European Residence Through Qualifying Investment
Portugal provides a residence-by-investment programme officially known as Autorização de Residência para Atividade de Investimento (ARI), commonly known internationally as the Portugal Golden Visa.
The ARI programme allows qualifying third-country nationals to obtain Portuguese residence through an eligible investment activity.
Key benefits can include Portuguese residence, a low minimum physical-stay requirement, Schengen travel, family reunification, the right to live and work in Portugal, potential permanent residence and potential Portuguese citizenship.
CETO Global Immigration Consulting & Partners assists international investors in assessing eligible Portuguese investment structures and coordinates ARI applications together with qualified Portuguese legal, immigration, investment and tax professionals.
The Portugal Golden Visa is an investment-based residence programme available to qualifying third-country nationals. Its official name is Residence Permit for Investment Activity – ARI.
The programme has operated in Portugal since 2012. Applicants must carry out and maintain an investment activity that satisfies one of the qualifying ARI categories.
Residence Permit for Investment Activity (ARI)
Portugal's Golden Visa rules have changed substantially. Buying ordinary residential or commercial real estate is no longer a qualifying investment route for new ARI applications. The current programme focuses on qualifying job creation, scientific research, cultural/artistic investment, non-real-estate investment funds, and business investment & employment creation.
The ARI framework is designed for qualifying third-country nationals. It does not apply to the following under the ordinary ARI framework:
Creation of at least 10 jobs in Portugal.
For qualifying investments carried out in designated low-density territories, the applicable job-creation requirement can be reduced by 20%, potentially resulting in 8 jobs.
The employment structure must satisfy the applicable Portuguese requirements.
Capital transfer of at least €500,000 applied to qualifying research activities conducted by public or private scientific research institutions integrated into Portugal's national scientific and technological system.
For qualifying investment in designated low-density territories, the threshold can be reduced by 20%, potentially resulting in €400,000.
Capital transfer of at least €250,000 for qualifying investment in or support of artistic production, or recovery/maintenance of national cultural heritage, through qualifying Portuguese entities.
For qualifying investments in designated low-density territories, the applicable threshold can potentially be reduced by 20% to €200,000.
Capital transfer of at least €500,000 for the acquisition of units in qualifying non-real-estate collective investment undertakings.
The qualifying investment vehicle must be established under Portuguese law, have a maturity of at least 5 years at the time of investment, invest at least 60% of its investment value in commercial companies headquartered in Portugal, and comply with the applicable ARI requirements.
The investment activity cannot be intended directly or indirectly for real estate investment.
Capital transfer of at least €500,000 for establishing a commercial company in Portugal combined with the creation of at least 5 permanent jobs.
Alternatively, increasing the share capital of an existing Portuguese commercial company combined with the creation of at least 5 permanent jobs, or maintenance of at least 10 jobs, with at least 5 permanent employees, for the legally required period.
The precise corporate and employment structure must satisfy the applicable Portuguese ARI requirements.
Portugal previously offered Golden Visa routes based on qualifying real estate purchases. Those routes were removed for new applications following changes to Portuguese legislation.
Therefore, buying a house in Portugal does NOT by itself qualify a new investor for the Portuguese Golden Visa.
The same applies to structuring a current qualifying ARI investment directly or indirectly toward real-estate investment where prohibited by law.
This Is Extremely Important
Do not advertise "buy property in Portugal and get a Golden Visa" — that information is outdated for new applicants.
The qualifying investment-fund route is currently one of the major ARI structures for international investors. The investor transfers at least €500,000 into qualifying units of an eligible non-real-estate collective investment undertaking.
However, not every Portuguese fund qualifies. Before investing, professional due diligence should assess fund structure, Portuguese regulatory status, investment policy, fund maturity, Portuguese company allocation, real-estate exposure, ARI eligibility, fees, liquidity, and investment risk.
CETO Global Immigration Consulting & Partners provides immigration coordination. Investment selection and regulated investment advice should be provided by appropriately authorised financial professionals.
