Portugal Golden Visa & Residency Guide

Portugal's Golden Visa programme, launched in 2012, remains one of Europe's most established residency-by-investment routes. It grants non-EU nationals and their families the right to live, work and study in Portugal — with a pathway to permanent residency and EU citizenship after five years.

The programme was significantly reformed in October 2023, eliminating all real estate investment routes and shifting the focus entirely to fund subscriptions, capital transfers, job creation and cultural heritage donations. As of 2026, the fund investment route (€500,000 minimum) is the most popular option, with at least 60% of fund capital required to be directed towards Portuguese companies.

Following the 2023 reforms, qualifying investment routes are:

• Investment fund subscription of €500,000 or more — the most common route, with at least 60% of fund capital directed to Portuguese companies
• Capital transfer of €1.5 million or more
• Scientific research contribution of €500,000+
• Cultural heritage investment of €250,000+ (€200,000 in low-density areas)
• Job creation — establishment of a business creating at least 10 full-time positions

Real estate investment is no longer a qualifying route. Investors choosing the fund route should ensure their selected fund is registered with Portugal's securities regulator (CMVM) and meets the programme's requirements.

Processing typically takes 12–18 months from submission to residence permit, according to current AIMA timelines. Some cases resolve in as little as 8 months, though complex applications can take up to 24 months. AIMA received €70 million in the 2026 state budget to digitise files and clear an estimated 20,000-case backlog.

Portugal's Non-Habitual Resident (NHR) tax regime was closed to new applicants on 1 January 2024. It has been replaced by the IFICI (Incentive for Scientific Research and Innovation), sometimes called “NHR 2.0”.

Unlike the original NHR, IFICI is restricted to specific qualifying professions — including IT specialists, engineers, academics, medical doctors, finance professionals and senior managers in designated sectors. Foreign pensions are now taxed at standard progressive rates (14.5%–53%) rather than the former NHR flat rate of 10%.

Professional tax advice is essential to understand the full implications for your specific situation. Golden Visa holders who do not become Portuguese tax residents are generally not subject to Portuguese income tax on their worldwide income.