Portugal golden visa: the fund route in 2026

Can you still buy a flat in Lisbon and get the Portugal golden visa? No. This page covers what replaced it, read from the law itself and from AIMA, the agency that runs the program, with every figure tied to a source listed at the bottom. It is written for people who want the option to live in Portugal more than the move itself. If you are comparing EU residency by investment more widely, note that Spain closed its investor residence route on 3 April 2025, so for most readers the real choice is between Portugal, Italy and Greece.

Program

Portugal golden visa

Main route

Non real estate investment fundSource: Lei 23/2007 · checked 28 October 2026

Minimum investment

€500,000 in a non real estate Portuguese fundSource: Lei 23/2007 · checked 28 October 2026

Minimum stay

7 days in year one, 14 days in each later two year periodSource: DR 84/2007, AIMA FAQ · checked 28 October 2026

Permit length

2 years, renewed for 2Source: Lei 23/2007 · checked 28 October 2026

Family included

Spouse, minor children, dependent parents and dependent adult children in educationSource: Lei 23/2007, Lei 61/2025 · checked 28 October 2026

Citizenship timeline

10 years legal residence (7 for Portuguese speaking and EU nationals), since 19 May 2026Source: Nationality Law 37/81, LO 1/2026 · checked 28 October 2026

Last checked

28 October 2026

If you don't plan to move

• Stay rules: at least seven days in Portugal in the first year and fourteen days in each later two year period, consecutive or not. While you hold the permit, time in Portugal does not count against the Schengen 90 days in 180, according to the European Commission.
• Renewals: every two years, as long as the investment is still in place. The state fee is €3,157.80 to €4,210.30 per person, plus a review fee.
• Tax residency: the permit does not make you tax resident. More than 183 days in any twelve months, or a home you appear to mean to keep as your usual residence, can.

Holding the option: renewals and minimum stay · Schengen time · keeping the permit · tax residency traps

Portugal, Italy or Greece

Which golden visa fits you?

7 questions · 2 min

Take the quiz → Or compare Portugal, Greece and Italy

How it works

1. Take the quiz

   A few questions on budget, family, passport and how much time you expect to spend there. See which program fits.

2. Compare and read

   Check the dated comparison and the country guide. Every rule links to its official source and the date we checked it.

3. Talk to us

   Tell us what you need. If you want, we introduce you to a vetted visa or fund partner.

4. The partner files

   Our partners handle the application. We do not file applications, and we are paid when we introduce you.

An independent guide by people who did it. We are paid when we introduce you to vetted partners. We don't file applications. How that works.

Portugal golden visa requirements in 2026

You need a qualifying investment that is already in place when you file, kept for at least five years from the date the permit is granted, and you must spend at least seven days in Portugal in the first year and fourteen days in each later two year period.

The rules sit in the Foreigners Act (Lei n.º 23/2007, Article 3 and Article 90-A) and its regulation (Decreto Regulamentar n.º 84/2007, Articles 65-A to 65-K). In plain terms:

• A qualifying investment. For most people this is the fund route below. The investment must be completed by the time you apply, and it can be made in your own name or through a single member company.
• Five years. The five year minimum is counted from the date the permit is granted, not from the date you invest.
• No real estate. None of the remaining routes may be aimed "directly or indirectly" at real estate investment. AIMA repeats this on its own page.
• Minimum stay. Seven days, consecutive or not, in the first year, then fourteen days in each later two year period. More in minimum stay and renewals.

One thing we have not been able to pin down from the sources we read is what the permit lets you do in terms of work in Portugal.

How the Portugal golden visa investment fund route works

You subscribe at least €500,000 in units of a Portuguese collective investment undertaking that is not a real estate fund, has at least five years to run when you invest, and puts at least 60% of its money into companies based in Portugal.

Those three conditions come from Article 3(1)(d)(vii) of the Foreigners Act. To prove them, the regulation (Article 65-D) asks for:

• a certificate showing you own the fund units free of liens and charges;
• a declaration from the fund manager attesting the viability of the capitalization plan, the maturity of at least five years and that at least 60% is invested in companies based in Portugal;
• a declaration that the money was actually transferred.

AIMA says you may buy units in several funds, as long as the total meets the legal minimum and the money comes from an international capital transfer.

What the law does not do is tell you whether a fund is any good. Fund fees, lock up terms, how and when you get your money back, and the risk of losing some of it are set by each fund, not by the state.

Fund vs property: can you still buy property?

No. Lei n.º 56/2023 (the "Mais Habitação" housing law) revoked three routes from the Foreigners Act and took effect on 7 October 2023, the day after it was published:

• buying property worth at least €500,000;
• buying a building at least 30 years old or in an urban regeneration area and renovating it, at least €350,000 in total;
• a capital transfer of at least €1.5 million.

