Global Mobility / Residency by Investment / Portugal — Golden Visa

Residency by Investment · European Union

Portugal

European Union residence with one of the lightest presence requirements anywhere: seven days in the first year, fourteen in each renewal period thereafter.

Last reviewed September 1, 2026

Lisbon cityscape and the Tagus River in Portugal.

Advisory note · Current as of September 2026

The citizenship timeline changed in May 2026. Most material still in circulation is out of date.

Portugal’s principal attraction was for years the shortest route to an EU passport: five years of residence, with minimal presence required. That is no longer the position. Lei Orgânica n.º 1/2026 was published on May 18, 2026 and came into force the following day. It replaces the universal five-year naturalization requirement with ten years for most nationalities, and seven for nationals of EU member states and of the Community of Portuguese Language Countries (CPLP).

Two further changes matter. The qualifying clock now runs from the date the first residence permit is issued rather than from the date of application. Given processing times, that is a meaningful difference. And naturalization now carries a civic knowledge test and a Portuguese language requirement.

What has not changed is the Golden Visa itself. Investment thresholds, stay requirements and family inclusion are untouched, and permanent residence remains available after five years. This is a change to citizenship law, not to the residence program. A great deal of published commentary has blurred that distinction.

One point remains genuinely unresolved: whether residence already accrued counts toward the new clock for those who hold a permit but have not yet filed for nationality. The statute is silent, and implementing guidance was still awaited at the time of writing. We would not want you to plan around an assumption on that question.

The country

About Portugal

Portugal occupies the western edge of the Iberian Peninsula, with a population of around ten and a half million. It has been a member of the European Union since 1986 and of the Schengen Area since 1995, and adopted the euro at its introduction.

Lisbon and Porto account for most international activity, with the Algarve drawing a substantial resident foreign population. The country consistently places among the safer nations in global peace rankings, a point families considering it as a future base raise often.

English is widely spoken, particularly in Lisbon, Porto and the Algarve, and the international school provision in those areas is well established. That is a practical consideration for families thinking several years ahead rather than about the permit alone.

Portugal’s relationship with the Community of Portuguese Language Countries matters in a specific way: nationals of CPLP member states qualify for naturalization after seven years rather than ten. Nationals of the GCC states are not CPLP members, so for most of our clients the ten-year timeline is the one that applies.

Capital

Lisbon

Population

Approximately 10.6 million

Language

Portuguese (official); English widely spoken

Currency

Euro

EU membership

Member state since 1986; Schengen since 1995

Program name

Autorização de Residência para Atividade de Investimento (ARI)

Program since

2012

From Dubai

Approximately 8 hours to Lisbon, with direct services

At a glance

The program in outline

Minimum investment

€250,000

Cultural heritage route; €500,000 for the fund route most applicants use

Status conferred

Residence permit

Renewable while the qualifying investment is maintained

Stay requirement

7 / 14 days

Seven days in the first year, fourteen in each subsequent renewal period

Indicative processing

12–24 months

Subject to administrative backlogs, which have been significant

Permanent residence

5 years

Unchanged by the 2026 nationality reform

Path to citizenship

10 years

Seven for EU and CPLP nationals. Language and civic tests apply

Real estate

Not eligible

Removed as a qualifying route in October 2023

Family inclusion

Spouse, children, parents

Conditions apply to children over 18 and to parents

Investment routes

Qualifying routes since the 2023 reform

Portugal removed property from the program in October 2023 under the Mais Habitação housing legislation. What remains is directed toward productive capital rather than real estate, a change that altered the profile of the typical applicant considerably.

€500,000

Investment fund · most common

Qualifying investment fund

Subscription to a CMVM-regulated venture capital or private equity fund that meets the program criteria. Since the removal of property, this has become the route most applicants take.

  • The fund must be regulated by the CMVM, Portugal’s securities regulator
  • Funds with direct or indirect real estate exposure are excluded
  • Capital is committed for the life of the fund, typically several years
  • Fund selection is an investment decision requiring independent advice

€250,000

Cultural heritage

Cultural and heritage contribution

A contribution supporting artistic production or the preservation and restoration of Portuguese national heritage. The lowest entry point available under the program.

  • The contribution is not recoverable
  • A contribution rather than an investment, with no asset acquired
  • Recipient bodies must meet program criteria

€500,000

Research

Scientific research

Funding of research activity carried out by accredited institutions within the Portuguese scientific and technological system.

