What is a Golden Visa?

By September 2024 over 15,619 global investors had participated in the Golden Visa Program and 21,000 plus family members had been approved. 
In Europe, only the UK’s Tier 1 Investor Visa program has raised more capital than Portugal’s Golden Visa Program.

Every year more and more people are taking advantage of the Portuguese government’s residency-by-investment programme showcasing trust in the economy 
and quality of life provided by this Iberian country.

Once issued, the Golden Visa will be valid for an initial period of one year (since COVID-19, the initial card is issued for two years, however this may change back in future) 
and can be renewed for subsequent periods of two years.

It is important that the investor seeks a legal representative. The investors are making a sizable investment. As such, it is crucial that no chances are taken during the preparation, submission and renewal of the residency application. In addition, by engaging trusted legal team most of the tasks will be performed remotely and not in person.

Investors should ensure that the law firm performs these tasks:

• Complete legal due diligence on the investment as to ensure safety, compliance and security of the investment;
• Preparation and submission of initial application and required documents for main applicant and family members if applicable;
• Procure necessary documents sourced in Portugal;
• Representation before the Portuguese Authorities via a Power of Attorney;
• Assistance in document translation and legalization;
• Assistance with payment of government charges;
• Full assistance with renewals for main applicant and family members.

The following services can be acquired separately:

• Assistance in obtaining permanent residency;
• Allocation of a fiscal representative;
• Company legal entity creation and / or relocation with incorporation of a company in Portugal or relocation of company headquarters to Portugal;
• Allocation of a tax and / or accounting specialist.

• Family reunification is possible: spouses, dependent children and parents.
• Regulated & safe investment: expect sustainable returns from a rapidly growing economy.
• EU citizenship: possibility to apply for the passport as to live, work or study across EU.
• EU residency: estimated government approval from 20 months approx.
• Visa free travel: across 188 countries and within Schengen zone.
• Low minimum stay requirement: minimal physical residency requirements of only 14 days visit to Portugal every 2 years.
• Beautiful country: low-cost and high standard of living in a mild climate.
• Double nationality: Portugal places no restrictions on dual citizenship.

In general, all investors have to meet the following requirements:

• Keep the investment for a minimum of five years
  Make sure the funds for investment come from abroad
• Enter Portugal or the first appointment using a valid Schengen Visa (afterwards holders of a valid residence permit benefit from visa-free entry)
• Have a valid healthcare insurance (if you decide to reside in Portugal)
• No breach of immigration control in the Portugal and Schengen Area
• Absence of conviction of relevant crimes
• Minimum stay in Portugal: Seven days during the first year and 14 days during each subsequent year, for a period of two years. Total 35 days over five years.

• Processing Fees — Golden Visa application fee of €605,10 payable by the main applicant and of €605,10 by each additional family member, which must be paid prior 
to the submission of the Golden Visa application. This fee is also incurred at each renewal.

• Initial Application Fee — Golden Visa issue fee of €6.045,20 per applicant, payable once the application is approved.

• Renewal Fee — The issue fee upon each renewal is then reduced to €3.022,6 per applicant. This fee applies to main applicant and all family members. It will be paid twice during the duration of the program.

It is important that the investor seeks a legal representative. The investors are making a sizable investment. As such, it is crucial that no chances are taken during the preparation, submission and renewal of the residency application. In addition, by engaging trusted legal team most of the tasks will be performed remotely and not in person.

The Schengen Area includes the following countries: Austria, Belgium, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and Switzerland.

Once the application is submitted at AIMA, it can take 20-24 months for the application to be processed. Note this is an approximation. Real timing may be shorter or longer.

Yes. You may work during the period of your Golden Visa from the moment you receive the first residence card, as well as after you get the permanent residency permit.

As a resident of Portugal under the Golden Visa Portugal program, you will be entitled to access at least the following with no need for any special authorization:

• Education and professional training.
• Official recognition of education diplomas and professional qualifications.
• A professional activity, as an employee or as an independent professional.
• Access to healthcare.
• Social security benefits, tax concessions and trade union protection.
• Protection under the law and the courts of law.

Yes. Under the Golden Residence Permit Program, the investor’s family members can obtain a Portuguese resident permit by applying for a “family reunion”. 
The Golden Visa can then be extended to dependent family members (children, spouse and dependent family members).
One of the benefits of the Golden Visa is the possibility of applying for the family reunion at the same time as applying for your Golden Visa.
Like the primary investor, these family members may then be eligible for permanent residency after five years and Portuguese citizenship after six years.

