What is the Portugal Golden Visa program?

The Portugal Golden Visa remains the most flexible residence-by-investment program in Europe. Unlike other programs in Spain, Italy, and Greece, where investors must live permanently for 7 to 10 years before qualifying for nationality, Portugal continues to stand out for offering a path to citizenship without requiring permanent physical presence.

Under Lei Orgânica n.º 1/2026, published in May 2026 and now in force, the path to Portuguese citizenship follows a 5 + 5 structure: five years under the Golden Visa, followed by five years of Permanent Residency.

The program’s stay requirement remains unchanged — just 14 days every two years during the Golden Visa phase — and investors may continue to reside abroad while maintaining valid status. During the Permanent Residency period, those who apply for the Investor Permanent Residency category are not required to spend any time in Portugal, while maintaining full residency rights until completing the required 10 years for applying for citizenship (optional).

The residence count now begins upon issuance of the first residence card, rather than on the date of application, but we are seeing encouraging improvements — with the first resident card now typically issued around nine months after the initial application.

Launched in 2012 amid the aftershocks of the global financial crisis, the program was Portugal’s innovative solution to stimulate the economy by attracting foreign capital. It offered a residency-by-investment scheme that allowed investors to gain a foothold in Europe with the added prospect of permanent residency and citizenship.

The primary route to the Golden Visa has traditionally been through real estate investment, with a significant shift in 2018 when investment funds became a new avenue. By 2023, these funds represented 30% of Golden Visa total investment, reflecting a strategic diversification encouraged by the government.

Fast forward to 2024, the program has been fine-tuned. The Portuguese government, addressing rising concerns over housing affordability and the intent behind investment flows, has completely terminated the option of real estate investment for Golden Visa candidates. It also terminated the capital transfer option, which had been criticized for allowing a straightforward purchase of residency. These decisive actions were taken to preserve the program's integrity and to ensure that investments genuinely contribute to economic growth.

Despite these changes, the program has maintained its integrity, with the government ensuring that the rights of previous investors are protected, thus enhancing the program's credibility.

Today, the Portugal Golden Visa continues to offer a valuable residency option for those looking to invest in a country that serves as a portal not only to Europe but to a quality of life that’s among the best in the world.

Portugal’s Citizenship Requirements

Portugal offers one of the most straightforward pathways to EU citizenship, with the following requirements:

10 years of valid residency — structured as 5 years under the Golden Visa and 5 years under Permanent Residency.
Portuguese language A2 level — required both for Permanent Residency (after 5 years) and for Citizenship (after 10 years). This can be met either by passing an official test or completing a recognized 150-hour language course (no test required).
Portuguese culture and civic knowledge test — required only for citizenship.
No criminal convictions for crimes punishable in Portugal with more than

Golden Visa Application Delays & Government Reforms

The issuance of the first residence card for Portugal’s Golden Visa used to take around 2 years, mainly due to COVID-era shutdowns, border agency restructuring, and a surge in immigration from Southeast Asia, Ukraine, and Russia.

Now, under the new government, processing times are clearly accelerating.

We recently received biometric appointments for applications submitted in June 2025, scheduled for January–February 2026, with an estimated 2–3 additional months for card issuance.

This places the total timeline at approximately 9 months from application to first card — a significant improvement compared to recent years.

While it’s too early to confirm this as the new standard, it’s a strong indication that AIMA’s processing capacity is stabilizing and returning to pre-pandemic efficiency levels.

You can see how this updated timeline translates into practice — and estimate all associated government and application costs — in our Golden Visa Cost Simulator

Is the Portugal Golden Visa Right for You?

✅ YES – If you don’t plan to move to Portugal immediately but want a resident card for Schengen travel, investment diversification in Europe, and a flexible path to long-term residency, the Golden Visa is the best option.

❌ NO – If you want to relocate to Portugal soon, consider other visa options such as the D2, D7, or HQA visas, which are designed for those establishing permanent residence in the country.

Please read our editorial on the new changes to the citizenship law and the program’s strategic repositioning: Portugal Golden Visa 2025 — From Citizenship Shortcut to Investment Strategy.

🚨 Beware of Misleading Advice Some agencies promote applying for other visa types and later trying to bypass permanent residency requirements — this is illegal. The Golden Visa remains the only program in Portugal that allows long-term residency without permanent physical presence.

