Since its introduction in 2012, the program has provided an accessible pathway to European residency, granting visa-free travel within the Schengen Area, tax advantages, and the opportunity to obtain Portuguese citizenship after five years. However, with regulatory changes over the years, the program has evolved significantly. In 2025, while real estate investment is no longer a viable route, there are still several options available for those looking to obtain a Golden Visa in Portugal. This article explores the current investment pathways, the requirements, associated costs, and the potential challenges that investors should consider.

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What is the Golden Visa Program in Portugal?

The Golden Visa Program in Portugal is a residency-by-investment program that allows non-EU citizens to obtain a Portuguese residence permit by investing in the country. The program was introduced in 2012 and has since attracted a significant number of foreign investors looking to take advantage of Portugal's favorable business environment, low cost of living, and high quality of life.

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Benefits of the Golden Visa Program

The Golden Visa Program in Portugal offers numerous benefits to foreign investors, including:

1. Residency: The program provides a fast-track pathway for non-EU citizens to obtain residency in Portugal.
2. Travel: Golden Visa holders are free to travel within the Schengen Area without the need for a visa.
3. Full access to public services: including healthcare and education.
4. Tax benefits: including no wealth tax, no inheritance tax, and low property taxes.
5. Family reunification: Golden Visa holders can also apply for family reunification, allowing their family members to live with them in Portugal.
6. Citizenship: After holding a Golden Visa for five years, investors are eligible to apply for Portuguese citizenship, which provides the opportunity to live and work in any EU country.
7. Education: Portugal is home to a number of top universities, and Golden Visa holders can take advantage of the country's world-class education system.
8. Quality of life: Portugal is known for its excellent quality of life, including a warm climate, beautiful scenery, and a relaxed lifestyle.‍
9. Investment Diversification in a Stable Market.

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Investment Options in 2025

As of 2025, the Portuguese Golden Visa no longer includes real estate investments, shifting its focus to investment categories that promote economic growth and cultural development. But you still can find several investment options:

1. €500,000 in Private Equity or Venture Capital Funds
   • Investors can allocate at least €500,000 into private equity or venture capital funds. These funds must be registered in Portugal and cannot be directly or indirectly linked to real estate investments. They typically focus on technology, sustainability, healthcare, and other emerging industries, offering investors the chance to support Portugal’s economic development while diversifying their portfolios.
2. Creation of at Least 10 Jobs
   • Investors can opt to establish a company in Portugal that creates a minimum of 10 full-time jobs for Portuguese residents. This option is ideal for entrepreneurs looking to expand their business operations in the European market while contributing to local employment.
3. €500,000 Donation to Research Activities
   • A minimum donation of €500,000 to research activities conducted by accredited public or private institutions in Portugal qualifies for the Golden Visa. This investment is directed toward scientific and technological advancements, including healthcare, engineering, and innovation-driven projects.
4. €250,000 Donation to Artistic or Cultural Heritage Projects
   • Investors can contribute at least €250,000 to support artistic productions, cultural events, or the preservation of Portugal’s national heritage. This initiative helps maintain and promote the country’s rich cultural history while granting investors a pathway to residency.
5. €500,000 Investment in a Commercial Company
   • Investors can also opt to invest €500,000 in establishing or expanding a commercial business in Portugal, plus creating at least 5 permanent jobs. This option supports entrepreneurship and economic activity while providing an avenue for business-minded individuals to enter the Portuguese market.

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Changes in investment options over the years

Since its start in 2012, the Golden Visa program has been through several transformations, primarily shifting away from real estate investment to encourage economic diversification.

Initially, the program allowed investors to acquire residency by purchasing real estate worth at least €500,000. This approach significantly boosted the Portuguese real estate market, particularly in Lisbon and Porto, leading to an increase in property prices. However, concerns over housing affordability and market saturation prompted regulatory reforms that came into place through the Mais Habitação Program.

In 2022, restrictions were placed on real estate investments in high-density urban areas, redirecting investments toward less populated regions. By 2023, real estate investment as an option was completely eliminated, making way for alternative investment routes, such as private equity, cultural donations, and job creation. These changes align with Portugal’s long-term strategy to promote economic development beyond the property sector, ensuring a more sustainable and diversified economy.

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What are the requirements for the Golden Visa Program in Portugal in 2025?

In order to apply to the program, you must comply with some requirements, and also provide some specific documents. Here is a list of everything you must present:

• Nationality: The applicant must be a non-EU/EEA/Swiss citizen. Note that no one is prohibited from applying, however, certain nationalities such as Iranian, North Korean and Russian citizens may find it quite difficult to open a Portuguese bank account.
• Age Requirement: The main applicant must be at least 18 years old.
• Criminal Background: The applicant ideally should have a clean criminal record from their current country of residence and from Portugal.
• Open a bank account in Portugal and obtain a Portuguese tax ID number (NIF).
• All non-Portuguese documents need to be legalized through apostille and translated into Portuguese.
• The investment capital to fund the investment must come out of Portugal and the investor must be ready to prove the legality of the origin of funds.
• The investor must hold the investment for at least 5 years.
• The investor must present proof of healthcare coverage.
• Proof of good standing with the Portuguese social security and tax authorities.
• After concluding the investment you opt for, it will be needed a declaration from the Portuguese bank stating that the minimum investment amount has been transferred and a declaration from the fund management company confirming that you have successfully completed your investment.