If you already held a permit under the old property rules, you are not thrown out. The same law lets existing holders renew under transitional rules, and applications already pending on 7 October 2023 stay valid. That is a question for your lawyer, not a new route in.

The other residency by investment routes, briefly

The fund route is not the only one left. The Foreigners Act also lists:

• creating at least 10 jobs;
• at least €500,000 in scientific research;
• at least €250,000 in the arts or national cultural heritage;
• at least €500,000 to set up a company with five permanent jobs, or to put into an existing company and create five permanent jobs or keep ten (at least five permanent) for at least three years.

The jobs, research and culture amounts can be 20% lower in low density areas of the interior. AIMA's own page gives 8 jobs, €400,000 for research and €220,000 for culture in those areas. The culture figure does not match a 20% reduction on €250,000 (that would be €200,000). We read that as an error on AIMA's page, but we have not had it confirmed.

Portugal golden visa cost, all in

The minimum investment in 2026 is €500,000, and AIMA's own fees for the main applicant come to €9,261.70 at the standard rate for the first permit (€842.80 to review the application plus €8,418.90 to grant it), or €6,946.30 at the lower fees AIMA lists for its digital channel.

These are from AIMA's fee table, last updated on 26 February 2026:

The reduced column reflects the 25% reduction the table applies to applications filed through the digital channel. A replacement card costs 50% of the grant fee for a second copy and the full fee from the third. Whether each family member also pays the €842.80 review fee depends on how AIMA counts "an application" for a family.

On top of the state fees you will pay for things the state does not price:

• a Portuguese lawyer to prepare and file the case;
• the fund's own subscription and management fees;
• a Portuguese tax number (NIF) and, if you are not resident, a fiscal representative;
• translations, apostilles and certified copies of your documents;
• flights and a few nights in Portugal for the biometrics appointment.

Our golden visa cost calculator adds these up for your family size, with every estimate labeled as one.

Process and timeline

The law gives AIMA 90 days to decide a first application, extendable by 30 days in exceptional cases, and 60 days for a renewal, but those clocks run on a complete file, and the wait for an appointment is not covered by them.

1. Get a Portuguese tax number (NIF).
2. Open the account you will invest from and subscribe to the fund, so the investment is complete before you file.
3. Pre-register on AIMA's online ARI portal, upload your documents and pay the fees by DUC (the state's single payment document). Family members can apply at the same time.
4. Attend a biometrics appointment in Portugal.
5. Collect your residence card, valid for two years from issue.

AIMA's own FAQ says appointments are scheduled according to the stage of the file and its "operational capacity", and tells applicants with an accepted application but no appointment to email and ask for one. That is an honest description of a queue. We have not found any official figure for how long the whole thing takes today.

Bringing your family

Your spouse or partner, your minor children, adult children who depend on you, are unmarried and are studying, your dependent parents and your spouse's, and minor siblings in your care can all apply with you as family members.

That list comes from Article 99 of the Foreigners Act as amended in 2025 (Lei n.º 61/2025), with de facto partners covered by Article 100. For golden visa holders, the rule on adult children does not say they must be studying in Portugal. The usual two year wait before family reunification does not apply to golden visa families, and AIMA says the reunification request can be filed together with the main application. Each family member pays their own grant fee, which is why a family of four pays far more in fees than a single applicant.

Where sources differ: AIMA's page says adult children must be under 25. The statute we read sets no age limit for dependent adult children who are studying. Ask your lawyer which rule AIMA applies in practice.

Minimum stay and renewals

You need at least seven days in Portugal in the first year and at least fourteen days in each later two year period; the first card lasts two years and renewals are also for two years, as long as the investment is still in place.

The days can be consecutive or spread out. AIMA may ask for proof of your stays where there is well founded doubt, so keep travel records.

Where sources differ: the regulation (Article 65-C) and AIMA's FAQ count the fourteen days per two year period. AIMA's main ARI page words it as fourteen days "in subsequent years". We follow the regulation, but plan your trips with your lawyer.

Renewals are filed on AIMA's renewal portal. AIMA's FAQ points cards that expired from 22 February 2020 up to 31 December 2026 to that portal, and the law gives AIMA 60 days to decide a renewal. After five years of temporary residence and with basic Portuguese you can move to a permanent ARI, renewed every five years, and the ordinary rules that cancel a permit for long absences do not apply to permanent ARI holders. If you mostly live elsewhere, read keeping the permit while living elsewhere and visits and the Schengen 90 in 180 rule.

Portugal citizenship by investment: residency, not a passport

There is no Portugal citizenship by investment: you cannot buy a passport. The golden visa is a residence permit, and its years count as legal residence toward naturalization, which since 19 May 2026 needs ten years for most nationalities (seven for citizens of Portuguese speaking countries and the EU).

