Portugal residency by investment: How to obtain in 2025

The Portugal residence permit by investment (Autorização de Residência para Investimento, ARI) program allows non-EU citizens to obtain a «golden visa», or a 2-year residence permit, in exchange for an investment of at least EUR 250,000. Currently, there are 4 investment options: funds, business, science, or culture.

Until October 2023, it was possible to obtain a residence permit by purchasing real estate. However, following legislative reform, this option is no longer available. Therefore, in 2025, investors will receive residence permits through other Portuguese programs or programs involving real estate purchases in other European countries.

A Portuguese residence permit allows foreign investors to live, work, and do business in Portugal, travel visa-free within the Schengen Area, and apply for permanent residence and Portuguese citizenship. The investment program is one of the easiest ways to immigrate to Portugal and has favorable terms. To maintain residency status, investors only need to spend 7 days in Portugal in the first year and 2 weeks in subsequent years.

Requirements for the Portuguese residency by investment program

To participate in the investment program for obtaining a residence permit in Portugal, you must meet the following requirements:

• make the required investment in a fund, science, culture, or business;
• apply for a residence permit within 3 months of entering Portugal;
• purchase or rent property in Portugal;
• have sufficient funds to live in Portugal (at least EUR 870 per month);
• prove a clean criminal record;
• commit to maintaining the investment for 5 years.

The investor’s immediate family members may obtain a Portuguese residence permit at the same time as the investor:

• spouse;
• minor children under the age of 17;
• minor siblings of the investor, if they are under the investor’s guardianship;
• adult children (ages 18-25) receiving an education (regardless of country), who are unmarried and financially dependent on the investor or their spouse;
• the investor’s parents, if they are financially dependent on the investor or their spouse.

Immediate family members must prove they have no criminal record and pay all fees associated with the residence permit. For each adult family member, the investor must demonstrate an additional monthly income of EUR 435, and EUR 261 for each child.

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Recent changes to the investment residence permit program in Portugal

The program has undergone a number of changes in recent years:

• Investment in real estate is no longer an option.
  In 2023, the Portuguese authorities passed Law 56/2023, which eliminated the possibility of obtaining a residence permit through real estate investment.
• The SEF was replaced by the AIMA.
  Previously, residence permit applications were submitted to the Immigration and Border Control Service (Serviço de Estrangeiros e Fronteiras — SEF). Following the reform, the Agency for Integration, Migration, and Asylum (Agência para a Integração, Migrações e Asilo — AIMA) became the responsible government agency. An online portal was created for submitting applications and scheduling in-person appointments.
• Tightening controls over funds and cultural projects.
  Investing in funds related to real estate is now prohibited. The authorities also regularly review the list of cultural properties eligible for investment in exchange for a residence permit.
• Increase in government fees.
  Compared to 2024, government fees in 2025 have increased by 39%. The application fee rose from EUR 580.31 to EUR 806.80; the residence card issuance fee rose from EUR 5,797.58 to EUR 8,060.20; and the renewal fee rose from EUR 2,899.34 to EUR 4,030.90.

Additionally, the Portuguese authorities are planning major changes to citizenship applicant requirements. The mandatory residency period is expected to increase from 5-10 years, and an integration test will be introduced.

Investment options for obtaining a residence permit

Portugal’s «Golden Visa» program awards visas to individuals who invest in the country’s economy, specifically in investment funds, science, culture, and business. Here is a brief comparison of all the options:

Investment in funds (from EUR 500,000)

Investments totaling at least EUR 500,000 in shares of investment and venture capital funds are needed. Key requirements:

• The receiving organizations must not be involved in real estate.
• The repayment period must be at least 5 years.
• 60% of the investment must be in Portuguese companies.

The annual return on investment varies by investment fund but averages between 3%-6%.

Investments in science and R&D (from EUR 400,000)

As a general rule, investments of at least EUR 500,000 in public or private research institutions in Portugal qualify for a residence permit. However, the required amount is reduced to EUR 400,000 if the investment is made in organizations located in:

• in cities with low population density (less than 100 people per km²);
• in communities where the GDP per capita is less than 75% of the national average.

The government has identified 33 such regions, including Alcoutim and Monchique in the Algarve, Oleiros and Penamacor in Beira Baixa, and Guimarães, Arouca, and Castelo de Paiva in Ave.

The organization you invest in must be integrated into Portugal’s national scientific and technological system. This may include research and development (R&D) units, associated laboratories, joint laboratories, or clinical academic centers. Some examples of organizations eligible for investment include:

• The Institute of Advanced Materials, Physics, Nanotechnology, and Photonics at the University of Porto.
• The Cardiology Center of the University of Lisbon.
• The Institute of Bioengineering and Biological Sciences (IBB) in Lisbon.

