Portugal Golden Visa: Definitive Guide 2024

Discover the 2024 updates and a comprehensive roadmap for those seeking residency through Portugal's Golden Visa program.

What is a Golden Visa?

A Golden Visa is a government program that offers residency to non-nationals, particularly non-EU citizens, in exchange for economic investments. In short, it is a residence permit with significant benefits for investment activities. It is much easier to obtain than a standard residence permit, without exams, without residency requirements, and without changing your tax residency. It can be renewed indefinitely or lead to citizenship.

These programs exist in many European countries and around the world. However, Portugal Golden Visa has been recognized as the best residency-by-investment program. It’s one of the most desirable alternatives for those who are seeking freedom, comfort, family, business and assets security, as well as access to high-quality healthcare and education.

The stats speak for themselves: since its foundation, the program has attracted more than 13,000 investors, and commonly more than 33,000 of applicants have obtained Golden Visas including their family members.

The History of Portugal Golden Visa

The program was launched in October 2012 with the aim of attracting direct foreign investments to revitalize the economy after the 2008 financial crisis. The Golden Visa has proven successful: during its existence, the program has brought in over 7 billion euro.

Among the investment options offered to obtain residency, applicants most often chose real estate investments. This makes sense, as the purchased property offers dual benefits: it can be used for personal residence or rented out. By 2024, over 11,300 investors received residence permits through real estate, more than 1,300 through capital transfer, and only 23 through job creation, i.e., by establishing companies.

The real estate boom caused a problem: prices surged, making it difficult for locals to afford rent or purchase housing. In February 2023, Portuguese Prime Minister António Costa announced plans to end the program to overcome the housing crisis. However, following extensive discussions, the parliament decided to restructure the program rather than cancel it.

In October 2023, on the 11th anniversary of the Golden Visa, the Mais Habitação legislation came into force. The ability to invest in real estate and transfer capital to Portuguese banks for residency was removed, but many options remain.

Newly elected Prime Minister Luís Montenegro announced the Migration Action Plan, which aims to reform Portugal's immigration policy. Point #32 includes the option of investing in social projects aimed at immigrant integration. The law's entry into force and the emergence of a new investment option in the Golden Visa program are eagerly awaited. It would be "solidarity investments," as described by António Leitão Amaro, Minister of Presidential Administration, in response to journalists' questions.

9 Benefits of Portugal Golden Visa

In the ranking of the best countries in Europe for expats, Portugal took an honorable first place, and a notable 15th in the world. The advantages offered by the Golden Visa explain why. The country ranks seventh in the world for safety according to the Global Peace Index, first for top European tourist destinations by World Travel Awards, and sixth for the most affordable European countries to live in. Let’s explore the benefits in detail:

• Processing Time and Document Validity

Golden Visa application takes 10 to 14 months, and the residence permit is issued initially for 2 years. The residency card is then renewed every 3 years, according to a new law that came into effect in August 2024. After five years, investors can choose to apply for Portuguese citizenship or extend their residency.

• Family Reunification Benefits

The primary applicant for the Golden Visa can include their spouse, unmarried children, and financially dependent parents, either their own or their spouse’s. Importantly, family members receive a residence permit alongside the main applicant without needing to invest by themself.

• Freedom of Residence and Travel

Golden Visa holders and their family members with residency have the right, but are not obligated, to live and work in Portugal, study, and receive medical care across the EU. They can also travel to more than 180 countries, including the Schengen Zone, the UK, the USA, Japan, and Australia.

• Simple Residency Requirements

To maintain residency, it is enough to spend 14 days in Portugal in 2 years, which can be divided as convenient. Alternatively, you can move to Portugal permanently. However, if you spend 183 continuous days in the country, you automatically acquire Portuguese tax residency.

• Taxes and Tax Residency

Receiving a Golden Visa does not automatically makes the investor a tax resident of Portugal, preserving their obligations to their home country. Tax residency is acquired after living in the country for more than 183 consecutive days. Tax residents are taxed on their global income at progressive rates, while non-residents pay a 25% tax only on income sourced from Portugal.

• Minimum Investments from 200,000€

Portugal's residency-by-investment program has one of the lowest entry thresholds in Europe. An investment of 200,000€ into a Cultural Fund in low-density population areas grants eligibility for Portugal Golden Visa.

• Investment Return

Certain investment options offer the possibility of returns, though these require higher initial contributions. Investment funds that channel money into commercial enterprises carry higher risks but also higher potential returns — up to 15%. If you aim to obtain Portuguese citizenship, the investments must remain in place until you receive your passport.

• No Exams

To obtain Portuguese residency through the Golden Visa program, there are no language, culture, or history exams required, which is often part of standard residence permit procedures in European countries. These requirements only come up when applying for a Portuguese passport.

• The Most Optimal Path to European Citizenship

A relatively small contribution grants residency in Portugal without excessive demands. After five years, investors can apply for citizenship. For Golden Visa program participants, this period is counted from the online application submission, not the receipt of the residence permit. Until now, all that’s required is a cumulative stay of 35 days in 5 years. Importantly, to apply for a passport, you must maintain active resident status. The Portuguese passport comes with more requirements, but if your goal is EU citizenship, this path remains one of the simplest. Moreover, Portugal allows multiple citizenships.

