The Portuguese Golden Visa offers successful applicants full family residency including the right to live in Portugal and benefit from free travel within the Schengen area. The Visa comes with a minimum stay requirement of only seven days within the first year, after which it may be renewed for two-year periods, provided that a minimum stay requirement of 14 days is met in these subsequent periods.

There are numerous investment routes with varying commitments, that an interested applicant may take, making the Portugal residency programme a highly flexible one. Since the launch of the programme until the amendments which came into force in 2023 it was possible to invest in Portuguese real estate to acquire the golden visa. The law now restricts the options to an opening of a business which creates jobs in Portugal or an investment of €500,000 in a private equity or venture capital fund. 

After 5 years of legal residence, not only may an individual apply for Permanent Residency, but they can also apply for citizenship. A Portuguese passport would grant visa-free travel to over 190 countries destinations. Portugal also permits dual citizenship, meaning that any original citizenships need not be renounced upon acquiring a Portuguese one. 

The benefits of acquiring residence in Portugal can be summarised as follows:

• Visa free travel within the European Schengen Area.
• The right to live, work and study in Portugal.
• Eligibility to apply for long term residency and citizenship after 5 years.
• Low physical presence of 7 days in the first year and 14 days in subsequent years.
• High quality of life.

Qualifying applicants for the Portugal residency programme have to be non-EU citizens of good standing, with the main applicant being 18 years of age or over.

Eligible dependents include the spouse, dependent children and dependent parents over the age of 55. Children over the age of 18 may also be considered as dependent given they are financially dependent on the main applicant and enrolled in an academic institution.

Applicants must not have a criminal record and they must enter Portugal for the first time on a valid Schengen visa. 

Investment requirements for the Portugal Residency Programme may be related to two main areas: job creation or fund investment.

• An applicant is required to make an investment of €500,000 in an investment fund or venture capital fund. In order for a fund to be eligible, it must have a minimum maturity of five years and 60% of the fund must be invested in companies with a head office in Portugal.

OR

• Alternatively, an applicant can incorporate a business in Portugal and create a minimum of 10 jobs or 8 jobs in case of low population density areas. 

The first step which an applicant should do in this process is to open a bank account in Portugal and apply for a ‘NIF’ number. Once this is completed, a pre-application is submitted and reviewed by the Portuguese Immigration and Border Agency called ‘AIMA’.  An in-person visit is required after this stage to give biometrics and the golden visa application is formally submitted. The application will then be reviewed, and on approval the residence cards are issued.