Cultural investment (from EUR 200,000)

You can obtain a residence permit in Portugal through cultural investment. Your investment will be channeled to various organizations and private or public foundations dedicated to supporting and restoring the country’s national cultural heritage.

The standard investment amount is EUR 250,000. It can be reduced to EUR 200,000 if invested in cities with low population density (fewer than 100 people per km²) or with a GDP per capita below 75% of the national average.

The Portuguese Bureau of Strategic Planning and Evaluation in Culture (Gabinete de Estratégia, Planeamento e Avaliação Culturais — GEPAC) regularly publishes a list of investment opportunities for obtaining a residence permit. The last update to the list was in October 2025.

For example, EUR 200,000 can be invested in the Alentejo Foundation for the conservation and restoration of the Monastery of Our Lady of Orada, the Casa de Mateus Foundation for the study and evaluation of the Melo archive, EUR 250,000 can be invested in the Serralves Foundation (specifically, the museum, Serralves Park), and the Bissaya-Barreto Foundation (for the restoration of the Bissaya-Barreto House of Arts).

Business investment (from EUR 500,000)

There are 2 options for obtaining a residence permit in Portugal by investing at least EUR 500,000 in a business:

• register a new company in Portugal and create at least 5 jobs;
• invest in an existing Portuguese company and create at least 5 new jobs or maintain at least 10 existing ones for 3 years.

When choosing to establish a new company in Portugal, investors must complete all the registration steps:

1. Select a business structure (e.g., LLC or general partnership).
2. Draw up the incorporation documents.
3. Confirm the head office address.
4. Register the company through the government portal, Justica.
5. Contribute the share capital.

A state fee is charged for registering a new company, ranging from EUR 220 to 720 depending on the type and urgency of the request.

If you choose to invest in an existing business, discuss all the details with its owners.

The step-by-step procedure for obtaining a Portuguese residence permit by investment

To obtain a residence permit by investment, you must be physically present in Portugal. This is one of the requirements. If you cannot enter the country visa-free, apply for a visa at the embassy or consulate. Typically, a resident visa is required to obtain a residence permit, but this requirement does not apply to investors; a short-term Type C visa is sufficient.

Once you arrive in Portugal, you can begin the Golden Visa process, consisting of 8 main steps.

Step 1. Obtain a NIF and open a Portuguese bank account

You will need a Taxpayer Identification Number (Número de Identificação Fiscal – NIF) to open a bank account. The tax office issues NIFs free of charge on the day of your request. There are 2 ways to apply for a NIF:

• Remotely (if you are not in Portugal): A tax representative must submit the application online.
• Offline: You must visit a tax office in person.

You will need a passport to apply for a NIF. If you are not eligible for visa-free entry, your visa must be affixed to your document.

After receiving your tax number, you must open a bank account, as it is required for transferring investments. Only Portuguese citizens can complete the online process. As a foreigner, you must visit the bank in person. The bank representative will provide a list of required documents, but we recommend bringing your passport, NIF, and proof of address in Portugal. The bank is required to conduct a Know Your Customer (KYC) procedure. This identification process helps prevent fraud related to financial scams and identity theft.

Step 2. Select an investment option and provider

Before submitting an application for a residence permit at AIMA or opening a bank account, you must select an investment option. Once the application is sent, it is not possible to change the selection, so consider the following when making a decision:

• Investment retention period: In Portugal, money must always be retained for 5 years.
• Risk portfolio: Assess the likelihood of financial losses. For example, consider how much the shares of the investment fund in which you are investing may depreciate.
• Your goals: to obtain a residence permit, permanent residence, and, in the future, citizenship, or to increase capital through investment returns.

Most investors contact lawyers who conduct due diligence before submitting an application. Doing so ensures that the application is not rejected at the first stage. Experts will also discuss all the risks, evaluate the licenses, and review the reporting of the company, fund, or research or cultural organization in which you are investing. These steps reduce the risk of losing your investment.

Step 3. Make an investment

Before submitting an application for a residence permit, necessary investments must be made, as confirmation documents must be attached to the application.

According to Law 83/2017 «Measures against money laundering and the financing of terrorism», you must first transfer money from your foreign bank account to your Portuguese one. This is how the authorities verify the origin of the funds. This applies to all transfers over EUR 15,000. If the bank deems a transaction to be suspicious, it must report it to the Central Department of Investigation and Prosecution of the Prosecutor General’s Office and the Financial Intelligence Unit.

If you have an account with a bank in the EU/EEA, the transfer to Portugal is carried out through the Single Euro Payments Area (SEPA). Although general legislation does not set limits on a single transaction, each bank can apply its own rules. If the account is not in euros but in another currency, such as Czech crowns, an additional fee for currency conversion will be charged.

