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Portugal, with its sunny climate, stunning landscapes, and warm culture, has always attracted investors from around the world. Among them, many have used the Golden Visa, a residency-by-investment program that allows foreigners and their families to obtain a residence permit in Portugal, unlocking numerous benefits. However, since 2023, significant changes have been made to the program, now excluding real estate purchases from its conditions.
What are the new alternatives to obtaining a Golden Visa in Portugal? Let’s explore in detail the modalities, conditions, and benefits of the famous golden visa in the blue country.
The Golden Visa program, or Residence Permit for Investment Activity (ARI), is a residency-by-investment program designed for non-European citizens. Launched in 2012 in Portugal to revive the economy and real estate market, the program has since attracted numerous investors across different sectors (totaling over 5 billion euros), particularly in real estate, which has experienced exponential growth over the past decade.
Golden Visa holders receive a residence permit in Portugal, valid for them and their families. As Portugal is part of the European Union, a Portuguese residence permit allows its holder to travel freely within the Schengen area without needing an additional visa. After five years of residence, holders can apply for Portuguese citizenship, provided they meet the residency and language criteria.
In 2020, the government amended the program to exclude real estate in high-demand areas, such as Porto, Lisbon, and the Portuguese coast, from the Golden Visa conditions. In 2023, the former Prime Minister made a more radical decision: to remove all real estate purchases from the conditions. One of the main reasons is to reduce pressure on the local real estate market, as Portuguese authorities found that the influx of foreign investments in real estate significantly increased prices, making housing less accessible for local residents. By redirecting the program, the government aims to encourage other forms of investment that more directly benefit the national economy.
Since the 2023 reform, here are the main ways to obtain a Golden Visa in Portugal:
In addition to the investment, one must:
To renew the visa, one must have spent at least 7 days in the first year and then 14 days per year in Portugal. These particularly short durations encourage foreigners who do not necessarily want to settle in the country to invest in Portugal (and thus obtain a Schengen visa). After 5 years of Golden Visa, one can apply for nationality or permanent residence.
The 2023 Golden Visa reform in Portugal marks a significant turning point, but the program remains an interesting opportunity for foreign investors. By focusing on investments that directly benefit the Portuguese economy and society, the program continues to offer an attractive pathway to residency and, potentially, European citizenship. Whether you are interested in business creation, supporting research, or preserving cultural heritage, Portugal offers numerous opportunities for those looking to invest in a prosperous future.
