Portugal Golden Visa 2024: My Complete Journey
Program Guides
Last updated: 11 August 2024

Portugal Golden Visa 2024: My Complete Journey

The Portugal Golden Visa is a residency by investment program in Europe. It is one of the most popular investment immigration programs in the world.

That’s why I chose to go ahead with the Portuguese Golden Visa myself.

My name is Barbara. Robin is a good friend and when he asked me to contribute with an article, explaining my journey in getting my Golden Visa in Portugal, I was eager to help.

What You’ll Find in This Article

As an American citizen, the last couple of years have been eye-opening for me. The social turmoil, the pandemic issues, a whole lot of polarization, and now another chaotic election year.  It was all too much. I knew I wanted to retire in Europe ultimately. So I figured, why not plant the seeds now.

The main attractions of Portugal Golden Visa program for me were:

  • In 5 years, a Golden Visa can lead to Portuguese citizenship,
  • Stay requirement is very low with visa in Portugal; an average of 7 days per year,
  • Wide range of investment options that are relatively affordable,
  • Access to Schengen countries without the need for a visa,
  • Portugal is a safe country with great quality of life, strong healthcare and education systems, good infrastructure, wonderful climate, and hospitable people.
  • Once you become a citizen in Portugal,
    • You can live, work, and study anywhere in the European Union,
    • Get a Portuguese passport (4th most powerful passport in the world),

There are four different routes available to attain a Golden Visa in Portugal.  But one option really stands out in terms of its value proposition:

  • Private equity or venture capital fund investment of €500,000 in Portugal

A brief update here; the program used to allow for real estate investment as a qualifying investment for the Golden Visa program, but stopped it as of late 2023. 

Some other routes include donating to the culture and art scene (€250,000) or research and development (€500,000), or starting a company, putting in some capital (€500,000), and employing a number of people in Portugal. 

For me, the fund investment was a no brainer, as it’s an ‘investment’, and not a ‘donation’, and as it does not involve me to actively put in an effort of running a company and managing a team.

I can be annoying when it comes to research

This was a significant investment for me that dug into my life savings.  So, I wanted to make sure that I gathered all the necessary information I could get my hands on and vet all the potential companies that offer services.

I corresponded with 9 investment advisory firms, 11 funds, and 6 law firms before finally making a decision.

Too much? Maybe. Worth it? Totally.

Throughout my research, I was not surprised to see a lot of cacophony; biased reviews, out-of-date information, misleading pitches, and all that schmooze. Well, the democratization of information has its cons as well as pros.

That’s why, I want to outlay the whole program, its process, timeline, advantages, disadvantages in an unbiased and transparent light in this article.

Having said that, I am neither an accountant, nor a lawyer, nor a financial advisor.  So, please don’t take anything in this article at face value, dig deeper, do your own research before taking any action for this visa in Portugal.

With that, let’s get started!

Portugal Golden Visa Benefits

All Portugal residency by investment programs offer various benefits to the investor. 

The advantages of the Portuguese Golden Visa that stood out for me were:

  • Right to Live & Work in Portugal: Your Golden Visa residence permit will give you the legal right to live and work in Portugal. This does not mean you need to settle to Portugal and live there. You only need to spend an average of seven days a year to maintain your residence permit.
  • Visa-Free Travel in the Schengen Area / EU Countries: Your Golden Visa residence permit card will allow you to travel freely within the Schengen Area without an additional visa. The card will function just like a Schengen visa. As a non-EU citizen and a frequent traveler (well, especially post the pandemic), this was a big plus for me.
  • Family Reunification: As a main applicant, you can include your spouse, dependent children, and dependent parents under the program. They get their Golden Visa cards at the same time you do. They benefit from all the advantages and qualify to apply for citizenship at the end of five years, just like you do.
  • Low Stay Requirement: The Portuguese Golden Visa has one of the lowest stay requirements in Europe. It requires you to only spend an average of seven days annually in Portugal.
  • Portuguese Citizenship at the end of 5 Years: This was the most important factor that made me choose Portugal’s Golden Visa program as opposed to its alternatives. Without actually moving to Portugal, by merely spending seven days a year in the country, the program allows me and my family to apply for Portuguese citizenship in 5 years. Once you become a Portuguese citizen, you are an EU citizen. You can live, work, and study anywhere in the EU or the EEA and you can travel to 184 countries without a visa. For me, this is where the jackpot is.
  • Tax Benefits: This may or may not be relevant depending on your specific case. But, Portugal has some attractive tax benefits. Firstly, Portugal does not tax your international income outside of Portugal, they only care about your income in Portugal. Secondly, they have a program called Fiscal Incentive for Scientific Research and Innovation (IFICI), which, similar to their Non-Habitual Residency (NHR) program back in the day, can exempt you from many income taxes for a number of years, in case you choose to become a tax resident in Portugal.
  • Portugal Golden Visa is a Legitimate Program: The program abides by the European Union immigration standards. Unlike numerous residency and citizenship by investment programs, The Portuguese golden visa residency program is not blacklisted by the Organisation for Economic Co-operation and Development (OECD.)
  • Not a Donation, but an Investment in a Stable European Economy: I like the fact that Portugal is not asking investors to donate money in exchange for a residence permit. They transparently offer an actual investment method that can lead to a Golden Visa in the country. This way, I was able to make an investment in a promising economy with my money, chasing a competitive ROI, while also getting the residency as a bonus.

