Since 2012, Portugal’s Golden Visa (also known as the Portugal Investment Visa) has been a popular choice for people looking to gain European residency, travel freely in the Schengen Zone, and work towards Portuguese citizenship. Over the past few years, though, the program has seen some big changes.
The biggest change came in October 2023, when Portugal stopped allowing real estate investments for the Golden Visa. Since then, new rules, the switch from SEF to AIMA, and other updates to immigration laws have continued to change how the Golden Visa works for applicants.
In this article, we’ll break down the latest changes to the Golden Visa, look at the current investment options, and explain what these updates mean if you’re thinking about applying.
Portugal Golden Visa Changes: Key Takeaways
⚠️ Portugal Nationality Law Changes 2026
In May 2026, Portugal's president, António José Seguro, approved several amendments to the Nationality Law that affect long-term residency permit holders. The most significant change requires that most nationals have 10 years of legal residency and 7 years for EU and CPLP citizens before becoming eligible for citizenship.
These changes are now in force. However, the updated Nationality Law does not affect the time required for permanent residency, which remains 5 years.
For the latest information regarding these changes, read Portugal Nationality and Citizenship Changes 2026.
Is the Portugal Golden Visa still available?
Yes. The Portugal Golden Visa is still available to eligible nationals of countries outside the European Union, European Economic Area, Andorra, and Switzerland.
The program continues under Article 90-A, and the 2023 changes only narrowed the qualifying activities. The investment you use must fall within AIMA’s current list.
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 change covered residential and commercial property, as well as rehabilitation projects that had previously qualified under the relevant rules.
Why real estate no longer qualifies
The government introduced the change through the Mais Habitação housing bill. It presented the restriction on new property-based Golden Visas as part of its response to housing access and affordability pressures, specifically placing the measure under its objective of combating real estate speculation.
The final legislation did not close the ARI program. Instead, it separated investment eligibility for residence from property purchases while retaining investment activities directed towards areas such as job creation, research, cultural support, qualifying non-real-estate funds, and company capitalization.
You may still purchase and own Portuguese real estate, subject to the usual legal, tax, and financing considerations, but the purchase does not qualify for a new Golden Visa application.
How pending pre-change applications are treated
Lei 56/2023 contains transitional provisions for certain applications and renewals connected with the earlier rules. The analysis depends on when you filed and the procedural status of your case.
Applications filed under earlier rules may be subject to transitional provisions. You should confirm the filing date and procedural status with Portuguese counsel.
Avoid assuming that ownership of property, payment of a deposit, or preparatory work alone guarantees treatment under an earlier rule.
Which Portugal Golden Visa Investments qualify now?
AIMA currently lists five qualifying investment activities. The table distinguishes those activities from the two principal routes removed for new applications.
| Investment activity | Status | What the rule means for you |
|---|---|---|
| Property acquisition | Removed for new applications | Residential, commercial, and rehabilitation property purchases no longer qualify as an ARI investment activity. |
| Unrestricted capital transfer | Removed for new applications | The former €1.5 million transfer route is no longer available. This is separate from the purpose-specific capital transfers that remain. |
| Creation of at least 10 jobs | Available | You must create the required employment positions and meet the applicable labor and social security rules. |
| Scientific research | Available | You must transfer at least €500,000 for research conducted by eligible public or private institutions within the national scientific and technological system. |
| Arts and cultural heritage | Available | You must transfer at least €250,000 to qualify for artistic production or the recovery or maintenance of national cultural heritage through an eligible body. |
| Non-real estate collective investment | Available | You must invest at least €500,000 in funds formed under Portuguese law. At the time of investment, it must have a maturity of at least five years, and at least 60 percent of its investments must be made in commercial companies headquartered in Portugal. |
| Portuguese company capitalization | Available | You must invest at least €500,000 to form a Portuguese company and create five permanent jobs, or reinforce the capital of an existing Portuguese company while meeting the specified job creation or maintenance conditions for at least three years. |
What stayed the same for ARI holders?
Although the qualifying investment list has changed, the program continues to provide the core rights associated with an ARI residence permit, subject to applicable law and your continued compliance.
- You may reside and work in Portugal.
- You may travel within the Schengen Area without an additional Schengen visa, subject to the applicable travel rules.
- Eligible family members may apply through family reunification.
- The minimum physical presence requirement remains seven days in the first year and at least 14 days in subsequent periods.
- A temporary ARI residence card is generally valid for two years from issuance, subject to the rules that apply to the relevant card and renewal.
- You may apply for permanent residency after five years.
What Existing Real Estate Golden Visa Investors Need to Know
Your position depends on which of the following situations applies. The distinctions are legal and procedural, so you should verify your records before acting.
You already hold an ARI residence permit based on property
Lei 56/2023 permits renewals for permits granted under the rules that applied before the change, subject to the transitional provisions and your continuing compliance.
You filed before the change, and your application is pending
Applications filed under earlier rules may be subject to transitional provisions. Your filing date, the completed investment step, and the status recorded by the competent authority can affect the analysis.
You own property, but did not file a qualifying application before the change
Property ownership alone does not support a new ARI application. If you are applying in 2026, you must choose and maintain a current qualifying activity. The property can remain a separate personal or investment decision, but it should not be presented as part of your ARI eligibility.
AIMA Processing and Renewal Updates
AIMA does not publish a dependable end-to-end processing time for ARI applications.
Portuguese law provides a 90-day period for a residence permit decision and a 60-day period for a renewal decision.
However, these statutory periods do not represent the full time from an initial online application to a biometrics appointment, final decision, card production, and delivery.
For a new Golden Visa application, you should currently plan for approximately two to three years from online submission to receipt of your first residence card. In practice, the wait for biometrics can be around 18 to 24 months, followed by a further 6 to 12 months, and sometimes longer, for the final review and card issuance.
Some newer applications may proceed faster as AIMA works through pending cases, while older or more complex applications can take more than three years due to various Portugal Golden Visa delays.
For renewals, a realistic timeframe is approximately two to six months from a valid online submission and payment to the decision and delivery of the renewed card.
Why choose Global Citizen Solutions for your Portugal Golden Visa?
- Global approach by local experts: A team of experienced local case executives, immigration lawyers, and investment specialists based in Portugal.
- Independent service:We are not a marketing agency for any projects. You will access all eligible routes for the Golden Visa, with over 40 vetted qualifying investment options, so you can decide on the best option for you.
- 100% approval rate: We have the unique distinction of never having had a Golden Visa case rejected and have helped hundreds of clients from more than 35 countries.
- All-encompassing solution: Our dedicated onboarding and immigration teams will assist you throughout the process and beyond with a single channel of communication.
- Transparency: Our fees are clear and detailed, covering the entire process with no hidden costs.
- Privacy: Your personal data is stored within a GDPR-compliant database on a secure SSL-encrypted server.
To see the full list of reasons why to work with Global Citizen Solutions for your Portugal Golden Visa, you can find out more here: Why Work with Global Citizen Solutions for Your Golden Visa Portugal Application?
