In short — as of July 2026: The Portugal Golden Visa (ARI) now has four qualifying routes: a €500,000 investment in a CMVM-regulated non-real-estate fund; a €500,000 contribution to scientific research; a €250,000 contribution to arts and cultural heritage; and job creation (create 10 jobs, or invest €500,000 in a Portuguese company that creates at least 5). Real estate and the €1.5M capital-transfer route were removed in 2023. Every investment must be held for 5 years, physical presence is only about 7 days a year, and the path leads to permanent residency at 5 years and citizenship at 7 years (EU/CPLP) or 10 years (others).
Most people researching the Portugal Golden Visa run into the same problem: the information is either out of date, or it is a sales pitch dressed up as a guide. The programme changed substantially in 2023, and a lot of what still circulates online describes routes that no longer exist. This page does the opposite — it lays out every route that qualifies in 2026, every route that was removed, what each actually costs, and the honest risks. No route is "best"; the right one depends entirely on your goals, and that is a conversation, not a headline.
First, the routes that were removed
Transparency starts here, because these are the routes people still ask for:
- Residential real estate — removed. Since the 2023 reform, buying property (at any price, in any region, including previously discounted low-density areas) no longer qualifies for the Golden Visa. This was the single most popular route historically, which is why so much old content still points to it.
- Real-estate-exposed funds — removed. Funds that invest directly or indirectly in real estate no longer qualify. A fund must be genuinely free of real-estate exposure.
- €1.5 million capital transfer — removed. The route of simply transferring €1.5M into a Portuguese bank deposit or public debt was abolished.
If an agent is still selling you a Portuguese Golden Visa "through property," walk away — they are describing a programme that ended.
The four qualifying routes in 2026
1. Investment fund — €500,000
Subscribe €500,000 to a qualifying Portuguese venture-capital or private-equity fund that is regulated by the CMVM and holds no real-estate exposure. This is now the most-used route. Your capital is placed with a professional fund manager and is subject to market risk — it can go up or down, and it is not a deposit. Funds have a defined lifetime (commonly aligned to the 5-year minimum hold or longer) and their own fees. We cover this route in depth in our Golden Visa funds guide.
Best for: investors who want a hands-off, regulated route and are comfortable with market risk and a professional manager.
2. Scientific research — €500,000
Contribute €500,000 to research activities carried out by entities within Portugal's national scientific and technological system. In low-density interior areas, this threshold is reduced by 20%, to about €400,000 — confirm eligibility for the specific institution and project. This is a contribution, not an investment you expect a financial return on.
Best for: investors who prefer to support research over holding a market-exposed asset, and who value the lower entry point in low-density areas.
3. Arts and cultural heritage — €250,000
Support artistic production or the preservation and restoration of national cultural heritage with €250,000. In low-density areas this too can be reduced by 20%, to about €200,000 — the lowest entry point of any route. As with research, treat it as a qualifying contribution rather than a return-seeking investment.
Best for: investors who want the lowest capital outlay and are comfortable that the money is a contribution, not a recoverable investment.
4. Company creation and jobs
Two variations:
- Create a company and 10 jobs. Incorporate a Portuguese company and create 10 permanent full-time jobs (reduced to 8 in low-density areas). There is no fixed capital minimum stated for this variation, but the jobs must be real and maintained.
- Invest €500,000 in a company + 5 jobs. Invest €500,000 into an existing Portuguese company and create or maintain at least 5 permanent jobs for three years.
Best for: genuine entrepreneurs and operators who intend to build or back a real business in Portugal, not passive investors. For a full breakdown of this route — including the real payroll cost and step-by-step worked examples of how long it takes to become eligible — see our Golden Visa job-creation route guide.