Investors from outside the EU and EEA transfer money via SWIFT payment using IBAN. In this case, a currency conversion fee is charged, and the tariffs are set by the banks. The payment period depends on the bank’s conditions, as well as the time required to verify the legality of the funds’ origin and complete the KYC procedure.

Before transferring funds from a non-European account, check with your bank to ensure it accepts international SWIFT transfers.

Next, invest in accordance with your chosen method. For example, contribute your company’s authorized capital or purchase shares of an investment fund.

Step 4. Prepare a package of documents

Start collecting documents no earlier than 3 months before the planned date of requesting a residence permit in Portugal. Some of the certificates provided have a clear expiration date:

• no criminal record – no older than 3 months;
• certificate of no tax debts – no older than 45 days.

Documents issued in Portuguese, English, French, or Spanish do not need to be translated. Otherwise, the translation must be carried out by an accredited specialist, such as a Portuguese lawyer.

Before applying for a residence permit, carefully review the required documents. AIMA most often rejects low-quality scanned copies, police clearance certificates with translation errors or different wording, and insurance policies with incorrect expiration dates. Turning to iWorld specialists can simplify this process, as experienced lawyers will handle the competent preparation and verification of documents.

If you are planning to apply for a residence permit for your loved ones, take care of their documents at the same time as yours because you can submit a single application for your entire family. Applying as a family will significantly reduce the processing time.

Step 5. Submit an online application to AIMA

Applications for a Portuguese residence permit in exchange for investment are submitted to AIMA online through the ARI portal. The procedure steps involve:

1. Registration on the ARI portal.
2. Complete the required fields: email address, type of investment, passport number, Portuguese phone number, and address.
3. Complete an application for a residence permit.
4. Upload scanned copies of all documents in PDF format. Each file should be no larger than 4 MB.
5. Make payment for the state fees.

Afterwards, you will receive an email from AIMA with the result of the application: «Your application has been accepted, and you may now proceed with registration», or «Your application contains errors that must be corrected and resubmitted».

If the application is rejected due to inaccuracies, changes cannot be made to the existing application. You will need to fill out the form again and attach the documents.

Step 6. Biometrics and interview at AIMA

If your application is accepted, go to the ARI portal and schedule an appointment with AIMA. You will have the opportunity to select your service center, date, and time. After registering, you will receive a confirmation letter via email. During your visit, you must present the original documents attached to your application and submit biometric data, including fingerprints and photos. An AIMA employee may ask you questions about the purpose of your investment and the origin of your funds.

According to the law, the waiting period for a decision on issuing a residence permit is up to 90 days.

Step 7. Obtain a Portuguese residence card

Once your residence permit application has been approved, AIMA will mail the residence card to your Portuguese residential address. If it cannot be delivered for some reason, the letter will be returned to the government agency, and you will need to visit the agency in person to receive it.

The initial Portuguese residence permit issued in exchange for investment is valid for 2 years. With your residence permit card, you can legally reside in Portugal and, if you wish, work here, enroll in a university, run a business, enroll your children in school, or seek medical care.

Step 8. Renew the residence permit after 2 and 4 years

You must renew your residence permit in Portugal every 2 years. To do so, go to the ARI portal and schedule an in-person appointment at AIMA. Investors can also register family members who need to renew their residence permits. Applications must be submitted no later than 1 month before the current residence card expires.

After scheduling an appointment with AIMA, you will receive an email with the date and time of your appointment, as well as a list of required documents. We advise you to prepare your passport, insurance documents, and tax returns in advance.

After 2 more years, you can apply for another residence permit extension if you continue to maintain your investment. After 5 years, you will have the opportunity to change your status to a permanent resident.

Required documents for the Portugal Golden Visa

All investors are required to submit the same documents for a Portuguese residence permit through investment.

• An international passport or a document that replaces it.
• TIN from the country of origin, residence, or tax residence.
• A valid visa (if applicable).
• Health insurance policy from the Portuguese National Health Service or an international policy.
• Certificates of no criminal record, translated into Portuguese and no older than 3 months, from the applicant’s country of origin and all countries in which they have lived for more than 1 year.
• A completed application to check the applicant’s criminal record in Portuguese registries.
• A statement confirming that the applicant will maintain the investment in Portugal for 5 years.
• A certificate confirming the absence of tax debts, issued within 45 days of filing the residence permit application, or confirming the absence of registration with the tax authorities.
• Receipt of payment for the processing fee for the residence permit card.
• A certificate from the bank on the transfer of investments.
• A certificate of commercial registration confirming that the applicant is a partner (if the money is transferred on behalf of an individual limited liability company).

