Securing A Portuguese Golden Visa in 2024

Portugal’s Golden Visa (residency by investment) program is well known, but in October 2023 it underwent some important changes. The most significant change was the elimination of the real estate investment path to residency. On the positive side, the Portuguese government has made the application process more efficient, and waiting time for your residency permit now counts towards citizenship eligibility. Below, we will discuss investment options that are currently available in 2024.

Why Portugal?

Portugal is located in Southwestern Europe, on the Iberian Peninsula. The country is known for its lovely Mediterranean climate, blue ceramic tiles, cork production, and delicious port wine. It has thriving cities such as Lisbon and Porto, as well as a picturesque beach resort area called the Algarve. 

Portugal is in the Schengen zone, so residency there would give you visa-free access to the other 27 Schengen countries. You may also want to consider Portugal because of its non-habitual resident tax regime, which offers tax benefits, exemptions on global income, and reduced tax rates for ten years. 

Who Can Apply?

To qualify for a Golden Visa, officially referred to as the Residence Permit for Investment Activity (ARI), you must be a non-EU, non-Swiss, or non-EEA national. You are required to have a clean criminal record in your home country and Portugal, a valid passport, and health insurance.

Start a Company And Hire Local Workers. You qualify for residency if you set up a Portuguese company and create at least 10 jobs – amounting to a minimum value of €500,000. You will need to register the company, open a corporate bank account, and have employment contracts for each employee. Please note, you are only required to create 8 jobs if you form your business in a low-density area.

Support Scientific Research. You can obtain a residency permit in exchange for donating at least €500,000 to research activities/projects conducted by public or private scientific research institutions. You will need a declaration from a Portuguese bank confirming you made the required deposit and a declaration from the scientific research institution confirming your investment.

Contribute to an Investment Fund. You can get residency if you transfer at least €500,000 into a qualifying Portuguese venture capital or private equity investment fund.

Preserve Art & Culture. If you donate at least €250,000 to a qualifying artistic/cultural project, you will receive a residency visa. Again, you will need a bank declaration confirming your deposit. You will also need a declaration from the Portuguese Strategy, Planning and Cultural Assessment Office confirming the eligibility of your investment. Please note, the requirement is slightly lower (€200,000) in low-density areas.

Important Note: Regardless of which path you choose, you will need to maintain your investment in Portugal for at least 5 years.

First, In order to make any of the investments discussed above, you will need to acquire a Portuguese Fiscal Number (NIF) and open a bank account in Portugal. You can obtain an NIF number on the spot by bringing government-issued ID and proof of address from your country of residence to a Finanças office in Portugal. Portuguese banks are friendly to non-residents and foreigners, so opening a bank account should be fairly easy. You will need to bring your passport, NIF number, a Portuguese phone number, proof of address from your country of residence, and proof of income. Once you have completed both steps, you can proceed with your chosen investment.

To start the residency process, you will need to gather all required documents and have them professionally translated into Portuguese. Mainly, you will need a valid passport, proof of legal entry into Portugal, and proof of investment. However, you may have other personal and financial documents relevant to your application.

1. Submit pre-application online to SEF (Portuguese Immigration and Border Service) expressing your interest in the residency program.
2. Upload your documents and completed application form along with the necessary paperwork regarding your Portuguese investment.
3. Provide biometric data. Once your documents have been reviewed and your investment confirmed, you must schedule an appointment and physically appear at an SEF office to submit fingerprints/biometric data.
4. SEF will review your application, biometric data, and conduct its own background check.
5. If approved, you will be issued a 2-year residence card.

The Golden Visa process is lengthy and may drag on for over a year. It typically takes two months after submission to get a biometric appointment, and can take as long as four months to receive the residence card.

At the beginning, you will need to pay an initial application fee of €7.730 and a processing fee of €773.74. Each time you renew your residency permit, you will need to pay a €3.866 application fee and a €773.74 processing fee. Keep in mind if you are using a lawyer or agent, you will also need to pay their legal fees.

Initially, you will receive a 2-year residence permit. In those two years, you must spend at least 14 days in Portugal. You can keep renewing your temporary residence permit every two years.

After five years have passed, you can apply for a 5-year permanent residency permit or pursue Portuguese citizenship. If you choose the citizenship option, you will be required to pass a Portuguese language test. Gaining Portuguese citizenship means you will have the right to live, work, and study anywhere in the European Union. A Portuguese passport allows you to travel to 191 countries without applying for a visa.

Residency programs are constantly evolving, so be sure to check the official SEF webpage for all the latest Portuguese Golden Visa requirements.

If you are still exploring your residency options, be sure to read our articles Requirements To Reside In Georgia, Lithuanian Residency In A Nutshell, Do You Want To Reside In Armenia?, Should You Become A Resident Of Latvia?, and Is Residency In Ecuador Right For You?