Every route, side by side
| Route | Minimum | Low-density | What it is | Best for |
|---|---|---|---|---|
| Investment fund | €500,000 | — | Regulated, market-exposed fund | Hands-off investors |
| Scientific research | €500,000 | ~€400,000 | Contribution to research | Lower-entry, non-market |
| Arts & heritage | €250,000 | ~€200,000 | Contribution to culture | Lowest capital outlay |
| Company + 10 jobs | Capital + 10 jobs | 8 jobs | Build a company | Entrepreneurs |
| €500k company + 5 jobs | €500,000 + 5 jobs | — | Back a company | Active investors |
| Removed 2023 | — | No longer qualifies | — | |
| Removed 2023 | — | No longer qualifies | — |
Thresholds are set by law and can change — confirm the current figure and the low-density eligibility of your specific project before committing.
The costs beyond the investment
Whichever route you choose, budget for the same additional costs:
- AIMA government fees, per person. Under the fee table in force since 1 March 2026 (Portaria n.º 307/2023): about €842.80 for reception and analysis, €8,418.90 for the grant of each residence permit, and €4,210.30 for each renewal — charged for the main applicant and every family member. A large family multiplies the fees, not the investment.
- Legal and due-diligence costs, typically €5,000–€15,000, and not optional — you should independently vet any fund or project.
- Fund fees (fund route only), set in each fund's CMVM prospectus and KID — typically a subscription/entry fee of about 0–2%, an annual management fee of about 1–2%, and a performance fee of around 20% over a hurdle. On €500,000, management alone is roughly €5,000–€10,000 per year.
Our free Golden Visa cost estimator totals these for your family size.
Timeline, presence, family and citizenship
- Processing: realistically 12–36 months from submission to a granted permit, given AIMA's backlog. Anyone promising a fast approval is not being straight with you.
- Physical presence: minimal — an average of about 7 days per year in Portugal. You do not need to relocate.
- Family: spouse or partner, dependent children and, in defined cases, dependent parents can be included in the same application.
- The long game: you can apply for permanent residency after 5 years. Since 19 May 2026, citizenship eligibility begins at 7 years for EU and Portuguese-speaking (CPLP) nationals and 10 years for others, with an A2 Portuguese exam, counted from when the permit is issued.
The honest risks
Full transparency means naming the downsides:
- Your capital is at risk on the fund route — it is an investment, not a deposit, and returns are not guaranteed.
- Research and arts contributions are not recoverable — you are not expected to get that money back.
- AIMA timelines are long and can slip, so this is a multi-year commitment.
- Rules change. Thresholds, eligible funds and citizenship timelines have all moved in recent years, and could again.
- Due diligence is everything. The difference between a sound fund and a poor one is not the €500,000 — it is the strategy, the manager, the fees and the exit. Independent legal and financial review is not a formality.
How to choose
There is no universally "best" route — there is the route that fits your priorities. If you want hands-off exposure and accept market risk, the fund route fits. If you want the lowest outlay and are comfortable that the money is a contribution, arts or research fit. If you are a genuine operator, the company-and-jobs route rewards that. What matters is matching the route to your goals honestly, and vetting the specific investment properly.
Frequently asked questions
Four qualifying routes: a €500,000 CMVM-regulated non-real-estate fund; a €500,000 scientific-research contribution; a €250,000 arts and cultural-heritage contribution; and job creation (10 jobs, or €500,000 into a company creating at least 5 jobs). Real estate and the €1.5M capital transfer were removed in 2023.
No. The real-estate route — and real-estate-exposed funds — were removed in 2023 and no longer qualify at any price or in any region.
The arts and cultural-heritage route, at €250,000 (about €200,000 in low-density areas), is the lowest capital entry point, though it is a contribution rather than a recoverable investment.
No. The physical-presence requirement averages about seven days a year, so you can keep living and working abroad.
This guide is general information about the Golden Visa routes set out in Portuguese law, not legal, tax or investment advice, and it does not recommend or promote any specific fund or product. Rules, thresholds and eligible investments change. Confirm the current position with an official source and take independent professional advice before committing.
Want the routes assessed against your goals? Speak with our advisers for a clear, no-pressure review of which Golden Visa route fits your situation.