Those who want to protect their funds and transfer them to a safe European country may find the Portugal Golden Visa suitable. The program is ideal for individuals who don’t plan to fully relocate to Portugal, as it only requires a few days there each year. It also allows visa-free travel within the Schengen Area. Investors who don’t need to withdraw their funds after a few months often choose a program like this one, as they must hold their funds for 5 years.
However, if you’re looking for «citizenship for money» or want to «buy an apartment and get a residence permit», this visa isn’t for you. To obtain a Portuguese passport, you must reside in Portugal for at least 5 years with a residence permit. The investment option involving real estate purchases was abolished in 2023. Fortunately, there are other interesting investment programs available in different countries.
What is the Portuguese Golden Visa nowadays?
It is a government program that allows foreigners to obtain a 2-year residence permit in exchange for investment (Autorização de Residência para Investimento, ARI). Many consider this as a way to gain legal residency, given that, once a residence permit is obtained, investors no longer need to live permanently in Portugal and can travel visa-free within the Schengen Area.
Four investment options are available for obtaining a Portuguese Golden Visa in 2025:
- Investment funds.
- Cultural activities.
- Owning or operating a business in Portugal.
- Science.
Until 2023, residence permits in Portugal could be obtained through real estate investments, but this option is no longer available.
4 benefits of the Portugal Golden Visa
Portugal Golden Visa (GV) is popular among iWorld clients. Investors value it for its flexibility and practicality. The terms and conditions are designed to balance rights and responsibilities of residents. The program is beneficial and convenient for those looking to grow their opportunities worldwide.
Minimal on-site presence
One advantage of Portugal’s investment program is that you don’t need to live in Portugal permanently to maintain your residence permit. You only need to stay for a week in the year you receive your residence card and for 14 days in all subsequent years. Such an approach is convenient for those who don’t plan to relocate but still want to enjoy the benefits of a European residence permit.
Residence permit for the entire family
When applying for a Golden Visa, each investor can include their immediate family members in their application:
- spouse;
- children (biological and adopted) under 18 years of age, including their stepchildren;
- incapacitated children of any age;
- children aged 18 to 25 who are unmarried and pursuing an education (including the children of their spouses)
- the parents of the investor and their partner, if they are dependent on them;
- the siblings under 17 years of age, provided that the investor has legal guardianship of them.
Immediate family members can submit their residence permit applications simultaneously with the investor’s application, which significantly saves time. Family members have the same rights as the main applicant.
Travel within the Schengen Area
A Portuguese residence permit allows investors to travel freely within the Schengen Area, which includes 29 European countries such as Germany, France, Spain, and Switzerland. You won’t need a visa to visit the Mediterranean or Milan. These benefits are especially convenient for business travelers and those who enjoy traveling.
Capital diversification
By investing in Portugal, you’re investing in a stable European economy. Your capital will be diversified and protected from currency fluctuations and domestic market volatility. In other words, investing in Portugal is a «backup plan», giving you a foothold in the EU and creating a safety net in case of problems in your home country.
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6 cons of the Portugal Golden Visa
Despite all the advantages of the Portugal Golden Visa program, it does have its drawbacks. Following the 2023 legislative reform, some investment options were removed, and applicant requirements became more stringent. Before applying, it’s important to understand the program’s shortcomings. Consider these factors to make the right decision.
No investment in real estate
Until 2023, real estate was an investment option. However, following the legislative reform, investors were no longer permitted to invest in real estate. The authorities justified the change by citing the need to reduce pressure on the Portuguese real estate market. Now, purchasing an apartment or house does not qualify you for a Portuguese residence permit.
Furthermore, the remaining investment options clearly state that the investment cannot be directly or indirectly related to real estate. For instance, you cannot purchase shares in an investment fund that invests in real estate.
High investment thresholds
To obtain a Portuguese Golden Visa, you must invest at least EUR 200,000 in the cultural sector. However, the number of projects in which this amount can be invested is strictly limited. Standard investments in the sector start at EUR 250,000. The minimum contribution for investments in funds and businesses is EUR 500,000; for science, it’s EUR 400,000 in low-density cities and EUR 500,000 elsewhere.
Given the size of these investments, Portugal issues temporary residency rather than permanent residence. Therefore, many are considering alternative investment options in Asian, Caribbean, and Oceanian countries, offering second passports for smaller amounts.
Liquidity and investment risks
All investments must be directed toward one of the following sectors: culture, science, business, or funds. Investments must be held for 5 years, meaning it is not possible to withdraw funds earlier without risking your residence permit. Additionally, Portuguese authorities do not guarantee a return on investment.
Compliance and KYC/AML
Any money you invest in Portugal must be legally obtained. Authorities carefully monitor the source of funds. As part of the Anti-Money Laundering (AML) procedure, investors are screened when opening an account with a Portuguese bank. AML is a set of measures aimed at combating money laundering and terrorist financing. This includes the Know Your Customer (KYC) procedure, which is an identification process.
All of these procedures increase the time it takes to obtain a residence permit. Failure to comply with any of these requirements will result in the application being denied, meaning the foreigner will not be able to transfer funds and obtain a residence permit.
Political and legal changes
The Portugal Golden Visa terms are subject to unexpected changes. For example, in 2023, the authorities removed the real estate investment option. Therefore, there is no guarantee that other investment options and limits will not be revised at any time.
The Portuguese government is also planning to amend citizenship legislation. Authorities want to increase the required period of residence to 10 years and introduce an integration test. These changes could directly impact investors hoping to quickly obtain a second European passport, as the current residency period in Portugal is 5 years.
