Residence by investment (ARI, the "golden visa")

The residence permit for investment, known as the ARI or “golden visa”, is the temporary permit that the Foreigners Law (Law 23/2007) provides for people who carry out an investment activity in Portugal. It does not apply to Portuguese, European Union or European Economic Area citizens, nor to Andorran and Swiss nationals.

This guide explains the regime as it appears in the consolidated text of the law and on AIMA’s pages. It is not legal or financial advice: an investment of this size is worth discussing with a lawyer before you transfer any money.

What changed in 2023

The regime was amended by Law 56/2023 of 6 October, known as “Mais Habitação”. In the list of investment activities in article 3(1)(d) of Law 23/2007, several sub-paragraphs are now repealed, and AIMA says the investment cannot go, directly or indirectly, into real estate investment.

If you find online descriptions that still present buying a home as a route, be wary: always check the text of the law and AIMA’s page. The Foreigners Law was also amended later by Law 61/2025 and Law 62/2026; the list below is the one in the current consolidated version.

Which investments count today

The law speaks of an activity carried out personally or through a company that leads to one of these situations in Portugal and for a minimum of five years:

Route	Requirement under the law
Job creation	At least 10 jobs
Scientific research	At least 500,000 euros, applied to research by public or private institutions in the national science and technology system
Culture and heritage	At least 250,000 euros for artistic production or for restoring and maintaining cultural heritage, through public bodies and certain foundations and associations in the cultural field
Investment funds	At least 500,000 euros in units of non-property collective investment undertakings set up under Portuguese law, with a maturity of at least five years and at least 60% invested in companies based in Portugal
Company capital	At least 500,000 euros to set up a company based in Portugal with five permanent jobs; or to increase the capital of an existing company with five new permanent jobs; or to keep at least ten jobs (five permanent) for at least three years

According to AIMA, the number of jobs and the research and culture amounts are reduced by 20% in low-density territories, which gives 8 jobs, 400,000 euros for research and 220,000 euros for culture. AIMA points to Portaria 208/2017 for the list of those territories: check whether your project’s location is on it.

Conditions for the permit

Article 90-A requires, cumulatively, that the applicant meets the general requirements of article 77 of the Foreigners Law (except paragraph 1(a)), holds valid Schengen visas, regularises their stay in Portugal within 90 days of first entering, and meets article 3(1)(d). AIMA’s page presents the ARI as a route that does not need a residence visa to enter. Because the two wordings do not fully overlap, ask AIMA or the consulate which visa you need for your nationality before travelling.

AIMA also says the permit is refused if there is a fact that would have prevented the grant of a visa, a conviction for a crime punishable in Portugal by more than one year in prison, an entry or stay ban following a removal, or an alert in the information systems for refusal of entry or stay.

How to apply

1. Pre-register on the Portal ARI. This is mandatory. It is used to register the investor’s and family members’ applications, upload documents, name authorised representatives and generate the single payment document (DUC).
2. Gather the general documents. Valid passport, proof of legal entry and stay, SNS enrolment or international health insurance, criminal record from your country of origin and from any country where you lived for over a year (issued less than three months ago, translated and legalised), tax identification number, certificates showing your tax and social security position is regular (under 45 days old, or a statement of non-registration) and a sworn statement that you will meet the investment and the five-year period.
3. Gather proof of the investment for your route. All of them need a statement from a credit institution authorised in Portugal, or registered with the Bank of Portugal, confirming the transfer. The rest varies: employment contracts for the jobs route; a statement from the research institution; a statement from the culture service; a certificate of units and a statement from the fund manager; a commercial register certificate and purchase contract for company capital.
4. Pay the analysis fee and submit. AIMA does not list amounts on the regime page and points to its fee table and to Portaria 307/2023. Pay only the DUC issued by the portal, within its deadline. At in-person appointments you pay by bank card: AIMA does not accept cash.

Files uploaded to the portal are PDFs and each must be no larger than 4 MB. Split large documents into labelled parts. Foreign documents must follow the translation and legalisation or apostille rules. For the templates AIMA publishes, see the forms and templates guide.

Once the application is accepted, AIMA schedules an in-person appointment. If your application is accepted and you have no appointment, write to geral@aima.gov.pt with the subject “Pedido de agendamento ARI”, your full identification and the case number. If you miss an appointment without a justified reason, the case may be archived; if there was a serious reason, ask to reschedule in writing and with proof.

Validity, minimum stay and renewal

The first permit is valid for two years. Article 90-A says it is renewed in two-year periods, provided you show that any one of the investment requirements of article 3 is still met.

Minimum stay. According to AIMA, you must spend 7 days in Portugal in the first year and 14 days in the following periods. AIMA can ask for proof of presence when it has reasonable doubt. AIMA’s regime page speaks of 14 days in the following years and its FAQ of 14 days in each following two-year period, so ask AIMA for the rule that applies to your permit before planning long absences.

What to prepare to renew. According to AIMA: a valid passport or travel document, regular tax and social security status, a criminal record where it applies, health insurance, proof that the investment is maintained, the minimum stay, means of subsistence, accommodation and payment of fees. If you have no income in Portugal, you can show foreign income, pensions, financial investments or bank statements; see the means of subsistence guide.

Where to renew. AIMA points to the Renewals Portal for renewing ARI permits that expired within the range of dates shown on the portal, with payment and document upload in the same portal. The renewal guide explains the portal and how the accepted range of dates keeps being widened: read the notice in force before you decide.

Selling or changing the investment. Selling or changing the investment can put renewal at risk if you still rely on it, and AIMA assesses each change case by case. If your situation changed after the grant, tell AIMA: another type of permit may need to be assessed.

Family reunification

According to AIMA, family members can apply for their permit through family reunification, at the same time as the investor’s application, but the outcome depends on the investor’s application being approved. The list includes:

• the spouse;
• minor or incapacitated children in the care of the couple or one spouse, including adopted children when the foreign adoption is recognised in Portugal;
• unmarried children aged 18 to 25 who study;
• first-degree parents in the direct line of the resident or spouse who depend on them;
• minor siblings under the resident’s guardianship, when the guardianship is recognised in Portugal.

Each family member needs, among other things, a criminal record, tax and social security certificates (or proof of non-registration) and updated proof of family ties when it has expired or there is doubt. The investor signs a responsibility statement with a certified signature, unless they sign it in person at the appointment. Reunification outside the ARI follows the family reunification guide.

Permanent residence and citizenship

According to AIMA, holders and family members who meet article 80 of the Foreigners Law and apply for permanent residence receive a permanent residence permit for investment activity, and some rules of the temporary regime stop applying, such as cancellation for absences from Portugal under article 85. The permanent permit is assessed on its own requirements, which the permanent residence guide explains.

AIMA adds that ARI holders can apply for Portuguese citizenship by naturalisation if they meet the other requirements of the Nationality Law. Those requirements do not depend on the investment: see the citizenship guide.

Before you go ahead

• Choose the route with a trusted professional who checks the law in force, and keep every proof of transfer.
• Get your NIF and NISS (see the NIF and NISS guides) and request criminal records carefully, because they are valid for only three months.
• To contact AIMA, call (+351) 217 115 000, Monday to Friday, 8am to 8pm, or write to geral@aima.gov.pt. The general AIMA guide describes the other channels, and the Path assistant helps order the steps.