Portugal Golden Visa News, September 2026 Update

Portugal Golden Visa News Latest updates in Brief

As of September 2026, the most important developments for Portugal Golden Visa applicants concern citizenship rather than changes to the Golden Visa itself. Portugal’s new Nationality Law, which came into force on 19 May 2026, increased the residence period before Golden Visa holders can apply for citizenship from five to ten years. For EU and CPLP nationals, the required period is seven years. The qualifying period also now begins when the first residence card is issued, rather than when the Golden Visa application is submitted.

The changes to when the residency period begins is important because applicants have historically faced long delays between submitting a Golden Visa application and receiving their residence card. However, applicants who paid their submission fees before the new law was introduced are protected by transitional rules and can continue to use the previous, more favourable method of calculating their qualifying residence period. The application requirements for the Golden Visa have not changed. Investors can still qualify through a EUR 500,000 investment fund or a cultural contribution of EUR 250,000, reduced to EUR 200,000 for qualifying projects in low-density areas. Family members can also be included, while the minimum stay requirement remains relatively low compared to other programs at an average of seven days per year.

Permanent residence also remains available after five years, subject to the applicable requirements. Therefore, the changes really only affect investors whose main objective is Portuguese citizenship rather than residency. AIMA processing times have also improved during 2026. Delays have caused problems for Golden Visa applicants for several years, so reducing the backlog should make the process easier for both existing and new applicants.

What Is the Portugal Golden Visa?

Portugal created the Golden Visa immigration path in 2012 with the main goal of attracting foreign investment into the country to boost national economy, in a time when the country was facing a severe economical crisis.

As a residency-by-investment program, once a qualified investment is made in national territory, it grants investors and their families the right to hold legal residency in Portugal, that can be maintained with minimum physical presence requirements.

Golden Visa holders are also able to live, work and benefit from Portugal’s health and educational system, if they so wish. The legal residency also allows investors and their families to travel within the Schengen space visa-free (up to 90-day every 180-day period), as well as provides a direct path to permanent residency and citizenship.

Investors do not need to meet any particular qualifications, knowledge or language requirements in order to apply and receive a Golden Visa. Any non-EU, EEE, Andorra or Switzerland nationals should be able to qualify for the program, as long as they have a clean criminal record and make the investment in Portugal.

This program can, in that sense, be suitable for a various number of investors, depending on their own backgrounds, personal circumstances, short and long-time goals and expectations regarding timelines and costs.

As an example, it has become increasingly popular to those looking for a long-term plan B against political instability and for future retirement plans. As an European country, Portugal provides easy access to the EU as a whole, and is inserted into EUs legislative and regulatory standards, which provides a lot of stability and security for the long run.

Investors also seek out this residency program to obtain better mobility – mostly for people who hold “weaker” passports - and/or investment diversification.

Portugal is one of the safest countries in the world and has a very welcoming environment, climate and people – many Golden Visa holders, although not obliged to physically live in the country, choose to do so based on the quality of life, security and stability the country can provide for themselves and their families.

What Changed in May 2026? The New Nationality Law Explained

There have been many discussions surrounding a new set of amendments to the Portuguese Nationality Law, that entered into force on May 19th, 2026.

It is important to note that these changes do not affect the Golden Visa program itself, that is ruled by Immigration Law - a separate set of rules that has not suffered any changes in the past couple of years, nor is there an expectation that any changes will take place in the near future.

In other words, the residency program, family benefits, minimum stay requirements, investment routes, etc., all remain unchanged.

What did change, with relevance to investors and their families, is the timeline to qualify for Portuguese nationality by naturalization:

1. Citizenship eligibility for foreign residents extended from 5 years to 10 years of continuous legal residency, or 7 years for other EU and CPLP nationals.
2. The clock for citizenship now only starts ticking once final approval has been granted, not from the date of submission of the application.

Although the Portuguese Golden Visa is still one of the only programs in Europe that offers a direct path to citizenship without requiring applicants to physically stay in the country, it is no longer appropriate to engage in this program if the main goal is to get a second passport in a short timeline.

Although there are still pending discussions and regulations to be drafted and approved in regard to these amendments, namely when it comes to the implementation of a transitional regime for those who had already applied for the Golden Visa, but not yet for citizenship, it is safe to assume that, for new applicants, the longer timeline will apply from now on.

Portugal Golden Visa Investment Options in 2026

Currently, there are several investment options available to investors who seek to qualify for a Portuguese Golden Visa, and you’re free to choose whichever option you prefer, considering costs, timelines and the level of involvement required.