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Timeline of the process

The Golden Visa application process in Portugal involves several steps, each with its own estimated timeframe. To avoid unnecessary delays, it's important to stay organized and ensure all required documents are in order. Below is an approximate timeline for each phase of the process:

• Obtaining a Tax Number (NIF) – 1 to 2 weeks
• Every applicant must acquire a Portuguese tax identification number (NIF), which is required to open a bank account and complete the investment process.
• Opening a Bank Account – 1 month
• A Portuguese bank account is essential for transferring investment funds. Due to compliance checks and regulatory requirements, the process can take up to a month.
• Completing the Investment – 2 to 3 weeks
• Once the funds are in the Portuguese bank account, the selected investment must be executed. The duration depends on the type of investment (e.g., transferring funds to a venture capital fund vs. setting up a business).
• Preparing Documentation – 5 to 6 months
• Non-Portuguese documents require notarization and translation, which can take several months.
• Submitting the Application & Biometrics – 1 to 2 weeks
• Once all documents are in place, applicants must schedule a biometric appointment for fingerprinting and identity verification.
• Approval and Issuance of Residence Permit – 6 to 8 months
• After biometrics are submitted, the government reviews the application. Due to high demand and bureaucracy, final approval and the issuance of the residence permit can take several months.

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Costs related to the Golden Visa Program

Investing in Portugal’s Golden Visa program involves several costs beyond the initial investment. Here are the key expenses applicants should consider:

1. Government Application Fees:
   • Initial application fee: €5,325 per applicant
   • Renewal fee (every two years): €2,663 per applicant
2. Legal and Administrative Costs:
   • Hiring an immigration lawyer or consultant can range between €5,000 and €15,000, depending on the complexity of the case.
3. Processing Fees and Due Diligence:
   • Various administrative fees, document translations, and notarizations can amount to €1,000 - €3,000.
4. Minimum Investment Requirement:
   • Depending on the selected investment pathway, applicants must commit at least €250,000 - €500,000.
5. Residency Card Issuance:
   • Upon approval, each applicant must pay around €7,500 for the issuance of a residence permit.

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Challenges and risks to consider

While the Golden Visa program offers a range of benefits, applicants should be aware of potential risks and challenges:

1. Bureaucratic Delays:
   • Portuguese bureaucracy is known for slow processing times, and applicants should be prepared for potential delays, especially during peak application periods.
2. Regulatory and Political Uncertainty:
   • The program has undergone multiple changes, and further amendments could occur in response to political or economic conditions.
   • In the past, major reforms have significantly altered investment routes, notably removing real estate as an option. Future changes may impose stricter eligibility requirements, adjust minimum investment amounts, or redefine permissible investment categories.
   • Given that political shifts and economic conditions often drive these adjustments, investors should remain informed about potential legislative developments that could impact their applications or long-term residency plans.
3. Investment Risks:
   • Private equity and venture capital funds can be volatile, and investors should conduct thorough due diligence before committing funds.
4. Common Mistakes:
   • Failing to maintain the required residency period, submitting incomplete documentation, or not complying with tax obligations can lead to delays or rejection.

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What is the application process for the Golden Visa Program in Portugal?

The application process for the Golden Visa Program in Portugal is relatively straightforward and can be completed in a few simple steps:

1. Choose an investment category: The first step is to choose an investment category that meets your requirements and budget.
2. Invest: Once you have chosen an investment category, you need to invest in Portugal.
3. Application: You can then apply for the Golden Visa Program by submitting your application to the Portuguese Immigration and Borders Service (SEF).
4. Decision: After your application is reviewed, if your application is approved, you will receive your Golden Visa and can begin your residency in Portugal.‍
5. Renewals & Path to Citizenship: After five years of maintaining residency status and adhering to stay requirements, Golden Visa investors can apply for permanent residency and, subsequently, Portuguese citizenship through naturalization.

Pro Tip: In order to save time and avoid any bad surprises, we suggest you consult with a lawyer before starting the process. This will guarantee you are complying with all the requirements and ready to start the process.

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Despite recent changes, Portugal’s Golden Visa program remains an attractive option for non-EU investors seeking residency in Europe. With a focus on economic growth, innovation, and cultural preservation, the revised investment options in 2025 offer diverse opportunities for individuals looking to establish a presence in Portugal. While bureaucratic challenges and regulatory risks exist, thorough preparation and legal guidance can streamline the process. For those willing to navigate the evolving landscape, Portugal continues to be a gateway to European residency, economic opportunity, and a high-quality lifestyle.

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