Portugal’s Golden Visa is regularly rated as the number one citizenship by investment program in the world. But understanding how it works can be a complicated task.
Questions such as
“How much does Portugal’s Golden Visa cost?”
“How long does it take to get a passport?” can often take hours of research to answer, even then there is contradictory information online
This is why we have written the Ultimate Guide to Portugal’s Golden Visa program in 2025. All the information you need is in one place. We will explain how the Golden Visa program works, how much it costs, and how long it takes. Additionally, we will cover Portugal’s Golden Visa and its evolving regulatory landscape and investment opportunities.
If you would prefer not to read through everything, you can always book a free 30-minute call with Robin or one of the team by clicking HERE where we can talk you through the process
What Is The Portugal Golden Visa?
In short, Portugal’s Golden Visa is a pathway to citizenship that the government offers to foreigners willing to invest in the Portuguese economy.
People now in 2025, overwhelmingly choose the option to invest €500,000 into a regulated fund or private equity funds managed by accredited fund managers. In return for their investment, they are able to qualify for citizenship and a passport while living outside of Portugal.
The details of the Portugal Golden Visa make it one of the most attractive residency-by-investment programs in the world. Low annual stay requirements, visa-free Schengen travel, and a short path toward citizenship over five years make Portugal the most popular Golden Visa program in Europe.
Investors can also include other family members in one investment, complete the investment & application without leaving their home country, and enjoy tax-free returns in Portugal.
With 300 days of sunshine each year, a quality healthcare system, and a proud ranking as the [4th safest country in the world, it is no surprise that Portugal’s Golden Visa was more popular than ever in 2024 and continues to grow in 2025.
Portugal Golden Visa Requirements In 2025
In 2025, over 95% of Golden Visa investors decide to invest in a regulated fund in order to become eligible. Following recent changes, venture capital funds have become a prominent qualifying investment option for the Portugal Golden Visa program.
If you choose this route, you will be subject to the following requirements:
Invest a minimum of €500,000 into a qualifying investment fund
Visit Portugal for seven days in the first year following your investment
Visit Portugal for 14 days at some point across the second and third years
Renew your temporary residence permit at the end of Year two
Visit Portugal for 14 days at some point across the fourth and fifth years
Pass an A2 Language test or complete a learning course at the end of year five
Remain invested throughout this timeline
As long as you meet each of these requirements, you will be eligible to apply for a Portuguese passport five years after investing. Please note that other qualifying family members who are included in your application are also subject to the same requirements but do not need to make separate investments.
Portugal Golden Visa Delays Update – February 2025
There have been some widely publicised delays to the Portuguese Golden Visa program in the last few years. Over the course of 2024, AIMA (the Portuguese immigration department) announced a number of encouraging updates. These included:
- A 50% increase in operating capacity
- Clearing more than 50% of the application backlog
- Reaffirming their trajectory towards clearing the whole backlog by summer 2025
- Digitizing the application system
Most importantly, it was confirmed that delays in issuing Golden Visas do not impact investors’ timeline to being eligible for the Portuguese passport after five years of residency. This makes any delay much less impactful.
In 2025, it is reasonable for an investor to expect it to take around six years from beginning the application process to getting a passport in their hands, as long as they meet all the eligibility criteria throughout their journey.
Benefits of the Portugal Golden Visa Program
Citizenship and Passport
Acquiring Portuguese citizenship offers numerous advantages, making it an attractive option for international investors. As a Portuguese citizen, you gain the right to live, work, and study in any of the 27 European Union member countries, providing access to a vast array of opportunities across Europe.
A Portuguese passport also enhances global mobility, granting visa-free or visa-on-arrival access to over 180 countries. This level of access simplifies international travel for both business and leisure purposes.
In addition, Portugal recognizes dual citizenship, allowing you to retain your original nationality while enjoying the benefits of Portuguese citizenship. This flexibility is particularly advantageous for individuals seeking to maintain personal or professional ties in their home country.
These cumulative benefits make Portuguese passports one of the most sought-after assets for those looking to expand the future possibilities for themselves and their family.
