# Portugal Golden Visa Investment Routes 2026: Every Option Explained

> Every Portugal Golden Visa route in 2026, in full: the €500k fund, €500k research, €250k arts and job-creation options — plus the routes that were removed, the real costs, timelines and honest risks.

- Source: https://www.growinportugal.com/portugal-golden-visa-investment-routes
- Publisher: GrowIN Portugal (https://www.growinportugal.com)
- Published: 2026-07-30
- Last reviewed: 2026-08-28
- Language: en

> **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, real-estate funds and the pure capital-transfer routes (€1,000,000 and €350,000) 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Most people researching the Portugal Golden Visa run into the same problem: the information is either out of date, or it is a sales pitch dressed up as a guide.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.
- **Pure capital transfer — removed.** The routes of simply transferring capital into a Portuguese bank deposit or public debt — historically a **€1,000,000** transfer, and the **€350,000** option — were abolished.

If an agent is still selling you a Portuguese Golden Visa "through property," walk away — they are describing a programme that ended.

<!-- FLAG: capital-transfer figures aligned to DATA SPINE (Art. 90.º-A / Art. 3.º(1)(d), Lei 23/2007) — spine records the removed pure capital-transfer routes as €1,000,000 and €350,000. Earlier draft cited a single €1.5M figure, which is not in the spine. -->
The Golden Visa's legal basis is **Article 90.º-A of Lei n.º 23/2007**, with the qualifying investments defined in **Article 3.º n.º 1 al. d)** — last amended by the 2023 *Mais Habitação* reform (Lei n.º 56/2023). We track the surviving routes in our [Portugal visa dataset](/data/visas) and the official AIMA fees in our [AIMA fee data](/data/aima-fees).

## 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](https://www.cmvm.pt) 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](/portugal-golden-visa-funds-explained/).

**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 a **low-density territory**, this threshold is reduced by 20%, to **€400,000** — a reduction set by Article 3.º n.º 2 of Lei n.º 23/2007, which applies it to the research, arts and job-creation routes (low-density territories are those defined by Portaria n.º 208/2017). 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 a **low-density territory** this too is reduced by 20%, to **€200,000** (Article 3.º n.º 2, Lei n.º 23/2007) — 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 a low-density territory, under the 20% reduction of Article 3.º n.º 2, Lei n.º 23/2007). 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](/portugal-golden-visa-job-creation-route/).

## 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 |
| ~~Real estate / real-estate funds~~ | Removed 2023 | — | No longer qualifies | — |
| ~~Capital transfer (€1,000,000 / €350,000)~~ | 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 Portaria n.º 307/2023 the official ARI fees are **€8,418.90** for the grant of each residence permit, **€4,210.30** for each renewal and **€11,786.70** for the permanent grant — charged for the main applicant and every family member (see our [AIMA fee data](/data/aima-fees)). A reception-and-analysis charge of **€842.80** (€632.10 via the digital channel) applies on top at application (Portaria n.º 307/2023, Anexo III n.º 3). 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](/tools/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](/portugal-permanent-residency-guide/) 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.

## FAQ

**What are the Portugal Golden Visa investment options in 2026?** 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, real-estate funds and the pure capital-transfer routes (€1,000,000 and €350,000) were removed in 2023.

**Can you still get the Portugal Golden Visa through real estate?** 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.

**Which Golden Visa route is cheapest?** 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.

**Do I have to live in Portugal on the Golden Visa?** 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](/services/immigration-lawyer/) for a clear, no-pressure review of which Golden Visa route fits your situation.

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© GrowIN Portugal. Cite as: GrowIN Portugal, "Portugal Golden Visa Investment Routes 2026: Every Option Explained", https://www.growinportugal.com/portugal-golden-visa-investment-routes