A lot of pages online still say five years. Lei Orgânica n.º 1/2026 rewrote Article 6 of the Nationality Law:

• Residence: 10 years of legal residence, or 7 for nationals of Portuguese speaking countries and EU citizens.
• How time is counted: all periods of legal residence are added together, as long as they fall within a twelve year window (nine years for Portuguese speaking and EU nationals).
• Waiting time: the old rule that counted time from the day you applied for your first permit was revoked, so the clock now runs on legal residence itself.
• Tests: you must prove, by test or certificate, enough knowledge of the Portuguese language and culture, history and national symbols, and of citizens' rights and duties and how the state is organized.
• Means: you must be able to support yourself.
• Pending cases: applications already pending on 19 May 2026 stay under the old five year rules.

The Constitutional Court reviewed the earlier draft (ruling 1133/2025) and struck out four provisions, including one that would have applied the new rules to pending applications. It did not strike out the longer residence periods.

Where sources differ: the Ministry of Justice's information pages (justica.gov.pt) still said five years when we checked them. The law in force says ten. We follow the law.

So how do you get Portuguese citizenship through this route? Slowly, and not automatically. Residence for nationality is legal residence, and the law also expects you to know the language and the country. Whether a few weeks a year will be enough to meet every requirement after ten years is a question to put to a lawyer before you choose this route for the passport.

Tax if you do move

A golden visa does not by itself make you a Portuguese tax resident; you become one if you spend more than 183 days in Portugal in any twelve month period, or if you keep a home there in conditions that suggest you mean to keep it as your usual residence.

That is Article 16 of the Portuguese income tax code, and any day that includes a night in Portugal counts as a day of presence. The old "NHR" regime that drew so many people here was revoked by the 2024 budget law for new entrants. Its replacement, IFICI (Article 58-A of the tax benefits statute), offers a 20% rate on qualifying employment and self employment income for ten consecutive years, to people who were not tax resident in Portugal in any of the previous five years and who work in specific qualifying activities. It can be used only once, and former NHR beneficiaries are excluded. It is not a regime for passive investors living on fund returns.

Tax depends on where else you are resident, what treaties apply and what you earn. Take advice in both countries before you move, and read tax residency traps if you plan longer stays.

Portugal golden visa for Americans, UK citizens and other passports

The Portugal rules on this page are the same whatever your passport, but what you have to handle at home differs, and we cover that by nationality.

Our by passport guide has a section for each group: United States (US tax filing abroad and how foreign funds are treated, which matters on a fund route), United Kingdom, South Africa, India, Gulf residents, Brazil and Türkiye. On citizenship, note the split above: nationals of Portuguese speaking countries, such as Brazil, and EU citizens need seven years of legal residence; most others need ten. Standalone pages for each nationality will follow later.

Portugal golden visa 2026 changes, and what we are watching

The investment routes did not change in 2026, but the path to citizenship did: ten years of legal residence for most nationalities since 19 May 2026. Fees were last updated on 26 February 2026.

• Nationality Law, 19 May 2026: Lei Orgânica n.º 1/2026 raised the residence period and added the culture and civic test, as set out above. The law ordered the Nationality Regulation amended within 90 days; we have not yet read an amended text.
• Foreigners Act, September 2026: Lei n.º 62/2026 (10 September 2026) implements the EU Pact on Migration and Asylum and amended Articles 3, 82 and 85, but it left the list of investment routes in Article 3(1)(d) unchanged.

What we are watching: the amended Nationality Regulation and the language level it sets, how AIMA applies the fourteen day rule and the age cap for adult children, and the renewal channel for cards expiring after 31 December 2026.

How Portugal compares

Portugal's fund route sits at €500,000 with a stay requirement of seven days in the first year and fourteen days in each later two year period, but it asks you to hold a fund rather than a property, and its citizenship clock is now ten years for most nationalities. Italy and Greece set their routes, stays and costs differently. See Portugal vs Greece vs Italy golden visa for the dated side by side comparison, or the Italy golden visa and Greece golden visa guides.

Talk to us: a free 20-minute call

Tell us what you are weighing. If it helps, we introduce you to a vetted visa or fund partner who handles the application. We do not file applications, and we are paid when we introduce you.

Talk to us Or take the quiz first

Not ready yet? Get rule-change alerts for Portugal, Italy and Greece: when a rule, fee or threshold changes, we tell you what changed and link the official source.

Questions we hear most

Does Portugal still have a golden visa in 2026?

Yes. The ARI (autorização de residência para investimento) still exists, but the property routes were removed on 7 October 2023. The investment fund route, at €500,000, is the main passive route now.

What is the Portugal golden visa minimum investment in 2026?

