Golden Visa
Portugal's Autorização de Residência para Atividade de Investimento (ARI) — the Golden Visa — remains, more than a decade in, the most flexible investor residency in Europe. Following the 2023 reforms, real-estate routes were closed; investment fund and qualifying-activity routes remain robust. For Americans, it offers something almost no other program does: meaningful EU rights with effectively no requirement to live in the country.
- Minimum Investment
- From €500,000
- Processing
- 12–18 months
- Stay Requirement
- 7 days / year
- Permanent Residency
- Year 5
- Citizenship Eligibility
- Year 10
- Family Coverage
- Spouse + children + parents
Optionality, codified into law.
The Golden Visa is, fundamentally, an option contract on European citizenship. You make a qualifying investment. You spend a token amount of time in Portugal each year. After ten years, you sit for a basic Portuguese exam, swear an oath, and walk away with one of the world's most powerful passports. Until that moment, your American life continues uninterrupted. Few products in any category offer this asymmetry.
An average of seven days per year over the five-year track. The lowest physical presence requirement of any meaningful EU residency.
Ten years from the date of application — not approval — to citizenship eligibility under the 2026 nationality-law amendment.
Principal applicant, spouse, dependent children, and dependent parents all included in a single application.
Qualifying funds are real investment vehicles. Capital may be returned with growth at the end of the holding period.
How investment is made.
Subscription to a qualifying Portuguese venture-capital or private-equity fund. The most common route post-2023 for our clients seeking liquidity and diversification.
- Non-EU/EEA/Swiss nationality (US passport qualifies).
- Clean criminal record across all countries of prior residence.
- Source of funds documentation acceptable to Portuguese banking and AML standards.
- Capacity to maintain qualifying investment for the full five-year period.
- Willingness to spend a minimum of seven days per year in Portugal.
How we run this program.
We assess your goals and conduct independent diligence on candidate funds — we do not accept fund commissions.
Portuguese tax number, compliant bank account, and qualifying investment executed.
Application filed with AIMA. Biometrics scheduled in Portugal. Initial card issued.
Two-year renewals. Permanent residency at year five; at year ten, citizenship application — language exam, civics, oath.
Questions worth answering candidly.
Is the Golden Visa really still available after the 2023 reforms?+
Yes. Real-estate-based investment was eliminated, and short-term-rental properties were excluded. Fund-based, scientific, cultural, and job-creation routes all remain fully active and continue to issue residency cards.
What does '7 days per year' actually mean?+
Across each two-year permit cycle, you must spend an average of fourteen days in Portugal — typically structured as a single visit or two short trips. We have clients who satisfy the entire five-year requirement in under eight weeks of cumulative time in Portugal.
Will processing times improve?+
AIMA — the agency that succeeded SEF — has processed a substantial backlog over the past 18 months. Filings made today are tracking 12 to 18 months. We will tell you, candidly, what to expect for your file at the time of engagement.
What about US tax exposure on the fund investment?+
Portuguese funds frequently carry PFIC characteristics for US-tax purposes. Fund selection must be coordinated with your US CPA. We will introduce specialists if you do not already have suitable counsel.
Do I need to learn Portuguese?+
Not for residency. For citizenship at year ten, a Portuguese A2 exam is required — roughly the level of an attentive learner after a year of casual study. We coordinate tutoring well in advance.
Compare alternatives
Considering Portugal? Let's talk before you commit.
Thirty minutes with an experienced advisor. We'll tell you, candidly, whether this program is the right fit — and if it isn't, which one is.
You speak directly with an experienced advisor — not an intake associate.