Investment Options for the Portuguese Golden Visa

The Portuguese Golden Visa offers various investment or donation schemes to apply.

You need to choose one of the below methods in order to apply for Portuguese residency through investment.

1. Portuguese Fund Investment: What I Chose to Go With

A minimum of €500,000 investment in one or more qualifying Portuguese investment funds. There are specific requirements that the fund needs to fit to qualify for the Portuguese Golden Visa program.

This option was the most popular when I first started assessing the program. I chose to go with it due to reasons I will go into detail later on in the article. There are plenty of interesting funds available in the market that qualify you for a Golden Visa.

The Portuguese government does not allow funds that are directly or indirectly involved in real estate investments to qualify for a Golden Visa. They need to be pure Private Equity or Venture Capital funds to qualify.

But the nice thing about this option is, the program does not require you to deploy all €500,000 into one single fund. You can diversify across multiple qualifying funds, as long as the total invested amount adds up to €500,000 or more.

The Blogler has a detailed article on the Portuguese Golden Visa program through the Investment Fund option.

 

2. Scientific and Technological Research Investment

A minimum contribution of €500,000 in scientific or technological research. The research needs to be conducted by an accredited national institution in Portugal.

3. Arts & National Heritage Investment: The Most Ambiguous Option

A minimum investment of €250,000 into the conservation of national heritage, arts, or culture in Portugal.

4. Business Investment & Job Creation: The Hybrid Option

(i) Investing a minimum of €500,000 into an incorporated business in Portugal and (ii) creating five full-time jobs for a minimum period of three years.

Portugal Golden Visa Application & Renewal Process

2024 Note: You can make your investment remotely and submit your GV application online. It will take roughly 12-15 months for AIMA to give you a biometrics appointment. You will only need to physically go to Portugal at the appointment date.

The initial application and the supporting documents are submitted online at Agência para a Integração, Migrações e Asilo (AIMA).

In case you come across the acronym SEF, that’s what AIMA was formerly called until late 2023; Serviço de Fronteiras e Estrangeiros (SEF). 

Once AIMA approves your application, they will provide you with alternative appointment slots to choose from. At the appointment date, you and your dependents need to appear in person to submit your biometric data and perform a basic interview.

There are various AIMA offices across Portugal.  Regardless of which office you apply at, the centralized system puts you at a first-come-first-served queue.

You may technically complete the application process on your own, but I certainly would not recommend doing so.  It is a significant investment, so it’s best not to risk anything and leave it to a professional with experience. That’s what I did. I corresponded in detail with six different law firms and did not choose the cheapest one, chose the one I thought would make the process most smooth for me.

You can submit your application along with your family at the same time. They will be processed simultaneously.

Portugal Golden Visa Government Application Fees

Initial Application processing fee€605 for the main applicant
€83.10 for each dependant applicant
Initial Application approval fee€6,045 for each applicant
Renewal Application Processing fee€605 for the main applicant
€83.10 for each dependant applicant
Renewal Application approval fee€3,023.20 for each applicant

You will receive your first Golden Visa card, which will be valid for a two-year period.

GV Card #1

Year 1-2

You can use your residence card to make use of all the benefits of Golden Visa.  This includes traveling freely across the Schengen countries, without the need for any additional visas.  You will need to present your passport along with the Golden Visa card.

You are required to spend a minimum of 14 days in Portugal within these two years.

In order to renew your residence card, you need to set a biometrics appointment with SEF, provide up-to-date documentation, and pay the renewal fees for yourself and for your dependents, if you have any.

You need to pursue the renewal process between 1 and 3 months before your current residence permit expires. 