The generally cheapest, simplest and fastest option is the popularly called “donation” path, that entails a non-refundable EUR 250,000.00 investment in support to artistic production, recovery, or maintenance of the national cultural heritage, through qualified public entities or private foundations with public utility status.

If the investment takes place in a low-density area (such as many cities in the countryside of Portugal), that amount can be reduced to EUR 200,000.00.

However, many investors would like to have the possibility to redeem their funds after receiving Permanent Residency or Citizenship. In this case, the easiest path to follow is by making an investment of EUR 500,000.00 into a Portuguese investment fund.

The fund itself can be selected by the investor, as there is no fixed list of investment funds that qualify for the Golden Visa. If the fund places a minimum of 60% of the funds into commercial companies headquartered in Portugal, do not invest directly or indirectly in real estate, and is duly approved by Portuguese authorities to operate in Portugal (for example, the CMVM), then investors should be able to freely select the one that best suits their needs and expectations.

Different funds will offer higher or lower risks, invest in different sectors and structure their investments differently - private Equity, venture capital, bonds, are all acceptable paths. If you are not familiar with these subjects, speaking with legal and financial advisors is a must to help you navigate all the different options.

The other available paths to obtain a Golden Visa, popularly called as the Business Investment or Job creation paths, tend to require a bigger involvement of the investor into the process, and can take longer to be arranged, as it tends to involve further bureaucracy with Commercial registry, Social Security, Employment maintenance, etc.

In short, if choosing the first, investors must either:

1. spend at least EUR 500,000.00 to incorporate a new commercial company headquartered in Portugal, as well as guarantee the creation of five full-time permanent jobs, that must be maintained for a minimum of 3 consecutive years.
2. spend at least EUR 500,000.00 to increase the share capital of an existing business headquartered in Portugal, as well as guarantee the creation of at least five permanent jobs or the maintenance of at least ten jobs, of which a minimum of five must be permanent, that must be maintained for a minimum of 3 consecutive years.

If choosing the second, investors must create a minimum of 10 full-time jobs in Portugal, either on a new or existing business incorporated an operating in Portugal.

How Much Does the Portugal Golden Visa Cost?

As mentioned above, there are different costs associated with the different paths you choose for your golden Visa. In this section, we will present a comparative table of the two most popular ones: investment funds and the donation route.

Please note that the costs presented below are rough estimates, to help you guide through the process and make an informed decision if proceeding with this path.

*per person – costs may be updated at the Portuguese Immigration’s authority’s discretion

Aside from all these costs, legal fees, tax representation fees and travel costs to attend a mandatory biometrics appointment before the final approval of your Golden Visa should be considered.

Although the investment required does not vary with the number of dependents included in the application, Government fees, administrative, legal and travel costs, will increase, as they are typically charged per person.

Who Is Eligible for the Portugal Golden Visa?

Investors do not need to meet any particular qualifications, knowledge or language requirements in order to apply and receive a Golden Visa.

Any non-EU, EEE, Andorra or Switzerland nationals should be able to qualify for the program, as long as they meet the following conditions:

1. Have a valid travel document (passport);
2. Apply and obtain a Portuguese Tax ID;
3. Make a qualifying investment in Portugal;
4. Attend the mandatory in person biometrics appointment with the Immigration Authority (AIMA);
5. Have a clean criminal record;
6. Not have been banned from entering or staying in Portugal, or flagged under Portuguese immigration information system;
7. Not have been flagged in European database by immigration or law enforcement authorities.

Aside from this, due to EU anti-money laundering standards and lawful rules and expectations in Portugal, it is necessary to demonstrate to investment funds and banking entities that your money comes from a legitimate source.

Lastly, it might be necessary to apply for a Schengen Visa to lawfully enter Europe/Portugal to attend the mandatory biometrics appointment with AIMA.

Citizens from a few specific countries are generally able to enter Portugal for short periods of time, such as Brazil, Canada, USA, UK, Hong Kong Special Administrative Region, etc.

Aside from the investor, whom we call “main applicant” in a Golden Visa procedure, the following family members can also be included in the application:

1. Spouse
2. Civil / common-law partners, if living in a relationship for over 2 years prior to the Golden Visa request.
3. Minor children
4. Incapacitated adult children (over 18 years old), as long as you can prove that they have a medical disability or incapacity and are legally or financially dependent on one of the spouses or the couple.
5. Dependent adult children (over 18 years old), as long as they are unmarried and still pursuing their studies, and legally or financially dependent on one of the spouses or the couple.
6. Parents or in-laws, if they are legally or financially dependent on the couple or on the main applicant
7. Minor siblings, if they are under the main applicant’s legal guardianship.

