🇵🇹 Portugal Golden Visa (ARI) Guide 2025: Investment, Costs & Citizenship
What is the Golden Visa (ARI)?
The ARI (Autorização de Residência para Investimento) — commonly called the Golden Visa — is a residency-by-investment programme. You make a qualifying investment in Portugal and receive a temporary Residence Permit. After 5 years, you can apply for permanent residency or Portuguese citizenship, with the right to live and work anywhere in the EU.
Important change (October 2023): The residential real estate investment route was closed. Direct real estate purchases no longer qualify. The remaining investment options are:
- Investment fund subscription: minimum €500,000 in a qualifying Portuguese fund
- Capital transfer of €1.5 million
- Creation of 10+ jobs in Portugal
- Research activities investment: minimum €500,000
- Cultural heritage donation: minimum €250,000
- Business investment creating 5+ jobs or €500,000 in low-density areas
Who qualifies?
- Non-EU/EEA/Swiss national
- Make one of the qualifying investments above
- No criminal record (Portugal or home country)
- Commit to maintaining the investment for the 5-year residency period
- Spend minimum 7 days in Portugal in year 1, 14 days in each subsequent 2-year period (extremely low physical presence requirement)
⚠️ Do not confuse “legal residency” with “tax residency”. The Golden Visa does not automatically make you a Portuguese tax resident. You become a tax resident only by spending 183+ days/year in Portugal. This matters enormously for tax planning.
Required documents
- Valid passport and certified copy
- Completed ARI application form
- Proof of qualifying investment (fund subscription certificate, capital transfer bank statement)
- Letter from fund manager confirming investment value and eligibility
- Criminal record certificates from Portugal and home country (apostilled)
- Portuguese NIF (mandatory)
- Portuguese bank account statement
- Health insurance valid in Portugal
- Investment declaration (declaração de investimento)
Step-by-step process
- Engage a qualified Portuguese lawyer. The ARI process is not DIY-friendly. Lawyers identify eligible funds, handle legal due diligence, and file the application. Budget €3,000–8,000 for legal fees.
- Get NIF and open a Portuguese bank account.
- Select and execute the investment. For funds: select a qualifying ARI fund, sign the subscription agreement, transfer the investment (€500k+). Due diligence takes 4–8 weeks.
- File the ARI application online via the AIMA portal. Your lawyer handles this.
- AIMA processing (6–12 months). AIMA reviews the investment and application.
- Biometrics appointment at AIMA in Portugal. You must be physically present.
- Receive Residence Card (valid 2 years).
- Renew at years 2 and 4. Maintain the investment.
- Apply for permanent residence or citizenship at year 5.
Cost breakdown
| Item | Amount |
|---|---|
| Qualifying investment (fund) | €500,000 minimum |
| Portuguese lawyer fees | €3,000–8,000 |
| ARI application fee | €533.90 per applicant |
| Residence card issuance | €5,893 (first card) + €2,722 per renewal |
| Fund management fees | 1–2.5% per year on AUM |
| Tax adviser fees | €1,000–3,000 |
| Total (excl. investment) | ~€12,000–20,000 |
Timeline
| Stage | Duration |
|---|---|
| NIF + bank account + lawyer engagement | 2–6 weeks |
| Fund due diligence & investment | 4–8 weeks |
| AIMA application filing + processing | 6–12 months |
| Biometrics + card issuance | 1–3 months |
| Total to first card | 8–18 months |
| Path to citizenship | 5 years from first card |
Do I need a lawyer?
Yes — unambiguously. The ARI involves €500,000+ investments, complex fund due diligence, AIMA filings, and potential tax structuring across multiple jurisdictions. Do not attempt this without a specialist Portuguese immigration lawyer and, ideally, a separate tax adviser.
💼 Need help with your application?
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Get a free 15-minute consultation →Frequently asked questions
Was the real estate route really closed permanently?
Yes. The residential real estate route was closed by the Portuguese government in October 2023 (Law 56/2023). Commercial real estate routes were also largely eliminated. The fund route (€500k) is now the most common path.
Can I get a mortgage to fund the €500k investment?
No. The investment must be made with your own funds. Leveraged or borrowed money does not qualify.
Is the Golden Visa worth it in 2025?
It depends on your situation. If citizenship is your goal and you cannot or do not want to live in Portugal full-time, the Golden Visa's minimal stay requirement (7 days/year) is unique globally. The fund route has produced variable returns — do thorough due diligence. Alternatives like the D7 + 5-year wait are cheaper but require actual residence.
Does my family qualify automatically?
Yes, family members (spouse, dependent children, dependent parents) qualify for dependent Golden Visas at a lower application fee (~€2,200 per dependent). They can live, work, and study in Portugal.
Related Portugal pathways
📅 Last reviewed: April 2026 — Source: AIMA — Agency for Integration, Migration and Asylum