Portugal is increasingly popular among young people worldwide, as well as older individuals planning for a comfortable retirement. It offers a pleasant sunny climate, relatively low living costs paired with high life quality, unique cuisine, nature, and a cheerful local atmosphere. Favorable tax laws and a central location between Europe, Africa, and America make it a key advantage for businessmen.

4 Investment Options in the Golden Visa Program

• Starting a Company and Creating at Least 10 permanent Jobs

This option involves either starting your own business in Portugal or investing in an existing company. The minimum entry threshold for the Golden Visa program with this type of investment is 500,000€. In low-density population areas, creating 8 jobs is allowed. These areas are defined as regions with fewer than 100 people per square kilometer or a GDP per capita less than 75% of the national average. Examples include Alentejo, Comporta, Aljezur, Valença, Tavira, but not the Autonomous Island of Madeira or the Azores.

• Contribution to the Restoration of National Heritage or Support for the Arts

These are government-approved funds eligible for participation in the Golden Visa program. This type of investment has the lowest entry threshold starting from 200,000€ in low-density population areas. However, contributions to cultural heritage are non-refundable.

• Investments in Capitalization Funds for Companies

Investment funds that contribute to commercial organizations are more profitable but also riskier, which experienced investors are aware of. Only verified management companies participate in the Golden Visa program, and startups are not allowed. The minimum investment amount here is 500,000€. The investment can be returned after 5 years if you are applying for citizenship, but to maintain your resident permit, the funds must remain in the investment.

• Investments in Portuguese Scientific or Technological Projects

You sponsor private research institutions in Portugal, in exchange for obtaining a residency permit. The minimum investment required for this option in the Golden Visa program is also 500,000€. Investment return is possible starting from 5 years, depending on the fund's liquidation timeline and your future plans: withdraw the investment if applying for citizenship, or keep it if you plan to extend your residency.

Requirements for Investors to Obtain a Golden Visa

To be eligible for residency in Portugal through investment, you must:

• Be over 18 years old
• Have a legal source of income
• Have no criminal record

It’s important to note that only funds generated outside of Portugal are allowed for investments within the Golden Visa program. Remind, the spouse, financially dependent parents, and unmarried children of the applicants are also eligible for Portuguese residency.

It’s worth noting that citizens of the European Union or the European Economic Area countries are not eligible for the program. Historically, the Golden Visa has been most popular among Chinese nationals. Since 2012, 5,300 Chinese citizens have obtained residency through investment, followed by 1,200 Brazilians, nearly 800 Americans, and over 500 citizens of Turkey and South Africa. This forms the top five Golden Visa recipients. Looking at the total number of expats, as of 2024, over 10,000 Americans and nearly 60,000 Britons have moved to Portugal. Obviously not all of them moved to live in Portugal, but these statistics show the country's increasingly multinational and open society.

List of Documents Required for the Golden Visa

After deciding to obtain residency in another country, the applicant chooses the type of investment, makes the contribution, then gathers all necessary documents and submits a residency application. Usually, at this stage, a citizenship and residency agency is involved, as the investor will need qualified legal assistance for preparing and submitting documents to the government agency. The residency agency helps the applicant collect and verify the full package of required documents, which typically includes:

• A copy of the passport and birth certificate if adding parents to the application;
• Tax Identification Number;
• Proof of investment: company registration certificate, confirmation from an investment fund, etc.;
• Police clearance certificate from the country of citizenship and countries where the applicant has lived for more than a year in the last 5 years;
• Proof of income transparency and declaration of the source of money for investment (may be required by a bank to open an account or by the investment fund);

• Statement confirming compliance with the minimum investment requirements for the necessary period;
• Marriage certificate if adding a spouse to the application;
• Birth certificates of children, as well as a notarized letter confirming their financial dependence on the main applicant if they are over 18 years old (e.g., bank statements showing payments for education or living expenses). Similar proof is required when adding parents to the application.

Documents must be translated into Portuguese, notarized, and apostilled. A new requirement is the digitalization of applications: all documents must now be submitted electronically. The Tax Identification Number (NIF) is also issued in this format. While the entire process can be done remotely, you will still need to visit Portugal in person to submit biometric data for your resident card.

Step-by-Step Process for Obtaining the Golden Visa

The process of submitting documents and obtaining your Golden Visa is relatively simple, especially with the help of a qualified and responsible assistant:

• Step 1. Obtain a tax number and open a bank account in Portugal.
• Step 2. Choose the type of investment and complete the investment requirement.
• Step 3. Gather documents and submit a residency application.
• Step 4. Submit biometric data for the residency card.
• Step 5. Receive the residence permit and officially gain resident status in Portugal.

The key is to make the decision and take the first step. After that, the professionals at the citizenship and residency agency, representing your interests, will handle the rest, along with the Portuguese Agency for Integration, Migration, and Asylum (AIMA), which replaced SEF in October 2023.

What the Portuguese Golden Visa Offers

This country is chosen by young people from all over the world for its simplicity of life, while older individuals settle here to enjoy a peaceful retirement.

With its pleasant sunny climate, low cost of living combined with a high quality of life, unique cuisine, stunning nature, and a laid-back atmosphere thanks to the customs and lifestyle of the Portuguese, these appealing factors hardly need any adjustments. Business owners and investors also take into account favorable tax laws and the country’s strategic location between Europe, America, and Africa.

Consider Portugal based on your own goals and interests. You may uncover advantages that others have yet to discover.

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