The Portuguese Golden Visa


 The road to the portuguese citizenship.

The rules governing the granting of Residence Permit for Investment (Golden Visa) enable third country nationals to obtain a temporary residence permit to live, work and study in Portugal.

The beneficiaries of the Portuguese Golden Visa residence permit are entitled to:

Residence visa waiver for entering Portugal.

Living and working in Portugal, on the condition that the investor and family members stay in Portugal for a period of at least 14 days after the Golden Visa was issued and withing its validity.

Visa exemption for traveling within the Schengen Area.

Family reunification.

Applying for permanent residence​.

Applying for Portuguese citizenship after 5 years of legal residence.

Eligibility – Who may apply? 

All third country citizens who conduct an investment activity, as an individual businessperson or through a company set up in Portugal and who fulfill the quantitative and time requirements, may apply for the Golden Visa by one of the following routes:

a) Capital transfer with a value equal to or above 1 million Euros.

b) The creation of, at least, 10 job positions.

c) The purchase of real estate property with a value equal to or above 500 thousand Euros.

d) The purchase of real estate property, with construction dating back more than 30 years or located in urban regeneration areas, for refurbishing, for a total value equal to or above 350 thousand Euros.

e) Capital transfer with a value equal to or above 350 thousand Euros for investing  in research activities conducted by public or private scientific research institutions involved in the national scientific or technological system.

f) Capital transfer with a value equal to or above 250 thousand Euros for investing  in artistic output or supporting the arts, for reconstruction or refurbishment of the national heritage, through the local and central authorities, public institutions.

g) Capital transfer of the amount of 350 thousand Euros, or higher, for the acquisition of units of investment funds or venture capital fund of funds dedicated to the capitalization of companies.

h) Capital transfer of the amount of 350 thousand  Euros, or higher, for constitution of a commercial society with head office in the national territory, combined with the creation of five permanent working jobs.

Portuguese, EU and EEE nationals are not eligible for the ARI / Golden Visa scheme.

The Portuguese Golden Visa Investment Funds

There are a number of benefits to investing in private equity funds to be eligible for the Portuguese Golden Visa.

The Portuguese Golden Visa Investment Fund is professionally managed by experts on each specific sector.

You can obtain Portuguese residency from a minimum investment of 350 thousand Euros into a officially registered investment fund.

Venture capital funds are a tax-efficient vehicle — dividends and capital gains returned to investors may be tax-exempt.

Depending on the Golden Visa Investment Fund, they will offer a minimum return hurdle-rate usually between 1% and 6%, were managers will only be compensated if the fund performance is above a certain percentage.

Some Investment funds have the support of the Portuguese Government through subsidies or financed by the IFD.

The Golden Visa Portugal Investment Funds are regulated and must comply with the rules stipulated by the Portuguese Securities Market Commission (CMVM), which means that fund managers are regularly audited by third parties.

To comply with the Portuguese Golden Visa legal requirements the Golden Visa Investment Fund usually has a maturity of investment for at least 6 years. The Golden Visa Fund Investment is also obliged to invest at least 60% into companies which have their head office in Portugal.

An advantage of the Golden Visa Investment Fund investment is that compared to real estate you will not pay acquisition tax (around 6%) neither stump duty tax (0,8%) of the property value.

By deciding to apply for the Portuguese Golden Visa through the investment fund will save you a lot of time.

Necessary documents:

The Applicant must present supporting evidence in which he has made the investment of the minimum amount required, individually or through a shareholder limited liability company of which the Applicant is the shareholder.


• Declaration of a credit institution authorized or registered in the national territory within Bank of Portugal, attesting the effective transfer of the amount equal to or above the legally required.

•Supporting document attesting the ownership of the units of investment, free from any charges and obligations (issued by the entity responsible for keeping an updated record of the units of investment holders, under the law, of the respective management regulation or of contractual instrument).

•Declaration issued by the holding company of the respective investment fund, attesting the feasibility of the capitalization plan, the maturity of, at least, five years, and the application of at least 60% of the investment in commercial companies with head office in national territory.


1. The Management company will receive from the investor a KYC Form; Subscription Form and personal documents.

2. The Golden Visa investor will obtain his Portuguese tax identification number (NIF) and open a Portuguese bank account (checking and securities account).

3. The investor will transfer the money from his foreign account to his Portuguese bank account.

4. The investor orders the bank transfer to the Funds bank account.

5. The Management company issues a declaration necessary for the Golden Visa application and the Portuguese bank issues two declarations (money transfer overseas and certificate of holding the Participation units (shares).

Note: "US Persons" (investors with American citizenship or being tax residents in the US) need to open their Portuguese bank account with a FATCA compliant bank account as for example:

Bison Bank;

Banco Atlântico;

Banco Carregosa.

February 2021 Newsflash

As per the recent news regarding the amendments carried out in the Portuguese Investment Program (Golden Visa Portugal), we would like to inform you that last Friday the final regulation was approved by the Portuguese Government (Decree Law no. 14/2021 the 12th of February).

