The Portugal Golden Visa: Your Complete 2025 Guide
Navigating the Final Months Before the Rules Potentially Change
As the 2025 deadline approaches, the window to apply for the Golden Visa under the current favorable rules is closing. Increasing EU pressure and economic shifts create real urgency for all non-EU applicants. This comprehensive guide contains everything you need to know to act now — from investment options to the step-by-step application, ensuring you can secure your family's future in Europe.
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What is the Portugal Golden Visa?
The Portugal Golden Visa is one of the most effective and attractive residency-by-investment programs in the world. Launched in 2012, the program has granted legal residency to nearly 13,000 investors and their respective families, generating over €7 billion in investment for the country.
In 2025, the Portugal Golden Visa continues to offer a fast track to European residency and citizenship through secure investment options, such as private equity funds, cultural donations, and job creation. The program is particularly appealing to individuals and families seeking greater global mobility, long-term stability, and financial diversification in the European Union.
With minimal stay requirements, flexible investment routes, and the possibility of acquiring Portuguese citizenship after just five years, the Portugal Golden Visa remains a top choice among American, Brazilian, British, Turkish, South African, and Chinese investors.
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Why Choose the Portugal Golden Visa?
One of the shortest timelines to EU citizenship or permanent residency (just 5 years).
No need to relocate – only 14 days in Portugal in the first 2 years and 21 days in the following 3 years.
Visa-free travel across 29 Schengen countries.
Allows you and your family the right to live, work, retire, and study in Portugal, with access to some of the best international schools in Portugal.
Full family inclusion (spouse, children, parents).
Dual citizenship permitted.
Multiple investment options, starting from €250,000.
Tax advantages for new residents, including special benefits for Golden Visa investors.
Free access to public healthcare and education.
The Portugal Golden Visa is more than just legal residency—it's a strategy for future generations, combining quality of life, political stability, and global access in a single program.
Ideal for Global Investors and Their Families
The Portugal Golden Visa has become the preferred residency-by-investment solution for individuals and families worldwide who seek flexibility, security, and global mobility—often wondering: what is it like to live in Portugal?
While investors from the United States currently lead in the number of applications, strong interest also comes from Brazil, Canada, the United Kingdom, Turkey, China, and South Africa. These applicants are often motivated by growing political and economic uncertainty in their home countries, as well as the opportunity to secure EU citizenship for future generations.
The Portugal Golden Visa offers a highly secure legal framework, a predictable application process, and one of the few programs that does not require full relocation. Families benefit from access to public healthcare, top international schools, and the ability to live, work, and study in Portugal—or simply maintain residency without the need to move.
For many global investors, the Portugal Golden Visa is a reliable Plan B—and a strategic way to protect wealth, preserve family mobility, and obtain EU citizenship through a trusted and established path.
Portugal is one of the freest countries in the world and also has one of the most powerful passports in the world.
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Eligibility Requirements for the Portugal Golden Visa
To qualify for the Portugal Golden Visa, applicants must meet specific legal, financial, and documentation requirements. The program is open to a wide range of investors, offering an accessible and efficient path to EU residency.
Nationality and Age
You must be a non-EU, non-EEA, and non-Swiss citizen.
The main applicant must be at least 18 years old at the time of application.
Family Members You Can Include
Under the Portugal Golden Visa, you can include the following family members in your application:
Spouse or legal partner (including same-sex and de facto unions lasting more than 2 years).
Children under 18 years of age, or if over 18, they must be single, studying, and financially dependent on the applicant.
Parents over 65 years of age, or under 65 if they are financially dependent on the applicant.
Criminal and Immigration Record
You must have a clean criminal record in both your country of residence and Portugal.
You cannot have been flagged by Schengen Immigration Systems (SIS) for entry restrictions.
Proof of Investment and Funds
You must invest in an eligible route from €250,000. Eligible alternatives include private equity funds, a donation to research, or a cultural project, and you must maintain the investment for at least five years.
The funds must come from legitimate sources, and you must provide clear proof of origin.
Portuguese Tax Identification Number and Bank Account
You must obtain a Portuguese Tax Identification Number (NIF).
Opening a bank account in Portugal is required before making the investment.
Documentation Requirements
All documents issued outside of Portugal must be legalized with an apostille or authenticated by the Portuguese Consulate/Embassy and, when not in English, French, or Spanish, translated into Portuguese. The main documents required include:
Copy of passport
Criminal record certificate
Proof of residence
Marriage or birth certificates (for family inclusion)
Bank confirmation of funds transfer
Declaration from the fund manager confirming the investment
Health insurance valid in Portugal or internationally
Investment Options for the Portugal Golden Visa
To qualify for the program, applicants must make a qualifying investment and maintain it for at least five years. As real estate or capital transfers for deposits or government bond purchases are no longer eligible, Portugal now offers a diverse set of investment routes tailored to different investor profiles. Below are the officially recognized investment options:
1. Investment Funds
Minimum Investment: €500,000
Most Popular Route in 2025 – Almost all Golden Visa applicants choose this option.