The following dependents may apply for the Golden Visa at the same time as the main applicant:

• Spouse or legal partner;
• Minor children under 18 years of age;
• Adult dependent children under 26 as long as they are unmarried, financially dependent on the parent and enrolled as full-time students;
• Parents of either spouse if over the age of 66 years of age (or 55 and dependent);
• Siblings under the age of 18 from either spouse or partner, if legally responsible.

Permanent residency may be granted to those who have successfully renewed their residence permit for a full five-year period. Permanent residency shall be granted 
to someone who can provide:

• Proof of income/financial independence
• Proof of accommodation in Portugal
• Basic knowledge of the Portuguese language
• Have no relevant criminal convictions during the last five years

The permanent residence permit is granted for life. Notwithstanding, the card has to be renewed every 5 years or whenever there is a change of particulars, namely the holder’s address in Portugal or his / her marital status.

A permanent residence permit is not subject to minimum stay requirements. But, except in the case of the Golden Visa Permanent Residency, a permanent residence permit may be canceled if the holder, without an acceptable justification, is away from Portugal for a period of 24 consecutive months, or for a period of non-consecutive 30 months over 3 years. However, it is explicitly deemed acceptable to be away for any period of time in one’s country of origin in order to carry out a professional, entrepreneurial, cultural or social activity. In practice, AIMA will only demand to see proof of the holder having actually lived in the country or of a justification of absence from the country in the event the renewal of the card is requested after its expiry date. As such, provided the renewal of the permanent resident’s ID card is applied for before the expiry date, Portugal’s minimum stay requirements should not be a major concern.

Proof from the court recognizing that specific status. Nothing else is required if such document is available. Alternatively, you may present documentation attesting 
to property ownership, to the fact that you are living together, ownership of assets such as bank account or financial products, and so forth.

Rights and duties of a residence permit holder
without prejudice to any special provisions, a residence permit holder is implicitly entitled to:

• Family reunification
• Education and study
• Undertaking remunerated employment
• Pursuing activities as a self-employed
• Professional guidance, training, improvement and redeveloping
• Health care
• Access to the law and justice

The legal provisions securing equal treatment to foreign citizens, specifically in connection to social security, fiscal benefits, participation in unions, recognition of diplomas, certificates and other Professional qualifications, as well as the right of access to goods and services available to the public and the application of provisions granting them special rights, are secured

Duty to communicate

• Residents have a duty to inform AIMA, within 60 days of the occurrence, any alteration to their civil status or place of residence
• The holder of a temporary Residence Permit who intends to be absent from Portugal, during the validity period, for a timeframe exceeding six consecutive months or eight non-sequential months has a duty to inform AIMA before leaving national territory. These time limits do not apply to Golden Visa holders, who only need to stay in Portugal for 7 days each year.
• The holder of a permanent Residence Permit who intends to be absent from Portugal, for a period exceeding twenty four consecutive months or, in a timeframe of 
three years, be absent thirty non-sequential months, has a duty to inform AIMA before leaving national territory
• The holder of any other Long Term Residence Title, may not be absent from European Union territory for a period equal to or exceeding 12 consecutive months, 
or from national territory for a period equal to or exceeding six consecutive years, failing which the loss of such title may ensue.
• Students of higher education institutions, who are holders of a residence permit may have a remunerated or independent professional activity provided they inform AIMA accordingly, by submitting the contract or declaration of employment at the beginning of the activity within the tax authority, as well as supporting evidence of registration on social security.

Duty of regular entry and legal permanence

• It is mandatory for all foreigners who enter into national territory to hold an appropriate visa, and to apply for the renewal of such visa in case they wish 
to extend their stay. Residence Permits must also be renewed at the end of their term.
• Holders of temporary residence permit must also apply for its renewal thirty days before the end of its validity date.

