The Residence Permit for Investment Activity (ARI) program, better known as the **Golden Visa**, continues to be one of the most popular ways for non-European Union (EU) investors to obtain residency in Portugal. However, the program has undergone significant changes, making it essential for investors to understand the rules in force for 2025.
FA ACCOUNTING has prepared this guide to clarify the eligible investment options and the residency requirements for investors looking to take advantage of this regime.
1. The End of Direct Real Estate Investment
The main change that came into effect at the end of 2023 is the **total exclusion of direct real estate investment** for new Golden Visa applications.
Since then, eligible investment options have been restricted to modalities aimed at promoting culture, innovation, employment, and venture capital in Portuguese companies, moving away from the residential and commercial real estate market.
2. Eligible Investment Options in 2025
To be eligible for the Golden Visa in 2025, investors must make and maintain, for a minimum period of five years, one of the following investment modalities:
| Investment Option | Minimum Value | Description |
|---|---|---|
| Investment Funds (Venture Capital) | € 500,000 | Subscription of units in investment or venture capital funds that are not directly real estate funds. At least 60% of the investment value must be applied to commercial companies headquartered in Portuguese territory. |
| Scientific Research (R&D) | € 500,000 | Capital transfer for research activities developed by public or private scientific research institutions integrated into the national scientific and technological system. |
| Job Creation | No minimum capital value | Creation of at least 10 full-time job positions. |
| Cultural Heritage | € 250,000 | Capital transfer for investment or support for artistic production, recovery, or maintenance of national cultural heritage. |
| Company Incorporation/Capital Increase | € 500,000 | Capital transfer for the incorporation of a commercial company or the capital increase of an existing company, provided that it creates or maintains a minimum of 5 permanent jobs for a period of three years. |
Important Note: It is crucial that the € 500,000 investment in investment funds strictly adheres to the requirements that the capital must be invested in **non-real estate funds** and with a minimum of **60% allocated to Portuguese companies**.
3. Minimum Residency Requirements
One of the biggest attractions of the Golden Visa is its reduced minimum residency requirement, ideal for investors who do not intend to move permanently to Portugal immediately.
The investor and their dependent family members must comply with the following minimum stay periods in Portuguese territory:
- 1st Period (2-Year Card): Minimum of 14 days (consecutive or intermittent) during the first two years.
- Subsequent Periods (3-Year Card): Minimum of 21 days (consecutive or intermittent) in each subsequent three-year period.
4. The Path to Portuguese Citizenship
After five years of holding legal resident status in Portugal (counted from the date of application submission), the Golden Visa investor and their eligible family members can apply for Portuguese citizenship.
To obtain nationality, the following requirements must be met:
- Maintain the qualified investment for the minimum period of five years.
- Have no outstanding debts with the Tax and Customs Authorities or Social Security in Portugal.
- Possess a clean criminal record.
- Demonstrate sufficient knowledge of the Portuguese language (by passing an A2 level test).
Alert on the Nationality Law
In 2025, discussions about potential changes to the Nationality Law have generated some uncertainty. If new proposals are approved, they may alter how the 5-year period is counted, affecting the program’s long-term attractiveness for some investors. **FA ACCOUNTING** closely monitors these changes to advise its clients in a timely manner.
Conclusion and Next Steps
Portugal’s Golden Visa in 2025 is a program that prioritizes investment in funds, innovation, and job creation, offering a clear path to residency and, eventually, Portuguese citizenship.
Due to the complexity of the new investment rules and compliance requirements (especially concerning Investment Funds), specialized support is crucial.
**FA ACCOUNTING** offers a complete fiscal and accounting consulting service, ensuring that your Golden Visa process is planned and executed efficiently, in full compliance with Portuguese legislation.
Contact us today to discuss your investment options.
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