Portugal’s Golden Visa, also known as the Portugal Investment Visa, has been increasingly popular with foreign investors looking to obtain residency in Europe.
However, the government has implemented several changes over the last few years, impacting the investment routes. The most significant update to the program happened at the end of 2023, when real estate investments and capital transfers were removed as qualifying investment options.
In this article, we’ll take a closer look at how Portugal’s Autorização de Residência para Investimento (ARI) has changed, what’s still available, and how long it takes to get residency.
Portugal Golden Visa Changes: Key Takeaways
Is the Portugal Golden Visa still available?
Yes, the Portugal Golden Visa is still available to non-EU, non-EEA, and non-Swiss nationals. The residency by investment program gives investors the opportunity to obtain residency in Portugal through a minimum qualifying investment.
It also grants investors the right to live, work, and study in Portugal, to travel visa-free within the Schengen Area, to include eligible family members, and to apply for permanent residency after five years.
What changed under Lei 56/2023?
Lei 56/2023 entered into force on 7 October 2023. For new ARI applications, it removed the former property acquisition activities and the unrestricted capital transfer activity.
The new law was applied to residential and commercial real estate, and even building projects that rehabilitated existing structures.
Why real estate no longer qualifies
The Portuguese government introduced the new legislation as part of the Mais Habitação housing bill to combat rising housing prices, and to make more properties available to locals.
It didn’t seek to eliminate the Golden Visa, but rather shift investments away from real estate and toward other projects that would benefit the country as a whole.
You can still buy real estate in Portugal as a foreigner, but it won’t help you qualify for the Golden Visa.
Which Portugal Golden Visa Investments qualify now?
Although real estate investment has been removed, there are still several options available that qualify for residency by investment.
- Invest a minimum of €500,000 into an eligible Portuguese investment fund
- Donate at least €250,000 to Portuguese arts and culture
- Donate at least €500,000 to scientific research
- Create at least ten full-time jobs
- Set up a company, invest €500,000, and create five jobs
What stayed the same for ARI holders?
Many of the previous provisions stayed the same for Golden Visa holders, as only the real estate and capital transfer routes were removed.
Here are some of the Portugal Golden Visa elements that stayed the same:
- You still have the right to live and work in Portugal.
- You can travel within the Schengen Area for up to 90 days in a 180 day period without an additional visa.
- You can include your family members in the Golden Visa application, and you are exempt from the two-year minimum residency period requirement.
- The stay requirement remains at seven days in the first year and 14 days in each subsequent two-year period.
- After maintaining your investment for five years, you can apply for permanent residency.
What Existing Real Estate Golden Visa Investors Need to Know
How the law changes in Portugal affect you depends on the route you took and when you first applied for the Golden Visa.
- You already hold a Golden Visa based on real estate: While the law changed for new applicants, you will be able to renew your residency permit with the same conditions as when you applied.
- You applied before the change, and your application is pending: This is the most challenging situation to be in. AIMA will checkyour filing date, when you made the first investment, and the current status of your application. If all was filed correctly, you could be subject to transitional provisions.
- You own property, but did not file a qualifying application before the change: Owning real estate before the law change and filing an application after it changed won’t qualify you for the Golden Visa.
AIMA Processing and Renewal Updates
Depending on AIMA’s backlog and case complexity, from the online application submission to the biometric appointment, processing can take between 18 and 24 months.
After completing biometrics, you can expect an additional 9 to 12 months before your residence permit is issued.
But there is some good news. According to Global Citizen Solutions’ head of legal counsel, Joana Mendonça, Golden Visa processing timelines are improving.
“The gap between submission and biometrics is now running at approximately 12 months, with applicants who submitted by end of 2025 being scheduled for Q4 2026. Card issuance remains the slower stage of the process and has not yet kept pace with the volume of appointments being processed.”
Mendonça adds that “this puts Global Citizen Solutions in a position to provide our clients with clearer timeline estimates than we have been able to in recent months.”
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