How Long Does the Portugal Golden Visa Take? Residency vs. Citizenship Timeline

When it comes to the timeline, it is very important to note that a lot of variables come into place regarding immigration procedures, as each case is treated independently and therefore has its own timeline and specificities to follow – in other words, it is not possible to ethically and realistically guarantee any timelines.

It is also a well-known fact that AIMA (Portuguese Immigration Authority) has experienced significantly delays in processing applications, particularly so after the pandemics that lead to a very considerable backlog. However, following an increase in staff and the implementation of technology-based solutions to procedures, we have seen indeed a general improvement on timelines since 2025.

With this in mind, the below is an estimate and example of how most Golden Visa applications are processed.

There are, naturally, ways to speed up the process, as trying to complete some of the initial steps before initial submission of the application as simultaneously as possible. Having an experienced team to guide you both in your country of origin and Portugal can definitely expedite the process as well.

Please note that the Golden Visa is valid for two years, and can be renewed indefinitely for equal two-year periods, as long as you maintain your investment, a clean criminal record, and comply with the minimum stay requirements.

When it comes to reaching Portuguese citizenship or Permanent Residency, there are a few different paths a Golden Visa holder can follow, as outlined below.

You might want to read this article:

Path to Permanent Residency

After five years from the final approval of your Golden Visa procedure, meaning, after you receive your physical residence card, you are entitled to apply for Permanent Residence for Investment.

Is summary, please note that you must maintain your Golden Visa valid in order to qualify for Permanent Residence, as well as demonstrate having a knowledge of basic Portuguese language, and keep a clean criminal record.

Permanent residency must be renewed every five years, in a simplified process.

Depending on your own circumstances and investment, as well as your private agreement with investment fund managing entities, you might be allowed to exit your investment and redeem your funds after Permanent Residency is granted.

Path to Citizenship, with a Permanent Residency midway, for non CPLP nationals

If you applied and received a permanent residence after year 5, you do not need to renew your golden Visa application any more to qualify for Portuguese citizenship.

You must simply wait another further 5 years, so that in total, considering all the years that you held a Golden Visa and a Permanent residence, you had 10 years of legal residence in Portugal.

The general criteria for Portuguese citizenship are still pending regulations from the authorities, but should include a civic test, language knowledge and a clean criminal record.

Direct path to Citizenship, for non CPLP nationals

If, however, you do not wish to apply for Permanent Residency after year 5, you can simply maintain your investment and renew your Golden Visa every two years until you reach 10 years from final approval of your initial application.

Direct path to Citizenship, for CPLP nationals

For CPLP nationals who hold a Portuguese Golden Visa, the timeline for citizenship is of 7 years, instead of 10.

Most applicants might choose, therefore, to keep their investment and renew their Golden Visa until they meet the 7 year requirement to apply for Citizenship.

Please note that there is no preferred or best path for all applicants. Each Golden Visa holders should make informed decisions with their legal and financial advisors, considering their own interests, expectations and needs.

Does Real Estate Still Qualify for the Portugal Golden Visa?

In October 2023, as part of a legislative measure to ensure greater access to housing for the Portuguese following a housing crisis, the Government extinguished the option to invest in real estate as a qualifying route to the Golden Visa.

Currently, any direct or indirect investment into real estate cannot qualify for Golden Visa purposes.

This does not mean that real estate investment is banned for foreigners, at all. Foreign investors may still purchase real estate for any legitimate purposes, including as a family home, holiday house or simply further investment to diversify their portfolio.

This process will typically be simpler once investors have legal residence in Portugal, such as via their Golden Visa.

Some investors might, for example, choose a donation-based Golden Visa investment first, as it has lowers cost, and later on make further real estate investments.

In other words, your Golden Visa qualifying investment cannot be related to real estate. But after receiving your final approval for your Golden Visa, you can independently make any real estate investments you wish.

Do Portugal Golden Visa Holders Pay Tax in Portugal?

Taxation, especially when involving multiple jurisdictions, is a highly complex matter, and the recommended approach is to consult with specialized international tax lawyers, who can assess your own personal circumstances and businesses, and give you tailored advice on how taxation regarding your Golden Visa investment will be processed.

