Portugal Golden Visa restricts options to fund and business investments

Key Takeaways

• Portugal Golden Visa excludes real estate from October 2023; main options are Fund Investments and Business Investments.
• Applicants must invest at least €500,000 in funds or businesses, maintain five years, and satisfy minimum stay requirements.
• Family members can be included; after five years, investors may apply for permanent residency or citizenship with language test.

The Portugal Golden Visa program is a residency-by-investment route offered by Portugal 🇵🇹. It lets non-European Union (EU), non-European Economic Area (EEA), and non-Swiss citizens live, work, and study in Portugal 🇵🇹. By choosing certain investment types and meeting specific requirements, applicants can also work toward permanent residency or citizenship after several years.

Below you’ll find a clear explanation of the Portugal Golden Visa program’s financial requirements, its benefits, the steps you need to take to apply, and more. This guide will also break down Fund Investments and Business Investments—two important options since real estate is no longer allowed.

Eligibility Requirements

The Portugal Golden Visa is open to adults (18 years and over) who are not citizens of the EU, EEA, or Switzerland. The applicant must:

• Make a qualifying financial investment from funds sourced outside of Portugal 🇵🇹.
• Hold a clean criminal record.
• Make the investment before applying for the visa.
• Be willing and able to keep that investment for at least five years.

The program also supports family reunification, letting the main applicant include their spouse, children under 18 (or dependent students), and dependent parents.

Purpose and Benefits of the Visa

The Portugal Golden Visa was designed to draw foreign capital into the country by offering residency rights in return for certain investments. The main benefits for successful applicants include:

• Residency rights in Portugal 🇵🇹, including the ability to live, work, and study there.
• Visa-free travel across the Schengen Area.
• The chance to apply for permanent residency or citizenship after five years.
• The right to include close family members in the application, so the whole family can relocate and benefit together.
• No requirement to live full-time in Portugal 🇵🇹—a minimum of seven days per year is enough.

This program helps Portugal 🇵🇹 attract international business, boost its economy, and encourage development in arts and sciences.

Investment Options and Minimum Financial Requirements

From 2025 on, the Portugal Golden Visa excludes real estate. The main investment options now are:

Fund Investments

This pathway requires a minimum of €500,000 to be invested in a qualifying venture capital or private equity fund. The details include:

• The fund must have a minimum maturity period of five years.
• At least 60% of the fund’s portfolio must be invested in companies with registered offices in Portugal 🇵🇹, helping local businesses.
• These funds cannot directly or indirectly take part in real estate activities.
• Typical annual returns for these funds range between 3% and 10%.
• The entire investment must remain in place for at least five years.

Fund Investments are popular for individuals who prefer a less hands-on approach and want professional fund managers to handle their money.

Business Investments

Investors can also choose to:

• Invest at least €500,000 as capital in a Portuguese company and, at the same time, create at least 5 full-time jobs.
• Alternatively, create at least 10 jobs in Portugal 🇵🇹 with no required minimum capital amount.
  • In designated low-density regions, the job creation rule is relaxed to at least 8 jobs.

This route suits business owners or entrepreneurs who are interested in starting or developing a business in Portugal 🇵🇹 or creating jobs there.

Cultural and Scientific Investments

There are other investment options linked to culture and science:

• A donation of at least €250,000 to support arts, culture, or maintain national heritage.
  • In low-density areas, this requirement is reduced to €200,000.
• A minimum €500,000 investment in scientific or technological research.

These options support Portugal’s 🇵🇹 cultural preservation and research landscape while still providing residency benefits to the investor.

Additional Financial Considerations

• All investments, regardless of the type, must be maintained for at least five years from the date they are approved.
• Only funds from outside Portugal 🇵🇹 can be used.
• Investors must complete the investment before applying for the visa.

These rules are in place to make sure the investments truly bring in new money and support the country’s growth.

Application Process

Applying for the Portugal Golden Visa involves several steps:

1. Choose the Investment Type: Decide which qualifying investment you wish to pursue (e.g., Fund Investments, Business Investments).
2. Set Up a Portuguese Tax and Bank Account: These will be needed to transfer your investment funds and for ongoing compliance.
3. Transfer the Investment Funds: Make the investment from outside Portugal 🇵🇹.
4. Gather Documents:
   • Valid passport and passport photos.
   • Proof of the qualifying investment.
   • Criminal record certificate from your home country (and from Portugal 🇵🇹 if you’ve lived there).
   • Evidence of compliance with tax and social security.
   • Proof of health insurance.
   • Proof the investment funds are from outside Portugal 🇵🇹.
5. Application Submission: Submit your complete file through Portugal’s official online portal (check the SEF official website).
6. Attend Biometrics Appointment: Once your application is accepted, you and any included family members will be invited to provide fingerprint scans and photos in Portugal 🇵🇹.
7. Wait for Approval: The approval process can take over a year, given the current backlog.
8. Receive Initial Residence Card: When approved, the initial card is valid for 2 years.
9. Renew Residence Card: After two years, renew your card for another two-year period. After five years of continuous investment, you may apply for permanent residency or citizenship.

Required Documents and Evidence

You’ll need to provide the following:

• Your valid passport and two passport-sized photos.
• Proof of the qualifying investment (e.g., fund share certificates, business registration papers, bank transfer slips).
• A criminal record certificate no older than three months.
• Documents proving your tax number and bank account in Portugal 🇵🇹.
• Proof of private health insurance.
• Evidence that your money for the investment came from outside Portugal 🇵🇹.
• Proof of payment for applicable fees.

Each type of investment might require extra supporting documents. For instance, Fund Investments require fund compliance certificates, while Business Investments need proof of job creation (such as employment contracts).

