Important Update — October 2023: Portugal formally ended the real estate investment route to the Golden Visa in October 2023 as part of the government's "Mais Habitação" (More Housing) housing reform package. Property purchases — including residential, commercial, and REITs — no longer qualify for Golden Visa residency as of that date. Existing Golden Visa holders are unaffected and may continue to renew under the terms of their original application. New applicants must use the remaining qualifying routes described below. The information in this article reflects the 2024 position.
Portugal: Still One of Europe's Most Compelling Destinations for Investors
When the Holiday Home Times team convened a webinar with Darryl Pereira, CEO of Reira Ventures, and Filipe Eusébio, Partner at Ana Bruno Associados — one of Portugal's most respected law firms — the topic was the Portugal Golden Visa at a time when real estate investment was its most popular qualifying route. The world has moved on since then, but Portugal's fundamental appeal to investors, entrepreneurs, and globally mobile individuals has not diminished. If anything, the removal of the real estate route has clarified and professionalised the investor immigration landscape around the genuinely productive investment categories that remain.
Portugal is one of the oldest nation-states in Europe, with a coastline stretching from the green hills of the Minho to the sun-drenched beaches of the Algarve. It combines Western European political stability, NATO membership, Schengen Area access, and EU citizenship eligibility after five years with a quality of life — food, weather, healthcare, safety — that has made it one of the world's most consistently sought-after destinations for internationally mobile capital and talent.
What the Portugal Golden Visa Looks Like in 2024
The Golden Visa (formally the Autorização de Residência para Atividade de Investimento, or ARI) continues to operate as a residency-by-investment programme, but with investment routes limited to the following categories:
1. Investment Fund Subscription — €500,000
The most popular qualifying route for new applicants since the end of the real estate route is subscription to qualifying Portuguese investment funds or venture capital funds. The minimum investment is €500,000, and the fund must have a minimum term of five years with at least 60 per cent of its investments made in companies registered in Portugal.
This route has attracted significant interest from investors who previously would have considered the real estate route, because it offers professional management of the underlying investment, diversification across a portfolio of assets, and — in the case of well-structured funds — potential returns that compare favourably with direct real estate investment after costs. Darryl Pereira and Filipe Eusébio both noted in the original webinar that the fund route had been underutilised by many applicants who defaulted to real estate because of familiarity; it is now the primary route for most new Golden Visa applications.
2. Arts and Cultural Heritage Contribution — €250,000
A lower-threshold route exists for investors willing to make a donation of at least €250,000 to support arts, cultural heritage, or the arts in general through qualifying Portuguese institutions. This route is not available to all applicants — it requires a demonstrable connection to cultural or arts promotion — but for applicants who qualify, it represents the most affordable pathway to Portuguese residency.
3. Job Creation
Investors who establish a business in Portugal and create a minimum of ten permanent jobs (or eight, if the business is located in a low-density area) qualify for Golden Visa residency without a minimum capital threshold. This route is designed for entrepreneurs who intend to operate a genuine business in Portugal, and it remains a viable pathway for those with operational business plans.
4. Scientific Research Contribution — €500,000
Investment of at least €500,000 in qualifying scientific research activities conducted by public or private research institutions qualifies for the Golden Visa. This route has attracted interest from investors in the technology and life sciences sectors who wish to combine a strategic investment in Portuguese research infrastructure with the residency benefits of the programme.
The Golden Visa Process: What Applicants Need to Know
The mechanics of a Golden Visa application — as explained by Filipe Eusébio in the original webinar — have not changed fundamentally since 2020, though processing times have lengthened due to high application volumes. The typical sequence is as follows:
- Obtain a Portuguese NIF (tax number): This can be done remotely through a Portuguese tax representative and is the first step in any investment process.
- Open a Portuguese bank account: Required for the transfer of investment funds.
- Make the qualifying investment: Fund subscription, cultural contribution, or business registration, as applicable.
- Submit the Golden Visa application to AIMA (the Agency for Integration, Migration and Asylum, formerly known as SEF): Documentation includes proof of investment, criminal background checks, passport copies, and proof of health insurance.
- Biometric appointment in Portugal: At least one in-person visit to Portugal is required for biometric data collection.
- Residency card issuance: Once approved, a two-year residency card is issued. The Golden Visa requires minimum physical presence in Portugal of only seven days per year — one of the most flexible residency requirements of any comparable programme globally.
- Renewal: The card is renewed at two-year intervals. After five years of residency, the holder may apply for permanent residency or Portuguese citizenship.
Alternatives to the Golden Visa: Portugal's Other Pathways
For individuals who do not meet the Golden Visa investment thresholds or who prefer a different structure, Portugal offers several compelling alternatives:
D7 Passive Income Visa
The D7 visa — sometimes called the "passive income visa" or "retirement visa" — is available to non-EU nationals who can demonstrate a minimum monthly passive income (from pension, investments, rental income, or other qualifying sources) of approximately €820 per month (the Portuguese minimum wage). Unlike the Golden Visa, the D7 requires genuine physical residency in Portugal — holders must be present for the majority of the year. For individuals who genuinely wish to relocate to Portugal rather than simply obtaining residency rights, the D7 is the most straightforward pathway and does not require the large capital commitments of the Golden Visa routes.
D8 Digital Nomad Visa
Introduced in 2022, the D8 visa targets remote workers and digital nomads who work for employers or clients outside Portugal. The minimum income requirement is four times the Portuguese minimum wage (approximately €3,280 per month), and the visa provides the right to reside in Portugal while working remotely for non-Portuguese employers. This has become one of the most popular Portuguese visas among younger professional migrants and reflects the country's active strategy to attract location-independent workers.
Non-Habitual Resident Tax Regime
The NHR (Non-Habitual Resident) tax regime, which provides significant tax advantages to qualifying new residents for a ten-year period, was revised in 2024 with the introduction of the "IFICI" regime as a replacement. The revised regime maintains favourable tax treatment for certain categories of income — particularly for qualifying professionals in technology, scientific research, and creative industries — though the previous blanket flat-rate tax on foreign pension income has been phased out. Prospective applicants should take current professional tax advice on the specific benefits available under the 2024 framework.
Portugal's Enduring Appeal
Darryl Pereira summarised Portugal's appeal with characteristic directness: "Portugal gives you Western Europe, Schengen travel, EU citizenship eligibility, outstanding quality of life, and a cost of living that is substantially lower than France, Germany, or the UK. The Golden Visa was never the only reason to come here — it was a gateway. Once people arrive and understand what Portugal actually is, the visa becomes almost secondary."
That assessment remains accurate. The removal of the real estate route has not diminished Portugal's fundamental attractions. It has, if anything, redirected investor attention towards the country's genuine economic strengths — its research institutions, its arts and cultural sector, its growing technology ecosystem — rather than its property market. For investors and globally mobile individuals considering European residency, Portugal remains one of the most compelling options available in 2024.
Darryl Pereira is CEO of Reira Ventures, a Portugal-based company with interests in real estate development, tourism, and sustainable energy. Filipe Eusébio is a Partner at Ana Bruno Associados, a law firm specialising in immigration, real estate, and corporate law in Portugal. Immigration regulations and investment requirements are subject to change. Prospective applicants should obtain current professional legal and financial advice before making any investment or residency application.