Portugal Golden Visa

Portugal Golden Visa Program (ARI): Europe Residency & Global Investment Opportunities (Your 2025 Latest Guide)

The Portugal Golden Visa Program (Autorização de Residência para Atividade de Investimento – ARI), launched in 2012, is one of the world’s most sought-after programs, offering a special residence permit in Portugal to non-EU/EFTA international investors. As one of NotteGlobal’s “flagship” programs, it garners significant interest, particularly among Turkish investors.

IMPORTANT UPDATE: With new legal regulations effective from late 2023 and early 2024, it is no longer possible to apply for the Portugal Golden Visa through real estate acquisition or capital transfer (bank deposits). The program has been updated to focus on new investment options that provide more added value to the Portuguese economy and support cultural/social projects. In this guide, we’ll detail the updated investment options valid as of 2025, along with their advantages and application processes.

The Portugal Golden Visa program offers principal applicants and their dependent family members the right to free movement, living, and working within Europe, while notably imposing no strict residency requirements in Portugal itself.

What is the Portugal Golden Visa (ARI) and Why is it So Popular?

The Portugal Golden Visa program aims to attract foreign investors and strengthen the Portuguese economy. The 5-year special residence right granted provides investors and their families with significant privileges:

Visa-Free Schengen Area Travel: Portugal residence permit holders can travel visa-free within the 27 European countries of the Schengen Area for up to 90 days within any 180-day period. This offers great flexibility for business and leisure travel.
Low Physical Stay Requirement: One of the program’s most attractive features is that it does not mandate continuous residency in Portugal. Applicants and their family members only need to spend a total of 14 days in the country within two-year intervals to maintain their residence permit. This is a major advantage for investors requiring global mobility.
Comprehensive Family Eligibility: Spouses of the main applicant, children under 18, financially dependent adult children (over 18) who are continuously studying full-time or part-time, and dependent parents over 66 years old can also be included in the program. This facilitates families making a new start together in Europe.
Pathway to Portuguese Citizenship: After 5 years, applicants who meet specific conditions (Portuguese language proficiency – A2 level, a clean criminal record, and demonstrating a genuine link to Portugal) may gain the right to apply for Portuguese citizenship.
High Quality of Life in Portugal: Portugal offers a high quality of life with its sunny climate, rich culture, affordable living costs, and hospitable people.

Portugal Golden Visa (ARI) Current Investment Options (2025 Detailed Guide)

With the removal of real estate acquisition as an option, the Portugal Golden Visa program now focuses on the following investment avenues:

1. Investment Fund Subscription (High Application Potential):
- A minimum investment of €500,000 into a qualifying investment fund (venture capital funds or private equity funds) registered in Portugal. These funds must invest in companies within the Portuguese economy. This is currently one of the most popular and highly recommended options by NotteGlobal.
2. Company Creation or Investment in Existing Company (Job Creation):
- An investment of a minimum of €500,000 to establish a commercial company in Portugal, creating and maintaining at least 5 full-time jobs.
- Alternatively, an investment in an existing company registered and tax resident in Portugal, creating at least 5 new permanent jobs or maintaining 10 existing jobs.
3. Support for Scientific Research Activities:
- A capital transfer of a minimum of €500,000 for scientific research activities carried out by public or private scientific research institutions.
4. Artistic Production, Cultural Heritage Recovery, or Maintenance:
- A capital transfer of a minimum of €250,000 for investment in artistic production or the recovery and maintenance of national cultural heritage projects. This typically involves investments in projects approved by local or national authorities. This option is notable for offering a lower investment threshold.
5. Company Establishment with Job Creation (Smaller Scale):
- Creation of at least 10 full-time jobs in Portugal. This option does not specify a minimum capital investment, but the sustainability of the jobs and the company’s financial strength are crucial.

Investors must fully comply with relevant laws and regulations based on their chosen investment type. NotteGlobal provides consultancy services to help you determine the most suitable option for your investment goals and risk tolerance.

Portugal Golden Visa Application Process (Step-by-Step Guide)

The Portugal Golden Visa application requires a meticulous process of document collection and adherence to official procedures. NotteGlobal’s expert team guides you through every step:

Initial Assessment and Consultation:
- The first step is a comprehensive preliminary assessment with NotteGlobal experts. During this phase, the most suitable investment option is determined based on your eligibility, expectations, and investment goals.
- Detailed information about the required documents and the process is provided.
Tax Identification Number (NIF) & Bank Account Opening:
- A Portuguese tax identification number (NIF) is obtained, and a bank account is opened in Portugal. These steps are typically completed before the investment is made.
Investment Execution:
- The chosen investment (e.g., fund subscription or support for a cultural heritage project) is made to the relevant institution in Portugal.
- Official documents proving the investment (fund subscription certificate, transfer receipts, company incorporation documents, etc.) are secured.
Document Preparation & Legal Review:
- All necessary personal and financial documents, such as passports, criminal records, health insurance, and proof of financial assets, are collected.
- NotteGlobal’s legal consultants conduct a detailed legal review to ensure all documents comply with the requirements of the Portuguese Immigration and Borders Service (SEF). Necessary translations and notarizations are completed.
Pre-Application (Online Platform):
- The required documents and proof of investment are uploaded to the Portugal Golden Visa’s online application platform. Administrative fees are paid at this stage.
Biometric Appointment & Main Application:
- After preliminary approval of the application, the applicant and included family members travel to Portugal to provide their biometric data (fingerprints and photograph) at a SEF (Immigration and Borders Service) office. The original application documents are also submitted physically during this appointment.
Residence Card Issuance:
- Upon approval of the application, residence permit cards are issued and delivered to the applicant or their authorized representative. This process can typically range from 6 to 12 months.

