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The Portuguese Golden Visa programme is the adopted name for Portugal’s hugely successful residency programme that grants non-European Union (EU) nationals and their families the ability to travel freely to countries within the Schengen zone. After five years, it is then possible to apply for a Portuguese passport and become a full European citizen. The programme has brought 7.3 billion euros in investments to the country since its inception in 2012.
Has Portugal's Golden Visa programme ended?
No, this programme has not ended. The Golden Visa programme is still live and is seeing the most interest it has experienced for years due to geopolitical events around the world. While it is no longer possible to gain a Golden Visa application by buying property in Portugal, there are still several ways to apply, such as investing in a qualifying Portuguese investment or venture capital funds. The Portuguese Golden Visa programme has not ended and all of the incredible benefits remain the same.
Talk to us about Golden VisaHow to get a Portuguese Golden Visa
The Golden Visa programme in Portugal is not over. Athena Adviser Niamh Erbek explains how to access this hugely popular residency programme in 2024 through investment.
Benefits of the Portugal Golden Visa Programme
Portugal’s Golden Visa programme allows investors to secure residency with minimal requirements. With only seven days per year required to be spent in-country, investors can retain their primary residences elsewhere while gaining the benefits of European residency. After five years, applicants become eligible to apply for a Portuguese passport, which grants them the right to live, work, and study in beautiful regions like Lisbon and Alentejo, as well as throughout the EU. Some of the key benefits of the Portugal Golden Visa programme include:
- Acquire instant free travel across the 27 Schengen countries.
- Obtain a Portuguese Passport and EU residency after five years.
- Gain access to Portuguese education and healthcare.
- Only one application is required for the investor and their direct family.
- The Portugal Golden Visa process takes only four to six months to receive residency cards, allowing applicants to work, live, and study in Portugal.
- No relocation is required. There is a low requirement for staying in the country during and after the application process.
The programme has recently improved for investors, with the countdown to citizenship now starting from the date of application acceptance rather than visa approval. This change shaves one to two years off the overall timeline, providing quicker access to a Portuguese passport.
Who can apply for a Portuguese Golden Visa?
The Golden Visa scheme is open to anyone with a clean criminal record who is not a Portuguese, EU, or European Free Trade Association (EFTA) citizen. This means that a Portugal Golden Visa has been open to U.K. citizens since 2021. Investors may also include qualifying family members in their application such as their spouse, dependent children, dependent parents, or dependent parents-in-law..
Portugal Golden Visa Funds Explained
While it is no longer possible to apply for a Golden Visa via a property investment in Portugal, fund investments have become a preferred route for many — particularly investors from the U.S. and U.K. Fund investments provide a tax-efficient, straightforward path with fewer logistical concerns than purchasing and managing property.
Unlike real estate investments, funds require no property taxes, income taxes, or maintenance fees. Advantages of applying via a fund include:
- A very hands-off investment: One advantage for investors is that the entire process can be managed remotely and fund managers will oversee the investment for you.
- Generate strong yields through Portuguese Golden Visa funds: There is a range of funds available with varying levels of risk. This means if you are comfortable with more risk there is potential for strong returns. Plus, there is potential for capital appreciation should you decide to sell your investment in the future.
However, there are also some potential drawbacks to remain aware of encountering. These include:
- Risk: All funds come with an element of financial risk and they cannot guarantee a return. This is why you must choose a trusted, qualifying fund that meets your investor style. Some experienced investors are comfortable working with higher risk for higher rewards while others, who may not be as used to dealing with intangible assets, may wish to take a more cautious approach.
- Illiquidity: Fund units are illiquid until maturity which means that you cannot sell them straightaway if you need more cash urgently.
It’s important to note that the companies that benefit from the capitalisation must be at least five years old at the time that the investment is made and at least 60% of the investments must be realised in a commercial company with its headquarters in Portugal.
How To Apply for Portuguese Residency by Investing in a Fund?
There are several ways to apply for a Portuguese Golden Visa and one of the most popular ways is investing €500,000 in a qualifying fund. To do so:
- Plan a visit in person — obtain a Portuguese tax number (NIF), open a bank account and complete the necessary documentation (powers of attorney, investment declarations, etc.).
- Submit all your documents online.
