Portugal’s Residence Permit for Investment (Autorização de Residência para Investimento, ARI) lets non-EU nationals obtain residence by making a qualifying investment. It is still open, but buying property no longer qualifies. Many guides online still say otherwise.
The key point: AIMA, the agency that runs the program, currently lists five investment routes: job creation, scientific research, cultural heritage, investment funds, and company creation or capitalisation. Real estate is not among them.
What the permit gives you
According to AIMA, an ARI holder can:
- enter Portugal without a residence visa;
- live and work in Portugal, provided they stay at least 7 days in the first year and at least 14 days in each following period;
- travel in the Schengen area without a visa;
- apply for family reunification;
- later apply for permanent residence under the Foreigners Law (Law 23/2007) and for Portuguese nationality by naturalisation, if the other legal requirements are met.
The five qualifying routes
| Route (legal sub-paragraph) | Requirement |
|---|---|
| Job creation (ii) | Create at least 10 jobs |
| Scientific research (v) | Transfer of at least €500,000 applied to research activities of institutions in the national scientific and technological system |
| Arts and cultural heritage (vi) | Transfer of at least €250,000 to support artistic production or to recover or maintain national cultural heritage, through the public and non-profit entities the law lists |
| Investment funds (vii) | Transfer of at least €500,000 into units of non-real-estate collective investment funds set up under Portuguese law, with a maturity of at least 5 years at the time of investment and at least 60% invested in companies based in Portugal |
| Company creation or capitalisation (viii) | At least €500,000 to set up a Portuguese company and create 5 permanent jobs, or to increase the capital of an existing one with at least 5 new jobs (or keeping at least 10 jobs, 5 of them permanent), for at least 3 years |
For the funds route, AIMA says several funds can be combined if the total reaches the legal amount, the money must come from an international capital transfer, and the investment cannot be directed, directly or indirectly, at real estate.
Documents AIMA asks for (funds route)
- Valid passport and proof of legal entry and stay in Portugal;
- Proof of health protection (national health service or internationally recognised insurance);
- Criminal record certificate, issued within the last 3 months and legalised and translated;
- Tax identification number from your country of residence;
- Bank statement confirming the transfer, and a certificate that the fund units are free of encumbrances, plus a declaration from the fund manager;
- Proof that tax and social-security obligations are in order, and payment of the application fee.
Family members
AIMA lists the spouse; children up to 17 or incapable children dependent on the couple; unmarried children aged 18–25 who are studying; dependent parents (first-degree ascendants) of the investor or spouse; and siblings up to 17 under the investor’s guardianship, subject to conditions. Family reunification is requested together with, and always depends on, the investor’s approval.
Timing: be realistic
AIMA has published a plan to clear a backlog of pending ARI cases, which shows that waiting times have been long. We do not quote a processing time here because it varies and no official average is published; we will tell you what we are seeing in current cases when we speak.
Citizenship
The permit can lead to nationality by naturalisation, but Portugal’s nationality rules were reformed in 2026 and the residence period that applies to you can depend on the date of your permit. Please speak to us before planning around citizenship.
Already hold a property-based Golden Visa?
If your permit was granted before the real estate route closed, ask us about renewal: the investment and minimum-stay conditions of your permit still apply.
How GoldPassports helps
We compare the five routes for your profile, review fund documents (maturity, 60% Portuguese allocation, no real estate exposure) before you commit capital, and prepare and follow the file through AIMA’s ARI portal.
Which countries is the Portugal Golden Visa most popular in?
Where most applicants and prospective investors come from, based on how much interest each country shows.
Most popular in Also popular
- United States
- United Arab Emirates
- United Kingdom
- India
- Pakistan
- Canada
- Turkiye
- Philippines
- Australia
- South Africa
Popularity is estimated from Google search volume for Portugal programs (average monthly searches, October 1, 2025 – September 30, 2026; source: Google Ads Keyword Planner), among the countries we track. It shows popularity, not eligibility.
Frequently asked questions
Can I still get a Portuguese Golden Visa by buying property?
No. The routes AIMA lists today are job creation, scientific research, cultural heritage, investment funds and company creation or capitalisation. Real estate is not among them.
What is the cheapest qualifying investment?
The cultural heritage route, at least €250,000 into artistic production or heritage recovery through the entities the law lists. Job creation (10 jobs) has no minimum amount but requires running a business.
What are the requirements for the funds route?
At least €500,000 in units of non-real-estate collective investment funds set up under Portuguese law, with a maturity of at least 5 years when you invest and at least 60% invested in companies based in Portugal. Several funds can be combined.
How many days must I spend in Portugal?
At least 7 days in the first year and at least 14 days in each following period, according to AIMA.
Can my family be included?
Yes. AIMA lists the spouse, dependent children, certain adult children who are studying, dependent parents and certain siblings under guardianship. Family reunification depends on the investor's approval.
Does the Golden Visa lead to permanent residence and citizenship?
AIMA states that holders can apply for permanent residence under Law 23/2007 and for nationality by naturalisation if they meet the legal requirements. Portugal reformed its nationality rules in 2026, so timelines should be checked against your own situation.
How long does AIMA take?
There is no official average. AIMA has published a recovery plan for its pending ARI cases, which indicates long waits. Ask us what is happening in current cases.
Related updates
- Which golden visas and citizenship-by-investment programs are still open in 2026? 17 Oct 2026
- Can you still get Portugal’s Golden Visa by buying property? 15 Oct 2026
- Residency vs citizenship by investment: the real differences 13 Oct 2026
Official sources
Figures on this page come from the sources below and were last verified on 11 October 2026. Rules change; always confirm the current position before investing.
