Golden Visa: What Changed?
Portugal's Golden Visa program has undergone significant changes since 2022. Standard residential property purchases in most areas are no longer eligible. However, the program remains active with alternative investment routes.
Current Eligible Investment Options (2026)
1. Investment Funds — €500,000 minimum
- Must be Portuguese-registered venture capital or private equity funds
- Investment period: minimum 5 years
- Most popular option currently
- Returns vary (typically 3–8% depending on fund strategy)
2. Commercial Real Estate — €500,000 minimum
- Office spaces, retail units, hotels, industrial properties
- No geographic restrictions
- Can generate rental income
- Full eligibility maintained
3. Rehabilitation Properties — €350,000 minimum
- Properties in urban regeneration areas
- Must be over 30 years old or in designated rehabilitation zones
- Renovation plan required
- Lower entry point but more complex process
4. Scientific Research — €500,000
- Investment in approved research institutions
- Less common but available
5. Cultural Heritage — €250,000
- Investment in arts, cultural production, or heritage conservation
- Lowest entry point
6. Company Formation — €500,000
- Create a company in Portugal with minimum 5 jobs
- OR transfer €500,000 to invest in an existing Portuguese company
What's NO Longer Eligible
- ❌ Standard residential property in Lisbon, Porto, Algarve
- ❌ Residential property in most coastal/high-density areas
- ❌ Any residential property purchase for Golden Visa purposes (nationwide since late 2023)
Program Benefits
- Residency permit for the investor and family (spouse, children under 18, dependent parents)
- Minimum stay: Only 7 days per year in Portugal
- Path to citizenship: After 5 years, eligible for Portuguese passport
- EU freedom: Access to Schengen zone and EU residency rights
- Tax planning: Can combine with NHR successor regime
Timeline
| Step | Duration |
|---|---|
| Application preparation | 2–4 weeks |
| Investment execution | 2–8 weeks |
| SEF/AIMA submission | 1 day |
| Initial approval | 4–8 months |
| Biometrics appointment | 2–4 weeks after approval |
| Card issuance | 4–6 weeks |
| Total | 6–14 months |
Renewal & Citizenship
- Initial permit: 2 years
- First renewal: 3 years
- Second renewal: 3 years (optional if applying for citizenship)
- Citizenship eligible: After 5 years total
- Requirements for citizenship: Basic Portuguese (A2 level), clean criminal record, maintained investment
Alternative Residency Routes
D7 Visa (Passive Income)
- For retirees or those with stable passive income
- Minimum income: ~€760/month (Portuguese minimum wage)
- Must spend majority of time in Portugal
- Lower cost but requires actual residency
D2 Visa (Entrepreneurs)
- For business owners establishing in Portugal
- No minimum investment amount
- Must demonstrate viable business plan
- Requires active management
Digital Nomad Visa
- For remote workers earning 4x Portuguese minimum wage (~€3,040/month)
- 1-year renewable
- Tax benefits possible
Costs
| Item | Amount |
|---|---|
| Investment | €250K–500K+ |
| Legal fees | €10,000–20,000 |
| Government fees | ~€5,500 per applicant |
| Renewal fees | ~€2,500 every 2–3 years |
| Tax advisor | €2,000–5,000/year |