Portugal Golden Visa Privileges & Quality of Life

The Portugal Golden Visa program offers individuals and their families various privileges, enabling them to make a new start in Europe:

Right to Live, Work, and Study in Portugal: Residence permit holders and their family members gain the opportunity to live, work, and study within Portugal. Portuguese universities and schools offer attractive educational opportunities for international students.
Global Mobility Ease: The residence permit and Golden Visa card obtained in Portugal grant visa-free travel and entry to all Schengen countries. This provides great flexibility for international travelers.
Right to Citizenship: After 5 years of legal residence in Portugal (provided the minimum stay requirement of 7 days per year or 14 days every two years is met), the right to apply for Portuguese citizenship is acquired. This process requires passing the CIPLE (A2 level) Portuguese language exam and proving a genuine link to Portugal.
Tax Advantages (Non-Habitual Resident – NHR): Portugal offers the NHR (Non-Habitual Resident) tax regime, which provides significant tax exemptions and reduced tax rates for certain foreign income for new residents for 10 years. Golden Visa holders can also benefit from this program.
Safe and Stable Environment: Located at the westernmost point of Europe, Portugal offers a high quality of life, a safe environment, and a stable political structure.

Portugal Golden Visa (ARI) Costs (2025 Detailed Analysis)

In addition to the investment costs, there are certain administrative and legal fees for the Portugal Golden Visa application. These costs are calculated per person:

1. Investment Cost:
- Fund Investment: Minimum €500,000.
- Company Creation/Investment in Existing Company: Minimum €500,000 (or creation of 10 jobs).
- Scientific Research: Minimum €500,000.
- Cultural Heritage/Artistic Production: Minimum €250,000.
2. Administrative Application Fee:
- Administrative fee to be paid for each Golden Visa application: Approximately €5,324.60.
3. Application Processing Fees (Initial Application):
- For the principal applicant: Approximately €532.70.
- For included family members (per person): Approximately €83.10.
4. Residence Card Renewal Fees (Per Renewal):
- Fee for renewals when residence cards expire (typically 1 year initially, then every two years): Approximately €2,666.30.
5. Other Costs:
- Legal and Consultancy Fees: Fees paid to the law firm or consultancy firm managing the application process (vary depending on the scope of service).
- Tax Identification Number and Bank Account Opening Fees: Minor administrative fees.
- Health Insurance Cost: Annual health insurance premiums.
- Document Translation and Certification Costs: Fees for sworn translations and apostille/consular authentications of required documents.

These costs are the basic fees requested by Portugal for Golden Visa procedures. Applicants must demonstrate their financial capacity to cover these costs.

General Conditions for Portugal Golden Visa Application

To apply for the Portugal Golden Visa program, certain fundamental conditions must be met:

Citizenship Status: Third-country nationals (non-EU/EFTA citizens) can apply for the Portugal residence permit. Citizens residing in EU or EFTA countries cannot apply for this program.
Clean Criminal Record: Principal applicants and included family members must have a clean criminal record. A serious criminal history may lead to the rejection of the application.
Minimum Stay Requirement: Portugal residence permit holders must be physically present in Portugal for a minimum of 7 days in the first year and a minimum of 14 days in each subsequent two-year period.
Investment Maintenance: The chosen investment (e.g., fund investment) must be actively maintained for the duration of the residence permit. Selling or terminating the investment may lead to the cancellation of the residence permit.
Health Insurance: A valid and adequately comprehensive health insurance policy valid in Portugal must be held.

Applicants and their family members who meet all the necessary conditions can take advantage of the many opportunities Portugal offers. Portugal attracts citizens from many different countries due to its educational, career, and living standards.

Portuguese Passport and Citizenship

Obtaining Portuguese citizenship allows individuals to enhance their living standards. According to Globalization Index research, Portugal is ranked as the 12th most globalized country in the world. The country’s economic infrastructure and investment options are diverse. While direct real estate investment is no longer an option, the real estate sector continues to be attractive through indirect means. Portugal, with its stable political environment, is a focus for foreign investors due to its investor-friendly tax advantages (especially the NHR regime).

To apply for a Portuguese passport and citizenship, individuals must have legally resided in Portugal for 5 years under the Golden Visa program, successfully pass the CIPLE (A2 level) Portuguese language exam, and provide evidence of a strong connection to the country (e.g., owning property, participating in social or cultural activities). It’s an important note that for individuals whose previous visa or residence applications from other EU countries were rejected, a more careful evaluation might be necessary for their Portuguese citizenship application.

Seize Portugal Golden Visa Opportunities with NotteGlobal!

Despite the discontinuation of real estate investment, the Portugal Golden Visa (ARI) program retains its appeal for those seeking investment and residency in Europe through fund investments and other alternatives. At NotteGlobal, we are here to provide you with expert, tailored advice on the latest investment opportunities and legal processes in Portugal. Our dedicated team will simplify the complex application process for you and provide full support in achieving your European dreams.

Don’t wait to unlock the doors to a privileged life and global opportunities that Portugal offers. Contact NotteGlobal today, and let’s explore tailored solutions for you!