The Golden Visa continues in 2025 with a shift away from real estate. Explore the new investment options, changes to residency requirements and a step‑by‑step application guide.
Portugal • Residency by Investment • Fund subscription from €500k
Portugal’s Golden Visa remains one of the most attractive residency‑by‑investment programs in Europe. However, recent reforms have eliminated the real estate and capital transfer routes and introduced revised legislation that may double the residence requirement. This in‑depth guide walks you through the latest rules for 2025, the investment fund route and other qualifying options, eligibility and documentary requirements, tax advantages, and what these changes mean for international investors seeking a pathway to European residency and citizenship.
Overview & Background
The Portugal Golden Visa — officially known as the residence permit for investment activity (ARI) — was launched in 2012 as part of Portugal’s post‑crisis strategy to attract foreign capital and stimulate economic growth. By investing in qualifying activities, non‑EU nationals and their families could obtain a temporary residence permit, enjoy visa‑free travel across the Schengen Area, access public healthcare and education systems, and ultimately apply for Portuguese citizenship after five years. Over the past decade the program has raised more than €4 billion and attracted more than 20,000 investors【879812953485513†L403-L406】.
Historically, the program’s popularity stemmed from its real estate routes; more than 90 percent of investors purchased property, which contributed to rising housing costs【903496505891026†L145-L147】. In response to a housing crisis and political pressure, Portugal enacted the Mais Habitação (More Housing) bill in 2023. This law removed real estate and large capital transfers from the list of qualifying investments【879812953485513†L606-L618】, signalling a shift toward productive investment in funds, research and job creation.
Despite speculation that the Golden Visa would be abolished, the program continues to operate in 2025. Investors still enjoy attractive benefits, including visa‑free travel within the EU’s Schengen zone, minimal stay requirements (seven days in the first year and 14 days every two years thereafter)【879812953485513†L419-L421】, and a potential pathway to Portuguese citizenship after five years. This guide reflects the latest reforms and gives you a step‑by‑step roadmap for leveraging the investment fund route.
2024–2025 Legislative Changes
Removal of real estate and capital transfer routes
One of the most consequential changes to the Golden Visa is the removal of real estate and capital transfer options. The Mais Habitação bill, enacted in October 2023, amended the Golden Visa regulations to exclude:
- Purchasing any residential or commercial property worth more than €500,000 (or €400,000 in low‑density areas)【879812953485513†L611-L618】.
- Buying and refurbishing properties older than 30 years or in urban regeneration zones for at least €350,000 (or €280,000 in low‑density areas)【879812953485513†L611-L618】.
- Capital transfers of €1.5 million or more【879812953485513†L611-L618】.
These eliminations aim to curb speculation, cool the housing market and encourage investment in productive sectors. Investors must now choose from alternative routes such as fund subscriptions, research, arts and culture donations, job creation or entrepreneurship.
Proposed nationality law changes
In June 2025 the Portuguese government proposed amendments to the nationality law that, if enacted, would double the residence requirement for citizenship from five years to ten years (seven for nationals of CPLP and EU countries)【879812953485513†L372-L381】. The proposal would also start counting residency from the issuance date of the residence permit, rather than the application date【879812953485513†L381-L383】. As of late October 2025 the bill has passed a plenary vote but still requires presidential review and possible constitutional court scrutiny【879812953485513†L372-L389】. Applicants should monitor official channels for updates and consider filing sooner rather than later to secure current timelines.
Administrative reforms and delays
The dissolution of Portugal’s immigration agency SEF and the creation of the Agency for Integration, Migration and Asylum (AIMA) have led to backlogs and longer processing times. Average Golden Visa processing times increased from 27 months in 2024 to 40 months in 2025【903496505891026†L120-L128】. Applicants should expect delays and budget additional time for document preparation and scheduling biometrics.
Investment Options for 2025
Under the new rules, Golden Visa applicants must choose an investment that contributes to Portugal’s economy without fueling the real estate market. The main options are summarized below. Note that minimum amounts may be reduced by 20 percent if the project is in a low‑density area (defined as fewer than 100 residents per square kilometer or GDP per capita below 75 percent of the national average)【879812953485513†L541-L544】.
1. Fund subscription (€500,000)
Invest at least €500,000 in a private equity or venture capital fund regulated by the Portuguese Securities Market Commission (CMVM). Funds must not invest directly or indirectly in real estate【879812953485513†L548-L560】. Sectors include energy, technology and industry. American investors may even use IRA funds, though this requires careful tax planning【879812953485513†L561-L565】.
2. Arts and cultural production (€250,000)
Donate or invest a minimum of €250,000 in approved projects that preserve Portuguese arts, national heritage or culture【879812953485513†L572-L577】. Projects must be pre‑approved by the GEPAC (Office of Cultural Strategy, Planning and Assessment)【879812953485513†L572-L577】.