Therefore, all investors should monitor not only the terms of the Golden Visa program, but also government activities and announcements related to legislative reforms. Staying informed will help investors navigate potential changes and avoid facing limited options.
Processing times and bureaucracy
The process of applying for a Golden Visa in Portugal can be fairly bureaucratic, since you have to:
- prepare a large set of documents;
- monitor the validity of certificates. For example, a certificate of good conduct must be no more than 90 days old;
- have some documents translated into Portuguese by an accredited translator and notarized;
- obtain a Portuguese Identification Number (Número de Identificação Fiscal, NIF);
- open a bank account in Portugal (a process that requires a separate set of documents).
Golden Visa application should be processed within 3 months. Yet, practically speaking, the entire process can take up to a year, seeing as how the authorities must carefully review every document and may require additional paperwork.
6 Myths about Portugal Golden Visa
There are many myths surrounding the Portuguese investment program that could mislead investors. We’ve compiled the most popular myths and explained how the program actually works.
Myth 1: Portugal offers citizenship by investment.
Unfortunately, this is not the case. Investing in Portugal does not entitle you to a passport. To become a citizen, you must meet the standard naturalization requirements.
Myth 2: Purchasing an apartment in Portugal will qualify you for a residence permit.
Since 2023, buying real estate no longer qualifies you for a residence permit. Owning a home in Portugal is only beneficial if you need a place to live.
Myth 3: It is possible to obtain a residence permit simply by depositing money into a Portuguese bank account.
Depositing money in a Portuguese bank does not entitle you to apply for a residence permit. An account is only necessary for transferring funds from abroad to an investment fund, business, or scientific or cultural organization.
Myth 4: The Portugal Golden Visa program completely resolves tax issues.
Investors are not exempt from capital gains tax (28%). Those who find employment in Portugal are subject to income tax (12.5%-48%), and those who register a business are subject to corporate tax (21% on the mainland, 14% in Madeira and 16.8% in the Azores).
Myth 5: Invested funds can be withdrawn at any time.
When applying for a residence permit, investors commit to maintaining their investment for 5 years. Prematurely withdrawing funds will automatically lead to the loss of residency status.
Myth 6: Investors do not need to live in Portugal to renew their residence permit.
Although residency requirements in Portugal are not strict, they do exist. Investors must stay in the country for at least 7 days in the first year and 2 weeks in subsequent years.
Alternatives to the Golden Visa: Other Ways to Obtain Residency in Portugal
There are other ways to obtain legal residency in Portugal besides acquiring a Golden Visa. Portuguese legislation provides over 10 grounds for obtaining a residence permit, each suitable for a specific category of immigrant. We’ve compiled the most popular options and described their specific features.
| Method | Who is eligible | Main requirement | Notes |
|---|---|---|---|
| D7 Visa (passive income) | Retirees and those living on passive income | Regular income of at least EUR 870 from non-Portuguese sources | The income cannot be from any type of work, including remote work. |
| D8 Visa (Digital Nomad) | Freelancers, remote workers, and businesspeople | Monthly income of at least EUR 3,480 | Applicants cannot be employed by a Portuguese company |
| D3 Visa/EU Blue Card | Highly qualified specialists | Annual income of at least EUR 34,400 | A high income threshold and proof of high qualifications |
| Family reunification | Relatives of temporary/permanent residents of Portugal | Proof of family ties and sufficient income from the sponsor | Available only to those with relatives in Portugal. |
| Student/research residence permit | Students at Portuguese universities, scientists, interns | Monthly income of at least EUR 870 | Proof of enrollment and/or an employment contract. |
| Start-up Visa | Aspiring entrepreneurs | A business idea/innovative company | Incubator approval is required |
The most important factor in choosing the right option for moving to Portugal is your goals. If obtaining a European diploma is your priority, consider applying for a student residence permit. If you’re employed and able to work remotely, we recommend applying for a digital nomad visa. If you want to protect your capital and transfer it to a reliable jurisdiction, a Golden Visa is the best option. Seek the support of iWorld specialists to avoid potential setbacks. We will assess your situation, explain program details, select similar programs in other countries upon request, prepare documents, and support you every step of the way.
Golden Visas in other European countries
Portugal is not the only EU country offering Golden Visas; Greece, Cyprus, and Malta each offer them as well:
| Conditions | Greece | Cyprus | Malta |
|---|---|---|---|
| Suitable for | Investors in real estate, startups, securities, businesses, and funds | Investors in real estate, businesses, and funds | Those buying or renting real estate long-term |
| Minimum investment, € | 250,000 | 300,000 | 169,000 |
| Advantages compared to the Portuguese program | Residence permits are issued immediately for 5 years, and investment in real estate is possible | Investment in real estate is possible, opportunity to obtain permanent residency | Permanent residency is immediately granted, rather than temporary status |
| Disadvantages of the program | The investment threshold for real estate in popular areas is relatively high (EUR 800,000) | The entry threshold is higher than in Portugal | There are high investor asset requirements (from EUR 500,000) |
Your priorities determine the choice of country and program: low investment threshold, status (residence permit/permanent residence), time limit for citizenship application, and no permanent residency requirement. iWorld specialists can help you compare the pros and cons. They will explain the detailed requirements, calculate start-up costs (including relocation and government fees), as well as select the optimal investment and immigration strategy. Sign up for a free consultation now.
Choose the best program for you
- Alternatives with favorable terms
- Investments starting at €25,000 and no mandatory residence requirement
- EU citizenship in a few years
- Selecting a solution tailored to your goals and budget
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