  • The funding is not recoverable
  • A contribution rather than an investment, with no asset acquired
  • Suits applicants with a genuine interest in the research area

€500,000

Company and jobs

Company formation and job creation

Establishing or capitalizing a Portuguese commercial company, together with the creation of qualifying employment positions.

  • Requires genuine operating substance, not a holding structure
  • Job creation obligations must be met and maintained
  • Appropriate where a real commercial purpose exists

We do not publish lists of qualifying funds or projects. Availability changes, subscription windows close, and a fund appropriate to one client’s horizon and risk tolerance may be wrong for another’s. Where a route is appropriate, we review currently available qualifying options with you at the assessment stage. Fund terms, strategy and any exit arrangements are set out by the fund manager on their own documentation, and we would expect you to take independent legal and financial advice before subscribing.

What it confers

What the permit gives you, and what it does not

The 2026 nationality reform makes this distinction more important than it was. Residence and citizenship are now separated by a decade for most applicants, and clarity about which one you are pursuing should come first.

What it gives you

  • The right to reside in Portugal, renewable while the qualifying investment is maintained.
  • Short-stay travel across the Schengen Area on the standard 90 days in any 180 basis.
  • Residence rights extending to your spouse, dependent children and, subject to conditions, parents.
  • Eligibility for permanent residence after five years of legal residence, unaffected by the nationality reform.
  • A presence requirement light enough to hold alongside a life based elsewhere.

What it does not give you

  • A near-term route to an EU passport. Naturalization now requires ten years for most nationalities.
  • The right to live or work in other EU member states; Schengen access is for short stays only.
  • A qualifying route through property. Real estate has not been eligible since October 2023.
  • Status independent of the investment during the qualifying period.
  • Certainty on how previously accrued residence will be treated under the new nationality clock.

Family

Who can be included

The permit extends to immediate family on a single qualifying investment, with conditions attaching to adult children and to parents.

Family member

Condition

Spouse

Spouse or legally recognized partner of the principal applicant.

Children under 18

Included without further condition.

Children over 18

Additional conditions apply, generally requiring financial dependency and unmarried status, and typically full-time study.

Parents

Parents of the principal applicant or spouse, subject to conditions including age and dependency.

Conditions attaching to adult children and to parents are applied with some rigor and have been tightened over the life of the program. We confirm the current position for your circumstances before anything is filed.

Applicants must be non-EU, non-EEA and non-Swiss nationals, over 18, hold a clean criminal record, and demonstrate the lawful origin of the invested funds.

Suitability

Who this program serves — and who it does not

We would rather tell you at the outset that a program is a poor fit than take a file we do not believe in. On Portugal, the May 2026 change has altered that conversation considerably.

Well suited to

  • Principals who want an EU residence position held over a long horizon, without relocating.
  • Families building toward a future European base, whether for schooling or as a considered alternative held in reserve.
  • Those for whom permanent residence at five years, rather than citizenship, is the actual objective.
  • Applicants comfortable committing capital to a regulated fund for a multi-year term.
  • Nationals of CPLP member states, such as Brazil or Angola, for whom the naturalization timeline is seven years rather than ten.

Less well suited to

  • Anyone whose objective is an EU passport within five years. That route closed in May 2026.
  • Applicants who wanted to qualify through property. Real estate has not been eligible since 2023.
  • Those needing a residence position established quickly, given processing times and administrative backlogs.
  • Investors uncomfortable with the illiquidity and risk profile of a closed-end fund commitment.
  • Anyone unwilling to travel to Portugal at all, since the modest stay requirement is still a requirement.

Process

How an application proceeds

Our role is to establish whether Portugal answers what you are solving for, to coordinate the legal and investment steps in the right order, and to remain accountable to you throughout.

01

Assessment

A confidential review of your objectives, nationality, family composition and horizon. On Portugal the first question is now whether you are solving for residence or for a passport, because the answer has changed materially since May 2026.
GLI Advisory conducts this review directly.

02

Route selection

Determining which qualifying route fits your position, liquidity and appetite for a multi-year capital commitment. For most applicants this is a fund decision, and it deserves more scrutiny than the permit itself.
We set out the options and the trade-offs.

03

Preliminary steps

Portuguese tax number, bank account, and power of attorney where appropriate. These sit before the investment and are frequently the source of avoidable delay.
We work alongside Portuguese counsel throughout.

04

Investment execution

Subscription to the selected fund or completion of the alternative qualifying route. Fund terms, strategy and exit arrangements come from the fund manager on their own documentation, and independent legal and financial advice should be taken before committing.
We coordinate; we do not advise on investment merit.