Security and Freedom
For many investors, political instability, rising crime rates, and social disorder are the major motivators for considering a Golden Visa. Having a Plan B is an essential part of protecting the freedom of your family in 2025.
When you invest in the Portuguese Golden Visa, you (and everyone on your application) can expect to become a temporary resident of Portugal within 12-18 months of investing, this is due to the delays at AIMA, however these delays are expected to reduce significantly in 2025.
Temporary residency gives you the right to live & work in Portugal and allows your family to access the excellent healthcare and education opportunities here. This gives you the security of being able to move your family to Portugal overnight in the worst-case scenario for your home country.
Portugal is a politically stable, low crime, and family-oriented country, currently rated as the 4th safest country in the world in the Global Peace Index, making it a perfect choice for a Plan B.
Once you’ve received your Portuguese passports at the end of the five-year residency pathway, your Plan B extends to the rest of Europe for the rest of your life. It is the ultimate insurance policy for freedom in the 21st century.
Family Reunification
The Portuguese Golden Visa rules state that for a single investment, the named investor can include any of the following family members on their application:
- Children who are under the age of 18 at the time the investment is made
- Children who are 25 or under may also qualify if they are unmarried and either enrolled in full-time education or financially dependent on the main applicant at the time the investment is made
- The spouse or partner of the named investor, as long as they are married or can demonstrate they have been living together for two years or more
- Any parents or parents-in-law of the named investor who are over the age of 65
- Any parents or parents-in-law of the named investor who are over the age of 55 and can demonstrate some financial dependence on the named investor
It is also worth noting that under EU legislation, direct family members of an EU citizen, including spouses and children, have the right to live with them in their EU country of residence. In many countries, including Portugal, this right extends to civil partnerships, same-sex marriages, and de facto unions.
Elderly parents can also join their families if they can demonstrate financial dependency.
Tax Benefits
Portugal’s Golden Visa program offers significant tax advantages, particularly for investors opting for the investment fund route. By investing a minimum of €500,000 in a qualifying Portuguese investment fund, like Pela Terra II: Regenerate, investors can benefit from several tax efficiencies. Unlike the previous route of real estate investment, fund investments do not incur transfer taxes, stamp duty, or ongoing municipal taxes.
Additionally, income generated through these funds, such as dividends and capital gains, is exempt from taxation in Portugal for non-resident investors and doesn’t require the filing of an annual tax return. Depending on your country’s double taxation treaty with Portugal (if it has one), you may or may not need to pay tax on your gains at home.
Please note that investing in the Portuguese Golden Visa does not make you a tax resident in Portugal.
Who Is Eligible For The Portugal Golden Visa?
The Portugal Golden Visa is available to most third-country nationals – meaning non-EU/EEA citizens – and their families who are able to meet the requirements outlined below.
However, for certain countries (for example, Iran or Russia), further restrictions or requirements may be present. It is advisable to speak with our specialists or seek legal advice if you’re unsure.
Beyond nationality, the main eligibility criteria are simply being able to invest €500,000 (or different amounts if you are choosing a non-investment option). Please note that you will need to be able to prove to the bank that the funds came from a legal source.
You also need to provide a criminal record check from your national police department as part of your application check. You will be eligible for the Golden Visa as long as your record is clean. If you have a criminal record, then eligibility will be defined by the seriousness of your previous crimes. In instances where those crimes would have incurred a maximum of one year or less in prison under the Portuguese legal system, you should remain eligible. For more serious crimes, you are unlikely to be eligible.
You can contact Robin by WA or phone on +34 699 298 292 [email protected]
Investment Options for Portugal Golden Visa
As of October 7, 2023, the Portugal Golden Visa program has undergone significant changes, particularly concerning eligible investment options. Below is an overview of the current qualifying investments:
Investment in Qualified Funds
Applicants can invest a minimum of €500,000 in Portuguese investment funds as long as these funds allocate at least 60% of their capital within Portugal.
There are a variety of funds on the market, from higher-risk venture funds to options that focus much more on the preservation of capital. For example, Tech, Agro business, Hospitality
Business Investment and Job Creation
Investors may opt to establish a new company or reinforce the share capital of an existing Portuguese company with a minimum investment of €500,000.
