Portugal D9 Golden Visa 2026: Complete Application Guide

Portugal's Golden Visa (officially the D9 Investment Residence Permit) remains one of Europe's most sought-after residency-by-investment programs. Despite the October 2023 elimination of real estate investment routes, the Golden Visa continues to attract investors through fund investments, cultural donations, and job creation pathways—all while requiring just 7 days of physical presence in Portugal per year.

This guide covers everything you need to know about qualifying, investing, and obtaining Portuguese residency through the Golden Visa in 2026.

What is the Portugal Golden Visa?

The Golden Visa grants residence permits to non-EU investors who make qualifying investments in Portugal. Unlike traditional residence visas requiring significant physical presence, the Golden Visa allows investors to maintain their current lifestyle while securing Portuguese residency and a pathway to EU citizenship.

The program provides initial two-year residence permits, renewable for three-year periods, with pathways to permanent residency after five years and Portuguese citizenship thereafter—all while requiring minimal time in Portugal (typically 7 days per year on average).

Current Investment Options (2026)

Following October 2023 reforms that eliminated residential real estate investment, these routes remain available:

€500,000 Investment Fund Route (Most Popular)

Investment in approved Portuguese investment funds or venture capital funds represents the primary Golden Visa pathway. Funds must be approved by Portugal's securities regulator (CMVM) and meet specific criteria supporting the Portuguese economy.

Fund categories include:

• Private equity funds investing in Portuguese companies
• Venture capital funds supporting Portuguese startups
• Real estate funds (commercial property, hospitality, renovation projects—not residential)
• Debt funds financing Portuguese businesses
• Renewable energy and infrastructure funds
• Technology and innovation funds

Investment requirements:

• Minimum €500,000 investment
• Funds must be CMVM-approved and Golden Visa-eligible
• Investment must be maintained for minimum five years
• Typically structured as open-ended or closed-ended funds with varying liquidity terms

€250,000 Cultural Donation Route

Support for Portuguese cultural heritage through donations to artistic production, heritage maintenance, or cultural institution support. In low-density areas (most of Portugal's interior), the requirement drops to €200,000.

This route is non-recoverable—your donation doesn't return after five years—making it effectively more expensive than fund investments despite the lower nominal amount.

Job Creation Route

Creating at least 10 permanent jobs in Portugal for Portuguese citizens or legal residents. Jobs must be maintained for minimum five years. This route requires establishing or investing in Portuguese businesses with employment obligations—complex for passive investors.

Scientific Research Investment

Investment of €500,000+ in research activities conducted by public or private scientific institutions integrated into Portugal's national scientific system. Limited availability and narrow applicability.

Company Capitalization

Investment of €500,000+ in Portuguese companies combined with job creation requirements (5-10 jobs depending on company size and location). Requires active business involvement and ongoing operational commitments.

Practical reality: Over 95% of Golden Visa applications in 2025-2026 used the €500,000 fund investment route due to simplicity, liquidity, professional management, and potential investment returns.

Golden Visa Investment Funds: What You Need to Know

Fund selection considerations:

Open-ended vs. closed-ended funds:

• Open-ended funds allow earlier redemption (often after 1-2 years with notice periods)
• Closed-ended funds lock capital for full investment periods (typically 7-10 years)
• Most Golden Visa applicants prefer open-ended funds for flexibility after the five-year holding requirement

Fund strategies and returns:

• Private equity funds: Target 8-12% annual returns; higher risk
• Real estate funds (commercial): Target 6-9% returns; moderate risk
• Debt funds: Target 4-7% returns; lower risk
• Renewable energy funds: Target 7-12% returns; moderate risk
• Returns vary by fund manager, strategy, and market conditions

Management fees:

• Annual management fees: 1.5-2.5% of assets under management
• Initial subscription fees: 0-3%
• Performance fees: 10-20% of returns above hurdle rates
• Entry/exit fees: Variable by fund

Commission structures:

• Intermediaries often charge 5-7.5% commission on initial investment
• Example: €500,000 investment with 7% commission = €37,500 to intermediary
• Some funds include commissions in pricing; others charge separately

Liquidity considerations:

• Five-year minimum holding requirement for Golden Visa compliance
• After five years, redemption terms vary by fund structure
• Open-ended funds typically allow redemption with 30-90 day notice
• Closed-ended funds may require waiting until fund term ends or selling on secondary markets

Due diligence essentials:

• Fund manager track record and experience
• Historical performance of similar funds
• Investment strategy and risk profile alignment
• Fee structures and total cost of ownership
• Redemption terms after five-year requirement
• Regulatory approvals and Golden Visa eligibility confirmation

Golden Visa Requirements and Eligibility

Who qualifies:

• Non-EU/EEA/Swiss citizens
• Minimum 18 years old
• Clean criminal record globally
• Ability to invest minimum amounts (€500,000 for most routes)
• Ability to maintain investment for five years

Physical presence requirements:

• Year 1: Minimum 7 days in Portugal
• Years 2-5: Minimum 14 days per two-year period (average 7 days/year)
• Among Europe's lowest presence requirements
• Flexibility allows maintaining residence and business elsewhere

Family inclusion:

• Spouse or unmarried partner
• Dependent children (under 18, or under 26 if students)
• Dependent parents of main applicant or spouse
• All family members receive residence permits
• Family members count toward citizenship timeline

No language requirements during residence period (Portuguese A2 proficiency required only at citizenship application after five years).

Required Documents Checklist

Personal identification:

• Valid passport (6+ months validity)
• Biometric photographs
• Birth certificate (apostilled and translated)
• Marriage certificate if applicable (apostilled and translated)
• Criminal background checks from citizenship country and any country lived 1+ years in past five years (recent—within 90 days—apostilled, and professionally translated to Portuguese)

Investment documentation:

• Proof of investment fund subscription (€500,000)
• Investment contract/subscription agreement
• Fund prospectus and regulatory approvals
• Proof of fund transfer from bank account in your name
• Bank statements showing source of funds

Source of funds documentation:

• Evidence of legal origin of investment capital
• Tax returns, business sale documents, inheritance documentation, property sale records
• Bank statements showing fund accumulation
• Professional accountant letters if needed

Financial proof:

• Health insurance valid in Portugal (minimum €30,000 coverage)
• Proof of accommodation in Portugal (property ownership or lease agreement)
• Portuguese tax number (NIF)

Application forms:

• Completed Golden Visa application
• Declaration of investment intent
• Authorization for AIMA to verify investment

Authentication: All documents not in Portuguese require certified translation and apostille certification.

Application Timeline: 12-24 Months (Current Reality)

Month 1-2: Preparation Phase

• Obtain Portuguese NIF (tax number) through consulate or representative
• Open Portuguese bank account
• Select investment fund after due diligence
• Gather and authenticate all personal documents

Month 2-3: Investment Phase

• Transfer €500,000 to Portuguese bank account
• Subscribe to selected investment fund
• Obtain investment confirmation documentation
• Prepare source of funds documentation

Month 3-4: Application Submission

• Submit pre-approval application to AIMA
• Pay initial application analysis fee (€605.10 per person)
• AIMA reviews documentation completeness

Months 4-16: Processing Phase (Major Bottleneck)

• AIMA verifies investment, documents, and eligibility
• Background checks conducted
• Investment validation with fund managers and regulators
• Current reality: AIMA backlog creates 12-18 month waits at this stage

Month 16-20: Biometrics Appointment

• AIMA schedules biometrics appointment in Portugal
• Appointment scheduling represents major timeline uncertainty in 2026
• Must travel to Portugal for appointment (typically Lisbon or Porto)
• Fingerprints, photographs, signature collection

Month 20-24: Residence Permit Issuance

• Approval notification and residence permit card production
• Pay residence permit fee (€6,045.20 per adult; reduced for minors)
• Receive physical residence card (valid two years)

Critical timeline note: Official processing times state 12 months; current reality is 18-24+ months from investment to residence card due to AIMA backlog. However, important change: time waiting for approval now counts toward citizenship eligibility since January 2024 law changes.

Common Application Issues (And How to Avoid Them)

Insufficient source of funds documentation – Immigration authorities scrutinize large investments heavily. Provide comprehensive evidence of how you legally accumulated €500,000+: tax returns spanning multiple years, business sale documentation, inheritance records, property sale proceeds, employment history. Gaps or vague explanations cause delays or rejections.

Investment in non-eligible funds – Not all Portuguese investment funds qualify for Golden Visa. Verify fund has CMVM approval and explicit Golden Visa eligibility before investing. Using ineligible funds wastes time and money.

Missing or expired documents – Criminal background checks must be recent (typically within 90 days). Starting with old checks causes rejections. Obtain fresh documents close to submission.

Inadequate health insurance – Must be comprehensive international health insurance (not travel insurance) with €30,000+ coverage explicitly including Portugal.