Additional documents must be attached to the dossier depending on the investment sector:

• Science: a statement from a public or private research institution confirming the transfer of funds;
• Culture: a GEPAC declaration confirming the investment;
• Investment funds: a certificate proving ownership of investment units that are free of liens and encumbrances and a statement from the fund’s management company regarding the investment;
• Business: a company registration certificate with share capital equal to or exceeding EUR 500,000, an updated document from an existing company stating that the applicant purchased shares for this amount, a purchase and sale agreement.

What is the cost of applying for a Portugal Golden Visa in 2025?

All applicants pay the same government fees, regardless of the investment sector:

The cost also includes travel expenses:

• Airfare per person: minimum EUR 250, excluding baggage.
• Monthly rent for a one-room or three-room apartment: EUR 900/EUR 1,590.
• Basic living expenses in Portugal (per person or for a family of 4): EUR 670/EUR 2,420.

We’ve calculated approximate cost estimates for investments in various sectors for single applicants and families of 4 (2 adults and 2 children), considering all expenses:

Golden Visa processing and extension timeframes

When considering the processing time for a Portuguese Golden Visa, it is important to take into account all stages of the application process:

Overall, processing a Golden Visa in Portugal takes approximately 6 months. Delays are most often caused by AIMA during the application review stage due to the agency’s high workload and the number of applicants.

Wealthy individuals do not need to live in Portugal permanently to maintain a residence permit. A 7-day stay is sufficient in the first year and a 2-week stay is sufficient in subsequent years.

Is permanent residence and Portuguese citizenship by investment a myth or a reality?

You can’t obtain a Portuguese passport directly through investment. An investment entitles you to a temporary residence permit, which can then be converted to permanent residence. To obtain Portuguese citizenship, an investor must meet the standard naturalization requirements:

• live in the country for 5 years;
• learn Portuguese to level A2 and pass the exam;
• provide documentary evidence of a clean criminal record in the country of citizenship.

A minimum of six years must pass before an investor can become a Portuguese citizen (including the processing time for all applications). The path to citizenship involves the following steps:

1. Make an investment and obtain a temporary residence permit.
2. Renew the temporary residence permit regularly.
3. Pass a language test and prepare naturalization documents.
4. Obtain citizenship.

The Portuguese government is currently discussing amendments to the Citizenship Law. The authorities plan to increase the minimum residence period to 10 years for most foreigners and to 7 years for citizens of Portuguese-speaking countries (The Comunidade dos Países de Língua Portuguesa – CPLP). This period will be calculated from the issuance date of the residence permit.

A new integration test will also be implemented, requiring all passport applicants to demonstrate knowledge of Portuguese culture, the rights and responsibilities of citizens, and the country’s political organization.

These amendments have not yet taken effect, but Parliament plans to finalize the bill and implement the changes soon. Therefore, if your ultimate goal is to obtain a second passport quickly, you may want to consider other options. For example, citizenship in one Caribbean country can be obtained in 2-6 months, and in Turkey, in 1 year.

Pros and cons of the Portuguese investment program

Advantages of obtaining a Portuguese residence permit by investment:

• Visa-free travel: no visa is required for travel within the Schengen Area.
• No need to live in Portugal: to maintain your residence permit, you only need to stay in Portugal for one week in the first year and 14 days thereafter.
• Residence permit for the entire family: you can apply at the same time as all your relatives.
• Opportunity for additional income: you can find a job or run a business in Portugal.
• Legal residency: you have the right to apply for permanent residence and citizenship in the future.
• Education for children: you can enroll your children in free public schools.
• Access to health insurance: you have the right to receive medical care in Portuguese clinics upon presenting your insurance policy.

Besides the advantages of the Portuguese Golden Visa program, there are also some disadvantages:

• Significant additional costs: an investor spends approximately EUR 9,000 on government fees alone.
• The need to preserve your investment: you cannot withdraw funds for 5 years.
• Investing in real estate: purchasing an apartment/house does not qualify you for a residence permit.

Reasons for residence permit rejection

A foreigner will be denied a Portuguese investment residence permit if the documents are improperly prepared. Examples include a police clearance certificate that is several days out of date, errors in the application, or an insurance policy that does not cover medical treatment in Portugal.

The application will be rejected if the applicant cannot prove the origin of the funds or provides false information, such as concealing tax debts, alimony payments, or other unpaid taxes.

A criminal record is also an obstacle to obtaining a Portuguese residence permit. Additionally, the person will not receive the status if they do not meet all the requirements of the investment program. For example, investing EUR 499,999 in a business instead of EUR 500,000 would not qualify.

You can address all potential issues by contacting iWorld specialists from the very beginning. They will prepare your documents according to current requirements, help you complete your application correctly, and support you throughout the entire Portuguese Golden Visa application process.

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