Under the nationality law published in May 2026, the path now follows a 5 + 5-year framework:

5 years of Golden Visa temporary residence (with a stay requirement of just 14 days every 2 years), followed by
5 years of Investor Permanent Residency, which requires no minimum stay and allows investors to sell their investment while maintaining residency.

Portugal continues to be the only EU country offering a path to citizenship without requiring permanent residence, unlike programs in Greece, Hungary, or Latvia, which demand 7–10 years of continuous stay.

Always stay compliant with the law and cautious of aggressive or misleading legal advice — especially regarding citizenship timelines. The Portugal Golden Visa remains the most flexible and investor-friendly residency option in Europe, designed for those seeking diversification, mobility, and a secure Plan B.

What are the benefits of the Portugal Golden Visa?

Key Benefits of the Portugal Golden Visa

The Portugal Golden Visa offers a range of advantages for investors and their families — designed to go far beyond immediate financial returns. Below are the key benefits that continue to make it one of the most attractive residency-by-investment programs in Europe:

Schengen Visa-Free Travel Golden Visa holders enjoy visa-free travel across the 26 countries of the Schengen Zone, allowing seamless movement for business or leisure without additional visa requirements.
Minimal Stay Requirements and Long-Term Flexibility The program requires only 14 days in Portugal every two years during the initial Golden Visa phase — one of the lowest stay requirements in Europe. After five years, investors may transition to Investor Permanent Residency, which requires no physical presence and remains valid for five additional years. Citizenship may be pursued after completing 10 years of total residence.
Diversified and Regulated Investment Options Investors can choose from a broad range of regulated investment funds authorized and supervised by the Portuguese CMVM (Securities Market Commission) — offering a transparent, compliant, and flexible approach to portfolio diversification in Europe.
Path to Portuguese Citizenship Investors may apply for citizenship after 10 years of legal residence, provided they pass the Portuguese language (A2) test and a culture test. Portuguese citizenship grants one of the world’s most powerful passports, with visa-free access to over 185 destinations and full rights within the European Union. Portugal allows dual citizenship, which means that applicants can retain their original nationality while gaining Portuguese citizenship. This aspect is particularly appealing to those who do not wish to renounce their existing citizenship.
Family Inclusion from Day One Family reunification is available from the moment of application. Spouses, dependent children, and qualifying family members are eligible for residency, granting them access to Portugal’s education, healthcare, and social systems.

Each of these benefits is designed to ensure that investors not only enjoy the fruits of their investment but also a lifestyle that is enriched by mobility, security, and future opportunities for themselves and their families.

Family Inclusion Requirements for the Portugal Golden Visa

The Portugal Golden Visa program is not only an investment in one's future but also an opportunity for family inclusion, allowing investors to extend the benefits to their immediate family under one sole investment. Understanding who qualifies and the process of including dependents is essential for applicants.

Under the current Golden Visa rules, the following relatives can be included in the application:

Husband/Spouse of the Main Applicant: Automatically qualifies.
Civil Partner (Non-Legally Married): Must present evidence of a registered civil partnership (e.g., civil partnership registration certificate, proof of joint property ownership, joint bank accounts, joint insurance, etc.).
Children Under 18: Automatically qualify.
Children Over 18: Must remain financially dependent — that is, single, enrolled in full-time education, and not employed — only until applying for Permanent Residency (after 5 years).
Parents Under 65: Qualify if they can provide proof of financial dependence on the investor or the investor’s spouse.
Parents Over 65: Automatically qualify.

Process of adding family members involves submitting applications that parallel the primary applicant's process, with necessary personal documentation and evidence of the family relationship.

Family members included in the Golden Visa program do not need to apply for permanent residency or citizenship at the same time as the main applicant (nor is the main applicant required to apply for permanent residency or citizenship so that their family members can). They can submit their applications at a sooner or later date, allowing for flexibility in planning. However, it's important to note that their five-year countdown toward eligibility starts from the date of their own application, not the main applicant's.

Which Investment Options Are Available in 2025?

