The Portugal Golden Visa, without the property
Real estate is gone. What remains is capital, and residency you can hold without moving to Portugal.
The ARI lets third country nationals hold Portuguese residency on the basis of an investment, enter without a residence visa, travel in Schengen, bring family, and later apply for permanent residency or naturalisation. It is not open to Portuguese nationals or to nationals of the EU, EEA, Andorra and Switzerland.
- €500,000Into qualifying non real estate funds, the most used route
- 7 then 14 daysMinimum stay: seven days in the first year, fourteen in subsequent years
- 5 yearsMinimum period you must hold the investment
- 10 yearsResidence now required for naturalisation, for most nationalities
A residency programme that no longer touches property
Two changes did most of the work: the 2023 removal of real estate, and the 2026 nationality law. Neither ended the programme, and both changed who it suits.
Removed in 2023, and not returning.
Law 56/2023 took property acquisition and real estate linked funds out of the ARI. AIMA states the rule plainly for every remaining route: the investment cannot be directed, directly or indirectly, at real estate investment.
AIMA, Article 90-AFive routes, all of them capital or jobs.
Qualifying funds, research, company formation or share capital combined with job creation, job creation on its own, and support for artistic production or national cultural heritage. Low density territories carry a 20% reduction.
AIMA, Article 90-ATen years now, for most applicants.
Lei Orgânica n.º 1/2026 took effect on 19 May 2026 and raised naturalisation to seven years of legal residence for EU and CPLP nationals and ten for everyone else. Applications pending on that date are assessed under the old rules. What the enacted law actually says.
Diário da República, Lei Orgânica n.º 1/2026The five routes, and what each costs
Amounts and reductions as AIMA publishes them. The 20% reduction applies in low density territories, defined by Ordinance 208/2017 as under 100 inhabitants per square kilometre or GDP per capita below 75% of the national average.
- Qualifying funds
- €500,000 into units of non real estate collective investment undertakings constituted under Portuguese law, with at least five years to maturity at the time of investment and at least 60% of investment value in companies headquartered in Portugal
- Research
- €500,000 applied to research carried out by public or private scientific research institutions in the national science and technology system. €400,000 in a low density territory
- Company formation or share capital
- €500,000 to incorporate a Portuguese company together with five permanent jobs, or to increase the share capital of an existing one with at least five permanent jobs, or maintaining at least ten jobs of which five are permanent, for a minimum of three years
- Job creation
- Ten jobs, with no capital minimum. Eight in a low density territory
- Artistic production and cultural heritage
- €250,000 in support of artistic production or the recovery or maintenance of national cultural heritage, through the public bodies and public interest foundations AIMA lists
A Golden Visa is not a tax regime
The most expensive misunderstanding in this market. The ARI gives you residency and does not require you to live in Portugal, let alone become a Portuguese tax resident. Your tax position is a separate question, and if you do become resident it is IFICI, not the visa, that decides what you pay.
Common questions
The ones we answer on almost every call, and the ones the market most often gets wrong.
Can I still buy property to get a Golden Visa?
No. Property acquisition and real estate linked funds were removed in 2023 and have not returned. AIMA states that the investment cannot be directed, directly or indirectly, at real estate investment. Anyone still selling a property based Golden Visa is selling something that does not exist.
How much time do I actually have to spend in Portugal?
AIMA states a minimum of seven days in the first year and fourteen days in subsequent years. That is the residency requirement, and it is why the programme suits investors who want EU optionality rather than a move.
Who cannot apply?
The regime is for third country nationals. It does not apply to Portuguese nationals or to nationals of the EU, the EEA, Andorra and Switzerland.
Can my family come with me?
Family reunification can be requested at the same time as your own application, though it depends on yours being granted. AIMA’s list covers a spouse, children up to 17, dependent unmarried children between 18 and 25 who are studying, dependent first degree ascendants, and siblings up to 17 under your guardianship.
How long until I can apply for citizenship?
Under the law in force since 19 May 2026, naturalisation requires seven years of legal residence for EU and CPLP nationals and ten years for everyone else. Applications already pending on that date are assessed under the previous rules. What the enacted law actually says.
Talk to us
We advise founders, investors and executives on both sides of this: the tax position and the residency route, together rather than separately.
Book a call with Fernando
Fifteen or thirty minutes, by Microsoft Teams. Fernando Ferreira, General Partner at Ventures.eu.