This must be accompanied by the creation of at least five permanent jobs maintained for a minimum of three years.
Alternatively, creating ten new full-time positions without the capital investment also qualifies.
Scientific Research Contribution
A capital transfer of at least €500,000 to support research activities conducted by public or private scientific research institutions within Portugal’s national scientific or technological system is another eligible pathway.
This investment promotes innovation and technological advancement in the country. However, this investment should not be expected to yield a return.
Cultural Heritage Donation
Investors can contribute a minimum of €250,000 towards the preservation of national heritage or support for artistic production in Portugal.
This can be achieved through donations to public institutions, private foundations of public interest, or local corporate sector organizations involved in cultural activities. This route tends to be the least popular.
Procedure for Obtaining the Portugal Golden Visa
Below we have set out the necessary steps to obtaining a Portuguese passport.
- Appoint a Portuguese Lawyer ( we provide this via our service)
Getting a good Portuguese lawyer is crucial to having a positive Golden Visa experience. Make sure you quiz any prospective lawyer on their experience with the type of investment you’re making. For example, a lawyer who has lots of experience in Real Estate Golden Visa transactions is unlikely to be a good choice for those choosing to invest in a fund.
- Decide on Your Investment Type – Speak to Robin & the team
Choose a qualifying investment option, such as investment funds, business creation, scientific research, or cultural heritage contributions. Ensure it meets the minimum investment threshold and eligibility requirements.
- Collect All Necessary Documents – we will advise you what is required and when
Gather essential documents, including a valid passport, proof of investment, clean criminal record, Portuguese tax number (NIF), and proof of health insurance. See the “Required Documents” section of this article for more details.
- Get a NIF and Open a Bank Account
Obtain a Portuguese Tax Identification Number (NIF) from the tax authorities. This is a quick and easy process. Please note that this does not make you a tax resident in Portugal.
Open a Portuguese bank account to facilitate your investment and financial transactions. You will need to provide the necessary documentation, including the source of wealth, in order to do this. Make sure to choose a bank who are experienced in dealing with Golden Visa investors from your home country as this can simplify the process.
- Finalize the Investment
Complete your chosen investment, ensuring all funds are transferred through your Portuguese bank account. Obtain official proof of investment for your application.
- Submit Application to AIMA
Apply for the Golden Visa through Portugal’s Agency for Migration and Asylum (AIMA). Submit all required documents and pay the application fees.
- Attend a Biometrics Appointment with AIMA in Portugal
Schedule and attend a biometrics appointment in Portugal. This involves fingerprinting, photographing, and identity verification. Your lawyer will be able to give you more information on how to do this once you get to this stage of the process.
- Receive Your Golden Visa
It is hard to say how long it will take before you receive your Golden Visa, but a realistic estimate is 12-18 months after investment as of writing, this is expected to reduce substantially in the future
Once it arrives, you have become a temporary resident of Portugal. This allows you to spend as many days a year as you like in Portugal and work from here if needed. Note, staying more than 183 will have tax implications for you. You also have visa-free access to the Schengen Zone now. Your temporary residency is valid for two years.
- Visit Portugal For Seven Days A Year
From the day you make your investment, you’ll need to visit Portugal for an average of Seven days a year. This is also true for everyone else on your application.
However, for years two and three, you need to visit for a total of 14 days spread however you wish across those 24 months. The same is also true for years four and five. So you can just do two trips of 14 days every two years if you prefer.
If you are unable to visit Portugal for the required periods for a valid reason, you should notify AIMA in advance and submit your evidence to explain why you were unable to visit. They may provide an exemption as long as they feel your reason was valid.
- Renew Your Temporary Residency
Your initial Golden Visa will give you a temporary residency permit, which is valid for two years. You will then need to renew this residency twice during your five-year qualification period. It is advisable to reconnect with your lawyer to advise you on this.
- Take the A2 Language Test
Once you reach the end of your five year qualification residency period, you’ll need to take an A2 language test in order to be eligible for the Portuguese passport. If you wish to avoid taking the test, it is possible to take an online course, but you have to demonstrate regular attendance of the course.
