Portugal’s Golden Visa program remains one of Europe’s most attractive residency-by-investment options, offering non-EU nationals a pathway to European residency and citizenship. As of 2025, the program has undergone significant changes, particularly concerning investment avenues and processing times. This guide provides an in-depth look at the current state of the Portugal Golden Visa, including eligibility criteria, investment options, application process, and recent policy updates.
What Is the Portugal Golden Visa?
Launched in 2012, the Portugal Golden Visa program grants residency to non-EU/EEA/Swiss nationals who make qualifying investments in the country. This residency allows holders to live, work, and study in Portugal and travel freely within the Schengen Area. After five years of legal residency, individuals may apply for Portuguese citizenship, subject to meeting language proficiency and other requirements.
Eligibility Criteria
To qualify for the Portugal Golden Visa in 2025, applicants must meet the following criteria:
Age: At least 18 years old.
Criminal Record: Clean criminal record from both the home country and Portugal.
Investment: Make a qualifying investment in Portugal.
Health Insurance: Obtain valid health insurance coverage in Portugal.
Residency Requirement: Spend a minimum of seven days in Portugal during the first year and 14 days every two years thereafter.
Family Inclusion: Eligible to include immediate family members, such as spouses, dependent children, and dependent parents.
Investment Options (2025)
As of late 2023, Portugal discontinued the real estate investment route for the Golden Visa program to address housing affordability issues. Consequently, the primary investment avenue is through qualifying investment funds.
Minimum Investment: €500,000.
Fund Types: Private equity, venture capital, and other regulated funds that do not invest in real estate.
Regulation: Funds must be registered and regulated by the Comissão do Mercado de Valores Mobiliários (CMVM), Portugal’s securities market commission.
Investment Focus: Sectors such as technology, industry, and other areas of economic growth.
Duration: Funds typically have a minimum investment horizon of five years.
Types of Qualifying Funds
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Private Equity Funds: Invest in established businesses with the potential for growth.
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Venture Capital Funds: Target early-stage startups with high growth potential.
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Public Equity Funds: Invest in publicly traded companies, often focusing on Portuguese markets.
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Sector-Specific Funds: Concentrate on specific industries like renewable energy, technology, or hospitality.
Some funds may offer diversification options, allowing you to invest in multiple funds to meet the €500,000 requirement
It’s essential to select funds that comply with the regulatory requirements and align with personal investment goals. Consulting with a financial advisor or immigration specialist is recommended to identify suitable fund options.
Application Process
The application process for the Portugal Golden Visa involves several steps:
1. Select an Investment Option: Choose a qualifying investment fund that meets the program’s criteria.
2. Prepare Documentation: Gather necessary documents, including a valid passport, proof of investment, clean criminal record certificates, health insurance, and tax compliance evidence.
3. Submit Application: Apply through the online portal or with the assistance of a legal representative.
4. Biometric Appointment: Attend a biometric appointment in Portugal to provide fingerprints and photographs.
5. Approval and Residency Card: Upon approval, receive a residence card valid for two years, renewable for subsequent periods.
6. Maintain Investment: Retain the investment for a minimum of five years to comply with program requirements.
Processing Times and Delays
As of 2025, the processing time for the Portugal Golden Visa has been extended due to a significant backlog. The transition from the Serviço de Estrangeiros e Fronteiras (SEF) to the Agência para a Imigração, Migração e Asilo (AIMA) has contributed to delays. Applicants can expect processing times ranging from 12 to 24 months, with biometric appointments and residence card issuance potentially taking an additional 6 to 18 months. The government has implemented measures to address these delays, including increasing staffing and digitizing the application process.
Recent Policy Updates
1. Citizenship Timeline Extension
In June 2025, Portugal announced an extension of the residency requirement for citizenship from five to ten years for most foreign nationals. This change may impact Golden Visa holders seeking to apply for citizenship.
2. Family Reunification Legislation
In August 2025, Portugal’s Constitutional Court blocked a bill that would have imposed a two-year waiting period for family reunification for legally resident immigrants. The court deemed the bill unconstitutional, affirming the right to family unity for immigrants, including Golden Visa holders.
Pros and Cons of the Portugal Golden Visa
Pros:
Pathway to EU Residency and Citizenship: Offers a route to live, work, and study in Portugal and the broader EU.
Minimal Physical Presence Requirement: Only seven days in the first year and 14 days every two years thereafter.
Family Inclusion: Ability to include immediate family members in the application.
Access to High-Quality Healthcare and Education: Eligibility for Portugal’s public services.
Cons:
Investment Commitment: Requires a significant financial investment with a minimum five-year commitment.
Processing Delays: Extended waiting times for application approval and residency card issuance.
Recent Policy Changes: Recent alterations to citizenship timelines may affect long-term plans.
Final Thoughts
The Portugal Golden Visa program continues to be a viable option for individuals seeking residency in Europe through investment. However, prospective applicants should be aware of the recent changes and potential delays in the application process. Thoroughly researching investment options and consulting with legal and financial advisors is crucial to ensure compliance with the program’s requirements and to make informed decisions.