Golden Visa eligibility does not mean that an investment is guaranteed or risk-free. Investment funds and business investments can increase or decrease in value.
Immigration eligibility and financial investment performance are separate matters.
The applicant must maintain the qualifying investment in accordance with the applicable ARI requirements.
AIMA currently requires a declaration confirming compliance with the minimum quantitative and temporal investment requirements, including maintenance of the investment activity for the legally required 5-year period.
The investment should therefore be structured with the applicant's long-term immigration strategy in mind.
5-Year Period
One of the major characteristics of Portugal's ARI programme is its relatively low physical-presence requirement.
AIMA states that an ARI holder must remain in Portugal for at least 7 days during the first year, and at least 14 days during subsequent periods.
This makes the programme particularly relevant for international investors who do not intend to relocate permanently to Portugal from the beginning.
7 Days / 14 Days
The Golden Visa minimum-stay requirement should not be confused with the separate physical-presence and other requirements that can become relevant for tax residence, permanent residence or citizenship.
An ARI residence permit carries a set of associated rights:
Applicants should be prepared to demonstrate the legitimate origin and transfer of investment capital. Evidence can potentially include bank statements, business income, dividends, sale of assets, investment income, inheritance, and other lawful sources.
Portuguese banks and regulated professionals can conduct extensive KYC and AML checks.
Depending on the investment structure, the investor can require Portuguese banking arrangements. The relevant financial institution can request information concerning identity, tax residence, source of wealth, source of funds and investment purpose.
A Portuguese Tax Identification Number (NIF) is generally an important part of establishing the investor's Portuguese financial and administrative structure. The appropriate professionals can coordinate the required registration.
Depending on the investment route and applicant, documentation can include:
The applicant generally provides an appropriate criminal record certificate from the country of origin or country of permanent residence, subject to the applicable rules. AIMA currently requires relevant foreign criminal-record documentation to be recent and appropriately certified/apostilled and translated into Portuguese.
Applications are registered through Portugal's dedicated ARI Portal. The portal allows investor application registration, family reunification registration, legal representative registration, document upload and payment documentation.
The applicant or authorised legal representative can submit the required information electronically.
Investor Profile → Investment Route Selection → Legal & Investment Due Diligence → Portuguese NIF / Banking Structure → Qualifying Investment → Investment Evidence → ARI Portal Application → Document Review → AIMA Appointment → Biometrics → Final Assessment → Portuguese ARI Residence Permit.
Following the applicable application procedure, the investor receives instructions concerning an AIMA appointment.
The in-person procedure can include document verification, identity verification and biometric data collection. Family members can also be required to complete the applicable procedures.
The Portuguese Golden Visa can be renewed where the investor continues to satisfy the applicable requirements. This includes maintaining the qualifying investment activity and complying with applicable minimum stay requirements, immigration requirements, documentation requirements, and tax/social security compliance requirements.
AIMA introduced an electronic ARI renewal process through its Portal de Renovações from 16 February 2026. An in-person appointment can still be required where new biometric data must be collected.
Portal de Renovações — From 16 February 2026
An investor should obtain professional advice before selling an investment, redeeming fund units, changing funds, reducing capital, closing a business, reducing employment, or restructuring the investment.
Such changes can affect ARI eligibility.
Holding a Portuguese Golden Visa does not automatically mean that the investor becomes Portuguese tax resident. Immigration residence and tax residence are separate concepts.
Tax treatment depends on the applicable Portuguese tax rules and the investor's individual circumstances. Professional tax advice should therefore be obtained separately.
Golden Visa / ARI is based on qualifying investment, with a low physical-presence requirement.
D7 residence is generally designed for qualifying individuals relying on stable income and intending to establish residence in Portugal.
Golden Visa / ARI is investment-based residence.
D8 Digital Nomad residence is based on qualifying remote professional activity and income.
Golden Visa requires one of the specific qualifying ARI investments.
Business/Entrepreneur Residence can be based on genuine entrepreneurial activity under another Portuguese immigration framework. Opening an ordinary Portuguese company does not automatically qualify the owner for ARI.