Duty to respect public order, public security and public health

• Foreigners must abstain from engaging in activities that lead to convictions that, separately or cumulatively, exceed one year imprisonment, independently from the suspension of sentences delivered on grounds of deliberate crime as contained in the provisions of this Law, or on grounds of terrorism, violent crime or organized crime.
• Foreigners must not enter the territory during the period of the entry ban following a removal measure
• Foreigners must abstain from engaging in activities that lead to the insertion of alerts in the Schengen Information System (SIS)
• Foreigners must abstain from engaging in activities that lead to the insertion of alerts in AIMA’s Integrated Information System for the purposes of refusing entry, pursuant to the provisions of Article 33 of the Legal framework on the entry, permanence, exist and removal of foreigners from Portuguese territory 
(REPSAE – Regime de Entrada, Permanência, Saída e Afastamento de Estrangeiros do Território Português)

Notes:

• Failure to comply with the duties of communication and regular entry and legal permanence will result in administrative offenses in accordance to the Aliens Act
• This list of rights and duties is merely informative and does not replace full reading of Act 23/2007 of 4 July, as amended by Act 29/2012 of 9 August, 
no. 56/2015 of 23 June, no. 63/2015 of 30 June, no. 59/2017 of 31 July, and no. 102/2017 of 28 August, and associated regulation.

Proving basic knowledge of the Portuguese language is required from every applicant for either permanent residency or citizenship, regardless of the basis on which the application is submitted. The language knowledge requirements for obtaining citizenship are exactly the same as those for obtaining permanent residency. Under the Foreigners’ Law, the applicant for a permanent residence permit must prove having knowledge of “basic Portuguese”. According to AIMA (The Agency for Integration, Migration and Asylum), in case such knowledge cannot be proved, the temporary residence permit will be renewed until this requirement is met. In case the temporary residence permit is a Golden Visa, this may be renewed every two years as long as the required investment is kept in place.

The proof consists of a certificate of A2 level proficiency (in accordance with CEFR, the Common European Framework of Reference for Languages) issued by one 
of the following institutions:

• An accredited school in Portugal or in another Portuguese-speaking country
• IEFP (Portugal’s Institute for Employment and Professional Training)
• An accredited center for evaluating the knowledge of Portuguese as a foreign language

The test has a written and an oral component, but the written component may be waived for people over the age of 60, who are illiterate and for seriously ill or handicapped people. In addition, under 10-year old children and people having special needs may request that the test be adapted to their particular circumstances. Under 18-year old children may not take the test at some of the centers for evaluating the knowledge of Portuguese as a foreign language, but the certificate may be replaced by a declaration issued by a school that the minor has attended.

Unlike residency, the application for citizenship is to be submitted to a civil registry office and not to AIMA. However, once citizenship is acquired, passport applications are handled by AIMA. Portuguese citizenship by naturalization may be applied to someone who:

• Has been a legal resident of Portugal for at least 5 years
• Is under-aged, was born in Portugal and either concluded at least 1 cycle of schooling in Portugal, or has one parent who, at the time of the application, has legally resided in Portugal for at least 5 years
• Was born in Portugal to foreign parents and has habitually lived in Portugal during the 5 years prior to the citizenship application
• Is a Sephardic Jew who descends from the Portuguese Sephardic Jews

The applicants for citizenship must submit documentary evidence of the existence of effective ties to Portugal and / or the Portuguese community, and the State Attorney may oppose the granting of citizenship if such ties are either too few or too weak. Examples of acceptable ties include:

• Registration with Portugal’s Tax Authority and National Health Service
• Regular trips to Portugal in case the applicant does not live in the country
• Having owned or rented property in Portugal for at least 3 years
• Living in a historic Portuguese community abroad or having ties thereto
• Having participated during the previous 5 years in the cultural life of a Portuguese community existing in the country of residence of the applicant, namely in the activities of the cultural or recreational associations of such community
• Specifically for descendants of Sephardic Jews, proof should include either property inherited in Portugal or regular visits to Portugal throughout their lives.

A fiscal number is an identification number for the Portuguese Tax Authority (also known as the tax number). This number is required to carry out the investments. Unless you are a fiscal resident in the EU you will need a fiscal representative in the country. Despite recent alterations that permit residents outside the EU to choose to be notified online rather than have a tax representative, in practical terms, in order to access online notifications, the person will still need a tax representative to acquire the tax number and up until they select to be notified online (via their online access to the Tax Authorities website). It should be noted that even after this stage it is important to have a tax representative, 
as the notifications (which can contain important deadlines) will be sent entirely in Portuguese and will only be sent to the website, which requires the person to constantly check 
if they have been notified.