€500,000 for the fund route, the research route and the company route. The arts and cultural heritage route starts at €250,000, and the jobs, research and culture routes can be 20% lower in low density areas. The ten jobs route has no fixed amount.

What are the Portugal golden visa requirements?

A qualifying investment completed before you apply (for most people, €500,000 in an eligible fund), kept for at least five years from the date the permit is granted, plus at least seven days in Portugal in the first year and fourteen days in each later two year period. The fund manager certifies that the fund meets the legal conditions.

Can I use a real estate fund or buy property for the Portugal golden visa?

No. Lei n.º 56/2023 removed the property purchase routes, and the routes that remain may not be aimed directly or indirectly at real estate. A qualifying fund must be a non real estate fund.

How much does the Portugal golden visa cost?

Beyond the €500,000 investment, AIMA's fees for the main applicant's first permit are €9,261.70 at the standard rate (€842.80 review plus €8,418.90 grant), or €6,946.30 at the reduced digital channel rate. Each family member pays a grant fee of €8,418.90 at the standard rate. Legal, fund and document costs come on top.

Is there Portugal citizenship by investment?

No. Portugal does not sell citizenship. Years on a golden visa are legal residence, and since 19 May 2026 the Nationality Law asks for 10 years of legal residence for most nationalities (7 for nationals of Portuguese speaking countries and EU citizens), plus language and civic knowledge.

How long do I have to stay in Portugal on the golden visa?

Seven days in the first year and fourteen days in each later two year period, consecutive or not, under the regulation. AIMA's main ARI page words the later rule as fourteen days in subsequent years, so plan your trips with your lawyer.

Can my parents come too?

Yes, if they are your or your spouse's dependants. Each family member pays their own AIMA grant fee, and the usual two year wait before family reunification does not apply to golden visa families.

Sources

1. Lei n.º 23/2007 (Foreigners Act), consolidated text, Articles 3, 82, 90-A, 98, 99, Procuradoria-Geral Distrital de Lisboa (consolidated text of the law published in Diário da República). Official source. Last checked 28 October 2026.
2. Lei n.º 56/2023 (Mais Habitação), Articles 42, 53 and 55, Procuradoria-Geral Distrital de Lisboa. Official source. Last checked 28 October 2026.
3. Decreto Regulamentar n.º 84/2007, Articles 65-B to 65-K (ARI rules), Procuradoria-Geral Distrital de Lisboa. Official source. Last checked 28 October 2026.
4. Lei n.º 61/2025 (amendments to the Foreigners Act, including family reunification), Procuradoria-Geral Distrital de Lisboa. Official source. Last checked 28 October 2026.
5. Lei n.º 62/2026 (Foreigners Act amendments implementing the EU Pact on Migration and Asylum), Procuradoria-Geral Distrital de Lisboa. Official source. Last checked 28 October 2026.
6. Autorização de Residência para Investimento (Art. 90.º-A), AIMA, Agência para a Integração, Migrações e Asilo. Official source. Last checked 28 October 2026.
7. Perguntas frequentes: Autorização de Residência para Investimento (ARI), AIMA. Official source. Last checked 28 October 2026.
8. Portal ARI, AIMA. Official source. Last checked 28 October 2026.
9. Tabela de taxas e demais encargos a cobrar pelos procedimentos administrativos (fee table, updated 26 February 2026), AIMA. Official source. Last checked 28 October 2026.
10. Lei n.º 37/81 (Nationality Law), consolidated text, Articles 6 and 15, Procuradoria-Geral Distrital de Lisboa. Official source. Last checked 28 October 2026.
11. Lei Orgânica n.º 1/2026 (amendment to the Nationality Law), Articles 5, 7 and 8, Procuradoria-Geral Distrital de Lisboa. Official source. Last checked 28 October 2026.
12. Acórdão n.º 1133/2025, press release on the review of the nationality decree, Tribunal Constitucional. Official source. Last checked 28 October 2026.
13. Código do IRS, Article 16 (tax residence), Portal das Finanças, Autoridade Tributária e Aduaneira. Official source. Last checked 28 October 2026.
14. Estatuto dos Benefícios Fiscais, Article 58-A (IFICI incentive), Portal das Finanças, Autoridade Tributária e Aduaneira. Official source. Last checked 28 October 2026.
15. Short-stay calculator (90 days in any 180-day period), European Commission, Migration and Home Affairs. Official source. Last checked 28 October 2026.
16. Ley Orgánica 1/2025 and consolidated Ley 14/2013 (end of Spain's investor residence), Boletín Oficial del Estado. Official source. Last checked 28 October 2026.

This page is general information, not legal, tax, immigration or investment advice. Rules and fees change, so check the sources above and the date we last checked them. No approval, permit or timeline is guaranteed. We are paid for introductions; here is how.