In short: The Golden Visa (officially ARI, residence permit for investment) gives non-EU citizens the right to reside in Portugal without actually living here: an average of seven days a year is enough. Since October 2023, real estate no longer qualifies. The most common route today is a fund investment of at least €500,000, usually locked up for seven to ten years. Add fund fees, government fees and lawyers, and one person can easily spend €90,000 to €135,000 over five years, with waiting times often above a year. If you actually want to move to Portugal, there are almost always cheaper routes.
We supported many Golden Visa clients, especially in the years when real estate still qualified. Back then the logic was simple: you bought a home, held a tangible asset and often earned rent. That option is gone for new applicants. Without it, you need to think very carefully about whether the visa still makes sense.
This guide is not a sales brochure. We show what the Golden Visa costs today, where the risks are and who it still suits.
The Golden Visa is a temporary residence permit for non-EU investors under article 90-A of the Foreigners Act. You apply directly to AIMA, with no prior residence visa, and can include your family.
Its biggest advantage: you do not have to move to Portugal. The minimum stay is seven days in the first year and 14 days in each following two-year period. The permit lets you travel within the Schengen area for up to 90 days in any 180.
For British citizens, this has become relevant again since Brexit; for Americans it is often a “Plan B” in Europe. In 2025, US citizens were the largest group of Golden Visa fund investors.
The “Mais Habitação” law (Lei 56/2023) removed real estate and plain capital transfers. Five routes remain:
Route | Minimum | Notes |
|---|---|---|
Investment fund | €500,000 | At least 60% in Portuguese companies, term of at least 5 years, no real estate |
Company capital with jobs | €500,000 | New company or capital increase, at least 5 permanent jobs for 3 years |
Research | €500,000 | To recognised scientific institutions |
Arts and cultural heritage | €250,000 | Funding for artistic production or heritage preservation |
Job creation | no minimum | At least 10 jobs |
The investment must be held for at least five years and may not go, directly or indirectly, into real estate. In practice, most applicants choose a fund.
Golden Visa funds are often sold as the easy option. In my personal opinion, they are not automatically a good deal. You park €500,000 for many years in a product you barely control, and net returns after all costs are usually modest.
The law requires at least five years. Most funds are closed-end venture capital or private equity funds with seven to ten-year terms, often with extension options for the manager. Early exit is usually impossible. A handful of open-ended funds with daily liquidity exist; they are the exception and carry their own risks.
Cost | Typical range | What it means |
|---|---|---|
Subscription fee | 0–5%, median about 1.4% | One-off at entry, up to €25,000 on €500,000 |
Management fee | 0.5–2.5% a year, median about 1.8% | Annual, often on committed capital; 1.8% is €9,000 a year |
Performance fee (carried interest) | usually 20%, sometimes up to 25% | Manager’s share of profits above a hurdle |
Fund-level costs | variable | Custodian, auditor, administration, transactions; often outside the management fee |
Redemption or exit fees | fund-specific | If early exit is possible at all |
Ranges are based on an analysis of 32 public Golden Visa fund profiles (June 2026). Always read the fund documents: what the fee is charged on, which costs come on top and how the performance fee works. Funds are supervised by the Portuguese securities regulator CMVM, which protects against misconduct but not against poor performance.
US investors, beware of PFIC rules. For US tax purposes, Portuguese fund units are generally treated as Passive Foreign Investment Companies, which can mean punitive taxation unless the fund provides the statements needed for a QEF election. Ask the fund before you subscribe and involve a US cross-border tax adviser.
Fee | In-person | Digital (−25%) |
|---|---|---|
Application review | €842.80 | €632.10 |
Permit grant | €8,418.90 | €6,314.20 |
Renewal (plus review fee) | €4,210.30 | €3,157.73 |
Fees apply to each family member separately and are indexed to inflation every March. Official source: AIMA fee table.
For the full cycle of first application and renewals, law firms typically quote €15,000 to €50,000 per family, plus 23% VAT. In our view these prices often do not reflect the actual work involved; they grew historically when the Golden Visa was a premium product for the wealthy. Get several quotes and compare exactly what is included.
Item | Approx. amount |
|---|---|
Subscription fee 1.4% | €7,000 |
Management fee 1.8% over 5 years | €45,000 |
AIMA: application, grant, two renewals (in-person) | €19,400 |
Lawyer incl. VAT | €18,500–61,500 |
Total excl. performance fee and translations | approx. €90,000–133,000 |
This is a simplified example, not a forecast. Add the opportunity cost: what would €500,000 earn elsewhere in the same period, for example in a US index fund? Nobody can guarantee the fund will earn back these costs.