The following documents must be submitted by Golden Visa applicants for the initial application and then for applying for each renewal:

• Receipt of payment of the application fee
• Signed statement by the applicant that he / she will fulfill the investment requirements
• Bank statement regarding the effective transfer of the amounts that will be invested
• Portuguese tax identification number
• Criminal record from country of residency (and if he / she lived in a different country within the last year, a criminal record of that country is also needed) duly translated into Portuguese, with both documents (criminal record and translation) duly certified by the Portuguese Consulate / Embassy in the country of origin, and apostilled. 
This applies to investors, spouses, dependent children over the age of 16, and dependent parents.
• Up-to-date declaration issued 45 days prior to the application date by the Portuguese Tax Authorities and by the Portuguese Social Security confirming the absence of any outstanding debts to those authorities owed by the applicant
• Application form with permission for checking the
• Portuguese criminal records
• International health insurance or documentary evidence of adequate health insurance (issued within the prior three months), valid in Portugal for the entire family. 
This needs to state clearly that medical care and hospital expenses are covered in Portugal for the duration of the stay (when applicable) with indication of automatic renewal on the expiry date.
• Applicants need to show commitment to maintain their investment for a minimum of five years, plus evidence of their investment, for example: a bank statement 
for financial investment, employment contracts for job creation, or other.
• For each and every applicant, a full copy (all pages) of the passport.

For the main applicant:

• All applicants must provide the lawyers with Power of attorney — parents sign the powers of attorney for the children if they are underage. Normally the main applicant signs theirs first, because they normally also give the lawyers powers of attorney.
• A certified copy of the criminal record or Police clearance letter (FBI report in the case of US residents) issued by the country where the applicant previously lived 
for at least one year.

For the spouse of the main applicant:

• A marriage certificate; or, for the co-inhabitant or “common law spouse” who has been so for over 3 years, an attestation of this status issued by an official entity, 
such as a court of law.

For each dependent applicant who is over 16 years of age:

• A certified copy of the criminal record or Police clearance letter (FBI report in the case of US residents) issued by the country where the applicant previously lived 
for at least one year; plus, if not living in the country of nationality,
• A certified copy of the criminal record or Police clearance letter (FBI report in the case of US residents) issued by the country of nationality of the applicant.

For each child, a birth certificate and, if over 18 and no more than 25 years of age at the time of the initial application and unmarried:

• A proof of marital status;
• A proof of economic dependency (bank statements e.g.); and
• A proof of enrollment as a full-time student.

For each dependent parent, the main applicant’s (or his/her spouse’s)

• Birth certificate plus, if under 65 years old, a certificate of no income issued by the tax authority of the country of origin.

Note:

To be accepted, the criminal record certificate (or Police clearance letter) must have been issued no more than 90 days before the date of its submission and, 
in the case of other certificates, 180 days.

In addition to the above, in order to apply for permanent residency or citizenship, a basic Portuguese language test must be passed.

• Valid passport main page.

• Proof of address, such as a utility bill, an invoice, driver’s license, bank statement, or any other document that has the full name and address of the respective main applicant.

• Proof of employment such as letter from the employer (signed and stamped) or pay slips, in case of employed persons; in case of self-employed persons, can be an excerpt 
of the commercial register or equivalent public certificate, or other proof of services provided.

• Tax identification number from the country of residence/origin (or similar, when such a number does not exist).

• Tax return (at least last year).

Main applicant: (all documents must be apostilled in country of issuance apart from the passport)

• Valid passport main page.
  Criminal record certificate apostilled in the country of issuance.
• Proof of taxpayer number from the country of origin, country of residence or country of tax residence (if possible).
• Married couples need to provide the following if they apply for the visa together: (all documents must be apostilled in country of issuance apart from the passport) original excerpt of marriage record or certified copy of marriage certificates with official Portuguese or English translation.
• Or certified copy of the divorce certificate with official Portuguese or English translation and apostilled in the country of issuance (if applicable).

Children need to provide the following: (all documents must be apostilled in country of issuance apart from the passport)

• Valid passport main page.
• Birth certificate, issued in the last 12 months.
• If over 16 years old criminal record certificate.
• If over 18 years old – we will also need a certificate of enrollment in an educational institution, issued in the last 6 months and non-marriage certificate (proof of being single/not married) issued in the last 6 months before the submission.

By means of an Apostille if the documents are issued from a country that belongs to the Den Hague Convention, or by having the documents attested by the Ministry of Foreign Affairs and the Portuguese Embassy or Consulate in the country of issuance.

