Portugal Golden Visa 2025: Complete Investment Guide for UK and US Citizens
In 2025, Portugal’s Golden Visa program continues to be an attractive gateway for UK and US citizens seeking residency in the European Union. Following Brexit, British citizens can now apply for the visa, while Americans have shown growing interest due to political and economic factors. The program offers several investment options, including venture capital funds and cultural projects, with reduced minimum stay requirements and a clear path to Portuguese citizenship after five years.
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What is the Portugal Golden Visa?
The Portugal Golden Visa is a residency-by-investment program that allows non-EU citizens to gain temporary residency in Portugal in exchange for qualifying investments. It was introduced in 2012 to attract foreign capital and promote economic development in Portugal. The Golden Visa grants successful applicants the right to live, work, and study in Portugal, as well as travel freely within the Schengen Area.
Key features of the Portugal Golden Visa include:
1. Investment Options: There are several investment routes available, such as:
- Real estate purchase (typically a minimum of €280,000 in specific areas or €500,000 in general).
- Investment in Portuguese businesses, funds, or research projects.
- Donations to Portuguese cultural or scientific projects.
- Job creation through starting a business in Portugal.
2. Minimum Stay Requirements: The program is designed to be flexible, requiring only a minimal stay in Portugal to maintain the residency status. The minimum is generally 7 days in the first year and 14 days in subsequent years.
3. Path to Citizenship: After five years of holding the Golden Visa, applicants can apply for permanent residency or Portuguese citizenship, provided they meet the basic residency requirements (such as language skills and cultural integration).
4. Benefits:
- Right to live, work, and study in Portugal and travel within the Schengen Area.
- Access to high-quality healthcare and education in Portugal.
- Family reunification (spouse, children, and dependent parents can be included in the application).
- Attractive tax incentives for residents, particularly through Portugal’s Non-Habitual Resident (NHR) program.
The Golden Visa program is a popular choice among investors, particularly those from countries like the UK, the US, and China, who are seeking residency in Europe while making a strategic financial investment.
Investment Options in 2025
In 2025, Portugal’s Golden Visa program continues to offer various investment options for UK and US citizens seeking residency in the country. With recent legislative changes, some traditional pathways, such as investment in residential real estate, have been excluded, making way for alternatives that promote Portugal’s economic and cultural development.
🟢 Current Investment Options for the Golden Visa in 2025
Investment Funds (€500,000)
Minimum investment of €500,000 in venture capital or private equity funds registered with the CMVM (Portuguese Securities Market Commission).
These funds must support sectors such as technology, industry, or other areas of economic growth.
Sources: Wikipedia, Portugal Residency Advisors, VisaVerge
Job Creation (€500,000)
Investment of €500,000 in a Portuguese company resulting in the creation of at least five permanent jobs.
Source: Portugal Residency Advisors
Scientific or Technological Research (€500,000)
Capital transfer of €500,000 or more to public or private institutions dedicated to scientific or technological research.
Source: Vistos
Support for Culture and Heritage (€250,000)
Minimum contribution of €250,000 towards projects preserving national cultural heritage or supporting artistic production.
Source: Vistos
These options reflect Portugal’s commitment to directing foreign investment towards areas that promote sustainable development and cultural enhancement.
Step-by-Step Application Process
Step 1: Choose Your Investment Option
Select a qualifying investment route, such as investing in a Portuguese investment fund (€500,000+), supporting cultural projects (€250,000+), or funding scientific research (€500,000+).
Step 2: Gather Required Documentation
Prepare essential documents, including:
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Valid passport
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Proof of investment or intent to invest
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Criminal background check (from country of origin/residence, valid for 3 months)
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Portuguese tax identification number (NIF)
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Proof of health insurance valid in Portugal
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Bank statement from a Portuguese bank account
Step 3: Obtain a Portuguese Tax Number and Open a Bank Account
Before investing, you must obtain a NIF (Número de Identificação Fiscal) and open a Portuguese bank account. This can often be done remotely with the help of a legal representative.
Step 4: Make the Investment
Once the account is open, transfer the funds and complete the qualifying investment.
Step 5: Submit the Application to SEF (or AIMA)
File your application through the online portal of SEF (now transitioning to AIMA – Agência para a Imigração e Mobilidade). Ensure all supporting documents are correctly submitted.