Processing Times and Fees

Presently, it takes over a year from the time you make your investment to get your initial Golden Visa residence card. Processing times can vary based on application volumes and policy changes.

The application comes with the following costs:

• Government application fee: varies, but can range from €5,325 per person for the initial application and €2,663 for each renewal.
• Processing fees: about €533 for the main applicant and €83 per family member, charged per application and renewal.
• Additional fees for document translations, legal services, and fund management (if using Fund Investments).

Fees are subject to change, so checking the latest official information is important before preparing your application.

Validity Period and Renewal Options

When you first receive your Portugal Golden Visa residence card, it’s valid for 2 years. You must spend at least a week in Portugal 🇵🇹 each year to keep your status active.

Before your initial card runs out, you can renew it for another 2-year period by showing you still meet the investment (and other) requirements.

After a total of five years, you can apply for:

• Permanent residency in Portugal 🇵🇹.
• Or, if you meet the language and other requirements, Portuguese citizenship.

Rights and Restrictions

As a Golden Visa resident, you can:

• Live, work, and study anywhere in Portugal 🇵🇹.
• Enjoy visa-free travel in the entire Schengen Area.
• Bring qualifying family members.

There is no requirement to live in Portugal 🇵🇹 full-time. You only need to spend seven days per year in the country. However, if you want to apply for citizenship after five years, you must also pass an A2-level Portuguese language test.

Restrictions:

• Not eligible for other types of government social support or benefits that are only for Portuguese citizens.
• Investments in real estate don’t qualify anymore as of October 2023.
• The investment must not be withdrawn or reduced below the minimum until you reach five years of residence.

Pathways to Permanent Residency or Citizenship

After holding the Portugal Golden Visa for five years and still meeting all the requirements (like maintaining your investment and minimum stay), you can apply for permanent residency. If you have also passed the Portuguese language test (A2 level), you can apply for citizenship. Portugal 🇵🇹 accepts dual citizenship, so you don’t have to give up your original nationality.

Comparison with Similar Visa Types

Many countries have residency-by-investment programs. For example:

• Spain 🇪🇸 and Greece 🇬🇷 offer “Golden Visas” through real estate and other investments.
• Portugal 🇵🇹 stands out for its limited physical residence requirement (just seven days per year) and its clear path to citizenship after five years.

Unlike older versions of the Portugal Golden Visa, current rules no longer permit direct real estate investments. Alternatives like Fund Investments and Business Investments are now the main options.

Common Misconceptions or Questions

Q: Can I still buy property to qualify for the Portugal Golden Visa?
A: No, as of October 2023, real estate no longer qualifies.

Q: Is the Golden Visa a shortcut to EU citizenship?
A: The program offers a path to citizenship, but only after five years and meeting the A2 language requirement.

Q: Can family members work in Portugal 🇵🇹 too?
A: Yes, once approved, adult family members have the same right to work as the main applicant.

Q: Do I have to live in Portugal 🇵🇹 full-time?
A: No, a 7-day stay per year is enough.

Real-World Examples and Scenarios

• Fund Investments: An investor places €500,000 in a local venture capital fund that supports Portuguese startups. The fund is managed by professionals, and the investor checks in every year to make sure the investment remains active. After five years, they apply for permanent residency.
• Business Investments: An entrepreneur starts a tech company, invests €500,000, and hires 8 local staff in a low-density area, meeting the requirements for job creation. Their business grows, and they can expand their family’s future in Portugal 🇵🇹.

Recent Changes and Updates

The biggest update to the Portugal Golden Visa program is the removal of all direct and indirect real estate investment options as of October 2023. This change pushes applicants toward Fund Investments, Business Investments, and support of science and culture. Processing times, due to high demand and new rules, may now stretch over a year.

Pros and Cons of the Portugal Golden Visa

Pros
– Easy path to EU residency and eventual citizenship.
– Family can be included.
– Low minimum stay requirement.
– Various qualifying investments support different interests and risk appetites.
– Support for entrepreneurs, businesses, arts, and science.

Cons
– Real estate no longer an option.
– High minimum investment thresholds.
– Processing times are long (over a year).
– Investments must remain in place for at least five years.
– Application and legal fees can be substantial.

Additional Resources

For the most up-to-date information, always refer to the official Portuguese Immigration and Borders Service (SEF) Golden Visa page. Applicants can also consult VisaVerge.com for regular updates, news, and detailed guides on Fund Investments, Business Investments, and other Portugal Golden Visa topics.

In summary, the Portugal Golden Visa is a strong pathway to residency and citizenship, especially for those able to make Fund Investments or Business Investments. It fits people and families ready for a five-year commitment, provides solid benefits, and helps grow Portugal 🇵🇹’s economy in many ways. If you meet the requirements and plan carefully, this program offers many opportunities in a welcoming European country.

Learn Today

Golden Visa → A residency-by-investment program allowing foreign nationals to live, work, and study in Portugal through specific investments.
Fund Investments → Investing a minimum of €500,000 in a qualifying Portuguese venture capital or private equity fund for five years.
Business Investments → Investing capital or creating full-time jobs in Portugal through establishing or developing a Portuguese company.
Schengen Area → A group of European countries without border controls, allowing free movement for residents and visa holders.
Permanent Residency → A legal status that allows someone to live and work indefinitely in Portugal after meeting certain requirements.

This Article in a Nutshell

Portugal’s Golden Visa lets non-EU investors gain residency through qualifying investments—now focusing on funds and business, not real estate. Minimum investment is €500,000, held at least five years. It provides Schengen access, family inclusion, and a citizenship path, requiring only seven days per year in Portugal. Opportunities abound for investors.
— By VisaVerge.com

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