Unclear beneficial ownership – If investing through corporate structures, beneficial ownership must be transparent and documented. Complex corporate vehicles require additional documentation.

Source of funds concerns – Cryptocurrency gains, cash-based businesses, or income from countries with weak banking regulations face heightened scrutiny. Provide extensive documentation demonstrating legitimacy.

Pro strategy: Work with experienced immigration attorneys and investment advisors specializing in Golden Visa. The investment size justifies professional guidance—mistakes cost far more than professional fees.

Golden Visa Costs: Complete Breakdown

Investment amount:

• €500,000 (fund investment route—most common)
• Must be maintained five years minimum

Government fees:

• Application analysis fee: €605.10 per person
• Residence permit issuance: €6,045.20 per adult; €3,022.60 per minor
• Renewal fees (every 2-3 years): €2,666.70 per adult; €1,333.35 per minor

Fund-related costs:

• Management fees: 1.5-2.5% annually (€7,500-12,500/year)
• Entry/subscription fees: 0-3% (€0-15,000)
• Intermediary commissions: 5-7.5% (€25,000-37,500)
• Performance fees: Variable (10-20% of returns above benchmarks)

Professional services:

• Immigration legal fees: €8,000-15,000
• Investment advisory fees: €3,000-8,000
• Document translation and apostille: €500-1,500

Travel and miscellaneous:

• Travel to Portugal for biometrics: €1,000-3,000
• Portuguese NIF and bank account setup: €500-1,000
• Health insurance: €400-1,000 per person annually

Example total cost (single applicant):

• €500,000 investment
• €37,500 commission (7.5%)
• €6,650.30 government fees
• €12,000 legal fees
• €5,000 advisory and miscellaneous
• Total: €561,150+ first year (plus ongoing management fees)

Family of four total costs exceed €575,000-590,000 when including all dependents' government fees.

Golden Visa vs Other European Programs

FactorPortugal Golden VisaGreece Golden VisaSpain Golden Visa (Ended 2025)Investment€500K funds€250K-800K real estateClosed April 2025Stay requirement7 days/year average0 days1 day/year (was)Processing time18-24 months2-4 monthsN/ACitizenship path5 years7 years10 years (was)Language requirementA2 Portuguese (citizenship)B1 Greek (citizenship)A2 Spanish (was)Investment liquidityAfter 5 yearsNever (real estate)N/ABest forCitizenship goal, flexibilityReal estate ownership, speedProgram closed

Portugal advantages: Fastest citizenship path (5 years), investment returns potential, eventual liquidity, minimal presence requirements, dual citizenship allowed.

Greece advantages: Lower investment amount, faster processing, zero stay requirement, tangible real estate asset.

Citizenship Pathway: The Five-Year Timeline

Year 1-5: Maintain residence permit

• Renew residence permit before expiration (first renewal after 2 years for 3 additional years)
• Maintain investment throughout five years
• Meet minimum presence requirements (7 days/year average)
• Maintain clean criminal record

After 5 years: Citizenship eligibility
Portuguese citizenship requirements:

• Five years of legal residence (clock starts at initial application, not card issuance—effectively shortening wait)
• A2 level Portuguese language proficiency (basic conversational level)
• Clean criminal record globally
• Proof of ties to Portugal (residence history, tax compliance, investment maintenance)

A2 Portuguese language requirement:

• Pass CIPLE A2 exam (55% minimum score) covering basic comprehension and conversation
• Alternative: Complete 150-hour Portuguese language course at approved institution
• Exam costs €72; tests oral comprehension, reading, writing, and speaking
• 150-hour course alternative often preferred by Golden Visa holders (no exam pressure)

Citizenship benefits:

• Portuguese passport (ranks among world's most powerful—visa-free access to 188+ countries)
• Full EU citizenship rights (live, work, study in 27 EU countries)
• Dual citizenship allowed (no need to renounce original nationality)
• Pass citizenship to descendants
• Social benefits access across EU

Proposed timeline extension (currently paused): November 2025 legislation proposing to extend Golden Visa citizenship timeline from 5 to 10 years was paused and remains under review. Current 5-year timeline remains in effect as of January 2026, but monitoring legislative developments is advisable.