Step 6: Biometrics Appointment
After initial approval, schedule and attend a biometric appointment in Portugal. This involves fingerprinting and photo collection.
Step 7: Receive Your Residence Permit
If the application is successful, you will receive a residence card valid for 2 years, renewable for successive 3-year periods.
Step 8: Renew and Maintain Compliance
To maintain the Golden Visa:
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Spend a minimum of 7 days per year in Portugal
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Maintain the investment
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Renew your residence card before it expires
Step 9: Apply for Permanent Residency or Citizenship
After 5 years, you may apply for permanent residency or Portuguese citizenship, provided you meet the criteria (including basic Portuguese language skills).
Benefits of the Golden Visa
1. Residency in Portugal
Gain legal residency in a safe, stable EU country with a high quality of life, modern infrastructure, and excellent healthcare.
2. Freedom of Movement
Travel freely within the Schengen Area, covering 27 European countries, without needing additional visas.
3. Minimal Stay Requirements
Only 7 days per year in Portugal are required to maintain the visa, making it ideal for remote investors.
4. Path to Citizenship
Apply for Portuguese citizenship after 5 years without needing to reside full-time. Portugal allows dual citizenship.
5. Family Reunification
Include your spouse, children, and dependent parents in the application under the same investment.
6. Access to Healthcare and Education
Benefit from access to Portugal’s public healthcare system and affordable, high-quality education.
7. Tax Advantages
Eligible to apply for the Non-Habitual Resident (NHR) regime, offering attractive tax benefits for 10 years.
8. Secure Investment Environment
Portugal has a strong legal framework and is part of the EU, ensuring transparency and investor protection.
9. Diversified Investment Options
Choose from investment funds, cultural support, scientific research, or business development – no longer limited to real estate.
Tax Considerations for Investora
While obtaining a Golden Visa does not automatically make you a tax resident, it’s important to understand the tax implications if you decide to spend more time in Portugal or apply for tax residency.
1. Tax Residency Rules
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You become a tax resident in Portugal if you:
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Spend more than 183 days per year in the country, or
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Maintain a permanent home in Portugal as of December 31.
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Tax residents are taxed on worldwide income.
2. Non-Habitual Resident (NHR) Regime
Golden Visa holders who become tax residents may apply for Portugal’s Non-Habitual Resident (NHR) regime, valid for 10 years. Key benefits include:
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Foreign pension income taxed at a flat 10% rate.
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Foreign income from dividends, interest, royalties, and capital gains may be exempt from Portuguese tax, depending on tax treaties.
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High-value professions (e.g. tech, medical, engineering, finance) may benefit from a 20% flat tax on Portuguese-sourced income.
3. No Wealth or Inheritance Tax
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Portugal does not impose wealth taxes.
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There is no inheritance or gift tax for spouses, children, or parents.
4. Capital Gains Tax
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Capital gains from the sale of Portuguese assets are generally taxed at 28% for individuals.
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There may be exemptions if the funds are reinvested in another primary residence or under specific conditions.
5. Reporting Requirements
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Golden Visa holders (especially those under NHR) may need to declare their foreign assets and income annually.
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It’s advisable to consult a Portuguese tax advisor to ensure compliance with local laws and maximize benefits.
Golden Visa vs. Other Portuguese Visa Options
| Criteria | Golden Visa | D7 Visa (Passive Income Visa) | D2 Visa (Entrepreneur Visa) | Tech Visa |
|---|---|---|---|---|
| Target Audience | Non-EU investors (UK, US, etc.) | Retirees, pensioners, and individuals with passive income | Entrepreneurs and self-employed individuals | Highly qualified professionals and tech entrepreneurs |
| Investment Requirement | Minimum investment of €250,000 to €500,000 (depending on route) | None, but must prove sufficient passive income | Investment in a business or startup in Portugal, with a focus on creating jobs | Sponsorship by a Portuguese company in the tech sector |
| Residency Requirements | Only 7 days per year in Portugal to maintain status | Must prove residence in Portugal for most of the year | Must establish and operate a business in Portugal | Must work for a Portuguese tech company |
| Path to Citizenship | 5 years (with minimum stay requirements) | 5 years (with proof of language and cultural integration) | 5 years (with proof of business success and integration) | 5 years (with proof of integration and stable employment) |
| Family Reunification | Spouse, children, and dependent parents included | Spouse, children, and dependent parents included | Spouse, children, and dependent parents included | Spouse, children, and dependent parents included |
| Taxation | Beneficiaries may apply for NHR tax regime (tax exemptions for foreign income) | No special tax regime, regular tax rates for income earned abroad | Regular taxation or the possibility of applying for NHR regime | NHR tax regime possible, with tax exemptions on foreign income |
| Investment Options | Real estate, business investments, scientific research, cultural projects, job creation | No investment required | Must invest in a business or startup in Portugal | Sponsored employment in a tech company |
| Processing Time | Typically 3-6 months | 2-3 months | 3-6 months | 3-6 months |
Key Differences:
1. Golden Visa:
- Ideal for investors looking for minimal residency requirements and family reunification benefits.
