Portugal’s Golden Visa remains one of Europe’s most flexible residency-by-investment programs. With real-estate routes restricted, eligible CMVM-regulated investment funds, research, culture, and job creation now lead the way. This deep-dive explains how the program works in 2025, what changed, who qualifies, the exact steps, cost breakdowns, common mistakes, and strategy tips to improve approval odds and long‑term outcomes.
For non‑EU citizens seeking a secure foothold in the European Union, Portugal’s Golden Visa (residence by investment) offers a pragmatic blend of low physical presence, family inclusion, and a clear path to permanent residence and, later, citizenship. In 2025, policy refinements shifted capital away from property purchases and toward productive, regulated investment—especially diversified funds overseen by the CMVM.
The Portuguese Golden Visa—formally the Residence Permit for Investment Activity (ARI)—was launched in 2012 to attract international investment. It grants a renewable residence permit to non‑EU/EEA/Swiss nationals who complete a qualifying investment and meet program rules.
To qualify, the main applicant must be a non‑EU/EEA/Swiss national, maintain the qualifying investment for the legally required period (typically five years), and demonstrate clean criminal records and lawful source of funds. Family members can be included from the outset or added later via family reunification.
Following reforms, new applications through real estate acquisition are largely ineligible. The program prioritizes diversified, regulated capital. The most common qualifying routes now include:
Pro tip: keep a single, indexed PDF set that mirrors AIMA’s document list. Label files with YYYY‑MM and applicant names to speed up renewals and family additions.
Total costs vary by family size, route, and service providers. Expect the following buckets when budgeting your Golden Visa plan:
Note: Fund subscriptions typically include management and performance terms (e.g., management fees and carry). Always review Private Placement Memoranda, KIIDs, and audited statements.
≈ 13,000
Total residence permits granted since inception*
Fund‑led
Fund route now dominates new applications*
*Indicative program insights used for orientation and planning; confirm current figures with official releases.
No. The Golden Visa is designed for minimal stay (around 7 days per year on average). Many investors keep their primary residence elsewhere.
New applications via standard property purchases are largely ineligible. Most investors now choose regulated funds, research, culture, or job creation routes.
Typically after five years of legal residence, subject to meeting legal and language requirements and having maintained the qualifying investment.
Yes. You can include eligible dependents from the start or add them through family reunification after your card is issued.
In 2025, Portugal’s Golden Visa has matured into a streamlined, fund‑centric framework that balances investor protections with national development goals. For globally mobile families and entrepreneurs, it remains the fastest, most flexible legal path to live in Europe—with EU mobility today and a potential EU passport tomorrow.
Choose a compliant route, document thoroughly, and partner with experienced advisors. With the right plan, you can align residency security with capital strategy and set up a smooth transition to long‑term EU options.
André Bandeira
ab@explorerinvestments.com
Maria Campos Silva
mcs@explorerinvestments.comInstitutional‑grade performance with disciplined value creation.
CMVM oversight and 20+ years operating in Portugal.
Maintain residency with approximately 7 days per year.
Include spouse and dependent children under the same visa.
Permanent residency after 5 years; citizenship application thereafter.
Live, work, and travel throughout the European Union.
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André Bandeira
ab@explorerinvestments.comMaria Campos Silva
mcs@explorerinvestments.comCopyright © 2025 Explorer Investments
It is recommended to consult Chapter V of Decree-Law nº 162/2014, of October 31st, published in the Official Gazette, as well as its revision by Law nº 2/2020, of March 31st. The information included here is of a general nature, and therefore each potential investor should seek independent advice (e.g., legal, financial, tax, etc.)