Search online for Golden Visa experiences and you will find many frustrated investors, and rightly so. People invested on time and then waited years for their card or renewal. The government deliberately put Golden Visa files at the back of the queue. In my opinion, the state has not treated people who trusted it fairly.
Things are now moving. AIMA has almost cleared the huge backlog from the old “manifestação de interesse” procedure: in October 2026 only about 5,000 of 445,000 cases remained, according to the government. That capacity now goes to family reunification and Golden Visas. Of about 46,000 pending Golden Visa cases, around 30,000 had an appointment and about 6,000 had been decided (Portugal Resident, 7 October 2026). Applications have been fully digital since 2025, renewals run through an online portal since February 2026, and AIMA increased its staff from 723 to 850. For new applications, Lisbon lawyers currently quote 14 to 18 months to the card.
Two new rules make delays more costly: since Lei 62/2026, a renewal is no longer deemed approved if AIMA misses its deadline. And since the citizenship reform, the wait for the first card no longer counts towards naturalisation.
Many investors mainly wanted a Portuguese passport. Since 19 May 2026 (Lei Orgânica 1/2026), US and UK citizens need ten years of legal residence, counted from the first residence permit. With current waiting times, many investors face eleven to twelve years from application to passport. More in our guide to Portuguese citizenship. Permanent residence is still possible after five years.
Makes sense if … | Rather not if … |
|---|---|
You want EU residence as a “Plan B” without moving | You want to move to Portugal anyway |
You will not need the €500,000 for seven to ten years | You might need the capital in the coming years |
You want to secure your family and can accept waiting times | You need residence or a passport quickly |
You deliberately do not want to become tax resident in Portugal | You want to work or start a business in Portugal |
If you want to move to Portugal, we generally advise against the Golden Visa. The D7 visa for retirees and passive income, the D8 visa for remote workers, the D2 visa for entrepreneurs or the D3 visa for professionals get you there at a fraction of the cost, and your capital stays free, for example to buy your own home.
The Golden Visa does not make you tax resident in Portugal; that happens only if you spend more than 183 days a year here or have your habitual residence here. How fund income is taxed depends on your home country and the fund. IFICI applies only to certain professional activities, not to passive investors. US citizens remain subject to US tax filing in any case. We do not give tax advice but gladly introduce experienced advisers.
We do not work with funds and receive no commissions from fund managers. Our strength lies elsewhere: since 2010 we have supported people who actually move to, rent in or buy in Portugal. Whether with a Golden Visa or another route, we are happy to help with:
Book a free call or see our Portugal visa overview.
No. Since October 2023 (Lei 56/2023), property purchases no longer qualify for new applications, and funds may not invest in real estate directly or indirectly. Existing Golden Visa holders with property can keep renewing.
At least €500,000 for funds, research or company capital with five jobs, and €250,000 for arts and cultural heritage. Creating ten jobs is another option. The investment must be held for at least five years.
On top of the investment, AIMA charges about €9,260 per person for the first application and about €5,050 per renewal (2026, in-person). Fund fees and legal fees of typically €15,000 to €50,000 plus VAT per family come on top. Over five years, one person can easily reach €90,000 to €135,000.
Typically a subscription fee of 0 to 5%, an annual management fee of 0.5 to 2.5% (median about 1.8%) and a performance fee of usually 20% above a hurdle, plus fund-level costs for custody, audit and administration.
Legally at least five years, in practice usually seven to ten, because most funds are closed-end venture capital funds. Early exit is usually not possible.
For new applications, lawyers currently quote 14 to 18 months to the card. Older cases waited years; AIMA is now working off the backlog, with about 30,000 of 46,000 pending cases scheduled in October 2026.
No, that is the main advantage. Seven days in the first year and 14 days in each following two-year period are enough.
No longer. Since 19 May 2026, US and UK citizens need ten years of legal residence, counted from the first permit. Permanent residence remains possible after five years.
They can be. Portuguese fund units are generally treated as PFICs, which can lead to punitive US taxation unless the fund supports a QEF election. Check this with the fund and a US tax adviser before investing.
In most cases, no. If you plan to move, the D7, D8, D2 or D3 visa gets you there far more cheaply and keeps your capital free.
English • Portuguese • Spanish • German
Fill out the form below, and we will be in touch shortly.