Portugal Golden Visa: the four investment routes left after the 2023 reform

The Portugal Golden Visa was once the most talked-about residency-by-investment programme in Europe, largely on the strength of its real estate route. After the 2023 reform, the picture has changed. This piece places the routes still in force side by side on the same yardstick — capital, obligations and duration — so investors can judge for themselves.

What the Portugal Golden Visa actually is

The programme's official name is ARI — Autorização de Residência para Atividade de Investimento (residence authorisation for investment activity). It is a residence permit, not a separate visa type, and has been in force since 8 October 2012.

According to Portugal's Agency for Integration, Migration and Asylum (AIMA), third-country nationals who meet one of the investment routes may apply for residence, enter visa-free and travel within the Schengen area. The initial permit is valid for two years from issuance.

What the 2023 reform removed

In October 2023, the "Mais Habitação" (More Housing) law ended all real estate investment routes — the programme's cornerstone for over a decade. The official reason: easing house-price pressure in major cities.

Alongside real estate, the unconditional €1.5 million capital transfer route was also removed. Since then, the programme has centred on routes tied to real economic activity: funds, companies, research, culture and job creation.

The four routes still in force

The thresholds below follow AIMA's current rules. The minimum capital is a necessary condition and excludes application fees, taxes and professional costs.

Beyond these four, the programme keeps a route for creating at least 10 jobs with no fixed capital minimum. These paths demand commitment to the real economy — unlike the liquidity of the former real estate route.

Residency rights and duties

ARI's biggest draw is its low physical-presence requirement. Per AIMA, an investor need only stay a minimum of 7 days in the first year and 14 days per subsequent two-year period — suited to those still living and working elsewhere.

ARI holders may work in Portugal, move within Schengen and later apply for permanent residence. A path to citizenship by naturalisation exists under nationality law, but the residence-duration rules are under review — investors should verify the latest timeframe before planning.

What investors should weigh

The 2023 reform made the programme less liquid: capital sits in a fund or company rather than an asset that can be resold easily. That is a trade-off between residency rights and investment flexibility.

The second factor is processing time. AIMA is running a plan to clear its backlog, and from February 2026 opened an online ARI renewal portal. Real timelines may run longer than expected — a variable to build into financial and travel plans.

Finally, this piece analyses public information; it is not legal or tax advice. Every case differs, and investors should work with a licensed professional in Portugal.

Summary

After the reform, the Portugal Golden Visa is no longer a "buy property, get residency" route, but an option for investors willing to tie capital to a fund, company or culture. With thresholds from €250,000 to €500,000 EUR and low presence requirements, it remains competitive in Europe — but only when the investment fits the financial goal, not just the permit.

← All Insights