Portugal Golden Visa: Complete 2025 Guide with New Investment Options
The Portugal Golden Visa Program, officially known as the Residence Permit for Investment Activity (ARI), is one of Europe’s most sought-after residency-by-investment programs. Launched in 2012 to attract foreign investment and stimulate the Portuguese economy, the program has evolved significantly over the years, with major changes implemented in 2023-2025.
This comprehensive guide covers everything you need to know about the Portugal Golden Visa in 2025, including the latest rule changes, current investment options, application process, benefits, and pathways to Portuguese citizenship.
Key Program Benefits
The Portugal Golden Visa offers numerous advantages that make it particularly attractive compared to similar programs across Europe:
Residency Benefits
- Legal residency in Portugal with minimal stay requirements (7 days in the first year, 14 days in subsequent two-year periods)
- The right to live and work in Portugal
- Family inclusion (spouse, dependent children, dependent parents)
- Access to Portuguese healthcare and education systems
Travel Benefits
- Visa-free travel within the Schengen Area
- No need to obtain additional visas for short trips within Europe
Path to Permanent Residency and Citizenship
- Eligibility for permanent residency after 5 years
- Eligibility for Portuguese citizenship after 5 years (with minimal physical presence requirements)
- Portuguese passport provides visa-free access to 172 countries worldwide
Tax Benefits
- Potential to benefit from Portugal’s Non-Habitual Resident (NHR) tax regime
- No worldwide taxation (only Portuguese-sourced income is taxed if not a tax resident)
- No gift or inheritance tax for direct family members
2025 Program Changes and Current Investment Options
Recent Program Changes
The Portugal Golden Visa program has undergone significant changes in recent years:
- October 2023: Real estate investments and capital transfers were removed as qualifying investment options
- January 2024: Processing changes implemented to address the backlog of applications
- January 2025: New system for scheduling biometric appointments introduced, with appointments now assigned automatically based on chronological order of document submission
Current Investment Options
As of 2025, the following investment options remain available:
1. Cultural Donations (€250,000)
The minimum investment option involves a €250,000 donation to support cultural heritage or artistic production in Portugal. This donation must be made to approved cultural projects and institutions.
2. Investment Funds (€500,000)
Investing a minimum of €500,000 in qualified Portuguese investment or venture capital funds that support sectors such as technology, real estate, or other areas of economic growth. These funds must:
- Be managed by a Portuguese fund manager
- Have at least 60% of investments in Portuguese companies
- Have a minimum 5-year maturity period
3. Scientific Research (€500,000)
A capital transfer of at least €500,000 to support scientific research activities conducted by public or private scientific research institutions in Portugal.
4. Commercial Company with Job Creation (€500,000)
Creation or reinforcement of a commercial company in Portugal with a minimum investment of €500,000 and creation of at least 5 permanent jobs (or 3 jobs in low-density areas).
5. Job Creation (10+ Jobs)
Creation of at least 10 full-time jobs in Portugal, with no minimum investment amount specified.
Reduced Investment Amounts for Low-Density Areas
For certain investment options (cultural donations, scientific research, and job creation), the required investment amount can be reduced by 20% if the investment is made in low-density areas of Portugal.
Eligibility Requirements
To qualify for Portugal’s Golden Visa in 2025, applicants must meet the following criteria:
For Main Applicant
- Be a non-EU/EEA/Swiss national
- Be at least 18 years of age
- Have a clean criminal record (both in country of origin and Portugal)
- Meet the minimum investment requirements of the chosen option
- Commit to maintaining the investment for at least 5 years
- Comply with the minimum stay requirements (7 days in year 1, 14 days every 2 years thereafter)
For Family Members
Eligible family members who can be included in the application:
- Spouse or legal partner
- Children under 18
- Dependent children under 26 (if single and studying)
- Dependent parents of the main applicant or spouse (if over 65 or dependent)
- Siblings under 18 (if the main applicant has legal guardianship)
Each family member must also have a clean criminal record and meet health insurance requirements.
