The Portuguese Golden Visa program has been one of Europe’s most attractive residency-by-investment opportunities since its launch. Investors choose Portugal not only because of the climate, quality of life, safety, and access to the European Union, but also because of the program’s flexibility: applicants do not need to live in Portugal full-time to keep their residency active. In 2025, new reforms reshape the program. Some routes are stricter, and others remain available for investors who contribute to job creation, innovation, and regional development. This guide explains the updates in plain English and shows how to evaluate whether the Golden Visa is the right option for your relocation or investment plan.
What changed in 2025
A major shift happened in recent reforms: the Portuguese government wants the Golden Visa to support real economic growth. This means less speculative property buying in popular tourist zones and more emphasis on businesses, funds, and job creation. In practice, here is what changed in 2025:
- Real estate in Lisbon and Porto no longer qualifies unless it fits a rehabilitation or regional incentive model.
- Investment funds and company creation are now the most encouraged paths by the government.
- Investments linked to research, innovation, or job creation benefit from faster approvals.
- Holding period requirements and minimum stay obligations are clearly defined.
In short: Portugal now favors investments that help the economy instead of just buying a luxury apartment as a passive investment.
Who can apply
Any non-EU, non-EEA, and non-Swiss national can apply for the Golden Visa, provided they make an eligible investment and pass standard security checks. Required documents usually include:
- A valid passport
- Clean criminal record from your country of residence
- Proof of the origin of funds used for the investment
- Proof of medical or travel insurance
Applicants must also meet Portugal’s residency requirements. You don’t need to live there full-time — the Golden Visa only requires an average stay of seven days per year. This is a huge advantage for international investors who travel frequently or maintain businesses in several countries.
Available investment routes
After the 2025 reforms, the Golden Visa focuses on investments that create value inside Portugal. The most relevant options are below.
1. Capital transfer or fund investment
This is currently the most popular option. Investors place capital into a regulated Portuguese investment fund, venture capital fund, or qualifying company. These funds typically invest in technology, healthcare, tourism infrastructure, green projects, or regional development.
Why investors like this option:
- No property management or real estate risks
- Fully regulated and audited investment vehicles
- Clear exit strategies at the end of the mandatory holding period
2. Company creation and job creation
If you want to build or buy a Portuguese company, you can qualify by creating jobs. This option is attractive for entrepreneurs and business owners. It usually requires:
- A business plan explaining how jobs will be created
- Evidence of hiring Portuguese employees
- Compliance with corporate and tax rules in Portugal
Many expats choose this to open restaurants, tech companies, consultancy agencies, or regional tourism businesses.
3. Targeted real estate (still possible)
Real estate is no longer the “default” option it used to be, but it is still possible in specific cases. Properties located in low-density areas, interior regions, or buildings legally classified for rehabilitation can qualify. These projects support the government’s objective of revitalizing historical districts and spreading investment beyond Lisbon and Porto.
Examples include:
- Renovation of historical buildings
- Restoration projects in interior regions
- Hotel rehabilitation in tourism-development zones
Application timeline and key steps
- Choose your investment route — funds, company creation, or targeted real estate.
- Prepare required documents — passport, background checks, proof of funds, investment contract or fund subscription.
- Complete the investment — by transferring funds or signing investment agreements.
- Submit your application online to the immigration authority (transitioning from SEF to AIMA).
- Attend biometrics — fingerprints and passport validation.
- Receive Portuguese residency card — valid for two years and renewable.
After five years, the investor may apply for:
- Permanent residency in Portugal
- Citizenship (subject to language requirements and proof of integration)
Costs and what to budget
Beyond the investment itself, expect administrative costs such as:
- Legal or immigration agency fees
- Notary and registry costs
- Document translations or apostilles
- Government application and biometric fees
- Taxes if you purchase real estate or open a company
Many applicants choose a Portuguese lawyer for transparency and to handle local paperwork efficiently. This significantly decreases errors and delays.
Alternatives worth considering
The Golden Visa is not the only path to residency. If your main goal is living in Portugal rather than investing, consider these options:
- D7 Visa — for passive income earners, retirees, or remote workers
- Digital Nomad Visa — for people employed by foreign companies who earn remote income
- Work Visa — if you secure a job with a Portuguese employer
These visas require more physical presence in Portugal, but less investment capital.
Tips from advisors
Experienced immigration consultants repeatedly emphasize four essential tips:
- Work with a local lawyer who understands the 2025 rules.
- Document your funds carefully — Portugal verifies origins rigorously.
- Choose investments that genuinely support economic activity.
- Be organized with renewals — missed deadlines cause delays.
Want a personalized checklist or vetted lawyer recommendations? We can prepare a custom step-by-step plan based on your situation (investor, family, business owner).
Last updated: November 9, 2025 — always verify legal details with a Portuguese immigration lawyer.