3. Scientific research (€500,000)
Make a capital transfer of €500,000 or more to public or private research institutions engaged in scientific or technological research【879812953485513†L579-L584】. This route supports Portugal’s innovation ecosystem.
4. Job creation (10 jobs)
Create at least ten full‑time jobs in Portugal【879812953485513†L588-L590】. In low‑density areas the requirement drops to eight jobs. Businesses must comply with Portuguese labour and social security laws.
5. Company set‑up (€500,000 + five jobs)
Establish a company in Portugal with a share capital of €500,000 and create at least five permanent jobs, or invest €500,000 to increase the share capital of an existing company while meeting job creation targets【879812953485513†L598-L601】. Entrepreneurs can combine this route with the job creation option for more flexibility.
Investment highlights: Qualifying investments start at €200,000 in low‑density areas【879812953485513†L541-L544】. Note that real estate purchases, refurbishment projects and capital transfers no longer qualify【879812953485513†L611-L618】. The fund route has become the preferred path due to lower entry costs and diversification.
Eligibility & Requirements
To qualify for the Portugal Golden Visa in 2025 you must meet several requirements:
- Age & nationality: You must be at least 18 years old, hold a valid passport and come from a non‑EU, non‑EEA and non‑Swiss country【879812953485513†L460-L470】.
- Clean criminal record: Applicants must present police clearance certificates from Portugal and their home country【879812953485513†L460-L470】.
- Qualifying investment: You must invest at least €200,000–€500,000 (depending on the route and region) before submitting your application. Evidence of fund transfer from abroad is required【879812953485513†L640-L647】.
- Stay requirements: Spend at least seven days in Portugal during the first year and 14 days every two years afterwards【879812953485513†L629-L630】.
- Maintain the investment: You must commit to maintaining the investment for at least five years【879812953485513†L632-L636】.
In addition, you’ll need a Portuguese NIF (tax identification number) and a local bank account【879812953485513†L661-L668】. All documents issued abroad must be translated into Portuguese, legalised and apostilled if your country belongs to the Hague Convention【879812953485513†L656-L659】.
Application Process
Applying for a Golden Visa involves several stages. It’s advisable to work with a licensed immigration lawyer or consultancy to navigate the paperwork. Here is a typical workflow:
- Due diligence & investment selection: Conduct due diligence on available funds or projects and choose your preferred investment route. Secure a Portuguese NIF and open a bank account.
- Execute the investment: Transfer the required funds to a Portuguese bank and invest in the qualifying fund, research project or company. Obtain a declaration from the fund manager or project authority confirming your investment【879812953485513†L640-L647】.
- Gather documents: Collect all required documents, including passport, police clearance, proof of health insurance, evidence of investment, tax forms and the application form【879812953485513†L640-L654】.
- Submit application: File your application via Portugal’s online portal or through the consulate. Pay the processing fees and schedule a biometrics appointment.
- Biometrics & interview: Attend your biometrics appointment in Portugal or at a consulate. You may also need to meet with immigration authorities to verify your documents.
- Approval & residency card: Once approved, you will receive a two‑year residence card. Maintain your investment and meet stay requirements. Renew your card every two years by submitting updated documents and paying renewal fees.
- Citizenship application: After five years of holding a Golden Visa (subject to proposed changes), you can apply for permanent residency and citizenship. Ensure you meet Portuguese language requirements and have a clean criminal record during your stay.
Processing times can be lengthy due to administrative reforms. Expect 12–18 months from submission to issuance and plan for renewal applications well before expiry【903496505891026†L120-L128】.
Costs, Fees & Tax Considerations
The Golden Visa involves several cost components:
- Investment amount: €500,000 for fund subscription; €250,000 for arts and culture; €500,000 for research; variable for job creation and entrepreneurship【879812953485513†L506-L540】.
- Application fee: Approximately €533 per applicant.
- Processing fee: Around €5,325 per applicant, payable upon approval.
- Renewal fee: About €2,663 every two years.
- Legal & advisory fees: Vary by service provider but typically range from €5,000 to €10,000.
- Taxes: Portugal taxes worldwide income if you become a tax resident. However, Golden Visa holders are not required to pay taxes on income generated outside Portugal【879812953485513†L456-L459】. Many investors benefit from the Non‑Habitual Resident (NHR) regime, which offers reduced tax rates on foreign income for ten years.
It’s important to account for fund management fees, due diligence costs and potential capital gains taxes when selecting a fund. Consult a tax advisor to optimise your structure.