Option 1 Capital Transfer

Opt for one of the following contributions of capital

• €500,000 for the acquisition of investment fund or venture capital fund units committed to the capitalization of companies incorporated under the Portuguese law, 
with a maturity of at least five years and with at least 60% of the investment portfolio in companies with a registered office in the national territory 
(real estate entities do not apply)

• €500,000 for research activities of public or private entities that are part of the national scientific and technological system
  (€400,000 in a low population density area*).

• €250,000 in support of artistic production or in the recovery or maintenance of national cultural heritage
  (€200,000 in a low population density area*).

*A low population density area is defined as less than 100 inhabitants per km² or with a GDP per capita below 75% of the national average.

Option 2 Business Creation

Opt for one business creation route

• €500,000 for the incorporation of a commercial company that is registered and headquartered in Portugal, creating a minimum of five permanent jobs 
for a period of three years

• €500,000 as capital reinforcement of a company already incorporated and headquartered in Portugal, maintaining at least ten** jobs out of which five 
are permanent for at least three years.

** Eight new jobs in a low population density area

All Non-EU citizens who conduct an investment activity, provided these citizens fulfill the quantitative requirements and the time requirements set out by the relevant legislation, may apply for a Residence Permit for Investment.

Yes, the application can be made through a Portuguese single share-holder limited company detained by the main applicant.

The investor (or any family member) will only be refused the Golden Visa (or its renewal) if:

• He / she has not maintained the investment for the minimum period of five years
• He / she has not complied with the minimum periods of stay in Portugal
• He / she has been convicted of a crime punishable with a prison sentence of more than one year
• The investor is in a period where he / she has been banned entry into Portuguese territory following a removal measure by the country
• On the grounds of public health (this may only be based on diseases that have been defined by the World Health Organization or other infectious or parasitic contagious diseases which are the object of protection measures in Portuguese territory)

No, if the holder of the Golden Visa is not staying in Portugal for more than 183 consecutive days, he / she will not be required to pay taxes for income generated outside of Portugal. The applicant only pays taxes in Portugal in case he or she is a tax resident in Portugal or if the applicant generates incomes in Portugal.

Income arising from capital (e.g. interest, dividends etc.) will be taxed at a flat tax rate of 28%.

The D7 visa, also referred to as the Passive Income visa, is aimed at retired international citizens or other immigrants (regardless of age) with a stable income wishing to reside in Portugal. D7 visa holders may be away from Portugal consecutively for 6 months per year only or 8 non-consecutive months per year (during the validity of each residence permit). These timings may vary, if duly justified for personal or professional reasons.
Applicants have to prove that they have a regular AND reliable income, drawn from any country, from their own resources such as pensions, rents from real estate / other assets, intellectual property, financial applications etc.

Besides the regular income, applicants should be in a position to prove that they have additional funds beyond the minimum required, this amount varies depending on the number of family members composing the applicant’s household.

Approximate income amounts to be secured by the applicant are:

• Main applicant – +/- €9.500,00 per year;
• Second or more adults – +/- €4.600,00 per year;
• Underage and dependent children – +/- €2.750,00 per year.

The following is a guide to the process of applying for the D7 Visa:

• Apply for the Portuguese TIN (Tax Identification Number).
• Open a bank account in Portugal;
• Secure a long-term accommodation in Portugal (either by purchasing a property or by signing a lease agreement);
• Even if the applicant’s nationality entitles them to enter Portugal without a visa, an appointment at their local Portuguese Consulate / Embassy is mandatory.
• The application will be assessed by AIMA which will issue a binding legal opinion on the decision of the visa application (this typically takes up to 60 days)
• After the special visa allowing the applicant to enter the Portuguese territory is issued, the applicant may proceed with the process for the D7 permit;

Advantages of a D7 residence permit:

• Free-entry and travel in the 27 Schengen Area countries;
• Opportunity to live and work in Portugal;
• Apply for family reunification;
• Access to public education, healthcare, social security;
• Option to become a non-habitual resident of Portugal;
• Apply for permanent residence or Portuguese nationality after 5 years of residence;
• This residence permit is valid, at first, for two years, following which, the permit may be renewed for 3 years;
• After 5 years of legal residence in Portugal, the applicant has the right to apply for permanent residency and / or Portuguese citizenship.
• Relatively low cost of visa application and processing fees.