GV Card #2

Year 3-4

Similar to your first Golden Visa residence card, the second one is valid for another two years. Again, you will need to spend a minimum of 14 days in Portugal within these two years.

The Portuguese government is debating whether or not they should extend the duration of the second card to three years instead of two year.  Nothing concrete yet.

At the end of the two-year period, you need to once again go through the renewal process.

GV Card #3

Year 5+

Your third Golden Visa residence card will also be valid for two years. In the middle of its validity, you reach your five-year milestone.

At this point, you have three options to pursue:

  1. 1. Renew your Golden Visa and continue with the temporary resident status:
    • You need to hold on to your investment as long as you renew your Golden Visa card
  2. 2. Apply for permanent residence in Portugal:
    • You need to obtain an A2 level Portuguese language certification
    • You need to provide a physical address of residence in Portugal
    • You need to reside in Portugal the minimum number of months
    • You can liquidate your investment
  3. 3. Apply for Portuguese citizenship:
    • You need to obtain an A2 level Portuguese language certification
    • You need to have no unpaid taxes in Portugal
    • You need to have clean criminal records
    • You need to show ties to Portugal
    • You can liquidate your investment

If you choose to get naturalized, you can get your Portuguese passport and become a European citizen.

Golden Visa Program Portugal Step-By-Step Process

Decide on an advisor & an investment

Before applying for my Golden Visa, I went back and forth between hiring an advisory firm or not.  Finally, I chose to work with one. In hindsight, I’m glad I did. Technically, I could have done it by myself, but it would have involved a lot of headache and trouble.  

I don’t want this to turn into an advertorial, so I will not share the name of the advisory firm here. I was extremely happy with their service and the level of effort they put in to make sure I had a smooth ride. I would recommend their services, feel free to email Robin below, I provided him their contact information.

I needed to make my investment. They shared with me my options and I chose to go ahead with a fund investment.  The advisory firm tirelessly went through each and every option, they set up call with the funds we shortlisted, and shared with me tables comparing the different funds.

The time frame varies depending on the chosen investment option. The whole decision process about the type of investment and the choosing the specific fund took me about a month.

Collect all the Necessary Documents

I had to prepare three sets of documents: (i) for my legal representation and bank opening, (ii) for my fund subscription, (iii) for my Golden Visa application.  It is a smart idea to streamline the process and start preparing the documents simultaneously as you are deciding on your investment, and waiting for the red tape in some of these steps.

Among the documents, requesting a criminal record may take the longest. Other documents include proof of address, marital status, employment letter, and bank reference letter.  Most of the documents need to be translated to Portuguese, notarized, and apostilled. SEF requires the translation to be certified by a Portuguese notary or Portuguese consulate.  

You need to have a Portuguese NIF (social security number) or a financial number and open a Portuguese bank account.  Opening a bank account for Americans can apparently get a bit tricky, but the advisory firm I worked with was able to make it quite smooth in my case.

Complete my investment

AIMA required me to transfer the investment amount from my bank account outside of Portugal (from my US bank account, in my case) to my bank account in Portugal.  Then I made the fund investment from my Portuguese bank.  It took about a month to complete my fund subscription.

Complete my registration before submitting the application

The immigration office, AIMA, has an online portal where you can submit your application.

After completing the pre-registration through the website, you will need to pay the registration fee of €605.10 for your application and for each family member. You will also have to send a copy of all the required documents at this time.

Because Portugal’s residency under the investment program can be complex, I chose to use legal representative recommended to me by my advisor.  They handled this step for me.

 

Schedule & Attend my AIMA Appointment

In around twelve months, AIMA is supposed to share with me a few appointment dates. I hear the wait times are supposed to get shorter these days, but we shall see.

I had a friend, who went through the process. He had his appointment in the AIMA office in Porto, where an immigration official interviewed him briefly and collected his biometric data. If you are applying with your family, it is better that you all go together with all your documents at once.

Once he was done with the appointment and it was approved, he had to pay the licensing fee to the government.  After his appointment, he had to wait another four and a half months to receive his Golden Visa card. 

This is a bit long, but he was glad to receive his residence card valid for three-years instead of two. He was expecting it to be valid for two years, but as of July 2024, the government apparently increased the first card’s validity to three years. Lucky us!

Golden Visa Extensions

Normally, each Golden Visa card is valid for two years at a time. As per Portugal Golden Visa requirements, I am expected to spend 14 days in Portugal within the two-year period.  Then, the renewal application is submitted online at AIMA, these days.