Since real estate investments were removed as a qualifying option, Eligible Investment Funds have gained prominence, especially Private Equity Funds, now a central choice for many. Introduced in 2017 as an eligible option for the Golden Visa, Investment Funds now account for almost 100% of all applications. American investors have shown significant interest in this option from the beginning.
The Explorer Investments team uses its expertise to guide investors through the complexities of investment funds, ensuring a seamless experience.
Benefits of Eligible Investment Funds:
Diversification: Funds are composed of a diverse set of assets, and investors can spread their capital across several qualified funds.
Expert Management: Managed by industry experts, these funds often generate higher returns than individual investments.
Tax Incentives: Income from these funds is tax-exempt for non-residents, except for those residing in tax haven countries that do not have double taxation treaties with Portugal.
Regulatory Oversight: The Securities Market Commission (CMVM) provides strict regulation, ensuring a high level of protection and transparency, and making sure that Private Equity Funds adhere to European financial standards.
Annual Audits: External auditors, primarily from major firms, review these funds to ensure credibility.
2. Donation for Scientific Research
Minimum Investment: €500,000
Support for public or private scientific research institutions integrated into the national scientific and technological system.
3. Donation for Cultural Heritage or Artistic Projects
Minimum Amount: €250,000 (reduced to €200,000 in a low-density area)
Support for Portuguese cultural institutions, art restoration projects, or national heritage conservation. This is the lowest-cost route to access the Portugal Golden Visa—but it is non-refundable.
Eligible Beneficiaries:
Public art museums and institutions
Historical preservation programs
Music, cinema, or performing arts
4. Job Creation Through Company Formation
Minimum Investment: €500,000
Create a new company headquartered in Portugal and generate at least 5 jobs for a minimum period of 3 years, or increase the share capital of an existing company, creating at least 5 jobs or maintaining 10 jobs for 3 years.
Alternatively:
Directly create 10 full-time jobs in an existing company for a minimum period of three years (no minimum investment limit set) or 8 jobs in a lower-density area.
Notes:
The company must remain active and the jobs must be maintained for at least 3 consecutive years.
Offers more control and operational engagement for entrepreneurs.
Quick Comparison Table
Investment Type
Minimum
Refundable
Risk Level
Popularity
Investment Funds
€500,000
Medium/High
🔝 High
Scientific Research
€500,000
Low
Low
Cultural Donation
€250,000
Low
Low
Job Creation
€500,000
*
High
Low
*Only if the business becomes profitable or is sold in the future.
Step-by-Step: How to Apply for the Portugal Golden Visa
Applying for the Portugal Golden Visa involves several steps, most of which can be completed remotely. Below, you will find a clear breakdown of the process, from preparing documentation to receiving your residence card.
1. Onboarding of Applicants and Their Families
The consultant and lawyer designated by Explorer Investments will clearly explain all questions regarding the legal context, the specifics of Portugal, the Golden Visa process, and the investment options.
2. Gather the Necessary Documents
Start by gathering all necessary documents, for both the main applicant and family members. They include:
Visa application form.
Copy of passport.
Proof of residence.
Valid criminal record certificate.
Permission from the applicant for AIMA (Agency for Integration, Migration, and Asylum) to check the Portuguese criminal record, included in the application form.
Marriage certificate, if including a spouse/partner.
Birth certificates, if including children.
A declaration from a Portuguese bank, confirming the transfer of funds.
A sworn statement confirming compliance with the minimum investment requirement for a period of 5 years.
Proof of student enrollment if dependents are over 18 years of age.
Proof of investment, i.e., a declaration from the fund management company.
Confirmation of health coverage, whether in Portugal or through an insurer with international coverage.
Receipt of payment of the application fee.
3. Obtain a Portuguese Tax Identification Number (NIF)
The NIF is essential for opening a bank account and completing your investment. It can be obtained at a Portuguese tax office or remotely with the help of a tax representative. Explorer Investments provides full support for NIF registration and tax representation.
4. Open a Portuguese Bank Account
This account is used to fund your investment. Some banks allow remote account opening. You will need to provide your passport, NIF, proof of funds, and address, among other documents.
5. Choose and Fund Your Investment
Select your preferred investment route (likely a private equity fund) and transfer the required amount from your Portuguese bank account. You must obtain written confirmation of the investment from both the bank and the fund manager or beneficiary institution.
6. Online Application to AIMA
Once your investment is confirmed, your legal team will submit your Portugal Golden Visa application to AIMA. The five-year countdown to citizenship begins from this submission date, not the approval date. Application fees are also paid at this stage.
