Portugal Golden Visa 2026: how it works, requirements and permitted investments

Portugal has established itself as one of the most sought-after destinations for international investors seeking legal certainty, European mobility and a solid residency base within the European Union. The Portugal Golden Visa, also known as the Portuguese golden visa, continues in 2026 to be one of the most effective routes for non-European citizens to obtain residency in Portugal through a qualifying investment.

In this article, we explain how the programme works, what changed in 2023, which investments are currently permitted, and how to structure the process with specialised legal advice.

What is the Portugal Golden Visa?

The Golden Visa — formally known as the Residence Permit for Investment Activity (ARI) — is a legal regime that allows foreign nationals to obtain Portuguese residency by making a qualifying investment in the country.

The programme is open exclusively to nationals of countries outside the European Union, the European Economic Area, or Switzerland, who wish to establish a legal base of residency in Europe.

Benefits of the Portugal Golden Visa

In addition to residency in Portugal, the programme offers a range of significant advantages for the international investor:

• Free movement within the Schengen Area: access to 29 countries without a visa;

• Family inclusion: spouse, minor children and, under certain conditions, ascendants and dependent adult children;

• Minimal physical presence requirement: only 14 days in every two-year period

• Pathway to permanent residency;

• Pathway to Portuguese nationality: one of the most valued in Europe, with access to over 180 countries;

One of the Portugal Golden Visa's most competitive advantages over other European programmes is its minimal physical presence requirement: only 14 days for every two years the residence permit is in force.

What changed in the Portugal Golden Visa after 2023?

In October 2023, the programme underwent significant legislative changes. The main change was the exclusion of residential real estate investment as a route to the Golden Visa.

Since then, the purchase of property for own use or residential rental has ceased to constitute a valid basis for obtaining the ARI. This change refocused the programme on investment modalities with a greater direct economic impact on the country, namely qualifying investment funds.

Which investments are accepted for the Portugal Golden Visa in 2026?

Following the 2023 changes, the most widely used modality is investment in qualifying Portuguese Golden Visa funds, with a minimum investment of €500,000.

To be eligible, funds must meet specific requirements set out in Portuguese legislation and the regulations of the CMVM (Portuguese Securities Market Commission), namely:

• Constituted as an alternative investment fund (AIF)

• At least 60% of capital invested in companies headquartered in Portuguese territory

• Real estate investment must not be the fund's primary activity

Other modalities still provided for by law include:

• Capital transfer of €1,500,000 or more

• Creation of at least 10 jobs

• Investment in scientific research or support for artistic and cultural production

Assessing a fund's eligibility and verifying compliance with legal requirements is a critical step in the process. This is where specialised legal advice makes all the difference for the investor.

The importance of legal due diligence in the Golden Visa process

At Dutra & Ferrari, we understand that the Golden Visa is not simply an immigration process. It is a financial, international and strategic decision involving significant capital and complex regulatory obligations.

Our work therefore includes:

• Comprehensive legal and immigration analysis of the investor's profile;

• Legal review and due diligence of the fund or investment structure;

• Compliance and regulatory verification;

• Family inclusion strategy;

• Liaison with AIMA and other Portuguese authorities;

• Coordination with financial advisers and international specialists; and

• Full support through to the granting of the residence permit.

Senior partner Dr. Bárbara Ferrari holds a Master's degree in Economic Criminal Law from the University of Lisbon, with professional experience, research, and academic output dedicated to compliance, money laundering, due diligence, and legal liability in international financial structures.

Dr. Matteuz Dutra, a specialist and Master's candidate in International Tax Law at the University of Lisbon, focuses on the strategic structuring of international investors, cross-border tax impact analysis, asset organisation, and legal support for operations related to global mobility and residence by investment.

The combination of these areas gives the firm a highly specialised and multidisciplinary advisory capability, particularly relevant in Golden Visa processes involving analysis of the origin of funds, regulatory compliance, and international asset structuring. Dr. Bárbara Ferrari's publications include academic works on money laundering, compliance duties, and legal liability in international financial transactions, published in specialist legal journals in Brazil and Portugal (click here).

Portugal Golden Visa and International Planning

Portugal has become one of Europe's leading hubs for international mobility. Beyond residency, the country offers institutional stability, security, quality of life, and a unique strategic positioning within the European Union.

The residence by investment programme in Portugal has been particularly sought after by:

• International business people and investors

• Families seeking to establish a European base for future generations

• Professionals working remotely

• International asset structures benefiting from a European anchor

The ability to maintain European residency with minimal physical presence makes the Golden Visa a highly efficient tool for international planning, without requiring the investor to relocate their life or business.

Frequently asked questions about the Portugal Golden Visa

Does the Portugal Golden Visa still accept property purchases?

No. Since October 2023, residential real estate investment has no longer been a route to the Portugal Golden Visa. The main modality currently available is investment in qualifying investment funds registered in Portugal.

What is the minimum investment for the Portugal Golden Visa in 2026?

For the qualifying funds modality, the minimum investment is €500,000. For capital transfers, the minimum amount is €1,500,000.

Who can apply for the Portugal Golden Visa?

Any national of a country outside the European Union, the European Economic Area, or Switzerland, provided they have no criminal record incompatible with Portuguese law and that the investment meets the legal requirements in force.

Is it possible to include family members in the Portugal Golden Visa?

Yes. The programme allows the inclusion of a spouse or civil partner, minor children under 18, dependent adult children, and, under certain conditions, direct-line ascendants of the permit holder or their spouse.

How long does the Portugal Golden Visa process take?

The processing time at AIMA may vary depending on the investor's profile and the documentation submitted. In practice, the complete process tends to take between 12 and 24 months, including the preparation, submission, and review stages.

Do I need to live in Portugal to maintain the Golden Visa?

No. The minimum presence required is only 14 days in every two-year period, making the programme compatible with investors who maintain their primary life in another country.

Specialised legal advice: Dutra & Ferrari Advogados

Dutra & Ferrari Advogados acts in complex international immigration proceedings, offering personalised advice to foreign clients seeking sophisticated legal solutions in Portugal.

The firm combines international immigration practice, strategic structuring, and the solid academic backgrounds of its partners, including scientific research and publications in the areas of compliance, money laundering, financial liability, and International Economic Criminal Law.

This approach allows the firm to offer international investors not only immigration support, but also strategic legal analysis covering regulatory security, document compliance, and international asset structuring.

Ready to begin your Golden Visa process with full legal certainty? Contact Dutra & Ferrari Advogados for an initial consultation and discover how we can structure your process in a personalised and strategic way.

Dutra & Ferrari Advogados — Lisbon, Portugal

• Portugal Golden Visa

• Residence visas

• Portuguese nationality

• Strategic immigration

• Family immigration structuring

• International mobility