The main changes of the Portuguese Golden Visa program are:

1M euros capital transfer option will increase of the amount of the threshold to 1,5M euros capital transfer.

350.000,00 euros or more capital transfer for acquisition of units of investment funds or venture capital funds option will increase of the amount of the threshold to 500.000,00 euros capital transfer.

Acquisition of Real Estate for housing of 500.000,00 euros or more and acquisition and restoration work of Real Estate for housing of the amount of 350.000,00 euros or more options. Properties for residential purpose to be eligible need to be purchased in regions with low population density or at the Islands of Madeira and Azores. To check the low population density areas please click here (page 2–4).

The amendments approved on last Friday are due to enter into force on the 1st of January 2022.

Finally, we also clarify that the previous terms and benefits of the program remain unchanged, such as:

The threshold amount of the 280.000,00 euros in real estate assets in the low population density areas of Portugal.

The possibility to renew the residence permit applications (for the main investor and the family reunion) already submitted under the terms of the existing regulation.

More information on the new changes:

Regarding habitational policy, the government seeks to promote balance and quality in territories, whether they are metropolitan, urban or rural regions, guaranteeing access to decent housing conditions for all.

What this means is that anyone seeking to buy a residential property in exchange for a golden visa in Lisbon, Porto or a coastal area like Algarve now has a golden window until the end of the year.

Removing the possibility to buy residential properties in the most sought-after locations but exempting commercial purchases.

The law makes it clear that a golden visa for the purchase of property for a value equal or above 500.000,00 euros will only be eligible if these properties are located at the Islands of Azores or Madeira, or in low population density on the mainland.

But for investors interested in commercial property, the new law holds no restrictions — and this has delighted the real estate sector.

The Portuguese Venture Capital Fund

In Portugal, the income of Venture Capital Funds incorporated and operating under the Portuguese legal regime is exempt from taxation.

The subscription of units in the Fund do not levy any taxes.

Venture Capital Funds incorporated and operating under the Portuguese legal regime are exempt from income tax, regardless of the type of income that they obtain.

This means that the VCF’s tax regime was designed with a view of being a neutral vehicle for tax purposes.

Also, there is no stamp duty taxation in Portugal related to the net assets of these funds. Consequently, all the income obtained by a Portuguese Venture Capital Fund, as well as the positive variation of its asset´s value, is fully exempted from taxation.

The steps to set up your Venture Capital Fund are the following:

(i)    Creating the Fund’s Management Regulation (Prospectus).

(ii)   Submitting to CMVM.

(iii)  Operational process.

From our experience, the item (i) usually takes most of the time while structuring a fund. It can take up to 2.5 months depending on the complexity of the fund rules. The item (ii) relies on CMVM’s agility. It usually takes up to 1.5 months to receive the final approval.

For both items, we hire external lawyers to assist the client structuring the prospectus and submitting all the information to CMVM.

Click here, if you need help setting up your own venture capital fund,

The Real Estate Investments

We have helped many institutional and private clients to invest in real estate in Portugal.

For the Golden Visa process you may buy a property which is worth more than 500.000€ or a property for the amount of 350.000€ if it is older than 30 years or located in a rehabilitation area in Portugal.

According to the Golden Visa law it is possible for you and your non-direct family members to purchase a property together. For example, if you, your sister and your cousin would like to buy a property for the price of 1.500.000€, each one of you will be able to apply for an independent Portuguese Golden Visa residence permit.  

This means that a property valued at 2.500.000€, could be elegible for 5 Golden Visa investors.

When acquiring a property in Portugal you need to pay two taxes:

1. Stamp duty with a tax rate of 0,8%.

2. IMT is levied on the transfer for consideration of real estate located in the Portuguese territory. IMT is due by the purchaser and levied on the purchase price or on the property tax value whichever is higher. As mentioned above, property tax value is computed according to the rules foreseen in the Municipal Property Tax Code and the rate varies between 4 up to 8%.

Urban property not exclusively used for residential purposes and other acquisitions - 6.5%.

Urban and rural property acquired by a resident in a blacklisted jurisdiction - 10%.

Click here, if you need help finding the right property in Portugal.

The Portuguese Citizenship after 5 years of Golden Visa

In Portugal we have two different laws which regulate the Portuguese citizenship applications.

One is the Portuguese citizenship law and the Portuguese citizenship regulation.

According to the Portuguese citizenship law you need to fulfill the following :

a. Be older than 18 years.
b. Be a legal resident of Portugal for at least 5 years.
c. Know the Portuguese language.
d. Not have been sentenced for a crime with a punishment of 3 years or more.

​e. Connection to the national community. This is a very subjective requirement in which all connections with Portugal will be considered like for example: flights to Portugal, Portuguese NIF, public health insurance (SNS), Portuguese bank account, the Golden Visa residence permit itself, owning property, utility bills, tax returns etc. There is no magic formula to comply with this requirement.

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  • Golden Visa Portugal Investment Funds
  • Golden Visa Portugal Investment Funds
  • Golden Visa Portugal Investment Funds