Portugal Golden Visa requirements, as the law states them
Five qualifying routes, a set of conditions on you personally, and a five year clock that starts later than most people think.
The ARI asks you to satisfy the general conditions for a residence permit, minus the residence visa, and to meet one of the quantitative investment requirements in Article 3(1)(d) of the foreigners law. The investment has to be made before you apply, not after, and the five year holding period runs from the day the permit is granted.
- 5 routesJobs, research, culture, funds, or company and share capital
- 2 yearsValidity of the permit, renewed in two year periods
- 5 yearsHolding period, counted from the grant of the permit
- 90 daysTo regularise your stay after first entering Portugal
Three conditions, and only one of them is about money
Applications fail on paperwork and on timing far more often than on the size of the investment.
Third country nationals only.
The regime is closed to Portuguese nationals and to nationals of the EU, the EEA, Andorra and Switzerland. You also need a valid Schengen visa, no conviction for a crime punishable in Portugal with more than a year of imprisonment, no entry ban, means of subsistence and accommodation.
Law 23/2007, Articles 77 and 90-AOne of five routes, already executed.
The investment must be in place when the application is filed. It can be made personally or through a single member private limited company of which you are the shareholder, and the transfer has to be attested by a credit institution authorised in Portugal and registered with the Banco de Portugal.
Regulatory Decree 84/2007, Articles 65-A and 65-DFive years from the grant, not from the transfer.
The minimum five year period for maintaining the investment is counted from the date the residence permit is granted. Given how long AIMA takes to decide, the money is usually committed well before the clock even starts.
Regulatory Decree 84/2007, Article 65-BThe five routes, with the reduction that only applies to three
Amounts as Article 3(1)(d) sets them. The 20% low density reduction reaches job creation, research and the cultural route. It does not reach the fund or company routes.
- Job creation
- At least 10 jobs, with no capital minimum. Eight in a low density territory. Proved with the individual employment contracts, and AIMA checks the headcount itself at renewal
- Research
- €500,000 applied to research at a public or private scientific research institution in the national science and technology system. €400,000 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 the law lists. €200,000 in a low density territory. Needs a declaration from the Gabinete de Estratégia, Planeamento e Avaliação Culturais
- 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 commercial companies headquartered in Portugal. No reduction in low density territories
- 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. No reduction in low density territories
- What counts as low density
- Territories defined by Ordinance 208/2017, with under 100 inhabitants per square kilometre or GDP per capita below 75% of the national average
The documents nobody warns you about
Beyond the investment proof itself, these are the items that hold applications up.
- Bank attestation
- A declaration from a credit institution authorised or registered in Portugal with the Banco de Portugal, attesting the effective transfer of at least the required amount
- Tax and social security
- An up to date negative debt declaration from the tax authority and from social security, or, failing that, a declaration that you are not registered with them
- Foreign tax identification
- Your personal tax identification numbers, or equivalents, from your country of origin, of residence and of tax residence
- Sworn declaration
- A declaration on your honour that the quantitative and temporal investment requirements are met
- Pre-registration
- The documents are filed at the moment of the application, preceded by mandatory electronic pre-registration on the ARI portal. The decision belongs to AIMA’s board
Who you can bring, and the age limits that apply
Family reunification can be filed 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 or dependent children who are incapacitated, adopted children up to 17, dependent unmarried children between 18 and 25 who are studying, dependent first degree ascendants in the direct line, and siblings up to 17 under your guardianship.
Common questions
The ones we answer on almost every call, and the ones the market most often gets wrong.
Do I have to invest before I apply, or after I am approved?
Before. The regulation states that the investment must already be made at the moment the residence permit application is submitted, and the bank attestation of the transfer is part of the filing.
When does the five year holding period start?
From the date the residence permit is granted, not from the date you transferred the money. With current processing times that gap can be substantial, so the real commitment is longer than five years.
Can I invest through a company rather than personally?
Yes, through a single member private limited company of which you are the shareholder. At each application and renewal you have to produce an up to date commercial registry certificate showing that you are that shareholder.
Does the low density discount apply to the fund route?
No. The 20% reduction applies to job creation, research and the cultural route only. The fund route and the company route stay at €500,000 wherever the investment is directed. Plenty of advisers still get this wrong.
What happens at renewal?
The permit is valid for two years and is renewed for further two year periods, provided you still meet the investment requirement. For funds that means a fresh ownership certificate free of encumbrances and a declaration from the management company that the conditions are maintained.
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.