Tax Implications for Golden Visa Holders

Tax residency considerations:

• Spending 183+ days in Portugal triggers Portuguese tax residency
• Most Golden Visa holders avoid tax residency by limiting stays to 7 days/year
• Tax residency requires worldwide income declaration to Portuguese authorities

Non-resident taxation:

• Golden Visa holders remaining non-residents pay Portuguese tax only on Portuguese-sourced income
• Investment fund returns may be taxed in Portugal (28% capital gains rate for non-residents)
• Fund structures and DTA provisions affect actual taxation

NHR program ended: The Non-Habitual Resident tax regime closed December 31, 2023—new Golden Visa holders don't qualify.

Wealth and property taxes:

• Portugal has no general wealth tax
• Property ownership incurs IMI (property tax) at 0.3-0.8% of property value annually
• AIMI (additional property tax) applies to high-value property portfolios exceeding €600,000

Exit taxation considerations:

• If you become Portuguese tax resident and later move, exit tax rules may apply to unrealized gains
• Cross-border tax planning essential for high-net-worth individuals

US citizen considerations:

• Americans owe worldwide income tax regardless of residence
• Foreign Tax Credits offset Portuguese taxes against US liability
• FATCA and FBAR reporting requirements continue
• Consult cross-border tax advisors before investing

Why Choose the Golden Visa

Minimal time commitment: Just 7 days per year average allows maintaining current residence, business operations, and lifestyle elsewhere.

EU citizenship pathway: Five-year timeline (fastest among European investment programs) leads to Portuguese passport and full EU rights.

Dual citizenship: Portugal allows maintaining original nationality alongside Portuguese citizenship.

Family inclusion: Spouse, children, and parents all receive residence permits and citizenship eligibility.

Investment flexibility: After five years, many funds allow redemption—potentially recovering most or all investment.

Quality of life optionality: Creates option to retire, relocate, or educate children in Portugal or broader EU without urgency.

Schengen access: Residence permit allows unlimited travel throughout 26 Schengen countries.

Political and economic stability: EU membership, NATO alliance, strong democratic institutions, and developed economy.

No language requirement during residence period: Portuguese proficiency required only at citizenship application.

Practical Tips for Golden Visa Success

Start with fund due diligence: Research multiple funds, compare strategies, fees, and track records before selecting. Don't rush this decision—you're committing €500,000 for five years.

Work with specialized professionals: Immigration attorneys experienced in Golden Visa applications (€8,000-15,000) and investment advisors familiar with eligible funds (€3,000-8,000) are worth the cost. DIY approaches risk expensive mistakes.

Understand total costs upfront: Budget €560,000-590,000+ for single applicants, more for families, when including all fees, commissions, and professional services.

Plan for long timeline: Current reality is 18-24 months from investment to residence card. Don't make plans requiring faster approvals.

Document source of funds meticulously: Assemble comprehensive evidence of how you legally accumulated investment capital. Tax returns, business records, property sales, inheritance documentation—more is better.

Obtain NIF immediately: Portuguese tax number is your first step, enabling bank account opening and investment execution.

Consider open-ended funds: Unless seeking higher returns from closed-ended strategies, open-ended funds provide liquidity after five years.

Monitor legislative changes: Golden Visa program faces periodic political scrutiny. Stay informed about potential rule changes, though existing permit holders typically receive grandfathering protections.

Plan citizenship timeline: If EU passport is your goal, begin Portuguese language study early. A2 proficiency is achievable but requires effort—don't wait until year five.

Maintain compliance meticulously: Track your 7 days/year presence, maintain investment continuously, renew permits before expiration. Compliance failures jeopardize citizenship eligibility.

Getting Expert Guidance for Your Investment

Golden Visa applications involve substantial capital commitment and complex legal, investment, and tax considerations. Individual circumstances—citizenship, wealth sources, family composition, investment preferences—create unique optimization opportunities and potential pitfalls.

During your consultation, you'll receive:

• Assessment of whether Golden Visa aligns with your goals
• Investment fund strategy recommendations for your situation
• Total cost projections including all fees and expenses
• Realistic timeline expectations based on current AIMA processing
• Tax implication guidance for your citizenship and wealth structure
• Clear roadmap for moving forward confidently

The Portugal Golden Visa remains one of Europe's premier investment immigration programs despite recent reforms. With minimal presence requirements, a clear five-year citizenship pathway, investment liquidity potential, and family inclusion benefits, the Golden Visa serves investors seeking EU mobility and optionality while maintaining current lifestyles.

Whether you're seeking residency backup planning, citizenship diversification, EU business access, or retirement optionality in Europe's most affordable Western country—the Golden Visa creates possibilities that extend far beyond the initial €500,000 investment.

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Schedule a complimentary Portugal visa consultation to discuss your specific situation: