- Non-EU/EEA/Swiss national with a valid passport
- USD 545,000 subscription to a CMVM-registered qualifying fund, held for at least 5 years
- Clean criminal record (certificate under three months old, translated) and no Schengen entry bans or SIS alerts
- Health insurance cover and proof of legal entry into Portugal
- Foreign tax number, declaration on honour, and Portuguese tax and social-security clearance
- Family members (spouse/partner, children under 18 or dependent students to 25, dependent parents) can be included on the same investment
Portugal Golden Visa: Investment Fund Route
Portugal
Portugal's Golden Visa (ARI, Autorizacao de Residencia para Atividade de Investimento) has run since 2012. The 2023 reform removed real estate, so the fund route is now the mainstream path: a USD 545,000 subscription to a qualifying CMVM-registered investment fund, held for at least five years.
The fund must deploy at least 60% of its capital into Portuguese companies and hold no direct or indirect real-estate exposure. One subscription covers the main applicant plus spouse, dependent children and dependent parents.
The pitch is unchanged in 2026: EU residence with a minimum stay of about 7 days a year and no income test. The catch is time: AIMA backlogs mean 18-24 months to the first card at best, and totals over three years are reported.
Eligibility
Key facts
| Income test | No income test. This route is capital-based: the single qualifying act is the USD 545,000 fund subscription, maintained for at least five years. Government and legal fees apply per person on top of the investment. |
|---|---|
| Fees | Government fees at 2026 online rates (Portaria 307/2023): USD 690 analysis fee plus USD 6,900 card issuance per person; renewals USD 690 plus USD 3,400 per person. That is roughly USD 15,800 per person over the first five years, and over USD 63,200 in government fees alone for a family of four. Legal fees typically run USD 5,400-8,700 for the initial application plus fund subscription costs, translations and insurance. |
| Processing time | 18-24 months from filing to biometrics and first card is the current working assumption, and it is improving slowly. Pre-approval alone can take up to 24 months, and total timelines exceeding three years are not uncommon while the AIMA backlog persists. Do not plan a move date around the optimistic case. |
| Path to permanence | The first card is a 2-year residence permit, renewable every two years while the investment is maintained. After 5 years of legal residence you can apply for permanent residence. Citizenship by naturalisation requires 10 years of legal residence, or 7 years for EU and Portuguese-speaking (CPLP) nationals, under the nationality law in force since 19 May 2026, plus A2 Portuguese and civics requirements. The minimal stay does not shorten the clock, but it does not break it either. |
| Last checked | Oct 2026 (source) |
How to execute it
- Get a NIF and open a Portuguese bank account; every investment is proven by a bank declaration of the transfer.
- Select a qualifying CMVM-registered fund (no real-estate exposure, 5-year+ maturity, 60%+ in Portuguese companies) and subscribe USD 545,000.
- Gather the file: passport, criminal record under three months old (translated), health cover, proof of legal entry, foreign tax number, declaration on honour, tax and social-security clearance.
- Your lawyer pre-registers the ARI application on the AIMA portal and pays the USD 690 analysis fee. The application must be lodged within 90 days of first entry.
- Wait for pre-approval, then attend the biometrics appointment in Portugal.
- Pay the USD 6,900 issuance fee per person and receive the 2-year card. Renew at years 2 and 4 on proof the investment is maintained.
- At year 5, apply for permanent residence; at year 10 (7 for EU/CPLP), citizenship, per the fund's own redemption terms (typical fund life 6-10 years).
Why applications get rejected
- Fund with direct or indirect real-estate exposure, which is disqualified since October 2023
- Investment not maintained for the full five-year holding period
- Criminal record issues or an alert in the Schengen Information System
- Incomplete source-of-funds documentation for the USD 545,000 transfer
- Missing the minimum stay (about 7 days a year) across the card period
Want a lawyer to file it?
Fund selection and the ARI file are lawyer-led in practice: qualifying-fund due diligence, the bank declaration, and the AIMA filing. Book a consult to compare live qualifying funds and fee structures before subscribing.
Check if you qualify
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Frequently asked questions
Can my family be included on one USD 545,000 investment?
Yes. Spouse or partner, children under 18 (or dependent students up to 25), dependent parents and minor siblings under guardianship can be included on the same subscription. Government fees apply per person, so budget for each family member.
Can I still buy a house in Lisbon to qualify?
No. Real estate purchases, rehabilitation projects and real-estate funds were removed as qualifying routes on 7 October 2023 by Law 56/2023. Only applicants committed before that date are grandfathered.
Do I have to live in Portugal?
No. The minimum stay is about 7 days a year on average, or 14 days per two-year card period. That is the whole point of the program for internationally mobile investors.
Does the Golden Visa make me a Portuguese tax resident?
Not by itself. Tax residency triggers at 183 days of presence (or a habitual home), and the 7-day minimum stay does not get you there. Many Golden Visa holders are not Portuguese tax residents at all.
What happens to my money after five years?
You redeem according to the fund's own terms; most qualifying funds run 6-10 years, so the capital is typically locked beyond the five-year residence minimum. Returns are not guaranteed. Plan the exit with the fund manager before you subscribe, not after.