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GOLDEN VISA

Portugal Golden Visa Law Update

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André Rei
André Rei
Senior Lawyer
Pares
Published: Feb 6, 2024Updated: Mar 11, 2025

Updates to Portugal's Golden Visa Program

The enactment of Law 56/2023 — a comprehensive statute focusing on housing measures and implementing various legislative modifications — has introduced significant revisions to the Portuguese Immigration Law. This detailed review aims to dissect and clarify the adjustments made to the investment eligibility within the Golden Visa program, ensuring stakeholders are informed about the current legal landscape for residency permits in Portugal.

Chronological Overview of Critical Amendments to the Portugal Golden Visa Program

Option 08/10/2012 30/06/2015 28/08/2017 12/02/2021 06/10/2023
1. Capital transfer € 1,000,000 € 1,000,000 € 1,000,000 € 1,500,000 n/a
2. Job creation 30 jobs 10 jobs 10 jobs 10 jobs 10 jobs
3. Real Estate € 500,000 € 500,000 € 500,000 € 500,000 n/a
4. Real Estate Rehabilitation n/a € 350,000 € 350,000 € 350,000 n/a
5. Research Activities n/a € 350,000 € 350,000 € 500,000 € 500,000
6. Cultural Investment n/a € 250,000 € 250,000 € 250,000 € 250,000
7. Investment Funds n/a € 500,000 (restricted to companies with viable restructuring plan) € 500,000 (equity) € 500,000 (equity) € 500,000 (equity & debt)
8. Company Incorporation n/a n/a € 350,000 (+ 5 job posts) € 500,000 (+ 5 job posts) € 500,000 (+ 5 job posts)

Initial Investment Options Before Law 56/2023

The Golden Visa program initially offered a range of investment options for applicants:

  1. Capital transfer: capital transfer of an amount equal to or greater than €1,500,000.
  2. Job creation: creation of at least 10 jobs.
  3. Real Estate: acquisition of real estate valued at €500,000 or more.
  4. Real Estate rehabilitation: acquisition of real estate (at least 30 years old or in an urban rehabilitation area) plus rehabilitation work costing at least €350,000.
  5. Research activities: capital transfer of at least €500,000 to public or private research institutions integrated into the national scientific and technological system.
  6. Cultural investment: capital transfer of at least €250,000 for artistic production, recovery, or maintenance of national cultural heritage, through eligible public or private entities.
  7. Investment funds: capital transfer of at least €500,000 for units in investment or venture capital funds established under Portuguese law (maturity ≥ 5 years; ≥ 60% invested in Portuguese companies).
  8. Company incorporation: capital transfer of at least €500,000 to establish or increase capital of a Portuguese commercial company, plus creation or maintenance of at least five permanent jobs for ≥ 3 years.

Current Investment Options After Law 56/2023

Following the enactment of Law 56/2023 (Article 3), the Golden Visa program’s investment options have been updated:

  1. Capital transfer: Revoked.
  2. Job creation: creation of at least 10 jobs.
  3. Real Estate: Revoked.
  4. Real Estate rehabilitation: Revoked.
  5. Research activities: capital transfer of at least €500,000 to research institutions integrated into the national scientific and technological system.
  6. Cultural investment: capital transfer of at least €250,000 for artistic production, recovery, or maintenance of the national cultural heritage, through eligible public or private entities.
  7. Investment funds: capital transfer of at least €500,000 into non-real-estate collective investment organizations (maturity ≥ 5 years; ≥ 60% invested in Portuguese companies). The capitalization requirement has been removed, allowing investment in both equity and debt instruments—real estate investments are excluded.
  8. Company incorporation: capital transfer of at least €500,000 to establish or increase capital of a Portuguese commercial company, combined with creation of at least five permanent jobs or maintenance of at least ten jobs (minimum five permanent) for ≥ 3 years.

References