Portugal Golden Visa: Still One of Europe's Best
Despite reforms in 2023 and 2024, Portugal's Golden Visa programme remains one of the most attractive residency-by-investment pathways in the European Union. For investors from Russia, the UK, USA and beyond, it offers a straightforward route to EU residency, visa-free travel and a path to citizenship.
In 2025, the programme continues with updated investment routes focused on non-real estate assets — but real estate investors can still qualify through specific fund investments.
What is the Portugal Golden Visa?
The Golden Visa (officially the ARI — Autorização de Residência para Atividade de Investimento) is a residence-by-investment programme that grants a Portuguese residency permit in exchange for qualifying investments.
Key benefits:
- Full EU residency rights
- Right to live, work and study in Portugal
- Visa-free access to 186 countries (on a Portuguese travel document)
- Include family members (spouse, children under 18, dependent adult children, dependent parents)
- Path to Portuguese citizenship after 5 years
- Minimum physical presence: just 7 days per year
Current Investment Routes (2025)
Following the 2023 reforms, the eligible investment routes are:
Investment Funds (Most Popular)
Minimum: €500,000
Investment in qualifying Portuguese-registered investment funds, venture capital or private equity funds. The fund must:
- Be registered and regulated by CMVM (Portuguese Securities Commission)
- Invest at least 60% in Portuguese companies
- Have a minimum maturity of 5 years
This is now the primary route for most Golden Visa applicants, including those who previously would have chosen real estate.
Company Investment (Job Creation)
Minimum: €500,000 + create 5 jobs
Investment in a Portuguese company that creates a minimum of 5 permanent jobs in Portugal.
Research and Development
Minimum: €500,000
Investment in scientific research activities in Portugal, conducted by public or private scientific research institutions.
Arts and Culture
Minimum: €250,000
Investment in artistic production, recovery or maintenance of cultural heritage in Portugal. This is the lowest-value route available.
Urban Rehabilitation
Real estate rehabilitation in properties more than 30 years old located in urban rehabilitation areas, or outside Lisbon and Porto regions: €280,000–500,000
Can Real Estate Still Qualify?
This is the most common question we receive. The answer: direct residential real estate purchase no longer qualifies for the Golden Visa since October 2023.
However, real estate investment is still possible through:
For investors who want real estate, we at Alex Estate help identify both:
- Direct property purchases for lifestyle and investment (rental yield, capital appreciation)
- Qualifying fund investments that provide Golden Visa eligibility
The Application Process
Step 1: Make the Qualifying Investment
Before applying, you must make and evidence the qualifying investment.
Step 2: SEF/AIMA Application
Submit your application to AIMA (Agência para a Integração, Migrações e Asilo), the body that replaced SEF. Required documents typically include:
- Valid passport
- Clean criminal record certificate
- Proof of qualifying investment
- NIF (Portuguese tax number)
- Portuguese bank account
Step 3: Biometrics Appointment
Attend a biometrics appointment at AIMA in Portugal.
Step 4: Residence Permit Issued
Upon approval, you receive a 2-year renewable residency permit.
Renewal Timeline
- Initial permit: 2 years
- First renewal: 2 years
- Second renewal: 1 year
- After 5 years: eligible to apply for permanent residence or citizenship
Processing Times in 2025
AIMA has significantly reduced processing times compared to SEF. Current average processing times:
- Application submission to biometrics: 2–4 months
- Biometrics to permit issuance: 2–4 months
- Total: approximately 6–8 months
Requirements and Eligibility
Eligible applicants:
- Non-EU/EEA citizens
- Legal residence not required (minimum 7 days/year)
- Clean criminal record in country of origin and Portugal
For Russian nationals specifically:
- Applications continue to be processed normally
- EU bank transfers remain the preferred payment mechanism
- Work with Portugal-registered banks and funds
Tax Implications: IFICI Regime
Golden Visa holders who become tax residents in Portugal can benefit from the IFICI (Incentivo Fiscal à Criação de Emprego) regime — the successor to the NHR programme. This offers significant tax advantages for qualified professionals, including:
- 20% flat rate on Portuguese-source income for qualifying professions
- Potential exemption on certain foreign-source income
- 10-year validity
Is the Golden Visa Right for You?
The Portugal Golden Visa is ideal for:
- Investors seeking EU residency without full relocation
- Families wanting EU educational and medical access
- Russian nationals seeking a secure EU base
- Business owners with an international outlook
- Pre-retirees planning eventual relocation to Portugal
Start Your Golden Visa Journey with Alex Estate
Our multilingual team — fluent in Russian, English and Portuguese — has guided numerous clients through the Golden Visa process. We work with licensed immigration lawyers, fund managers and financial advisors to provide a complete, coordinated service.
Free consultation available:
- Email: alexestate@qvisa.eu
- Portugal: +351 965 007 667
- Russia: +7 920 070 0607
- Office: Lisbon, Portugal
Contact us today to discuss your Golden Visa options and how we can help structure the right investment for your goals.