Residence & Citizenship Timeline
Under current rules, Golden Visa holders may apply for permanent residency or citizenship after five years. The proposed 2025 reforms could extend this period to ten years (or seven for CPLP/EU nationals)【879812953485513†L372-L381】. The timeline typically looks like this:
| Stage | Timing | Actions |
|---|---|---|
| Initial application | Months 0–6 | Select investment, collect documents, submit application and pay fees. |
| Processing & biometrics | Months 6–18 | Attend biometrics appointment and await approval. Stay current with updates from AIMA. |
| Residence card validity | Years 0–2 | Two‑year residence card issued; meet minimum stay requirements (7 days first year, 14 days every two years)【879812953485513†L629-L630】. |
| Renewal | Years 2–5 | Renew residence card every two years; maintain investment and clean record. |
| Permanent residency/citizenship | Year 5 (current) / Year 10 (proposed) | Apply for permanent residency or citizenship. Pass Portuguese language test and provide evidence of integration. |
If reforms pass, consider alternative pathways like the D7 Visa or UK Global Talent Visa, which may offer faster routes to residency.
Family & Benefits
The Golden Visa continues to provide compelling advantages:
- Freedom of movement: Visa‑free travel within the 26 Schengen countries and many other European nations【879812953485513†L432-L434】.
- Minimal stay requirements: Seven days in the first year and 14 days every two years afterwards【879812953485513†L419-L421】.
- Pathway to citizenship: Apply for a Portuguese passport after five years of residency, gaining access to EU citizenship and visa‑free travel to 172 countries【879812953485513†L444-L449】.
- Quality of life: Portugal offers a high quality of life, excellent healthcare, safety and affordable living costs.
- Family reunification: You can include a spouse, dependent children (under 18 or up to 26 if in full‑time education and financially dependent) and dependent parents【879812953485513†L474-L487】.
- Tax benefits: Exemption from taxes on foreign income, eligibility for the NHR regime and favourable inheritance rules【879812953485513†L456-L459】.
These benefits make Portugal’s Golden Visa one of the most flexible and family‑friendly residency‑by‑investment programs in the world.
Comparison & Alternatives
If the changes to Portugal’s Golden Visa do not align with your goals, consider alternative residency programs:
- Greece Golden Visa: Although property remains the qualifying investment, minimum amounts have increased and regional restrictions apply. The program does not require any physical stay.
- Spain Digital Nomad Visa: Ideal for remote workers, requiring proof of foreign income and offering a three‑year residence permit.
- Italy Investor Visa: Allows investment in government bonds (€2 million), companies (€500k), start‑ups (€250k) or philanthropic donations (€1 million)【939386591320293†L42-L48】.
- Malta Permanent Residence Programme: Provides residency via a combination of property rent and non‑refundable contribution.
- Netherlands Highly Skilled Migrant: Grants residence through employment with a Dutch employer meeting salary thresholds【879031247798537†L310-L337】.
Each program has unique eligibility criteria, investment thresholds and processing timelines. Assess your objectives, desired lifestyle and tax considerations before making a decision.
Tips & Pitfalls
Start early: Proposed nationality law changes could extend the citizenship timeline. Submitting your application before the law comes into force may secure current terms.
Conduct due diligence: Assess the track record and fees of fund managers. Choose regulated funds to minimize risk.
Monitor currency fluctuations: Convert funds at favourable exchange rates to minimise cost. Opening a Portuguese bank account early allows you to lock in rates.
Stay compliant: Keep records of your investment, tax filings and stay days. Non‑compliance may jeopardise renewals.
Work with professionals: Engage licensed lawyers and tax advisors to navigate legal, regulatory and tax requirements. Beware of unlicensed brokers or speculative real estate schemes.
FAQs
Is the Portugal Golden Visa still available in 2025?
Yes. Despite rumours of termination, the program continues. Real estate and capital transfer routes have been removed, but fund, research, arts and job‑creation options remain【879812953485513†L359-L365】【879812953485513†L606-L618】.
Do I need to live in Portugal?
You only need to spend seven days in the first year and 14 days every two years thereafter to maintain your Golden Visa【879812953485513†L419-L421】. You are not required to become a tax resident unless you reside more than 183 days per year.
Can my family join me?
Yes. You can include your spouse or partner, dependent children up to age 26 (if financially dependent and in education) and dependent parents【879812953485513†L474-L487】.
When can I apply for Portuguese citizenship?
Currently after five years of holding a Golden Visa and meeting language and integration requirements, you can apply for citizenship. Proposed legislation may extend this to ten years【879812953485513†L372-L381】.
Conclusion
The Portugal Golden Visa remains a gateway to European residency and eventual citizenship for investors willing to support productive sectors of the economy. With the real estate option now removed, fund subscriptions and other non‑property routes have taken centre stage. While proposed legislative changes could lengthen the path to citizenship, the program still offers minimal stay requirements, tax advantages and family inclusion. By conducting thorough research, choosing reputable partners and staying abreast of legislative developments, investors can make informed decisions and secure a bright future in Portugal.
Information correct as of October 2025. Always consult the official SEF/AIMA websites and legal professionals for the latest guidance and legislative updates.