Portugal Golden Visa offers EU residency for property investors. Updated 2026 requirements, costs, timeline, and benefits explained by FCA-regulated advisors.
OMF Property Team
FCA Ref: 305228 | International Mortgages Since 1999
Portugal's Golden Visa programme remains one of Europe's most discussed residency-by-investment schemes, though it underwent significant reforms in October 2023. For UK buyers and investors, it continues to offer a potential path to EU residency, visa-free Schengen travel, and ultimately Portuguese citizenship — but the available investment routes have changed materially. This guide reflects the position as of early 2026.
The Golden Visa (ARI — Autorização de Residência para Atividade de Investimento) is a residence-by-investment programme launched by Portugal in 2012. It grants a renewable residence permit to non-EU nationals who make qualifying investments. After 5 years, holders can apply for permanent residency or Portuguese citizenship — which gives full EU citizenship rights, including the right to live and work anywhere in the European Union.
The 'Mais Habitação' housing package (Law 56/2023, October 2023) made sweeping changes to the Golden Visa programme. Crucially, the direct residential property purchase route was removed entirely — not just in Lisbon, Porto, and coastal areas as was sometimes reported, but nationwide. Any new Golden Visa application based on purchasing a residential property is no longer possible under the current rules.
The routes that remain available relate to financial investment, job creation, and cultural heritage. Always verify current route availability with a qualified Portuguese immigration lawyer and the official AIMA portal (aima.gov.pt) before proceeding, as the programme continues to evolve.
The most commonly used route in 2026. Invest a minimum of €500,000 into qualifying Portuguese investment funds. The fund must have been in operation for at least five years, be domiciled in Portugal, and invest at least 60% in companies with registered offices in Portugal. Fund terms typically run 5–10 years with capital returned at maturity. Annual fund management fees of 1–2% apply.
A direct capital transfer of at least €1,500,000 into a Portuguese bank account or qualifying financial instrument. This route requires significant liquid capital but has straightforward compliance requirements.
Create a minimum of 10 full-time positions for workers registered with Portuguese social security (not limited to Portuguese nationals). In designated low-density areas, this is reduced to a minimum of 8 jobs. This route suits those establishing or acquiring a business in Portugal.
Investment of €500,000 or more in scientific research activities conducted by public or private institutions forming part of the national scientific or technological system.
Investment of at least €250,000 in arts or the reconstruction or refurbishment of national heritage. This is the lowest-threshold route currently available.
As noted above, the residential property purchase route was removed by Law 56/2023. There was uncertainty in 2024–2025 about whether a narrow commercial property or low-density area route survived the reforms. Given this legal uncertainty, you must verify the current status of any property-linked route directly with a Portuguese immigration solicitor and AIMA before making any investment decision. Do not rely on any source — including this guide — as a substitute for current qualified legal advice.
One of the Golden Visa's key advantages is the very low minimum stay requirement: 7 days in the first year, 14 days in each subsequent two-year renewal period. You do not need to relocate to Portugal to maintain your residency permit.
Processing times have historically been lengthy — 12–24 months was not uncommon under SEF (the former immigration authority). Portugal transferred Golden Visa processing to AIMA in October 2023. While some improvement has been reported, timelines remain variable and backlogs from the SEF era persist. Current processing times from complete application submission are broadly estimated at 6–18 months, depending on application type and completeness. Check current AIMA processing times at aima.gov.pt.
After holding the Golden Visa for 5 years, you are eligible to apply for Portuguese naturalisation, provided you:
The citizenship application itself is processed by IRN (Instituto dos Registos e do Notariado). Given current AIMA and IRN processing queues, the realistic full timeline from initial application to citizenship is commonly 8–10 years, though this varies significantly between individual cases.
The Non-Habitual Resident (NHR) tax regime, which had provided significant tax advantages to new Portuguese residents, was closed to new applicants from 1 January 2024 (existing NHR holders registered before 31 December 2023 continue under the old regime for the remainder of their 10-year period). NHR has been replaced by IFICI (Incentivo Fiscal à Captação de Investimento e Residentes), which targets specific qualifying professions and activities. Golden Visa holders who become tax resident in Portugal may qualify for IFICI if they work in a qualifying sector. Take specialist Portuguese tax advice before making residency decisions.
The Golden Visa suits investors who want EU residency and a path to citizenship without relocating. It is particularly relevant post-Brexit for UK nationals seeking to restore freedom of movement within the EU. However, the programme has changed significantly since 2023, legal certainty on some routes is limited, and processing times remain uncertain. Always instruct a qualified Portuguese immigration lawyer before proceeding. Verify the current position with AIMA: aima.gov.pt
No — but it was substantially reformed. The Mais Habitação package (Law 56/2023, October 2023) removed the residential property purchase route entirely — not just in coastal areas, but nationwide. Investment fund, capital transfer, job creation, and cultural investment routes remain available. Always verify current route availability with a Portuguese immigration lawyer and AIMA (aima.gov.pt).
The most common route in 2026 is investment funds, requiring a minimum of €500,000. The capital transfer route requires €1,500,000. The arts and cultural heritage route has the lowest threshold at €250,000. Residential property is no longer a qualifying investment category under current rules.
For the investment fund route, the minimum investment must be your own capital — fund investments cannot be leveraged. The capital transfer route similarly requires your own funds. Always confirm with your immigration lawyer that the source of funds meets the AML and investment criteria required by AIMA.
No — the minimum stay is just 7 days in year one, and 14 days in each subsequent two-year renewal period. Many holders visit briefly to maintain compliance without relocating.
Yes — the Golden Visa is a full residence permit that includes the right to work and study in Portugal and to travel freely within the Schengen Area.
After 5 years of holding the Golden Visa (meeting all conditions), you can apply for naturalisation. The citizenship application processing by IRN typically adds a further 1–3 years given current queues. The realistic full timeline from initial application to citizenship is commonly 8–10 years. Always take qualified legal advice on your individual circumstances.
OMF Property Team
FCA Ref: 305228 | International Mortgages Since 1999
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