The Golden Visa in Portugal: A comprehensive guide to the D9 Visa
Navigating the D9-Golden Visa in Portugal
The Portugal Golden Visa program, officially known as the Residence Permit for Investment Activity (ARI), is a residency-by-investment scheme established to attract non-EU/EEA/Swiss citizens to Portugal. Through this program, investors and their families gain the right to live, work, and study in Portugal with limited stay requirements. The program has raised over €7.5 billion since its inception in 2012 and has become one of the most sought-after pathways to residency and eventual EU citizenship.
Key highlights include:
- Investment Threshold: Starting at €250,000, one of the lowest in Europe.
- Stay Requirement: 7 days in the first year, followed by 14 days every subsequent two-year period.
- Visa-Free Schengen Access: Immediate freedom to travel within the Schengen zone.
- Citizenship: Eligibility for Portuguese citizenship after five years.
Table of Contents:
- Benefits: Advantages of the Golden Visa
- Eligibility: Qualifying for the Golden Visa
- Investment: Contribution Options for the Golden Visa
- Requirements: Prerequisites of the Golden Visa
- Application Process: Steps to get the Golden Visa
- Frequently Asked Questions about the Golden Visa
- Contact Us: Expertise You Can Count On
Benefits: Advantages of the Golden Visa
Low Investment Threshold
Qualifying for residency in Portugal starts with a minimum investment of €250,000, one of Europe’s lowest. The options are flexible, allowing you to select from various types of investments such as fund subscriptions, business creation, or donations to cultural or scientific projects.
Minimal Residency Requirement
You don’t need to relocate permanently to Portugal. Just spending an average of 14 days per 2 years in the country is sufficient to maintain your residence permit. Each residence permit now lasts two years; however, the law still states that you must spend seven days in Portugal in the first year, followed by 14 days every two years after that. To be on the safe side, it’s better to meet both requirements, for example, by spending seven days every year. Or you could spend 14 days in year one, year three, year five, and so on.
Path to Citizenship
After five years, Golden Visa holders can apply for Portuguese citizenship, one of the quickest timelines available for an investment-based residence permit in Europe.
Living, Working, and Studying
The visa allows full access to Portugal’s healthcare, educational institutions, and employment or business establishment opportunities.
Extensive Travel Benefits
The Golden Visa automatically registers you in the Schengen Area’s central system, allowing you to travel freely within the Schengen Zone, which includes 27 European countries. After obtaining Portuguese citizenship, holders gain visa-free access to 189 destinations worldwide.
Eligibility for Dependents
Main applicants may extend their Golden Visa benefits to family members. Eligible family members include spouses, minor children, financially dependent children over 18 who are full-time students, and parents aged 65 or older.
Tax Benefits
Golden Visa holders are not automatically tax residents in Portugal. Only those spending more than 183 days in Portugal per year are subject to Portuguese taxes. If you choose to become a tax resident, Portugal offers a competitive tax structure.
Eligibility: Qualifying for the Golden Visa
Nationalities
The Golden Visa is open to non-EU, non-EEA, and non-Swiss nationals.
Basic Requirements
Applicants must be at least 18 years old and hold a clean criminal record from both their home country and Portugal. The required investment funds must originate from outside of Portugal, demonstrating that foreign capital is being brought into the country.
Family Members
The main applicant can extend the visa benefits to family members through a family reunification process. Eligible dependents include the spouse, minor children, adult dependent children who are students, and parents aged 65 or older. Legal documentation must be presented to prove relationships for all family members included.
Minimum Investment Options
A minimum qualifying investment must be made from the following categories:
- Fund Subscription
- Company Creation or Employment Generation
- Donation
Note: Previously popular routes like real estate acquisition and capital transfers no longer qualify as of October 2023.
Investment: Contribution Options for the Golden Visa
The Portuguese Golden Visa program offers various investment pathways:
Fund Subscription
Requires a minimum investment of €500,000 in a qualifying Portuguese fund. Eligible funds are typically private equity or venture capital. The fund must be non-real estate-based as of October 2023.
Company Establishment or Employment Generation
Option A: Create a minimum of 10 full-time jobs in a Portuguese business owned by the main applicant.
Option B: In low-density areas, create at least eight new full-time jobs in a business owned by the main applicant.
Option C: Invest a minimum of €500,000 in an existing Portuguese business, which must create five new full-time jobs for a minimum of three years.
Donation
Option A: Contribute €250,000 to preserve Portuguese national heritage
Option B: Contribute €500,000 to a Portuguese research and development project.
Discontinued Options:
As of October 2023, Real Estate Acquisition and Capital Transfers no longer qualify for the Golden Visa program. This restriction also applies to funds with direct or indirect real estate holdings.
Can Loans Be Used for Golden Visa Investment?
Portuguese financial institutions do not allow Golden Visa investments to be financed by loans from within Portugal. However, funds borrowed from non-Portuguese institutions can be used to meet the minimum investment requirement, provided they are transferred to Portugal.