- Apply For a Passport & Become a Portuguese Citizen
With the A2 language test out of the way, you can apply for your Portuguese passport! It is advisable to reconnect with your lawyer to assist you with this.
Timeline For The Portugal Golden Visa Process
Understanding your timeline through all of these steps can be challenging. We have provided the below graphic to try and simplify this.
Please note that your end-to-end timeline will depend on which fund you choose to invest with.
note: Timelines may vary based on application volume and processing times.
Required Documents for Obtaining a Portugal Golden Visa
Valid Passport (for all applicants)
Proof of Legal Entry (Schengen visa or entry stamp when attending biometrics appointment)
Portuguese NIF (Tax Identification Number)
Portuguese Bank Account Details
Proof of Investment (e.g., fund subscription, business creation, donation receipt)
Criminal Record Certificate (from the applicant’s home country and any country of residence in the last five years)
Portuguese Criminal Record Clearance (issued by Portuguese authorities)
Health Insurance (coverage valid in Portugal)
Proof of Compliance with Tax Obligations (from Portuguese Tax and Customs Authority)
Sworn Declaration of Compliance (confirming investment and commitment to maintain it)
Receipt of Golden Visa Application Fee Payment
Additional documents may be required depending on specific investment types, nationality, and family applications. Speak with our team today to discuss your specific circumstances.
It is important to be aware of all the upfront costs which are involved in the Golden Visa application, which are additional to the investment itself. We provide a full illustration of all costs to prospective investors.
There are three main costs involved with applying for the Golden Visa initially and making the investment itself.
Legal Fees: Our legal & professional package starts at €13,000 for the lead investor with €1,000 extra per additional person on the application.
Application Fees: You will need to pay a €6500 application fee to the Portuguese government for every person included on your Golden Visa application. This means if you’re including two children and your partner, then you’ll need to pay €26,000 in upfront application fees.
Fund Subscription Fees: Every Golden Visa fund will charge a subscription fee which covers their overheads of bringing investors into the fund. These typically range from 1% – 2% of your investment and are charged in addition to the investment upfront.
Portugal Golden Visa for US Applicants
US citizens applying for the Portugal Golden Visa should consider three key factors: investment fund compliance, banking requirements, and background check timelines.
First, if opting for the fund investment route, it’s essential to choose PFIC-compliant funds that provide IRS-friendly reporting. While non-residents pay 0% tax on returns in Portugal, gains must still be reported to the IRS.
Second, US applicants should select a Portuguese bank familiar with FATCA regulations, as banks must report to the IRS. Options like Bison Bank and Banco Atlantico are well-versed in US tax compliance. Our concierge team can assist in finding banks with the best account-opening terms and fees.
Finally, FBI criminal background checks are currently experiencing delays. To avoid setbacks, we strongly recommend applying for your check as early as possible in the Golden Visa process or using an expedition service
Portugal Golden Visa for British Applicants
For many British citizens, the Portugal Golden Visa offers a way to regain pre-Brexit rights for themselves and their families.
Portugal Golden Visa History
Portugal introduced the Golden Visa program to boost foreign investment in the aftermath of the 2008 financial crisis. It was seen as a way of kick-starting the economy again and helping to pay back bailout debts to the European Union.
Since its inception, Portugal’s Golden Visa has brought billions of euros into the country. It has attracted investors from every continent in the world, with the United States, China, South Africa, Australia, and the UK contributing the most investors in recent years.
While real estate investment has historically made up 95% of Golden Visa applications, recent changes to legislation meant that in 2024, 95% of Golden Visa applicants chose to invest in a regulated fund instead.
Portugal Golden Visa Recent Changes
The Golden Visa program in Portugal has undergone significant changes in recent years.
In January 2022, in response to concerns over rising house prices and living affordability for Portuguese locals, the Government removed real estate purchases in Lisbon, Porto, and the Algarve from its eligibility criteria.
Also in 2022, the investment amounts required for the Golden Visa were increased – most notably for the (now popular) investment fund option. Previously set at €350,000, the government increased this minimum investment amount to €500,000.