05

Application and biometrics

Submission of the residence permit application with supporting documentation, followed by biometric appointments for each applicant. Scheduling has been subject to significant administrative delay, and timelines should be planned with that in mind.
We manage documentation and track the file.

06

Issuance and renewal

The permit is issued and renewed in cycles while the qualifying investment is maintained. We remain available through renewals and at the point permanent residence becomes available at five years.
We stay engaged beyond issuance.

Considerations

What we would want you to weigh

The fund is the decision, not the permit

Since property was removed, most applicants qualify by committing half a million euros to a closed-end fund for several years. That is a substantial investment decision with its own risk, illiquidity and manager-selection questions. It deserves more scrutiny than the residence program itself, and independent financial and legal advice.

Portugal has reformed twice in three years

Property was removed in 2023; the naturalization period doubled in 2026. Both changes were substantial and both arrived faster than the market expected. We would not advise treating today’s framework as fixed, and we would build any plan with that in mind.

Administrative delay is a real cost

Processing has been subject to significant backlogs. Because the nationality clock now runs from issuance rather than application, delay no longer merely postpones the permit. It postpones everything that follows from it. Plan on a longer horizon than headline timelines suggest.

Questions

Portugal Golden Visa — common questions

How long does it take to get Portuguese citizenship through the Golden Visa?

Ten years for most nationalities, and seven for nationals of CPLP member states, following Lei Orgânica n.º 1/2026, which came into force on May 19, 2026. This replaced the previous five-year requirement. The clock runs from the date the first residence permit is issued, and naturalization now also requires a civic knowledge test and Portuguese language competence.

How much do you need to invest for the Portugal Golden Visa?

€500,000 into a qualifying CMVM-regulated investment fund, which is the route most applicants use. Alternatives are €250,000 for a cultural heritage contribution, €500,000 for scientific research, or €500,000 to establish a company creating qualifying jobs. Property has not been an eligible route since October 2023. These are the qualifying figures only, and government fees and legal costs sit above them.

Can I still buy property for the Portugal Golden Visa?

No. Real estate and capital transfer routes were removed in October 2023 under the Mais Habitação legislation. Funds investing directly or indirectly in real estate are also excluded from the qualifying fund route. A great deal of older material still describes the property route, and it no longer exists.

How much time do I have to spend in Portugal?

Seven days during the first year, and fourteen days in each subsequent two-year renewal period. This is among the lightest presence requirements of any European residency program and remains unchanged by the 2026 nationality reform.

Did the 2026 law change the Golden Visa itself?

No. Lei Orgânica n.º 1/2026 amended the nationality law, not the residence program. Investment thresholds, stay requirements and family inclusion are unchanged, and permanent residence remains available after five years of legal residence. Only the route from residence to citizenship was extended.

Does time I have already spent as a resident still count?

This is unresolved. The statute is silent on whether residence already accrued counts toward the new seven- or ten-year clock for holders who have not yet filed a nationality application, and implementing guidance was still awaited at the time of writing. Nationality applications filed on or before May 18, 2026 continue under the previous regime.

Is Portugal still worth it compared to Greece?

It depends on the objective. Greece is faster, lower at its entry tier and has no minimum stay, but its citizenship route requires seven years of genuine residence at 183 days per year. Portugal asks for only a few days of presence each year, but now requires ten years before naturalization. Where the goal is a held EU residence position rather than a passport, both work. Where it is a passport, neither is quick.

Can UAE and GCC residents apply?

Yes. The program is open to non-EU, non-EEA and non-Swiss nationals regardless of current residence, subject to eligibility and lawful source of funds. GLI Advisory is based in Dubai, and Lisbon is around eight hours away with direct services, which makes the modest annual presence requirement straightforward to meet.

A conversation
before a commitment.

We begin every engagement with a confidential assessment: your objectives, your nationality and horizon, and whether Portugal still answers what you are solving for after the May 2026 change. It is held in confidence, and there is no obligation to proceed.

Book a Confidential Consultation
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A private consultation at an executive meeting table.

Figures and requirements reflect information current as of September 2026 and are subject to change by the Portuguese Republic without notice. Implementing regulations under Lei Orgânica n.º 1/2026 were still awaited at the time of writing. Nothing on this page constitutes legal, tax or investment advice, an offer of residency, or a recommendation of any investment or fund. GLI Advisory does not provide investment advice and makes no representation as to the performance, return or liquidity of any qualifying investment. Eligibility is determined solely by the competent Portuguese authorities.
GLI International Advisory FZCO · Unit No: 3501–D07, Swiss Tower, JLT, Dubai, UAE