The Residence Permit for Investment Activity (ARI), popularly known as the Golden Visa, is one of the most sought-after routes for international investors who wish to obtain legal residence in Portugal. However, the rules have changed significantly — and it is essential to understand them before proceeding.
What the Golden Visa is
The Golden Visa is not a visa in the classic sense. It is a residence permit based on qualified investment in Portugal, handled primarily through AIMA (the Agency for Integration, Migration and Asylum). The consulate only steps in when an entry visa needs to be obtained.
One of the distinctive advantages of this route is the reduced physical presence requirement: unlike other residence visas, the ARI holder is not required to reside in Portugal on a continuous basis. It is enough to spend a minimum number of days per year on national territory.
What changed with Law No. 56/2023
The biggest recent change was the end of new ARI applications based on the acquisition of property. Since Law No. 56/2023 came into force, new applications under the capital transfer categories for acquiring real estate are no longer accepted.
Cases already approved under the previous regime can be renewed. Anyone who has not yet started the process can no longer use property for this purpose.
Investments currently eligible
The investment categories that continue to be accepted include:
- Non-property collective investment funds — a minimum holding of €500,000, with a maturity of at least five years and 60% invested in companies based in Portugal;
- Research and development (R&D) — a transfer of at least €500,000 to scientific research institutions that form part of the national scientific system;
- Culture and heritage — a minimum investment of €250,000 in artistic production or the restoration or maintenance of national cultural heritage, with a possible 20% reduction in low-density areas;
- Setting up or strengthening a commercial company — a minimum of €500,000 in capital combined with the creation or maintenance of qualified jobs;
- Direct job creation — the creation and maintenance of at least 10 jobs.
The minimum 5-year period
The investment must be maintained for at least five years, counted from the date the ARI is granted. Failure to meet this requirement may result in the non-renewal or revocation of the permit.
Family and the path to citizenship
The ARI holder may benefit from family reunification, including a spouse, minor children and, under certain conditions, dependent ascendants. After years of legal residence and meeting the Portuguese language and integration requirements, it is possible to apply for permanent residence and, eventually, Portuguese citizenship.
Next steps
Each type of eligible investment has specific documentary requirements — from employment contracts to declarations from R&D institutions or fund certificates. Before proceeding, it is essential to check the minimum amounts in force and the documents required by AIMA at the time of application, as the legislation is updated frequently.
This publication is for general information purposes only. For an analysis of your specific case, we recommend seeking specialist legal advice.