Requirements: Prerequisites of the Golden Visa
Residence Requirement
Portugal’s Golden Visa has a low stay requirement: seven days per year on average, or 14 days over two years for the initial permit, which then renews every two years.
Maintain Qualified Investment
Applicants must maintain their qualified investment for at least five years or until they achieve permanent residency or citizenship. Once citizenship or permanent residency is granted, the investment requirement is lifted.
Documentation Required
Applicants must provide a range of documents, including:
- A Valid Passport.
- Passport-sized photos
- Evidence of qualifying investment, such as fund subscription documentation.
- Declaration from a Portuguese bank confirming the transfer of funds.
- Criminal records from both home country and Portugal.
- Declaration of compliance with investment regulations.
- Proof of good standing with Portugal’s Tax and Social Security Authorities.
Legalizing and Translating Documents
Documents issued by non-Portuguese entities must be legalized, with an apostille if applicable. Documents not in Portuguese must be translated and notarized.
Application Process: Steps to get the Golden Visa
Consult with a Golden Visa Advisor and Choose Your Investment Type
To begin, speak with a Golden Visa advisor, like the AS Consultancy Golden Visa team, to understand each investment option, such as investment funds, business investments or donations. Consider factors like minimum investment amounts and long-term returns before finalising your choice. Currently, fund investments are popular due to their manageable requirements and attractive returns.
Gather Necessary Documents
Next, collect all required documents for both yourself and any dependents. Common documents include identification, a clean criminal record certificate, proof of health insurance, and investment documentation. Many of these will need to be translated, notarized, and certified. Working with a Golden Visa advisor can simplify this part by providing checklists and guidance.
Obtain a NIF, a NISS, and Open a Bank Account
Getting both a Portuguese NIF (Tax Identification Number) and NISS (Social Security Identification Number) is usually quick, and a legal representative can obtain one for you if you’re not in Portugal. Opening a bank account is also required for the application, as funds must be transferred for the investment. Processing times for accounts vary based on your country, but a lawyer can handle it on your behalf if preferred.
Finalize Your Investment
Once you’ve chosen an investment, make the financial commitment by transferring funds or acquiring property. Be sure the investment meets Portugal’s Golden Visa requirements. Retain all relevant transaction records and investment documents for your application.
Submit the Pre-Application
With your investment finalized and paperwork ready, submit the Golden Visa pre-application online through AIMA (formerly SEF). Usually, your lawyer or advisor will handle this on your behalf and notify you if additional documents are needed to complete the application.
Schedule and Attend the AIMA Appointment
After AIMA reviews your pre-application, you’ll receive appointment dates for a biometrics session, where you’ll submit fingerprints and other identification. You and any dependents must attend in person. Be sure to bring all original documents, as they will be verified during this appointment.
Receive and Renew Your Golden Visa
Approximately six months after the biometrics appointment, you’ll receive your Golden Visa residence cards, valid for two years. Renewals are required every two years, during which you’ll need to show proof of continued investment and adherence to residency requirements.
Apply for Permanent Residency or Citizenship
After five years, you may apply for Portuguese permanent residency or citizenship. Citizenship provides a Portuguese passport, freedom of movement within the EU, and voting rights, but you’ll need to demonstrate basic proficiency in Portuguese. Once approved for permanent residency or citizenship, maintaining your initial investment is no longer necessary.
Timeline and Renewal for the Golden Visa
The Portugal Golden Visa follows a predictable timeline:
- Years 1–2: The initial residence card is valid for two years, with a stay requirement of 14 days within that period.
- Years 3–5: Each renewal permit is valid for two years, with a stay requirement of 14 days per period
- Year 5 and Beyond: After five years, applicants are eligible to apply for either permanent residency or citizenship. Citizenship processing typically takes between 12 to 18 months.
Frequently Asked Questions
Step into a World of Possibilities
Discover the life-changing benefits of Portugal’s Golden Visa:
Portugal is ranked the #1 investment destination by PWC
Security is ranked #3 in the world by the Global Peace Index
Portugal ranked #1 in places to retire by International Living
Portugal ranked #1 most friendly country for expats by InterNations
Portugal ranked #3 for patient care and medical services by the World Index of Healthcare Innovation
Portugal ranked with Very high proficiency by the EF English Proficiency Index
Portugal is just a two-hour flight away from major European cities
Get citizenship after just 5 years
Citizenship is permanent and passes down to your future generations
The Portuguese passport is the 6th strongest in the world, with 189 destinations visa-free
As a Portuguese citizen, you have the right to live, work, study, and retire anywhere in the European Union
Qualify with just 14 days in a two-year period
Expertise You Can Count On
Why UAE and MENA-based clients trust us to help them with their Portuguese Golden Visa Investment:
- We are a firm with an office and representatives in Dubai providing a convenient point of contact for all your needs.
- We specialize in the UAE market, so we know exactly what our Dubai-based clients need to make their Portuguese dreams come true.
- As certified immigration consultants and lawyers, we'll certify, apostille, and translate your documents, taking care of as much as possible on your behalf.