7. Attend the Biometric Appointment
Once AIMA approves your application, you will be invited to schedule a biometric appointment in Portugal. This step includes fingerprint collection, photographs, and identity confirmation. You can reschedule this appointment, if necessary, upon presenting a valid reason.
8. Receive Your Residence Card
After your biometric appointment, your first residence card will be issued, valid for 2 years. The second card, valid for 3 years, is issued after the first renewal.
9. Maintain Eligibility and Renew
To maintain your Portugal Golden Visa, you must:
Spend at least 14 days in Portugal for the first 2-year residence permit and 21 days for the second 3-year residence permit.
Maintain your qualifying investment.
Present updated documentation at each renewal.
The renewal application is made online via the AIMA portal.
10. Apply for Citizenship or Permanent Residency
After 5 years, you can apply for Portuguese citizenship or permanent residency. To qualify for citizenship, you must meet criteria including:
No pending tax or social security obligations in Portugal.
A clean criminal record in Portugal and your country of residence.
A clean health record (no serious communicable diseases).
Basic level (A2) Portuguese language certification.
Residency and Citizenship Timeline
The Portugal Golden Visa offers one of the fastest and most reliable paths to European citizenship. While the legal framework is clear, the actual experience depends on AIMA's current processing speed. That's where we come in—guiding you through each step so there are no surprises.
The Legal Advantage: 5 Years from Day One
Unlike many countries, Portugal starts your five-year period the moment your application is submitted—not when it is approved. This means every month under review counts towards your citizenship goal.
What to Expect in Practice
High demand has led to waiting times, especially for biometric appointments. Below is a realistic overview of the journey, based on our clients' current experience.
Key Milestones in Your Journey
Application Submission: Once your NIF, bank account, and investment are complete, we will submit your application to AIMA. From this moment, your five-year countdown begins.
Biometrics Appointment: You will be invited for an in-person appointment to provide fingerprints and photographs. Current average waiting time: 12 to 24 months after submission.
First Residence Card: Issued shortly after biometrics, valid for 2 years. This is your official residency status in Portugal.
Renewal: Second Residence Card: Renew your residence card before it expires. The second card is valid for 3 years.
Citizenship or Permanent Residency: After 5 years from your initial submission, you are eligible to apply for Portuguese citizenship or permanent residency—provided all conditions are met. This is where your investment becomes a legacy.
What Makes Explorer Investments Different
Specialized in the Portugal Golden Visa
Our team focuses exclusively on the Golden Visa program and Portugal's D Visa. We don't divide our attention among multiple countries—we live and breathe the Portuguese market.
Investment Fund Experts
With real estate no longer eligible, investment funds are now the primary path for the Golden Visa. We only work with verified and CMVM-registered funds to ensure compliance, investor protection, and long-term security.
End-to-End Support
We handle every step of the process so you don't have to:
NIF Registration
Bank Account Opening
Investment Selection
Legal Representation
Application Preparation and Submission
Biometrics Scheduling and Renewals
Tax Representation
Citizenship Application
Everything you need—all in one place.
Proven Track Record with US Clients
We have successfully guided dozens of American families through the Golden Visa process. We understand your specific challenges and have trusted partners to support you.
Transparent Pricing and Personalized Advice
We believe in clarity and trust. Every cost is explained upfront, and our guidance is personalized to your goals, risk profile, and family needs.
Multilingual and Multicultural Team
Our founders and legal partners have experienced the expatriate journey firsthand. We understand what it means to move, invest, and settle abroad—and we speak your language, both literally and culturally.
What You Can Expect
Reliable and up-to-date information
Direct access to senior advisors
Efficient communication
Strategic fund guidance
Personalized support throughout your 5-year journey—and beyond
Start Your Portugal Golden Visa Journey with Confidence
Your Golden Visa is more than just paperwork—it's a long-term investment in your family's future. Whether you seek global mobility, a strategic relocation plan, or European citizenship for the next generation, Portugal offers one of the most flexible and rewarding residency programs in the world. At Explorer Investments, we handle the entire process so you can focus on your future, not the forms.
Next Steps
Schedule a consultation with one of our advisors.
Receive a personalized proposal with clear costs, steps, and timelines.
Secure your application before the next government update.
The sooner you start, the sooner your five-year citizenship clock begins ticking.
Download the Golden Visa Guide 2025 — Free
Get your complete, free guide to the Portuguese Golden Visa. Learn how to invest with confidence through Explorer Investments, the country's largest private equity fund.
It is recommended to consult Chapter V of Decree-Law nÂş 162/2014, of October 31st, published in the Official Gazette, as well as its revision by Law nÂş 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.)