In 2023 and 2024, the most notable changes were implemented. In 2023, real estate investments were removed entirely from the program. This means it is no longer possible to qualify for the Golden Visa by purchasing or investing in property.
In 2024, it was officially confirmed that the five-year pathway to citizenship eligibility begins the day the Golden Visa application is submitted. Previously, the five-year timeline was only considered to have started when investors were granted their Golden Visa. This small but important amendment to the law has the potential to shave off at least 24 months from acquiring citizenship.
Finally, the most recent change in 2025 was to shift to a fully digitized application system, with the aim of improved processing times and a smoother pathway towards citizenship for investors.
Portugal as a Country
You don’t need to commit to Portugal as your second home to choose it as your Golden Visa program. After all, you only need to spend a minimum of 7 days a year in the country in order to qualify for the passport – which then gives you unrestricted access to the rest of Europe.
But for those investing in a Golden Visa, the attraction of Portugal itself is often still an important element of the decision. Let’s break down some of the key benefits.
Cost of Living
Portugal offers a high quality of life at a relatively low cost, making it an attractive destination for Golden Visa investors. A single person’s monthly expenses, excluding rent, average around €680. For a family of four, this figure is approximately €2,407.
Rental prices vary by location; in Lisbon, a one-bedroom furnished apartment in the city center can be found for under €1,000 per month.
Lisbon’s famous Remodelado trams
In smaller towns and rural areas, housing costs are generally lower. Despite recent increases in housing prices, the Portuguese government is actively implementing measures to address affordability.
Overall, Portugal’s affordability, coupled with its rich culture and favorable climate, continues to attract international investors seeking both value and quality of life.
Education
Portugal’s education system is a compelling factor for Golden Visa investors with young families, offering a blend of quality, accessibility, and international options. Education is free and compulsory for children aged 6 to 18, with nine years of primary schooling followed by three years of secondary education. The country boasts a high enrollment rate, with 100% of five-year-olds participating in pre-primary education, ranking first among OECD countries.
For expat families, Portugal has a variety of private and international schools that offer diverse curricula, including the International Baccalaureate and British GCSE/A-Level programs. These institutions cater to a multicultural environment, allowing children to study in their native language and follow familiar educational programs.
In higher education, Portugal has a rich academic tradition, with universities such as the University of Coimbra, established in the 13th century, being among the oldest in the world. The country is fully integrated into the European Higher Education Area, ensuring that degrees are recognized across Europe, which is advantageous for students seeking international careers.
This robust educational framework, combined with a variety of schooling options, makes Portugal an attractive destination for investors prioritizing quality education for their families.
Livraria Lello Porto
Health
Portugal’s healthcare system is a significant draw for Golden Visa investors, offering a blend of quality and affordability. Ranked 23rd in the 2024 World Index of Healthcare Innovation, Portugal excels in patient-centered care and boasts a robust medical infrastructure.
The Serviço Nacional de Saúde (SNS), Portugal’s national health service, provides universal coverage to all legal residents, ensuring access to comprehensive healthcare services.
For those seeking more personalized care, private healthcare options are available and relatively affordable compared to other Western European countries. Private health insurance plans average around €400 annually, with more extensive coverage costing approximately €1,000 per year.
This combination of high-quality public services and accessible private options makes Portugal’s healthcare system particularly appealing to international investors considering residency.
Environment
Environmentally focused investors are increasingly attracted to Portugal as a leader in environmental sustainability, with 71% of its electricity coming from renewable sources in 2024, the highest in Southern Europe.
Plus, the government aims to expand renewable capacity, including 10 gigawatts of offshore wind power, to boost energy security, reduce emissions, and continue to drive green investment.
Beyond its greentech credentials, Portugal’s temperate climate, extensive coastline, and protected natural parks provide a quality of life that caters to everyone. From those who want to escape the winter freeze while enjoying world-class wine to outdoor enthusiasts looking to hike rugged cliffs and catch a glimpse of whales, dolphins, bison, and wolves.
With strong environmental policies and sustainable development, Portugal balances modern living with nature, making it an attractive destination for investors and residents alike.