- Present the proof of transfer of funds and a declaration confirming compliance with the visa’s investment requirements.
- Book an appointment with the Foreigners and Border Service (SEF) authorities to obtain final answer/approval. This can take up to six months.
- Obtain a temporary residency card up to one month after approval.
Applicants will also need to maintain the investment for at least five years and stay in Portugal for seven days per year until they apply for full citizenship or residency.
Portugal Golden Visa Process and Time Frames
In addition to your real estate investment, there are some administration fees that you will need to take into consideration. The application fee during the petition phase costs €533.90 per applicant. During the granting phase, all applicants will need to pay €5,336.40 each for their initial residency permit. You can expect to renew your visa twice after your first and third year as a resident. This renewal process costs €2,668.20 per applicant.
Obtaining a temporary residency permit is fast taking about one year and full citizenship is possible after five years.
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Frequently Asked Questions
What is the Golden Visa in Portugal?
The Golden Visa is a residency-by-investment program in Portugal, allowing non-EU/EEA/Swiss nationals to obtain residency by making qualifying investments.
What are the Portugal Golden Visa requirements?
The options are:
- A capital transfer of at least €1 million into a Portuguese bank account or an approved investment option; or,
- Investing €500,000 or more into approved investment funds; or,
- The creation of at least 10 jobs in Portugal.
Can I get Golden Visas for my family too?
One of the benefits of the Golden Visa programme is that you can add numerous family members to your application including:
- Spouse or legal partner
- Unmarried children under 26 who are enrolled in full-time education
- Parents or parents-in-law who are 66 years old, or 55 years old and dependent on you
- Siblings under 18, if you are legally responsible for them.
Can UK citizens apply for a Portugal Golden Visa?
Yes. Following the UK’s departure from the EU, UK citizens can now apply for Portuguese Golden Visas for themselves and immediate family members.
Do I need to pass a language test to become a resident via the Golden Visa programme?
No, you do not need to take a language test in order to become a resident. However, if you decide to apply for Portuguese citizenship. you will need to pass an A2 Portuguese test, have a clear criminal record, pay all relevant taxes and demonstrate a decent connection to living in the country.
Is the Golden Visa still available in Portugal?
Yes, the Golden Visa is still available for non-EU/EEA/Swiss nationals who meet the investment criteria, although changes have been made to the program, particularly regarding property investments.
How do I apply for a Golden Visa in Portugal?
To obtain a Golden Visa, you need to make a qualifying investment, such as a capital transfer, investing in approved funds, or job creation. The application process involves submitting the necessary documents through Portugal’s immigration services.
How much does a Portugal Golden Visa cost?
In addition to your investment, there are some administration fees that you will need to take into consideration. The application fee during the petition phase costs €533.90 per applicant. During the granting phase, all applicants will need to pay €5,336.40 each for their initial residency permit. You can expect to renew your visa twice after your 1st and 3rd year as a resident. This renewal process costs €2,668.20 per applicant.
Does the Portugal Golden Visa lead to citizenship?
Yes, after maintaining the investment and residency for a certain period (typically five years), you may be eligible to apply for permanent residency or citizenship in Portugal.
Is the Portugal Golden Visa worth it?
The value of the Golden Visa depends on your personal and financial goals. It offers the benefits of EU residency, including visa-free travel within the Schengen Zone, but it requires a significant financial commitment.
FAQ - ENTRY REQUIREMENTS
Do I need to pass a language test to become a resident via the Golden Visa programme?
No, you do not need to take a language test in order to become a resident. However, you will need to take a test if you decide to apply for Portuguese citizenship.
Do I need to buy my property in cash in order to qualify for the Portuguese Golden Visa programme?
You will need to pay for the minimum investment sum (€350,000 or €500,000 depending on the property) yourself in order to qualify for the Portuguese Golden Visa programme. However, if you purchase a property for €700,000 in area where the minimum sum of investment is usually €500,000, you can get a mortgage to cover the remaining €200,000.
Do all Portuguese properties qualify for Golden Visa if they are of the correct value?
If investing €500,000 or more in Portuguese property it is usually eligible for the Portuguese Golden Visa programme, provided it is not located in a high-density coastal area. However, your lawyer will still perform due diligence as other factors may impact the property’s eligibility. Eg. if there is a court action against the owner and the property as collateral. For €350,000, it is a little bit different as you will need to prove that the property is old enough and ensure that the proposed works are in line with what is needed to qualify for the Golden Visa programme.
