Volume 1 · 2026
Published August 1, 2026
The Portugal Golden Visa was substantially restructured in 2023. Two years on, the fund investment route has settled into a predictable pattern — but processing times through AIMA remain the primary source of uncertainty for investors. This report examines the experience of Golden Visa applicants who worked with our team in 2025–2026.
Key numbers
14.2mo
Avg. Golden Visa processing
Biometrics to card issuance
€500k
Minimum qualifying investment
Into approved funds
4%
Rejection rate
Lowest of all visa types
7 days
Min. annual presence required
vs 183+ days for D7
5 yrs
Path to Portuguese passport
After 5 years residency
22
Nationalities represented
2025–2026 cases
The Golden Visa after the 2023 restructure — what actually changed
When Portugal announced the removal of real estate as a Golden Visa qualifying route in 2023, widespread reporting framed it as the end of the programme. It was not. The fund investment route — €500,000 into approved Portuguese investment funds — was already available and has now become the primary pathway. Applications have continued, though the profile of investor has shifted: buyers seeking a rental property-based shortcut are gone; investors seeking genuine fund exposure remain.
What has changed in practice is the due diligence phase. Fund selection requires understanding CMVM-regulated structures, lock-up periods, underlying asset classes, and each fund's track record. Our lawyers now spend more pre-application time on fund qualification assessment than on the visa documentation itself. The visa paperwork, once the fund subscription is confirmed, is comparatively straightforward.
AIMA processing time breakdown — Golden Visa vs other permits
The Golden Visa residence permit is issued by AIMA (the successor to SEF) after biometrics. Processing times at AIMA are the primary variable investors cannot control — and they have extended significantly since 2023 as AIMA absorbed a large backlog of legacy SEF applications.
Golden Visa (ARI)
Biometrics → card
D7 Passive Income
Biometrics → card
D8 Digital Nomad
Biometrics → card
D2 Entrepreneur
Biometrics → card
EU Registration
Same day to 2 weeks
AIMA processing time = time from biometrics appointment to residence permit card delivery. Does not include consulate processing time (pre-arrival).
Golden Visa investor nationalities — top 8 (2025–2026)
The nationality composition of Golden Visa applicants has shifted significantly post-restructure. Chinese and Brazilian nationals, who dominated fund-based applications prior to 2023, now share the leading group with Americans and British nationals who were previously focused on real estate routes.
| Nationality |
% of cases |
Primary motivation |
Most common fund type |
| American |
24% |
EU passport pathway |
Real estate funds |
| British |
18% |
Post-Brexit EU access |
Diversified funds |
| Brazilian |
15% |
Cultural connection |
Real estate funds |
| Chinese |
12% |
Schengen access |
Diversified funds |
| South African |
9% |
EU mobility |
Real estate funds |
| Canadian |
8% |
EU passport |
Diversified funds |
| Indian |
7% |
EU mobility |
Diversified funds |
| Other |
7% |
Varies |
Varies |
Based on 2025–2026 Golden Visa cases handled by Visas.pt. Fund type preference is indicative only — final selection depends on individual risk profile and fund availability.
Total cost of a Golden Visa application — what to budget
The €500k investment is the floor, not the ceiling. These additional costs are often underestimated at the planning stage.
| Qualifying fund investment (minimum) |
€500,000 |
Must be maintained for 5 years |
| Government application fee |
€5,324 |
Non-refundable |
| Government approval fee (on issue) |
€532 |
Per adult family member |
| Legal fee — full Golden Visa |
€3,000–€8,000 |
Varies by complexity and family |
| Fund due diligence & selection |
€500–€2,000 |
Adviser or legal fee |
| NIF + bank account |
€300–€600 |
Required before application |
| Total (single applicant, excl. investment) |
~€10,000–€17,000 |
Median ~€12,500 |
Government fees as of 2026. Legal fees quoted are for professional preparation — self-preparation is not recommended for Golden Visa applications given complexity. Investment is not included in totals above.
The 7-day presence requirement — what it means in practice
The Golden Visa requires just 7 days of physical presence in Portugal per year (or 14 days per two-year renewal period). In practice, most of our Golden Visa clients visit Portugal once per year for their AIMA biometrics appointment and a brief stay — this satisfies the requirement.
The presence requirement becomes meaningful at the 5-year mark, when citizenship eligibility begins. The A2 Portuguese language test must be passed regardless of how much time you have spent in Portugal. Our clients who have not used the 5 years to build conversational Portuguese typically need 3–6 months of dedicated study before they are ready for the test. We refer clients to our Portuguese Language Course partner at the start of their Golden Visa journey so language preparation runs in parallel with the investment period.
A2 is the minimum level required for citizenship application. CIPLE exam administered by the Camões Institute.
Methodology & data sources
Data covers Golden Visa cases handled by Visas.pt between January 2025 and June 2026. Fund performance data sourced from publicly available fund manager reports and CMVM filings — not proprietary. AIMA processing times measured from biometrics appointment to residence permit card issuance.
Want to know what your case looks like?
These are averages. Our lawyers will give you a specific picture for your nationality, income type, and chosen consulate — free, no obligation.
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