- Provides flexibility in investment options such as real estate, funds, job creation, or cultural contributions.
- More attractive for those interested in obtaining EU residency with the option of dual citizenship.
2. D7 Visa:
- Perfect for retirees or those with a steady source of passive income (pension, rental income, etc.).
- Requires proof of income but no investment in a business or real estate.
- Requires more time in Portugal (usually over 6 months per year) compared to the Golden Visa.
3. D2 Visa:
- Aimed at entrepreneurs and business owners who want to start or invest in a business in Portugal.
- Requires substantial business involvement and job creation.
- Pathway to citizenship is available, but applicants need to prove business success.
4. Tech Visa:
- Designed for tech professionals and entrepreneurs.
- Requires sponsorship by a Portuguese tech company.
- Offers fast-track opportunities to residence for highly qualified individuals.
Which Visa is Right for You?
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Golden Visa: Best for investors seeking flexibility, family reunification, and a minimal stay requirement while maintaining an EU connection.
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D7 Visa: Best for retirees or people with passive income who prefer a simpler route without heavy investment requirements.
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D2 Visa: Best for entrepreneurs who want to start a business and integrate into the Portuguese economy.
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Tech Visa: Best for tech professionals who have a job offer from a qualified Portuguese company.
Success Stories
1. João and Maria – Entrepreneurs from Brazil
João and Maria, a business-minded couple from Brazil, were looking to expand their ventures into Europe. They chose the Portugal Golden Visa as a smart solution to gain EU access, enjoy tax advantages, and secure residency for their entire family.
Investment:
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Invested €500,000 in a venture capital fund focused on Portuguese tech startups.
Results:
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Gained residency for the whole family in just 3 months.
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Benefited from Portugal’s Non-Habitual Resident (NHR) tax regime, significantly reducing taxes on foreign income.
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Now, after 5 years, they are applying for Portuguese citizenship and successfully operating their business across the EU.
2. Michael – Investor from the UK
Michael, a UK-based investor, wanted a secure EU foothold after Brexit while diversifying his portfolio. The Golden Visa offered him a streamlined path to residency without disrupting his UK lifestyle.
Investment:
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Invested €500,000 in short-term rental real estate in central Lisbon.
Results:
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Earned consistent passive income through rentals while retaining flexibility.
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Required to stay in Portugal only 7 days per year, allowing him to keep his UK base.
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Is now eligible to apply for Portuguese citizenship, offering full EU rights.
3. Sarah and Family – U.S. Citizens Seeking a European Life
Sarah and her family dreamed of living in Europe for better education, healthcare, and quality of life. The Golden Visa provided a straightforward route to move and settle in Portugal.
Investment:
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Contributed €250,000 to a cultural heritage preservation project, supporting arts and history in Portugal.
Results:
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Received residency within 6 months and relocated with her spouse and children.
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Her children now attend high-quality public schools in Portugal.
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After 5 years, the family will be eligible for Portuguese citizenship and a European passport.
4. Ahmed – Entrepreneur from the Middle East
Ahmed, a tech entrepreneur, wanted to expand into the European market while offering a stable and safe environment for his family. He saw the Golden Visa as a strategic investment opportunity.
Investment:
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Invested €500,000 into a Portuguese tech startup, creating over 10 jobs.
Results:
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Gained residency for his entire family.
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Built a new branch of his business in Lisbon, contributing to the local economy.
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Plans to apply for citizenship soon, and has already expanded into other EU markets.
These success stories show how the Portugal Golden Visa not only provides a gateway to European residency and citizenship but also opens doors to financial growth, family security, and lifestyle transformation.