Can I apply for the Golden Visa through co-ownership?
Yes, but all individuals must invest at least €500,000 each to be eligible for the visa.
Can I purchase multiple properties for less than €500,000 to apply for a Golden Visa?
Yes, as long as the total amount invested is €500,000 or more.
Can UK citizens apply for a Portugal Golden Visa?
Yes. Following the UK’s departure from the EU, UK citizens can now apply for Portuguese Golden Visas for themselves and immediate family members.
What properties are eligible for a Portuguese Golden Visa?
Properties can be either commercial or residential. Off-plan properties are eligible for the Golden Visa scheme too.
FAQ - ENTRY REQUIREMENTS
Do I need to pass a language test to become a resident via the Golden Visa programme?
No, you do not need to take a language test in order to become a resident. However, you will need to take a test if you decide to apply for Portuguese citizenship.
Do I need to buy my property in cash in order to qualify for the Portuguese Golden Visa programme?
You will need to pay for the minimum investment sum (€350,000 or €500,000 depending on the property) yourself in order to qualify for the Portuguese Golden Visa programme. However, if you purchase a property for €700,000 in area where the minimum sum of investment is usually €500,000, you can get a mortgage to cover the remaining €200,000.
Do all Portuguese properties qualify for Golden Visa if they are of the correct value?
If investing €500,000 or more in Portuguese property it is usually eligible for the Portuguese Golden Visa programme, provided it is not located in a high-density coastal area. However, your lawyer will still perform due diligence as other factors may impact the property’s eligibility. Eg. if there is a court action against the owner and the property as collateral. For €350,000, it is a little bit different as you will need to prove that the property is old enough and ensure that the proposed works are in line with what is needed to qualify for the Golden Visa programme.
Can I apply for the Golden Visa through co-ownership?
Yes, but all individuals must invest at least €500,000 each to be eligible for the visa.
Can I purchase multiple properties for less than €500,000 to apply for a Golden Visa?
Yes, as long as the total amount invested is €500,000 or more.
Can UK citizens apply for a Portugal Golden Visa?
Yes. Following the UK’s departure from the EU, UK citizens can now apply for Portuguese Golden Visas for themselves and immediate family members.
What properties are eligible for a Portuguese Golden Visa?
Properties can be either commercial or residential. Off-plan properties are eligible for the Golden Visa scheme too.
FAQ - ENTRY REQUIREMENTS
Do I need to pass a language test to become a resident via the Golden Visa programme?
No, you do not need to take a language test in order to become a resident. However, you will need to take a test if you decide to apply for Portuguese citizenship.
Do I need to buy my property in cash in order to qualify for the Portuguese Golden Visa programme?
You will need to pay for the minimum investment sum (€350,000 or €500,000 depending on the property) yourself in order to qualify for the Portuguese Golden Visa programme. However, if you purchase a property for €700,000 in area where the minimum sum of investment is usually €500,000, you can get a mortgage to cover the remaining €200,000.
Do all Portuguese properties qualify for Golden Visa if they are of the correct value?
If investing €500,000 or more in Portuguese property it is usually eligible for the Portuguese Golden Visa programme, provided it is not located in a high-density coastal area. However, your lawyer will still perform due diligence as other factors may impact the property’s eligibility. Eg. if there is a court action against the owner and the property as collateral. For €350,000, it is a little bit different as you will need to prove that the property is old enough and ensure that the proposed works are in line with what is needed to qualify for the Golden Visa programme.
Can I apply for the Golden Visa through co-ownership?
Yes, but all individuals must invest at least €500,000 each to be eligible for the visa.
Can I purchase multiple properties for less than €500,000 to apply for a Golden Visa?
Yes, as long as the total amount invested is €500,000 or more.
Can UK citizens apply for a Portugal Golden Visa?
Yes. Following the UK’s departure from the EU, UK citizens can now apply for Portuguese Golden Visas for themselves and immediate family members.
What properties are eligible for a Portuguese Golden Visa?
Properties can be either commercial or residential. Off-plan properties are eligible for the Golden Visa scheme too.