Become a Portuguese citizen

If you have maintained your investment and minimum residency requirements, you can apply for Portuguese citizenship at the end of 5 years. Just remember that you will need to know some Portuguese, so if citizenship is your goal, make sure you study the language. If all goes well, you will receive a Portuguese passport, one of the most powerful passports in the world. 

I haven’t got to this stage yet, but this is my ultimate plan. Hopefully, it’ll be a smooth transition into becoming a European citizen.

Portugal Golden Visa Changes

The Portuguese Parliament made major changes to the Golden Visa program in 2022 and again in 2023.

What Were the Changes?

Initially the minimum investment amounts got popped up and the types of asset classes you could invest in changed in 2022.

Then, in 2023, they scrapped a few investment categories entirely, including the real estate investment. You can no longer invest in real estate to apply for a Golden Visa in Portugal.

I’ve come across a few players in the market promote, what’s called the D2 Visa Program in Portugal, as a way to invest in real estate and apply for a Golden Visa in Portugal. 

But, to be honest, it all smelled a bit fishy, when I researched the details and found out that the D2 Visa requires you to live in Portugal full-time in order to upkeep it.

Why Did I Choose the Fund Investment Method?

Initially, I went back and forth between the fund investment and the other available options quite a bit.

Ultimately, there were four reasons why I chose to go ahead with a fund:

  • I’m not making a donation or starting a business, I’m making an investment, that could turn out to be quite fruitful,
  • Less acquisition costs in taxes and fees,
  • Well diversified options,
  • I do not have management hassle, professionals take care of that for me.

When I look back, I would probably change one thing about my application. Instead of putting all my eggs in one basket, I would diversify. I invested all the amount in one fund.  If I could go back, I would put it in two or three different funds.

Did I Receive Any Help Along the Way?

Yes. Although I am an absolute control freak and love to do my own research, I was tempted to use a professional firm to help me along the process.

I live and work in the US. Portugal is an ocean away; a different culture, a different language, a different way of doing business. I wanted to have a local professional that would hold my hand to make sure all goes smoothly with such a significant investment and this visa for Portugal.

That’s why I hired an advisory firm to help me choose and make my investment and apply for the Golden Visa. I also used the law firm that they partner up with in order to make things super safe and smooth.

In hindsight, I am glad that I worked with a professional firm. Robin asked me not to share the name of the advisory company or the fund I chose here in order not to make it into an advertorial.  But, they were of great help and I would strongly recommend them.  I provided their contact information to Robin, so feel free to email here, for an intro to Golden Visa to Portugal.

I hope this was helpful for you. I wish you the best of luck along your journey!

Related Articles

Portugal Golden Visa UK Citizens
Portugal Golden Visa for Americans
Portugal Golden Visa for Canadians
Portugal Golden Visa for Australians
Portugal Golden Visa Statistics – Updated in August
Portugal Golden Visa Changes Updated

Portugal Golden Visa Statistics

In August 2023, the number of applicants reached 12,718. 20,424 dependents accompanied the main applicants. As you can see from the visual below, real estate investment dominates the Golden Visa Portugal statistics. However, as the real estate option is no longer available, the fund option will most likely replace it.

Frequently Asked Questions

What is a Golden Visa in Portugal

Golden Visa for Portugal is a scheme that grants residency to individuals who are looking to get residency in Portugal. It was introduced in 2012 and is now the most popular residency by investment program in Europe.

What are the benefits of the Portugal Golden Visa Program?

The golden visa Portugal grants the holder many benefits, such as:

  • Residence visa waiver for entering Portugal.
  • Right to live and work in Portugal.
  • Visa-free traveling right within the Schengen Area.
  • Family reunification.
  • You can apply for permanent residence at the end of 5-years.
  • You can apply for Portuguese citizenship at the end of 5-years.

Do I have to hire a lawyer to apply for a Golden Visa to Portugal?

It’s always encouraged to hire legal advice when venturing into a significant investment like this. Technically, you can apply for a golden visa yourself. Still, it’s smarter to hire professionals because they are familiar with all the rules and regulations for this visa in Portugal and can make your application run smoother.

Can I include my family members in my Golden Visa Portugal application?

Under the act of family reunification, the main Portugal Golden visa applicant can include their family within the Portuguese residency program. The Portugal Golden Visa grants all the benefits of living and working in Portugal to the family members.

The listed family members below are eligible to apply for the Golden Visa along with your application:

  • Spouse
  • Children under the age of 18
  • Single and financially dependent adult children as long as they are full-time students
  • Parents over the age of 66 years old

How long does it take to get residency in Portugal?