Generally speaking, as a Golden Visa holder, you do not automatically become a tax resident in Portugal. In other words, income, capital gains, pensions etc. received outside of Portugal should not be subject to any taxes in Portugal.

An individual can be considered a tax resident in Portugal if they spend over 183 days in Portugal counted over any period of 12 months, or if, during any 12-month period, they have a dwelling available to them under conditions that indicate an intention to maintain and occupy it as their habitual residence.

So, if you do not become a tax resident in Portugal, any tax implications would only befall income with origin in Portugal.

It is also important to note that there are many bilateral agreements in place between Portugal and other countries to avoid double taxation, which makes it even more important to consult with a tax specialist. In some cases, tax on capital gains can be made in your home country.

In Portugal, the normal withholding tax on capital gains is 28%. When “tax havens” countries are involved, this can increase to 35%.

Until December 2023, Portugal had a special tax regime for foreigners, called the NHR regime, that granted a 10-year right to anyone who, as individuals, (1) established their fiscal residence in Portugal and (2) had not been taxed as a fiscal resident for the previous 5 years to the date the regime would be claimed to lower tax rates. For example, all Portuguese sourced income from dependent employment or self-employment earned through high value-added activities of a scientific, artistic, or technical nature could be taxed at a special rate of 20%

Outside of the NHR regime, if a person were to become a tax resident in Portugal, their income, including foreign-sourced income, could be subject to progressive tax rates of up to 48%, as well as additional solidarity taxes depending on the earned amounts.

The NHR regime ended in December 2023 and, although a transitional regime was established, it is no longer possible for new applicants to benefit from it. At the same time, Portugal introduced the popularly called “NHR 2.0”, more technically called the IFICI tax regime, or Innovative Fiscal Incentive for Scientific Research and Innovation.

However, the IFICI can only be applied to a select group of people, such as scientists and researchers in accredited research institutions, tech and innovation professionals, and other highly qualified professionals. It does not apply broadly to investors, entrepreneurs, or retirees.

When it comes to the taxation itself, the IFICI determines that income earned from the exercise of one of those highly qualified or innovative activities in accredited institutions can be taxed at a flat rate of 20% for the duration of 10 years, not applying to passive income, investment income or rental income, for example.

In other words, a Golden Visa investor who establishes tax residence in Portugal will not necessarily be able to benefit from the IFICI, depending on their professional activity. A retired investor living on stock dividends, for example, will likely not be eligible for this tax benefit, while a tech founder building a software company might.

Portugal Golden Visa vs. Italy, Greece and Hungary: Which Is Best?

EU countries do not typically offer Citizenship by Investment programs (CBI), but there are a few countries that offer Golden Visa programs, or residency-by-investment programs, aside from Portugal.

A few examples are Italy, Greece and Hungary, and we have prepared an overview of their respective “Golden Visa” programs for general reference as below.

As you can see, there are many similarities between the programs, and deciding which one is best for you depends on your own expectations, short and long time goals and business and investments plans.

If your goal is to acquire a residency right in an European country quickly, with a real estate-based investment, Greece might be the way to go.

On another hand, if your goal is to secure long term EU citizenship for your children, even if they are close to adulthood, Portugal might be a better option.

It is also worth noting that, even though Portugal increased the timeline for citizenship, it is still one of the only countries that allows you to apply for said citizenship without having to establish physical residency in the country.

How to Apply for the Portugal Golden Visa: Step-by-Step Process

Every successful application must begin with a careful evaluation of your own personal, professional and economical backgrounds, short and long-time goals, expectations and needs.

If all these items match the requirements, timelines and costs associated with a Portugal Golden Visa application, and you, alongside your financial and legal advisors, decide to move forward, this is what a typical application, considering an investment fund or donation, will look like:

Step 1: Start gathering documents required for initial Tax ID and bank account opening process

Documents typically include valid passports, proof of address, proof of profession or business and proof of lawful source of funds.

Step 2: Get a Portuguese Tax ID (NIF)

It is typically required to appoint a fiscal representative who will assist you in the process of obtaining a Tax ID.

This request can be processed online alongside the Portuguese Tax Authority and typically takes 1 – 2 weeks to be completed.

Step 3: Opening a Portuguese bank account

Each banking entity make have slightly different requirements and steps to complete.

One common aspect is that internal compliance departments will verify and require clear and detailed explanations regarding the origin of your funds, due to national and European anti-money laundering regulations.

In some cases, it is possible to process the application entirely online as fast as within 2 – 3 weeks.

