Portugal Golden Visa 2024–2026: what's left after the property exclusion

Updated April 2026 · 11 min read

Portugal's Golden Visa (formally the Autorização de Residência para Atividade de Investimento, or ARI) launched in 2012 and quickly became one of Europe's most popular investment residency programmes. For a decade, buying Portuguese property was the dominant qualifying route. In October 2023, that changed significantly: the Portuguese government removed residential property as a qualifying investment category under the Mais Habitação legislation.

This guide explains what the Golden Visa is now, which investment routes still qualify, what it costs, and — critically — whether it makes sense for the typical foreign property buyer in Portugal in 2024–2026.

The short answer for most property buyers

If you're buying a home in Portugal to live in or as a holiday property, the Golden Visa is almost certainly not for you. Residential property no longer qualifies, the minimum investment thresholds are high (€500,000+), and the visa is primarily designed for investors seeking EU residency as an asset — not for people making a lifestyle move to Portugal.

For most buyers who want to live in Portugal, the D7 Passive Income visa or the D8 Digital Nomad visa are the appropriate routes.

The rest of this guide is for those who are still potentially relevant candidates.

What is the Golden Visa?

The Golden Visa is a residence-by-investment scheme. It grants Portuguese residency (and a path to citizenship) to non-EU nationals who make a qualifying investment in Portugal. The holder gets:

• Portuguese residency permitting free movement within the Schengen Area
• The right to live and work in Portugal
• A path to permanent residency after five years
• Eligibility for Portuguese citizenship after six years (including language test)
• Relatively low physical presence requirements: just 7 days per year (14 days per two-year renewal)

The low physical presence requirement is the Golden Visa's main distinguishing feature — D7 and D8 holders are expected to actually live in Portugal, whereas Golden Visa holders can keep the residency active by spending very little time there. This makes it attractive to investors who want an EU base of operations or a path to a second passport without disrupting their primary residence elsewhere.

Qualifying investments (as of 2024)

Following the Mais Habitação legislation (Law 56/2023), residential property no longer qualifies. The current qualifying routes are:

Investment fund route (most popular)

• Minimum: €500,000
• Investment in a qualifying Portuguese investment fund (fund of funds, private equity, or venture capital). The fund must be domiciled in Portugal, with at least 60% of investments in Portuguese companies.
• Funds must be at least five years old at time of investment, and the minimum lock-up is typically five years.
• A number of licensed fund managers operate specifically in this space — look for CMVM-regulated funds with an established track record.

Capital transfer route

• Minimum: €1,500,000
• A direct capital transfer to a Portuguese bank account or qualifying financial instrument.
• Less popular due to the higher threshold and lower return potential compared to the fund route.

Job creation route

• Minimum: Creating at least 10 permanent full-time jobs in Portugal, or 8 in low-density areas.
• Relevant for investors actually starting businesses in Portugal.

Cultural heritage and scientific research routes

• Cultural heritage: €250,000 minimum investment in Portuguese cultural heritage restoration or arts.
• Scientific research: €500,000 in R&D activities through recognised scientific institutions.
• Both are niche routes with specific documentation requirements and limited mainstream applicability.

Commercial property: still allowed?

The Mais Habitação legislation excluded residential real estate. Commercial property — offices, retail units, hotels — was not explicitly excluded but exists in a complex regulatory grey area. AIMA has applied the rules inconsistently. Before considering any real estate-based route, obtain a specific written legal opinion from a Portuguese immigration lawyer experienced in ARI applications.

Costs

Golden Visa costs are significant beyond the investment itself:

• AIMA application fee: approximately €533 per adult applicant
• AIMA processing fee: approximately €5,324 per adult on approval
• Biometrics fee (if taken in Portugal): ~€80–100
• Renewal fees: ~€2,663 per adult for each two-year renewal
• Legal fees: typically €4,000–10,000+ for a full-service immigration law firm managing the application
• Fund management fees: typically 1–2% per annum on AUM for investment fund route
• Tax advice: €1,000–5,000+ if you need Portuguese and home-country tax planning

Budget for €15,000–25,000 in fees and costs on top of the investment itself for a straightforward single-applicant application via the fund route.

Timeline

The Golden Visa is notably slower than the D7 or D8:

• Investment setup and documentation: 4–8 weeks
• AIMA application submission: typically via online portal (application can be submitted remotely in some cases)
• AIMA processing: 12–24 months is realistic given current backlogs
• Biometrics appointment: must be attended in Portugal; booking takes 2–8 weeks

Total from investment to permit: 12–24 months in practice, and often longer. The AIMA queue for ARI applications is longer than for standard residence permits.

Is the Golden Visa still worth it?

For most property buyers, no. The minimum investment is €500,000 and residential property no longer qualifies. If your goal is simply to live in Portugal, the D7 or D8 is cheaper, simpler, and faster.

The Golden Visa still makes sense for a specific profile:

• High-net-worth individuals who want EU residency as a strategic asset without needing to spend significant time in Portugal
• People pursuing a Portuguese or EU passport as a long-term goal (five to six years away) who have capital to deploy in qualifying funds
• Families who want to bring family members into the EU residency net via family reunification provisions
• Investors who want to allocate capital to Portuguese private equity or VC funds and happen to get residency as a by-product

Application process

Unlike the D7 and D8, the Golden Visa application does not start at a consulate. The process is:

1. Make the qualifying investment (e.g., transfer funds to a qualifying ARI-eligible fund).
2. Obtain documentary proof of the investment (fund subscription agreement, transfer confirmation, fund manager letter confirming receipt).
3. Submit the ARI application via the AIMA online portal at aima.gov.pt, uploading all required documentation.
4. Wait for AIMA to process and schedule a biometrics appointment in Portugal.
5. Attend the biometrics appointment. If approved, receive the residence permit.
6. Renew every two years (maintain the investment). After five years: apply for permanent residency. After six years: apply for citizenship (if desired).

Family members

Family members can be included in the same ARI application. Dependants include:

• Spouse or civil partner
• Minor children (under 18)
• Adult children in full-time education (under 26)
• Dependent parents of the main applicant or spouse
• Minor siblings under the guardianship of the main applicant

Each additional family member pays the same AIMA fees (application and approval). No additional investment is required for dependants — one qualifying investment covers the whole family.

Useful links

• AIMA — Official ARI (Golden Visa) guidance
• CMVM — Portuguese financial markets regulator (for qualifying fund verification)