Portugal Golden Visa program process depends on both your availability to visit Portugal, to submit your biometric data, and the number of the applications at the office to which you applied. It may take around 18-24 months to obtain your Golden Visa for Portugal considering the above variables.

Do I have to reside in Portugal to keep my residency?

This visa in Portugal is subject to renewal at the end of the 2nd, 4th, and 6th years. The minimum stay requirement is 14 days in each two-year period. So, you don't have to live in Portugal full-time to main your visa for Portugal.

Does the Portugal golden visa program lead to citizenship?

If you meet the below conditions, you are eligible to apply for Portuguese citizenship at the end of 5 years:

  • Clean criminal records.
  • Proof that you fulfilled the minimum stay requirement for five years.
  • Proof of no tax obligation in the country.
  • Evidence of your knowledge for basic command of the Portuguese A2 Level Language Requirement.

Does Portugal accept dual citizenship?

Yes, you can keep the Portuguese passport as second citizenship if your home country allows dual citizenship. This is among the biggest highlights of Golden Visa program Portugal.

Can I exit Portugals Golden visa Program investment at the end of five years?

There are three options for Portugal’s golden visa program at the end of five years:

  • Application to renew the Portugal Golden Visa.
  • Application to become a Permanent Residence.
  • Application for Portuguese Citizenship.

You don’t have to keep your initial investment after you obtain permanent residency or citizenship. You have to keep your initial investment as long as you renew your Golden Visas Portugal’s golden.

What’s the minimum amount I can invest in the Portugal Golden Visa program?

The minimum investment for Portugal residency by investment is €250,000. This is in fact a donation you'll make for the cultural&art heritage in the country.

If I’m in Portugal Golden Visa program, can I work there?

The Portuguese Golden Visa is technically a temporary residence permit. It allows you to live and work in Portugal. With your Golden Visa for Portugal, you can set up your own business or work for a company.

What fees do I have to pay for the Portugal Golden Visa?

The legal costs of the golden visa can start from €8,000 Euros, with extra charges for meeting the investment threshold. For the entire golden visa process, be prepared to spend an additional 10%-15% on top of your minimum investment amount.

Do I have to know Portuguese to apply for a Golden Visa?

No. Portuguese language knowledge is not necessary for the Golden Visa program, though it is necessary to obtain citizenship. However, it's a basic A2-level exam. To learn more, check out our article on the Portuguese Language Test.

How long does it take before I can acquire Portuguese citizenship and passport?

Acquiring citizenship through the Portuguese golden visa takes five years. At the end of five years in the program you have three options:

  • Application to renew the Portugal Golden Visa
  • Application to become a Permanent Residence
  • Application for Citizenship

You don’t have to keep your initial investment after you obtain permanent residency or citizenship. You have to keep your initial investment as long as you renew your Golden Visa in Portugal.

What option for investments do I have for the Portuguese golden visa?

The Portuguese Golden Visa offers a variety of investment options, such as:

  • Portuguese Fund Investment of €500,000
  • Scientific and Technological Research Contribution
  • National Heritage Contribution
  • Portuguese Business Establishment and Employment Opportunity

How many people have applied for Golden Visa Portugal?

As of 2023, 12,718 investors and their families have received Portugal’s Golden Visa.

I’m British. Can I apply for Golden Visa for Portugal?

Yes, you can. British citizens can apply for Portugal Golden Visa program since post-Brexit. Most British prefer the real estate route to get their Golden Visa in Portugal.

Which is the best route to get Portugal residency by investment?

The most popular investment method of the current Golden Visa program in Portugal is the venture capital or private equity investment of €500,000.

Are Americans eligible to apply for Portugal Golden Visa program?

Yes, they are. As Portugal Golden Visa is for non-EU citizens, Americans are welcome to apply. In fact, Americans are among the nationalities who apply for Golden Visa in Portugal.

Do Portugal Golden Visa Requirements include relocation to the country?

No, they don't. Staying in the country for seven days on average per year will suffice to keep your Portugal residency by investment.

What are Portugal Golden Visa reviews like?

Portugal Golden Visa reviews are quite good. Many international investors favor the program, thanks to its easy rules, benefits, and different investment options.

What is Portugal Golden Visa mortgage process?

The program requires that you bring your funds outside of Portugal. This is why Portugal Golden Visa mortgage is only possible if you bring the minimum amounts from abroad.

Your email address will not be published. Required fields are marked *

© Copyright 2024 by The Blogler.

  • Terms of use
    • Get in touch
    Terms of Use