Application Process
The Golden Visa application process involves several steps and can take 12-18 months due to current processing backlogs. Here’s a detailed breakdown:
Step 1: Pre-Application Preparation
- Choose an investment option that best suits your financial situation and goals
- Obtain a Portuguese tax number (NIF) through a fiscal representative in Portugal
- Open a Portuguese bank account for making the investment
- Complete the chosen investment and obtain supporting documentation
- Gather all required documents for the application
Step 2: Online Application Submission
- Register on the ARI portal (AIMA’s online platform)
- Complete the application form and upload all required documents
- Pay the Golden Visa analysis fee (€533.90 per applicant)
Step 3: Investment Verification
AIMA will review the investment documentation to ensure it meets the requirements.
Step 4: Biometric Appointment
- After document submission, AIMA automatically schedules a biometric appointment
- Appointments commence from January 15, 2025, with 30-90 days advance notice
- Attend the appointment to provide biometric data (fingerprints and photo)
- Pay the residence permit issuance fee (€5,325 for main applicant, €5,325 for each adult family member, €2,662.50 for minors)
Step 5: Residence Card Issuance
After biometric data collection, residence cards are issued and sent to your Portuguese address.
Step 6: Renewal
- The initial Golden Visa is valid for 2 years
- First renewal after 2 years (valid for 2 more years)
- Second renewal after 4 years (valid for 2 more years)
- After 5 years, eligible to apply for permanent residency or citizenship
Required Documentation
Personal Documents
- Valid passport with at least 6 months validity
- Portuguese tax identification number (NIF)
- Proof of health insurance coverage in Portugal
- Criminal record certificate from country of origin/residence (issued within 90 days)
- Completed application forms
- Proof of accommodation in Portugal (property deed, rental contract, etc.)
- Declaration of compliance with minimum stay requirements
Investment Documents
Depending on the investment type, additional documents such as:
- Proof of investment fund subscription
- Cultural donation certificate
- Scientific research investment confirmation
- Company registration and job creation evidence
Family Member Documents
- Marriage certificate for spouse (apostilled)
- Birth certificates for children (apostilled)
- Proof of dependency for dependent children over 18
- Documentation for dependent parents
- Legal guardianship documentation for siblings (if applicable)
All non-Portuguese documents must be translated by a certified translator and apostilled.
Costs and Fees
Government Fees
- Analysis fee: €533.90 per applicant
- Initial residence permit issuance fee: €5,325 for adults, €2,662.50 for minors
- Renewal fee (after 2 years): €2,662.50 for adults, €1,331.25 for minors
- Renewal fee (after 4 years): €2,662.50 for adults, €1,331.25 for minors
Additional Costs
- Investment amount (€250,000 – €500,000 depending on option)
- Legal fees: €10,000 – €20,000 (varies by service provider)
- Due diligence costs: €1,000 – €5,000
- Document translation and apostille: €500 – €2,000
- Tax representation fees: €500 – €1,000 annually
- Bank account fees: €100 – €200 annually
- Health insurance: €400 – €1,200 annually per person
Timeline and Processing Delays
Current Timeline (2025)
- Pre-application preparation: 2-3 months
- Online application and document submission: 1 month
- Waiting period for biometric appointment: 6-12 months
- Residence card issuance after biometrics: 1-3 months
Processing Delays and Backlog Solutions
AIMA is currently working through a significant backlog of applications. The Portuguese government has allocated €5.97 million in the 2025 budget to support AIMA’s goal of clearing all pending Golden Visa application cases by June 30, 2025.
