Golden Visa to Portugal: Every Route, Real Costs, and What Changed in 2024

The fund investment route is the most used path in 2025, requiring a minimum of 500,000 EUR into a qualifying Portuguese investment fund. The job creation route requires creating at least 10 jobs in Portugal, typically through a registered Portuguese company. Scientific research contributions of 500,000 EUR to accredited institutions and cultural heritage donations of 250,000 EUR round out the remaining options. Residential property purchases no longer qualify under any circumstance following the October 2023 legislative changes.

AIMA, the agency that replaced SEF in 2024, is currently processing golden visa applications with initial approval taking roughly 12 to 24 months from submission, though timelines vary considerably by case complexity and document completeness. The physical presence requirement is minimal: 7 days in the first year and 14 days in each subsequent two-year renewal period. You do not need to live in Portugal to maintain the visa, which is the core appeal for investors who want EU access without relocating. For a broader comparison of how Portugal stacks up against other programs currently accepting applicants, see this golden visa program comparison for 2025.

Beyond the investment itself, AIMA charges an application fee of approximately 533 EUR per applicant and a card issuance fee of roughly 5,325 EUR per person on approval, though these figures are subject to revision and should be confirmed with a licensed Portuguese attorney at the time of application. Legal fees for a competent immigration lawyer in Lisbon typically run 3,000 to 8,000 EUR for the principal applicant, with additional fees for dependants. Fund investment vehicles also carry management fees, commonly 1 to 2 percent annually, which compound meaningfully over the mandatory five-year holding period.

After five years of holding the golden visa and meeting the minimum physical presence requirements, you can apply for permanent residency or Portuguese citizenship, which includes an EU passport. Citizenship requires demonstrating basic Portuguese language proficiency, typically verified through an A2 level test, and a clean criminal record. Portugal does not require you to renounce your existing citizenship, meaning dual or triple nationality is possible for most applicants. The EU passport that results opens visa-free or visa-on-arrival access to over 185 countries, which is the main long-term value proposition over and above the residency itself.

Holding a Portuguese golden visa does not automatically make you a Portuguese tax resident. Tax residency triggers only when you spend more than 183 days per year in Portugal or establish your habitual residence there. Investors who use the minimum-stay approach, 7 or 14 days, remain tax residents of wherever they currently live. If you do relocate to Portugal, the Non-Habitual Resident regime, known as NHR, offered a flat 20 percent income tax rate on Portuguese-sourced income and exemptions on most foreign income for 10 years, though NHR was reformed in 2024 and replaced with a new scheme called IFICI, which targets specific qualifying professions and investors, with different mechanics than the original NHR.

Not every Portuguese investment fund qualifies for the golden visa; the fund must be authorized by the CMVM, Portugal's securities regulator, and must invest at least 60 percent of its assets in Portuguese companies. Several funds marketed to golden visa applicants have faced regulatory scrutiny or failed to deliver returns, so due diligence on the fund manager's track record, fee structure, and exit terms is non-negotiable. The five-year lock-up is mandatory, and early redemption is typically not possible without forfeiting the visa. Applicants should also confirm that the fund is not primarily invested in real estate, since real estate-focused funds were also removed from qualifying categories alongside direct property purchases.