* For certain jurisdictions, it may be possible to waive the need to open a traditional bank account and skip to Step 4 directly.

Step 4: Investment/donation completion

After obtaining your Tax ID and Portuguese bank account, investment funds or donation entities’ compliance departments will conduct a second analysis of your source of funds and background.

If successful, you will be required to transfer the money to Portugal and complete the investment.

Afterwards, all involved entities issue supporting declarations for your Golden Visa application.

This step tends to be conducted online and typically take around 2 – 4 weeks.

Step 5: GEPAC approval - for donation path

If you are choosing the donation path, it is necessary to obtain a final approval from GEPAC – loosely translated as the Portuguese Office for Cultural Strategy, Planning and Evaluation – before submitting your application to AIMA.

GEPAC will require proof that the donation was made into a qualifying cultural or artistic project, and can be completed in about 1-2 weeks, depending on their own schedule.

Step 6: Collection and legalization of documents

This is the stage where final documents that are required to be submitted in support of yours and your family’s applications are collected, translated whenever needed, and legalized in the country where they were issued.

Legalization can be done via a “Hague Apostille” in countries such as the USA, Brazil, Canada, China or Turkey, or by Portugal’s Ministry of Foreign Affairs in the competent consulate to your jurisdiction, for example for Cambodian or Vietnamese residents. Timelines may vary significantly depending on the jurisdiction.

The required documents are typically:

1. Police clearance certificates for all applicants over the age of 16;
2. Marriage certificates for spouses;
3. Birth certificates from each dependent child;
4. Birth certificate of the main applicant or spouse, if including parents or in-laws;
5. Economical dependency proof, study certificates and civil status declarations for adult children.

Step 7: Submit application to AIMA

Your lawyer can typically submit your application online, via a specific webpage called “Portal ARI”.

The submission itself is simple: we upload all the supporting documents to the platform, fill out your personal information and pay the associated government fees for initial analysis of the procedure. It can be completed in a few hours, once all required documents are gathered.

Step 8: Biometric appointment

If no major inconsistencies or obstacles found in your application by AIMA, they will grant a biometrics appointment schedule for investors and their families.

In practice, investor’s appointment tend to be granted first, and their dependents appointments a few months later.

Each applicant must attend their own appointments in person (even minor children), noting that rescheduling or missing the appointment should only take place if situations of utmost gravity take place (for example, health related issues).

During the biometric appointment, you can expect the following steps:

1. An AIMA officer will confirm your identity by verifying your passport;
2. That same officer will review and verify the remaining documentation included in your application file – if further documents or clarifications are required, AIMA typically grants a 10-day period for clients to provide them.
3. Your biometric data will be collected, including a digital photograph and signature.
4. You must complete the payment of the fees for the granting of the Golden Visa.

The appointment is generally straightforward and focused on administrative verification.

Step 9: Approval & card issuance

AIMA will further review your file and application and may request further information or clarifications at any point during the process.

If no questions arise, you will receive the final approval of your Golden Visa alongside the issuance of your residence card. Typically, it can take around 9 – 12 months to complete this final stage depending on AIMA’s own schedule.

Why Work With a Portugal Golden Visa Lawyer

My passion for international law began early on, while still pursuing my Law Degree in one of Portugal’s best renown universities, the University of Coimbra.

This curiosity led me, initially, to the field of International Family Law, where I developed experience and sensitivity in dealing with delicate matters that directly affect people's lives — skills I strive to continue strengthening in my current practice.

As someone who went through Portuguese Immigration myself at a young age, I understand perfectly the stress and anxiety that can be associated in being involved with a foreign authority, having to navigate cultural differences and handle bureaucracy at an international level.

Now, as a fully licensed immigration lawyer, a part of my role is also to “translate” difficult and complex legal jargon into everyday English, to help you make informed decisions, that will have short- and long-term impacts in your and your families’ lives.

I am able to support you every step of the way – from initial selection of the Immigration path that might be best suited to you and your family’s circumstances, to the entire Portugal Golden Visa application, its subsequent renewals, as well as Permanent Residency and Citizenship applications down the line.

My goal is to figure out balanced and thoughtful legal solutions, knowing full well that there is no “one size-fits all” path or approach. I’ll advise you on what can and cannot be done, how to do it, and help you face any obstacles that can appear during an investment and immigration process, as smoothly as possible.

I’d be very happy to schedule a call if you are interested in applying for a Portuguese Immigration program.