To address delays:
- Document validity has been extended until June 30, 2025
- Additional immigration centers have opened
- New immigration officers have been hired
- Streamlined online approval processes have been implemented
Path to Permanent Residency and Citizenship
Permanent Residency
After 5 years of maintaining Golden Visa status, you can apply for permanent residency in Portugal. Requirements include:
- Maintaining the investment for the full 5-year period
- Complying with the minimum stay requirements
- Demonstrating basic knowledge of Portuguese language (A2 level)
- Having a clean criminal record
- Demonstrating means of subsistence
Portuguese Citizenship
The path to Portuguese citizenship has been significantly improved by recent legislative changes:
- Time Period: Eligible after 5 years of legal residency
- Counting Method: The 5-year period now begins from the date of submitting the Golden Visa application and paying the associated state fee
- Language Requirement: Basic knowledge of Portuguese (A2 level)
- Background Check: Clean criminal record
- Connection to Portugal: Demonstrating ties to the Portuguese community
Dual Citizenship
Portugal allows dual citizenship, meaning you do not have to renounce your original citizenship when becoming a Portuguese citizen (provided your home country also permits dual citizenship).
Special Considerations for 2025
AIMA Transition and Updated Procedures
The transition from SEF to AIMA has introduced new procedures:
- All applications must now be submitted electronically
- Biometric appointments are scheduled automatically
- Document validation is more stringent
- Processing prioritizes applications in chronological order
Document Certification Requirements
As of 2025, AIMA accepts two document submission options:
- Certified Documents: If your lawyer certifies all documents as compliant with the originals, you only need to bring your passport, proof of legal entry, and AIMA form to the biometric appointment (government fee: €6,045.20)
- Uncertified Documents: If documents are not certified, you must bring all original documents to the biometric appointment for verification (government fee: €8,060.20)
New Citizenship Time Credit
The most significant recent development benefits all Golden Visa applicants:
As confirmed by AIMA in early 2025, the 5-year countdown for citizenship eligibility now starts from the day after settlement of the application analysis fee, rather than from when the residence permit is issued. This is particularly beneficial given current processing delays, as it means time spent waiting for application approval counts toward the citizenship eligibility period.
Comparison with Alternative Visa Options
Golden Visa vs. D7 Visa
- D7 Visa: For those with passive income (pensions, rentals, investments)
- Benefits: Lower cost, faster processing
- Drawbacks: Higher physical presence requirements (8+ months per year)
Golden Visa vs. D2 Visa
- D2 Visa: For entrepreneurs starting a business in Portugal
- Benefits: Lower initial investment, more flexibility in business activities
- Drawbacks: Requires active business management, higher physical presence requirements
Golden Visa vs. Digital Nomad Visa (D8)
- D8 Visa: For remote workers with foreign income
- Benefits: Faster processing, lower cost
- Drawbacks: Higher physical presence requirements, no investment component
Practical Tips and Common Pitfalls
Investment Selection Tips
- Investment Funds: Research fund manager track record, fund strategy, and liquidity provisions
- Cultural Donations: Verify the project’s official approval status with AIMA
- Scientific Research: Ensure the research institution is certified and recognized
Common Application Mistakes
- Incomplete documentation
- Insufficient evidence of investment source of funds
- Poorly translated documents
- Missing apostilles on required documents
- Underestimating the timeline for document gathering
Legal Representation
Working with an experienced immigration lawyer is highly recommended due to:
- Complex and changing regulations
- Portuguese language requirements for documentation
- Need for local representation for various procedures
- Assistance with investment due diligence
Conclusion
Despite recent changes, the Portugal Golden Visa remains one of Europe’s most attractive residency-by-investment programs due to its minimal stay requirements, family inclusion, and clear path to EU citizenship. While the removal of real estate as a qualifying investment has changed the program’s landscape, the current investment options still provide valuable opportunities for those seeking European residency.
The program’s greatest advantages—minimal physical presence requirements and the pathway to Portuguese citizenship—continue to make it appealing for international investors, especially with the new clarification that the 5-year citizenship timeline begins from application submission rather than approval.
With proper preparation, understanding of the current requirements, and appropriate legal guidance, the Golden Visa can be an excellent pathway to establishing a European presence, securing travel flexibility, and potentially obtaining one of the world’s most valuable passports.