Portugal’s Golden Visa Programme has become a popular option for investors looking to move to this growing European economy.
As of 2024, the visa programme has gone through some big changes, including scrapping real estate investments and encouraging investment towards business, research and cultural preservation.
Here, we talk you through everything you need to know about Portugal’s Golden Visa Programme in 2024, including what you need to invest, who is eligible and how to kick-start the process.
What Is the Portugal Golden Visa?
The Portuguese Golden Visa, known as the Residence Permit for Investment Activity (ARI), exists to attract non-EU investors into the country. It allows them to live, work and study in the country, whilst also gaining free movement rights that EU nationals have.
In 2023, 12,718 people applied for this visa, with 20,424 family members coming with them. This bought in over €7.5 billion into Portugal, giving it a great economic boost.
One of the main things that makes Portugal’s Golden Visa different, is that you only need to spend an average of 7 days a year in Portugal to get it. That makes it hugely appealing to those who may want to live and work across Europe, without having a permanent base in Portugal.
Why Move To Portugal?
Portugal is a growing economy, which makes it incredibly appealing to investors. It also comes with a great quality of life, including good healthcare, strong education and a beautiful out-door lifestyle. Given that entire families get residency with the Golden Visa too, this makes it a good choice.
One of the other benefits is that it grants free movement throughout the Schengen Area, which includes 26 countries. This means travel, especially for business, becomes much easier.
But one of the biggest bonuses of the Golden Visa, is that it gives people a pathway to citizenship. After 5 years of residency, visa holders can apply to become Portuguese citizens, as long as they show they have mastered the language.
This makes it a great gateway to Europe for anyone who has the capital to space.
Who Is Can Get The Golden Visa?
Given that EU nationals can already freely work and live in Portugal, the visa is open to non-EU, non-EEA and non-Swiss nationals who are over 18.
Applicants must also have a clean criminal record, and the capital needed to make the investment. They also have to spend a minimum of 7 days in Portugal annually, or 14 days every 2 years. These criteria are generally very easy to meet, making it a good option.
What Do You Need To Invest To Get The Golden Visa?
As of October 2023, the Golden Visa investment options changed a lot. Mainly, it removed the option to invest in real-estate as part of the application. This is because investors were interested in popular areas like Lisbon, Porto and the Algarve, which were already economic hubs that didn’t need growth.
Instead, investors now have to focus on growing businesses or projects that are contributing to the country culturally.
You can choose to invest in:
Funds
Investing a minimum of €500,000 in an investment fund or venture capital fund is now one of the most popular options. These funds have to be qualified and promote the country’s economy – excluding real estate.
Scientific Research
A €500,000 investment in scientific and technological research that is being carried out by public or private centres is another way in. This option helps to support the country’s technological growth, which will help it economically in the long-term.
Heritage
Investors can choose to give €250,000 (or €200,000 in some areas) to support Portuguese arts and heritage. These investments help the country preserve its historical landmarks and artistic traditions.
Businesses
For those that want to go down a more entrepreneurial route, they will need to invest €500,000 in a Portuguese company. It can be any company as long as it creates at least 5 jobs. Or, if they want to set up a business themselves, they need to make sure it creates 10 jobs. This helps lower unemployment, growing companies that are built by Portuguese people, for the economy.
How To Apply
Applying for a Golden Visa in Portugal isn’t complicated, but you will have to be organised.
First, you’ll need to choose the investment route you want to go down, and then get a Portuguese tax identification number (NIF) and a local bank account.
The application is submitted online to the Agência para a Integração Migrações e Asilo (AIMA). Once it’s approved, successful applicants will need to travel to Portugal to hand over their biometric data and complete the registration.
Once successful, a residency permit is given. This can be renewed every 3 years, as long as the minimum days in the country is adhered to, and the investment remains in place.
Whilst it isn’t an overly complicated process, it can take over 10 months to complete.
Will Golden Visa Holders Pay Portuguese Taxes?
Golden Visa holders who spend less than 183 days a year in Portugal will not be considered tax residents – so their global income won’t be liable to taxation. For non-residents, any income generated within Portugal will be subject to tax at 25%.
Portugal also has another option called the Non-Habitual Resident (NHR) tax which does give lower tax rates for foreign income, however the rules around this are currently changing, so speak to a local tax advisor to explore your options.
How Did The Golden Visa Change In 2024?
The 2024 Golden Visa changed in a few ways, including:
- No longer accepting real estate investment as an option.
- Allowing applicants to apply for residency 5 years after applying, rather than 5 years after they got their permit.
- Renewals every 3 years, instead of 2.
Real estate aside, these have been designed to make the visa easier to upkeep for those looking to be in the country long-term.
Portugal’s Golden Visa – Is It Worth It?
The latest version of Portugal’s Golden Visa programme is a great way for investors to operate within Europe. With its easy application process, only 7 day minimum requirement and range of investment options, it’s a good choice for anyone looking to get an EU passport, or simply to invest in this economy.
With the right planning and preparation, investors can enjoy everything this beautiful country has to offer.