The Portugal Golden Visa program opens several investment avenues for non-EU citizens who wish to engage in investment activities, either personally or through a company established in Portugal. Applicants must meet specific quantitative requirements and the temporal requirement set out by the applicable legislation. Here are the most sought-after eligible investment options:

Job Creation: Investors can opt to create at least 10 new jobs in Portugal. This option is a direct contribution to the Portuguese economy and employment market.
Investment and Venture Capital Funds: A capital transfer equal to or above €500,000 into investment funds or venture capital funds dedicated to the capitalization of companies is also eligible. These funds must be established under Portuguese law, with a maturity of at least five years at the time of investment, and at least 60% of the fund’s investment must be made in Portuguese companies. The law allows main applicants to split their investment between several funds, provided that the global invested capital meets the above criteria, with the inherent benefits of portfolio diversification and risk mitigation.
Capitalization of Companies: Another option is a capital transfer equal to or above €500,000 for the incorporation or capital increase of a commercial company headquartered in Portugal, combined with creating five permanent jobs, or maintaining them for a minimum of three years.

For a comprehensive overview of all available options, please refer to our detailed guide on the latest legislative updates here.

Research the available investment routes against the applicable requirements and the proposed documents. Portugal Funds covers the wider fund universe; database inclusion does not establish Golden Visa eligibility or recommend an investment.

What Are the Costs?

The Portugal Golden Visa program involves various costs that applicants should be aware of from the outset. These costs include government fees, legal fees, and other associated expenses—you can access our Golden Visa Cost simulator here:

Golden Visa Fees: Each applicant must pay government fees which are updated annually according to inflation. The global amount for 2025 is EUR 13,906.90 per applicant, due throughout the 5-year program duration.
Citizenship Fees: When applying for citizenship via the Golden Visa scheme, the government fee currently amounts to EUR 250 per applicant.

Additional Costs:

Legal Fees: Legal fees depend on the services and engagement agreed with the relevant professionals. Legal fees will add to the global cost of the program. Legal advice and application support are provided by the qualified professionals you engage, such as Pares Advogados, under a separate scope from Nomera Capital’s fund research.
Health Insurance: Applicants residing in Portugal are required to maintain valid health insurance. This represents an extra cost for those planning to move permanently to Portugal. However, most Golden Visa applicants prefer the Portuguese program over others, such as Spain's or Greece's, because obtaining Portuguese citizenship does not necessitate relocating to Portugal.
Tax Advisory: Applicants may also need to budget for tax advisory services to understand and plan the tax impact of their investment in Portugal. Tax advice should be obtained from appropriately qualified professionals, separately from the information and analysis provided by Nomera Capital.

It is important for applicants to note that these fees are subject to change and should be confirmed during the application process. By understanding these costs, investors can prepare accordingly and ensure a smooth application process for the Portugal Golden Visa.

Use the cost simulator to explore its stated assumptions. An optional free discovery call introduces Portugal Funds and the scope of research support; it is separate from detailed consultancy or legal work.

What is the Application Process?

The process brings together independent fund research, legal assessment and banking arrangements. You choose the providers and services you need.

Research the funds: Portugal Funds, Nomera Capital’s proprietary database, connects fund and manager information, portfolio exposures, fee structures and source documents. We receive no commissions from funds and have no commercial incentive to favour one fund or manager. You can research independently; we do not curate a shortlist according to your personal investment profile.
Obtain legal advice: Ask your immigration counsel to assess the applicable requirements and the proposed investment documents. Legal eligibility and database classification are separate questions.
Arrange banking: Complete the account-opening, source-of-funds and custody requirements of the bank you choose. We work with any bank and can recommend banking options. You choose your provider, subject to the bank’s requirements and terms.
Prepare and submit the application: Your legal provider can explain the documentation and filings within the scope of your engagement. The authorities determine processing and appointment dates.
Follow appointments and renewals: Confirm the applicable steps, investment maintenance and residence obligations with your legal provider. Residence and nationality requirements should be checked separately; consult the nationality-law update rather than assuming an automatic outcome.

Golden Visa Funds is Nomera Capital’s Golden Visa consultancy service, bringing together optional research support and independent legal advice by Pares Advogados, with banking arrangements through the bank you choose. Each provider operates independently, without referral commissions or incentives between them. Portugal Funds is available separately, without a consultancy engagement.

For a visual guide to the Golden Visa and citizenship process timelines, please click here for an illustrative overview.

Continue with the evidence

Use Portugal Funds to compare funds, managers, underlying exposures, fee structures and source documents. Independent data and research support your own assessment; they do not predict returns or determine which fund is suitable for you.

For immigration requirements and the effect of legal changes, obtain advice from the legal provider you engage. Optional research support can help explain documentation and analytical findings, without being a condition of subscribing to the database.

The definitive guide to Portugal Golden Visa in 2025