Portugal Golden Visa 2025: New Rules and Complete Guide

The Portugal Golden Visa program has long been a popular gateway for non-EU citizens to obtain residency in Europe through investment. However, as of 2025, significant changes have been introduced to align the program with Portugal’s goals for economic sustainability and innovation. This guide provides a comprehensive overview of the new rules, eligibility criteria, investment options, and application process to help prospective applicants navigate the updated landscape.

Understanding the Portugal Golden Visa Program

The Portugal Golden Visa was launched in 2012 as a residency-by-investment program to attract foreign investors to Portugal. By making a qualifying investment in the country, applicants could obtain a renewable residence permit, with the possibility of applying for permanent residency or citizenship after five years. Over the years, the program has undergone multiple changes, with the 2025 reforms marking a shift towards promoting innovation, research, and cultural preservation instead of real estate investment.

The Portugal Golden Visa remains one of the most attractive residency programs in Europe due to its low physical stay requirements, pathway to Portuguese citizenship, and access to the Schengen Zone for visa-free travel.

Key Changes to the Golden Visa in 2025

In 2025, Portugal implemented major reforms to the Golden Visa program. The key updates include:

1. Real Estate Investment Is No Longer an Option

One of the biggest changes in the 2025 Golden Visa update is the removal of real estate purchases as a qualifying investment option. Previously, investors could obtain the visa by purchasing residential or commercial properties, but this is no longer allowed.

2. Focus on Alternative Investment Routes

Instead of real estate, investors must now choose from other government-approved investment options. The new qualifying investment categories include:

Investment Funds: Minimum investment of €500,000 in a Portuguese private equity or venture capital fund focused on innovation, technology, or renewable energy (excluding real estate).
Research and Development (R&D): Minimum investment of €500,000 in scientific research conducted by public or private institutions.
Cultural and Artistic Contributions: A minimum donation of €250,000 to preserve Portugal’s national heritage or support cultural projects.
Job Creation & Business Investment: Minimum investment of €500,000 in a Portuguese company, which must create or maintain at least five permanent jobs for a minimum of three years.

3. Higher Minimum Investment Amounts

With the removal of the real estate option, the minimum entry cost for the Portugal Golden Visa has increased. While real estate investments previously started at €280,000, the new minimum threshold is €250,000, with most options requiring at least €500,000.

Eligibility Criteria for the Portugal Golden Visa in 2025

To apply for the Portugal Golden Visa, you must meet the following eligibility requirements:

Nationality: Must be a non-EU, non-EEA, and non-Swiss citizen.
Age Requirement: Must be at least 18 years old.
Clean Criminal Record: Applicants must provide a clean police record from both their home country and Portugal.
Legal Investment Source: The investment funds must come from outside Portugal and be transferred through a legal, traceable method.
Minimum Stay Requirement: Holders of the Golden Visa must spend at least seven days per year in Portugal, totaling 14 days per residence permit renewal cycle (every two years).

Step-by-Step Application Process for the Portugal Golden Visa

Applying for the Portugal Golden Visa involves several steps. Below is a detailed breakdown of the 2025 application process:

Step 1: Obtain a Portuguese NIF (Tax Identification Number)

Before making any investment, you need to obtain a Portuguese Tax Identification Number (NIF). This is required to open a local bank account and conduct financial transactions in Portugal.

Step 2: Open a Portuguese Bank Account

Once you have a NIF, you must open a Portuguese bank account to transfer your investment funds. This ensures that your capital enters Portugal through a regulated financial institution.

Step 3: Choose and Make a Qualifying Investment

Based on the new 2025 regulations, you must select one of the eligible investment routes and complete the required minimum investment.

Step 4: Gather Required Documents

To apply for the Golden Visa, you need to prepare the following documents:

Valid Passport
Portuguese NIF (Tax Number)
Proof of Investment (Bank transfer confirmation or legal agreements)
Criminal Record Certificate (Issued within the last 90 days)
Portuguese Bank Account Details
Health Insurance (Coverage valid in Portugal)
Proof of Legal Source of Funds (Bank statements, tax returns, or business records)
Proof of Address in Portugal (Can be a rental contract or hotel booking)

Step 5: Submit Your Application

The Golden Visa application is submitted online through SEF (Portuguese Immigration and Borders Service). Once submitted, you must pay the application fees and schedule an in-person biometric appointment in Portugal.

Step 6: Attend a Biometric Appointment

Applicants must travel to Portugal to complete a biometric data collection (fingerprints and photos) at a SEF office.

Step 7: Receive Your Residence Permit

If your application is approved, you will receive a temporary residence permit valid for two years. After that, you can renew it for three more years.

Step 8: Apply for Permanent Residency or Citizenship

After five years, you can apply for permanent residency or Portuguese citizenship. To obtain citizenship, you must:

Maintain your investment for at least five years.
Pass a basic Portuguese language test (A2 level).
Demonstrate ties to Portugal.

Benefits of the Portugal Golden Visa in 2025

The Portugal Golden Visa remains one of Europe’s most attractive residency-by-investment programs due to the following benefits:

Visa-Free Travel: Access to Schengen Area countries for 90 days within a 180-day period.
Low Minimum Stay Requirement: Only seven days per year in Portugal.
Pathway to Portuguese Citizenship: Eligible for citizenship after five years without full-time residency.
Family Reunification: Immediate family members (spouse, children, and dependent parents) can be included in the same application.
Tax Benefits: Opportunity to apply for Portugal’s Non-Habitual Resident (NHR) tax program, which offers tax exemptions on foreign income.

Frequently Asked Questions (FAQs)

1. Can I still invest in real estate for the Golden Visa?

No. As of 2025, the real estate investment option has been removed from the Golden Visa program.

2. How long does the Portugal Golden Visa process take?

The application process typically takes 6 to 12 months, depending on the volume of applications and SEF processing times.

3. Is the Portugal Golden Visa the same as permanent residency?

No. The Golden Visa provides temporary residency for the first five years. After that, you can apply for permanent residency or Portuguese citizenship.

4. Do I need to live in Portugal full-time?

No. The minimum stay requirement is only seven days per year, making it one of the most flexible Golden Visa programs in Europe.

5. What happens if I sell my investment before five years?

If you withdraw your investment before five years, your residency status will be revoked, and you will no longer be eligible for citizenship.

Conclusion

The Portugal Golden Visa 2025 continues to be one of Europe’s most valuable residency-by-investment programs, despite the new restrictions on real estate. With its pathway to EU citizenship, low residency requirements, and visa-free Schengen travel, the program remains attractive to investors looking for a secure and strategic gateway to Europe.

If you’re considering applying for the Portugal Golden Visa, it’s essential to plan ahead, choose the right investment route, and ensure compliance with the latest regulations.