Overview of Investment Residency in Portugal
Portugal’s landscape for investment-based residency underwent significant legislative changes following the implementation of Law No. 56/2023. As of 2025 and 2026, the Portuguese government has shifted the focus of its "Golden Visa" program—officially known as the Residence Permit for Investment Activity (ARI)—away from the real estate sector to encourage capital flow into the local economy, scientific research, and cultural heritage.
Foreign nationals seeking residency through investment must now choose from specific pathways that do not involve the direct or indirect purchase of residential property. These regulations are managed by the Agency for Integration, Migration and Asylum (AIMA) and the Ministry of Foreign Affairs.
Eligible Investment Pathways for the Golden Visa (ARI)
To qualify for an ARI in 2025/2026, applicants must fulfill one of the following investment criteria. All investments must be maintained for a minimum period of five years.
1. Investment Funds (Venture Capital)
Transfer of capital in the amount of 500,000 EUR ($545,000 USD, Jan 2026) or higher, for the acquisition of units in investment funds or venture capital funds dedicated to the capitalization of companies. The funds must be incorporated under Portuguese law, and at least 60% of the investment must be realized in commercial companies headquartered in national territory.
2. Job Creation
Creation of a minimum of 10 permanent jobs in a Portuguese business entity. There is no minimum capital requirement for this category, provided the employment positions are verified by the Social Security office. This requirement may be reduced to 8 jobs if the business is located in a "low-density" area.
3. Scientific Research
Transfer of capital in the amount of 500,000 EUR ($545,000 USD, Jan 2026) or higher for research activities conducted by public or private scientific research institutions involved in the national scientific or technological system. In low-density territories, this threshold is reduced to 400,000 EUR ($436,000 USD, Jan 2026).
4. Cultural Heritage and Artistic Production
Transfer of capital in the amount of 250,000 EUR ($272,500 USD, Jan 2026) or higher for investing in artistic production or the recovery and maintenance of national cultural heritage. In low-density areas, the minimum investment is 200,000 EUR ($218,000 USD, Jan 2026).
5. Business Investment with Job Creation
Transfer of capital in the amount of 500,000 EUR ($545,000 USD, Jan 2026) or higher for the incorporation of a commercial company headquartered in Portugal, combined with the creation of five permanent jobs, or to increase the share capital of an existing company with the creation or maintenance of at least five jobs for a minimum period of three years.
The D2 Visa: Entrepreneurship Alternative
While the ARI is a "passive" investment visa, the D2 Visa is designed for proactive entrepreneurs. This pathway is suitable for foreign nationals who intend to open a branch of an existing foreign company or start a new business in Portugal.
- Minimum Investment: There is no fixed legal minimum, but the business plan must demonstrate viability and economic impact. Typically, a capital of 5,000 EUR to 10,000 EUR ($5,450 to $10,900 USD, Jan 2026) is suggested as a baseline for administrative purposes.
- Requirements: A comprehensive business plan, proof of financial means, and evidence of the business's social and economic relevance to Portugal.
- Stay Requirements: Unlike the Golden Visa (which requires 7 days per year), D2 holders are generally expected to reside in Portugal for the majority of the year.
More details on business visas can be found on the Portuguese Diplomatic Portal.
Practical Steps and Application Process
The application process for investment residency follows a structured administrative path. Applicants are advised to secure legal representation within Portugal to manage the complexities of the Tax Identification Number (NIF) and bank account opening.
Step-by-Step Procedure
- Obtain a NIF: This is the first step for any financial activity in Portugal.
- Open a Portuguese Bank Account: All investment funds must be transferred from an international account to a Portuguese account owned by the primary applicant.
- Execute Investment: Complete the transfer and obtain the necessary certificates from the relevant Portuguese entities (e.g., Fund Manager, Bank, or Commercial Registry).
- Online Submission: Submit the initial application and digitized documents via the AIMA portal.
- Biometric Appointment: Once the pre-approval is granted, the applicant and family members must attend an in-person interview for biometric data collection.
Validity and Renewal
The residence permit is typically issued with a validity of two years, renewable for successive periods of three years. After five years of legal residency, holders may apply for permanent residency or Portuguese citizenship, provided they meet the basic language requirements (A2 level) and have no criminal record.
Exceptions and Restrictions
Applicants must be aware of specific limitations that apply to the current 2025/2026 framework:
- Real Estate Exclusion: Any investment that directly or indirectly involves residential real estate (including through funds that invest in housing) is strictly prohibited for the purpose of obtaining an ARI.
- Source of Funds: Applicants must provide clear evidence of the legal origin of the invested capital.
- Nationality Restrictions: While the program is open to most non-EU/EEA/Swiss nationals, specific international sanctions may restrict citizens of certain countries from participating.
- Family Reunification: The primary investor may include a spouse, dependent children, and dependent parents in the application under the same investment.
Note: Administrative fees for the ARI application are approximately 773 EUR ($842 USD, Jan 2026) for the analysis and 7,730 EUR ($8,425 USD, Jan 2026) for the issuance of the permit per person. These values are subject to annual budgetary updates.