Portugal Golden Visa After 2023: Which Investments Still Qualify
Property is out and the clock to citizenship is longer. The investment residence permit still exists, but only through funds, research, culture and job creation.
Portugal’s golden visa, officially the residence permit for investment activity (Autorização de Residência para Investimento, ARI), is still open as of November 2026, but buying a home no longer qualifies. AIMA lists five routes: job creation, research funding, cultural heritage, investment funds and company capital, with minimums from €250,000 and a stay of only 7 days in the first year.
AIMA (Agência para a Integração, Migrações e Asilo, the immigration agency) runs the program under article 90-A of the Foreigners Act, Law 23/2007. The list of routes was cut by Law 56/2023 of 6 October, the “Mais Habitação” housing package. Everything below is general information as of November 2026; investors should take advice from an immigration lawyer (advogado) before moving money.
Which golden visa investments still qualify?
Five routes remain on AIMA’s official list. Each one must be held for at least five years from the date the permit is granted.
| Route (as of November 2026) | Minimum | Main condition |
|---|---|---|
| Job creation | 10 jobs | Create at least 10 jobs in Portugal |
| Scientific research | €500,000 | Capital applied to research at public or private institutions in the national science and technology system |
| Arts and cultural heritage | €250,000 | Support for artistic production or the recovery or upkeep of national cultural heritage, through listed public bodies, public-interest foundations and similar entities |
| Investment or venture capital funds | €500,000 | Units in Portuguese-law funds aimed at capitalizing companies, with a maturity of at least five years and at least 60% invested in companies based in Portugal |
| Company capital plus jobs | €500,000 | Set up a company based in Portugal and create five permanent jobs, or add capital to an existing company and create or keep at least five permanent jobs for at least three years |
The investment can be made personally or through a company set up in Portugal or in another EU country with a permanent establishment in Portugal. The regime does not apply to Portuguese nationals or to citizens of the EU, the EEA, Andorra and Switzerland.
Routes that used to dominate the program, such as buying property, renovating older buildings and simple capital transfers, no longer appear on the list. AIMA also runs a separate permit for people who prove an investment activity under article 122 of the Foreigners Act. It uses the same ARI portal but, according to AIMA, does not carry the same benefits, such as the light rules on time spent outside Portugal.
How many days a year do I have to spend in Portugal?
The minimum stay is seven days in the first year and 14 days in each later two-year period, according to AIMA’s frequently asked questions on the ARI. AIMA can ask for proof of presence when it has a well-founded doubt, so keep boarding passes, hotel bills or other records of your days in Portugal.
Family members who hold permits linked to the investor must meet the rules for their own permit and its renewal. AIMA says the exact check depends on age, family situation and the dates of each card.
How do I apply and renew?
Applications go through the online Portal ARI, followed by an in-person appointment that AIMA schedules itself. Renewals moved to AIMA’s Renewals Portal (Portal de Renovações) on 16 February 2026.
- Get a Portuguese tax number (NIF) and make the investment through a bank authorized or registered with the Banco de Portugal.
- Register on the Portal ARI, upload the investment documents, passport, clean Social Security and tax certificates, a sworn statement that you will meet the quantity and time requirements, and a criminal record certificate from your home country issued less than 3 months earlier, translated and apostilled or legalized.
- Pay the analysis fee with the single payment slip (Documento Único de Cobrança, DUC) the portal generates. Cash is not accepted.
- Wait for AIMA to schedule the biometrics appointment. If your application was accepted and no date arrives, AIMA asks you to email [email protected] with the subject “Pedido de agendamento ARI”.
- For renewal, apply on the Renewals Portal, upload proof that the investment is still in place, the minimum stay, means of subsistence, housing and health cover, and pay the fees there. AIMA books biometrics only if it needs them.
AIMA’s FAQ says the Renewals Portal handles ARI cards that expired from 22 February 2020 up to 31 December 2026. See our guide to renewing a residence permit on the AIMA portal for how the portal works in general.
How much are the AIMA fees?
Golden visa fees are far higher than for other permits. AIMA’s fee table, based on Ordinance (Portaria) 307/2023, lists these amounts, with a 25% discount when the request is made on a digital channel:
| ARI fee (as of November 2026) | Standard | Digital channel |
|---|---|---|
| Receipt and analysis of a grant or renewal request (per person) | €842.80 | €632.10 |
| Grant of the ARI permit | €8,418.90 | €6,314.20 |
| Renewal of the ARI permit | €4,210.30 | €3,157.80 |
| Permit for a reunited family member | €8,418.90 | €6,314.20 |
| Permanent residence for an ARI holder or relative | €11,786.70 | €8,840.00 |
Lawyers’ fees, fund costs and translations come on top. Family members apply through ARI family reunification; our guide to family reunification in Portugal explains the general rules.
Does the golden visa still lead to citizenship?
Yes, but the wait is longer. Organic Law 1/2026, in force since 19 May 2026, requires 10 years of legal residence for naturalization of nationals of countries outside the EU and the Portuguese-speaking world, instead of the previous five. Most golden visa holders fall into that group, because EU citizens cannot use the ARI.
The nationality law counts years of legal residence under a valid permit and does not set a number of days of physical presence. It does add a test of Portuguese language and culture, knowledge of civic rights and duties, and proof that you can support yourself. Applications filed before 19 May 2026 are decided under the old rules. The details of how years are counted depend on the updated Nationality Regulation; our guide to Portuguese citizenship requirements follows those rules.
After five years an ARI holder can also apply for permanent residence. AIMA says the permanent ARI permit is exempt from the usual rules that cancel a permanent permit after long absences.
Bottom line
The golden visa now suits investors who want a Portuguese foothold with little time on the ground, not a fast passport: plan for a decade before naturalization unless you are a national of a Portuguese-speaking country. Check the fund’s documents for the five-year maturity and the 60% Portuguese-company share before you sign, because AIMA tests those conditions at every renewal.
FAQ
Can I still get a golden visa by buying property in Lisbon?
No. Property purchase is no longer an eligible route on AIMA’s list. You can still buy a home in Portugal, but it will not support an ARI application.
Can I sell the investment after I get the permit?
AIMA warns that selling or changing the investment can stop a renewal if the permit still depends on it. The investment must be kept for at least five years from the grant of the permit.
Do I need to speak Portuguese for the golden visa?
No language test applies to the ARI itself. Basic Portuguese becomes a requirement for permanent residence and for citizenship.
Can my children and parents come too?
Yes, through ARI family reunification. Adult children and parents must prove they depend on the investor, and each relative pays their own fees.