Recent Changes and Future Outlook
1. Elimination of Real Estate Investments
In October 2023, the Portuguese government enacted the “Mais Habitação” (More Housing) law, which removed real estate purchases and related funds from the list of qualifying investments for the Golden Visa. This measure was introduced to combat housing market pressures and promote affordable housing for locals.
2. Emphasis on Investment Funds
The program now requires a minimum investment of €500,000 in closed-ended funds registered with the Portuguese Securities Market Commission (CMVM). These funds typically focus on sectors such as technology, tourism, agriculture, and renewable energy, aligning with Portugal’s strategic economic objectives.
3. Introduction of the “Solidarity Visa”
To further address housing and social integration challenges, Portugal introduced the “Solidarity Visa,” encouraging investments in affordable housing and migrant accommodation projects. This initiative aims to attract investments that directly benefit local communities.
4. Digitalization of the Application Process
Starting in 2025, the Golden Visa application process has transitioned to a fully digital format. This change is expected to enhance efficiency and reduce approval times, making the process more accessible for applicants.
Future Outlook
Despite these reforms, the Golden Visa program remains active and continues to attract non-EU investors seeking residency in Portugal. The government’s focus on sustainable and socially responsible investments suggests a long-term commitment to the program, albeit with ongoing evaluations to ensure it aligns with national interests.
However, applicants should be aware of processing delays. As of early 2025, the backlog of immigration cases, including Golden Visa applications, has approached 900,000, leading to extended waiting periods for approvals.
Summary
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Real Estate Investments: No longer eligible for the Golden Visa.
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Investment Funds: Minimum €500,000 in CMVM-registered funds focusing on key economic sectors.
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Solidarity Visa: New option promoting investments in affordable housing and migrant support.
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Application Process: Fully digital as of 2025, aiming for increased efficiency.
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Processing Times: Potential delays due to a significant backlog of applications.
For UK and US citizens considering the Golden Visa, these changes present new opportunities to contribute to Portugal’s economic and social development while obtaining residency. Engaging with legal and financial advisors familiar with the updated program is advisable to navigate the application process effectively.
Conclusion
Portugal’s Golden Visa remains one of the most attractive residency-by-investment programs in Europe for non-EU nationals, including citizens from the UK and the United States. With the recent changes introduced by 2025, the program has been reshaped to promote more sustainable and culturally aligned investments that benefit the country long-term.
Although residential real estate investments are no longer eligible, new opportunities in investment funds, scientific research, cultural projects, and job creation provide solid alternatives for those seeking legal residency, tax advantages, Schengen mobility, and a clear path to Portuguese citizenship.
With a more digital application process and a rapidly evolving market, now is a great time to plan your future in Portugal. If you’re considering this route, working with experienced advisors can help you choose the best investment strategy and ensure a smooth and successful application.
FAQ
The Portugal Golden Visa is a residency-by-investment program that allows non-EU citizens to obtain a residence permit in Portugal by making a qualifying investment in the country. After 5 years, investors may apply for permanent residency or citizenship without needing to relocate permanently.
Any non-EU, non-EEA, or non-Swiss citizen who is over 18 years old, has a clean criminal record, and can make a qualifying investment in Portugal is eligible to apply.
As of 2025, the main eligible investments are:
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€500,000 in venture capital or private equity funds registered with the CMVM.
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€500,000 in a Portuguese company creating at least 5 permanent jobs.
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€500,000 in scientific or technological research.
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€250,000 in cultural heritage or artistic production.
No. As of October 2023, real estate and related investment options have been removed from the Golden Visa program under the “More Housing” law.
No. You are only required to spend 7 days per year in Portugal (or 14 days every two years) to maintain your residency status.
Yes. Your spouse, children (under 18 or dependent students), and dependent parents can be included in your Golden Visa application as part of a family reunification process.
Yes. Golden Visa holders have full rights to live, work, and study in Portugal and can travel freely within the Schengen Area.
You may apply for Portuguese citizenship after 5 years of legal residency, provided you meet basic integration requirements, such as basic knowledge of the Portuguese language.
If you become a tax resident, you may benefit from the Non-Habitual Resident (NHR) regime, which offers reduced or exempt tax rates on foreign income for up to 10 years. If you are not a tax resident, you’re only taxed on Portuguese-sourced income.
Due to high demand, the process can take 6 to 12 months or more, depending on SEF (Immigration Services) processing times. A digital platform introduced in 2025 aims to improve efficiency.
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