese certificates and CAPLE evidence.

AIMA can issue a permanent form of ARI. For holders of that permanent ARI, the exceptions apply specifically to Article 85(2)(b), (3) and (4), which concern cancellation for periods of absence and the related rules for justifying those absences. Other legal grounds for cancellation of residence are not removed.

Permanent residence and citizenship are different statuses. Our separate guide explains the difference between Portuguese permanent residence and citizenship.

Citizenship rules changed in May 2026

The previous 5-year residence period is no longer the general naturalisation rule for applications governed by the new law.

Organic Law 1/2026 was published on 18 May 2026 and entered into force on 19 May 2026. Under Article 6, the legal residence requirement is 7 years for nationals of countries whose official language is Portuguese and citizens of EU Member States, and 10 years for nationals of other countries.

EU citizens themselves are not eligible for an ARI, so for Golden Visa investors the reduced 7-year category is principally relevant to nationals of countries whose official language is Portuguese.

Periods of legal residence can be added together when they fall within a maximum 12-year window for an applicant subject to the 10-year requirement, or a 9-year window for someone subject to the 7-year requirement.

Holding a qualifying residence title can count as legal residence. The current nationality law does not create a separate physical-presence requirement that excludes ARI residence simply because the holder complies with the Golden Visa's reduced 7-day and 14-day minimum stays.

However, Organic Law 1/2026 repealed Article 15(4) of the Nationality Law. That provision had allowed the period from submission of an application for temporary residence to be counted once that application was eventually approved. For nationality cases governed by the new law, merely having an ARI application pending no longer gives the applicant that former automatic credit from the residence application date.

A period before the ARI grant may still count if it independently qualifies as legal residence under another title, visa or authorization recognised by Article 15. This distinction can be particularly important for Golden Visa applicants who spend a long period waiting for their first ARI to be granted.

Reaching the relevant 7-year or 10-year residence period is not the only requirement for naturalisation. Article 6 now also requires, among other things, sufficient knowledge of Portuguese language and culture, Portuguese history and national symbols, knowledge of fundamental rights and duties and Portugal's political organisation, a solemn declaration of adherence to the principles of a democratic state governed by the rule of law, capacity to ensure subsistence and compliance with the applicable criminal, national-security and UN or EU restrictive-measure conditions.

Nationality procedures that were already pending on 19 May 2026 remain governed by the previous version of the law, including the previous 5-year legal residence rule.

Notes for Americans and South Africans

US citizens

US citizens are visa-exempt for short Schengen entry, which can simplify travel to Portugal for the stages of the ARI process that require their presence.

US citizens should also consider the tax treatment of their chosen investment before investing. The United States taxes citizens on worldwide income, and investments in non-US funds can raise specific US tax issues, including possible PFIC treatment. US tax advice should be obtained before committing to a Portuguese investment fund.

A Portuguese Golden Visa does not by itself make an investor Portuguese tax resident. Investors who are considering spending substantially more time in Portugal should obtain advice on the separate tax residence rules. See our Portugal tax guide or book a Portuguese tax consultation.

South African citizens

South African citizens normally need a Schengen visa to enter Portugal. The ARI requires legal entry, so entry arrangements need to be planned as part of the application process.

The ARI itself is exempt from the ordinary Portuguese residence-visa requirement. This is separate from the Schengen visa that a South African national may need in order to travel legally to Portugal.

The investment requirements themselves are the same ARI requirements described above. As with applicants from other countries, residence through the Golden Visa does not automatically mean becoming Portuguese tax resident.

Is the Golden Visa right for you?

The Golden Visa is one of several Portuguese residence routes, and it should not automatically be treated as the best option simply because an applicant has sufficient capital to invest.

Its distinctive feature is the combination of an investment requirement with a very limited minimum stay in Portugal. That can make it relevant for people who want Portuguese residence but expect to continue spending most of their time elsewhere.

Someone intending to make Portugal their main home may also want to compare the ARI with routes such as the D7 or D8 before committing significant capital to an investment.

The comparison should take into account the applicant's residence plans, family circumstances, investment objectives and the different costs involved.

Common questions

Sources

• AIMA: Autorização de Residência para Investimento, Article 90-A
• AIMA: ARI frequently asked questions
• AIMA: digital application procedures and fee reductions
• AIMA: 2026 administrative fee table
• Regulatory Decree 84/2007: ARI investment period and minimum stay rules
• Diário da República: Law 56/2023 and transitional ARI rules
• Law 23/2007, consolidated immigration law
• Diário da República: Law 62/2026
• Diário da República: Organic Law 1/2026
• Diário da República: consolidated Portuguese Nationality Law