AIMA states that ARI holders can potentially apply for Portuguese Permanent Residence, subject to satisfying the applicable requirements under Portuguese immigration law.
Permanent Residence is not automatic merely because an investment has been held. The applicant must satisfy the requirements applicable at the time of application.
ARI holders can potentially pursue Portuguese citizenship by naturalisation where they satisfy the separate requirements established under Portuguese nationality law.
The Golden Visa itself does not guarantee a Portuguese passport. Citizenship requires a separate application and compliance with the applicable nationality requirements.
Portugal's ARI programme is residence by investment. It is NOT direct citizenship by investment. The structure is: qualifying investment → Portuguese residence → maintain legal status → potential future permanent residence and/or potential citizenship, subject to the separate legal requirements.
We review nationality, investment capital, source of funds, family, residence objectives and long-term strategy.
We assess the available qualifying investment categories.
Legal, regulatory, financial and investment due diligence is coordinated with appropriately qualified professionals.
Where required, the investor's NIF, banking, corporate and legal structure is coordinated.
The qualifying investment is completed through the appropriate regulated structure.
Personal, financial and investment documentation is coordinated.
The Portuguese ARI application is submitted through the applicable AIMA system.
The required AIMA appointment and biometric procedure are coordinated.
Qualifying Family Reunification applications can be coordinated.
We coordinate future planning concerning investment maintenance, ARI renewal, permanent residence and Portuguese citizenship.
No. One of the key characteristics of ARI is the comparatively limited minimum physical-presence requirement.
AIMA currently states at least 7 days in the first year and at least 14 days in subsequent periods.
No. Real-estate acquisition is no longer a qualifying investment category for new Portuguese ARI applications.
Potentially yes. The fund must satisfy the applicable ARI requirements and cannot be structured toward prohibited real-estate investment.
No.
The standard cultural/artistic heritage route begins at €250,000. A qualifying low-density reduction can potentially lower the applicable amount to €200,000. However, this is a specific cultural investment route and should not be presented as a generic €200,000 Golden Visa investment.
Yes. The standard qualifying threshold is €500,000, subject to the applicable requirements and potential low-density reduction.
Potentially yes. Creation of at least 10 jobs is one of the qualifying ARI routes, subject to the applicable rules.
Potentially yes. ARI provides access to Family Reunification for qualifying family members.
Yes, ARI provides qualifying rights to reside and work in Portugal.
Yes, a valid Portuguese residence permit facilitates qualifying short-term Schengen travel.
Not automatically. Tax residence is determined separately.
Potentially, subject to satisfying the separate requirements.
Potentially, subject to satisfying Portugal's separate nationality requirements.
No.
European Residence Through Qualifying Investment
Portugal's Golden Visa / ARI remains one of Europe's residence-by-investment frameworks for qualifying international investors.
Today's programme is focused on qualifying non-real-estate investment, long-term investment commitment, limited physical-presence requirement, Portuguese residence, family reunification, and potential long-term residence and citizenship.
CETO Global Immigration Consulting & Partners can coordinate Portuguese ARI cases together with qualified Portuguese immigration, legal, investment and tax professionals.
Portugal's Golden Visa is officially the Residence Permit for Investment Activity – ARI. The programme remains available to qualifying third-country nationals, but the eligible investment categories have changed substantially. Real-estate acquisition is no longer an eligible investment activity for new ARI applications, and qualifying investments cannot be intended directly or indirectly for real-estate investment.
Current investment options include qualifying job creation, scientific research, arts and cultural heritage, non-real-estate collective investment undertakings and qualifying business investment structures. The standard thresholds vary according to the selected investment category.
ARI holders benefit from comparatively limited minimum physical-stay requirements and can benefit from Family Reunification. Permanent Residence and Portuguese citizenship are separate legal procedures and are not guaranteed by making an ARI investment.
Investment carries financial risk and immigration eligibility does not constitute investment advice or guarantee investment performance. All investment structures, thresholds, fund eligibility, documentary requirements, government fees and immigration conditions should be verified immediately before investment and filing.