Farmland in Douro, Portugal
Purpose and Benefits of the Program
The Portugal Golden Visa program is designed to attract foreign investment and promote economic growth in Portugal. The program offers a range of benefits to investors, including:
- Visa-free access to the Schengen Area: Enjoy the freedom to travel across 26 European countries without the need for additional visas.
- Ability to live and work in Portugal: Gain the right to reside and work in one of Europe’s most attractive countries.
- Path to Portuguese citizenship: After five years of maintaining your investment and meeting residency requirements, you can apply for Portuguese citizenship.
- Low minimum investment threshold: With options starting at €250,000, the program is accessible to a wide range of investors.
- Lenient residency requirements: Spend as little as seven days per year in Portugal to maintain your residency status.
The program is particularly attractive to non-EU citizens who wish to gain residency in Portugal and access to the European market. With its numerous benefits, the Portugal Golden Visa program continues to be a popular choice for international investors.
Eligibility for Family Members and Dependents
The Portugal Golden Visa program allows family members and dependents to be included in the application, making it a comprehensive solution for families. Eligible family members include:
- Spouse: Your legally married partner.
- Children under 18: Dependent children who are minors.
- Dependent children up to 26: Children who are unmarried and either enrolled in full-time education or financially dependent on the main applicant.
- Dependent parents of either spouse: Parents who are financially dependent on the main applicant or their spouse.
Family members must meet the same eligibility requirements as the primary applicant and provide supporting documentation. This inclusive approach ensures that your entire family can benefit from the advantages of the Portugal Golden Visa program.
Capital Transfer: Minimum Investment Amount and Requirements
The capital transfer option is one of the pathways to qualify for the Portugal Golden Visa. This option requires a minimum investment of €1 million in a Portuguese bank account. The investment must be held for a minimum of five years to maintain eligibility.
Investors opting for the capital transfer should be aware of the potential tax implications. It is advisable to consult with a tax professional to understand the specific tax obligations and benefits associated with this investment route. By doing so, you can ensure compliance with Portuguese tax laws and optimize your investment strategy.
Step-by-Step Guide to Applying for the Portugal Golden Visa
The application process for the Portugal Golden Visa involves several steps. Here’s a detailed guide to help you navigate through:
- Choose your investment type: Select from a range of investment options, including capital transfer, business investment, property acquisition, job creation, research activities, investment in scientific research, investment in arts, and investment in sports.
- Assemble your supporting documents: Gather essential documents such as a valid passport, proof of financial resources, and a healthcare plan.
- Obtain an NIF number and open a bank account: Secure a Portuguese tax identification number (NIF) and open a bank account in Portugal to facilitate your investment.
- Secure your investment: Finalize your chosen investment and obtain proof of the investment.
- Submit your application online: Complete the online application and pay the required application fee.
- Schedule and attend your appointment with AIMA: Book an appointment with the Portuguese immigration authority (AIMA) to provide biometric data and original documents.
- Get your Golden Visa: Upon approval, you will receive your Golden Visa residence card, valid for two years and renewable for one subsequent period of three years.
Following these steps will help ensure a smooth and successful application process for the Portugal Golden Visa.
Taxation and Non-Habitual Resident Status
The Portugal Golden Visa program offers a range of tax benefits to investors, making it an attractive option for those looking to optimize their tax situation. Key benefits include:
Non-Habitual Resident (NHR 2.0) tax regime:
Investors can benefit from a 20% flat tax rate on income derived from eligible employment and self-employment activities within Portugal for up to 10 years.
This replaced the NHR which closed in Dec 2023, the old NHR was focussed don passive income, ie people with pensions, investments or dividends. However the government changed this entirely and now the program is focussed on employed people, and self employed.
High value jobs and it provides tax breaks for those people for 10 years. There are certain caveats but generally speaking its been well received at encouraging high skilled workers back to Portugal.
To fully understand the tax implications and ensure compliance with Portuguese tax laws, investors should consult with a tax professional. This will help you make the most of the tax benefits offered by the Portugal Golden Visa program and optimize your financial planning.
By following these guidelines and understanding the benefits, you can make an informed decision about investing in the Portugal Golden Visa program and enjoy the numerous advantages it offers.
To book a free no obligation meeting with Robin or his team simply click HERE