Golden Visa in Portugal: how residence by investment works

The Residence Permit for Investment (ARI), known as the Golden Visa, is a scheme under Portuguese immigration law that allows non-EU citizens to obtain residence in Portugal based on a qualifying investment. In recent years the scheme has been amended several times and some options no longer exist. The first step in any application is therefore to confirm which options are allowed by the law in force on the date of the application.

This guide summarises the options still available, what you need to prove, how much time you must spend in Portugal and what the path to citizenship looks like after the 2026 reform.

What has changed in the Golden Visa since 2023?

With the Mais Habitação package, which came into force in October 2023, Portugal removed the property-related options from the scheme. The following no longer qualify:

• buying property, including urban regeneration property;
• capital transfers without a specific productive purpose;
• funds that invest, directly or indirectly, in real estate.

Those who already held an ARI through these routes generally kept the right to renew. New applications can only use the options below.

Which investment options are still available?

Funds are now the most popular option because they do not require running a business. But each fund has its own term, risk and liquidity rules, and it must meet the legal criteria to support the application. The choice deserves the same care as any long-term investment.

What must be proven in the application?

• The investment: documents showing it was made and is maintained throughout the residence period.
• The source of funds: the money must come from outside Portugal and its lawful origin must be shown with appropriate documents.
• The general requirements: a valid passport, legal entry into the Schengen area, health insurance and a clean criminal record, with a Hague apostille on Brazilian documents.
• The tax position: a Portuguese tax number (NIF) and no debts to the tax authority or social security.

How long do you need to stay in Portugal?

One of the scheme's features is its low minimum stay: the holder must be in Portugal for at least 7 days, consecutive or not, in the first year, and 14 days in each subsequent two-year period. In practice, that is one visit a year.

The permit can be extended to the spouse, children and other eligible relatives through family reunification, and it allows travel within the Schengen area. The application and renewals are handled by AIMA.

Does the Golden Visa still lead to Portuguese citizenship?

Yes, but the timeline has changed. Organic Law 1/2026, in force since 19 May 2026, amended the Nationality Law:

• for citizens of Portuguese-speaking countries, such as Brazilians, and of the European Union, naturalisation now requires 7 years of legal residence;
• for other foreign nationals, the period is now 10 years;
• time no longer counts from the residence application and is now based on effective legal residence;
• proof of knowledge of the language, culture and fundamental rights and duties is now required.

Because the law now refers to effective legal residence, how time is counted for holders of a low-stay scheme such as the Golden Visa should be assessed case by case. Applications already pending on 19 May 2026 remain under the previous law. Anyone aiming for citizenship should plan the route from the first residence application.

Where to start?

1. Define the goal: residence with mobility, a future move or a path to citizenship.
2. Choose the option and the investment vehicle, assessing risk and term.
3. Review the tax position in Portugal and Brazil before transferring the money.
4. Gather the personal documents and the proof of source of funds.
5. File the application and follow the renewals, meeting the minimum stay.

As the process involves a significant financial commitment and an extensive set of documents, it is advisable to review your specific case before investing. This article is for information only and does not replace a legal consultation.