Portugal's Residence Permit for Investment Activity (ARI) is run by AIMA, the agency that replaced SEF. Since Lei 56/2023, the AIMA rules are explicit: the investment cannot go, directly or indirectly, into real estate. The plain bank transfer route went with it. What remains is a programme for fund investors, company builders and donors to science and culture.
The routes still open
| Route | Minimum | Condition |
|---|---|---|
| Investment fund units | EUR 500,000 | Non-real-estate Portuguese funds, at least 5 years to maturity, 60% invested in Portuguese companies |
| Company creation or capital increase | EUR 500,000 | Create 5 permanent jobs, or keep 10 jobs (5 permanent) for at least 3 years |
| Scientific research | EUR 500,000 | Paid to public or private research institutions; 20% less in low-density areas |
| Arts and cultural heritage | EUR 250,000 | Paid through public bodies or recognised cultural entities |
| Job creation | No minimum sum | Create at least 10 jobs, or 8 in a low-density area |
Source: AIMA's ARI page, read 13 October 2026. The golden visa is not in our scored catalogue, so every figure in this table is AIMA's, not ours. It is open to non-EU nationals only: EU, EEA, Andorran and Swiss citizens are excluded.
What the permit gives you
- Residence and the right to work in Portugal, entering without a residence visa
- A minimum stay of only 7 days in the first year and 14 days in each later year
- Visa-free movement in the Schengen area
- Family reunification for a spouse and children
- A 2-year permit, renewed while the investment stays in place, with a route to permanent residence and naturalisation
Applicants sign a declaration that they will keep the investment for a minimum of 5 years. Since February 2026, AIMA handles renewals online through its renewals portal, with in-person appointments only when biometrics are needed.
Is it still worth it?
It is worth it if you want an EU residence permit while living mostly elsewhere, and you would hold a Portuguese fund or business anyway. If you plan to actually move to Portugal, the D7 or D2 gets you the same residence for a small fraction of the capital.
See which Portuguese route fits your money
Transita compares your savings and income against the D7, D2, D8 and every other route we track. Answer 8 questions and your routes, documents and dates are set up for you. Free.
Build my workspaceAlternatives inside Portugal
| Visa | Government fee | Processing | Money floor recorded | Published income floor | Permanent residence |
|---|---|---|---|---|---|
| Portugal: D7 Passive Income Visa | $250 | 2–6 months | $11,000 | Not recorded | PR after 5 years |
| Portugal: D2 Entrepreneur Visa | $200 | 3–6 months | $5,000 | Not recorded | PR after 5 years |
| Portugal: D8 Digital Nomad Visa | $250 | 2–6 months | Not recorded | EUR 3,680/mo (≈ $50,607/yr) | PR after 5 years |
The D7 suits retirees and anyone with passive income; our D7 guide has the details. The D2 is the entrepreneur route, with a recorded money floor of about $5,000. The difference from the golden visa is presence: these visas expect Portugal to be your home.
Alternatives outside Portugal
| Visa | Government fee | Processing | Money floor recorded | First permit | Permanent residence |
|---|---|---|---|---|---|
| United Arab Emirates: Golden Visa | $1,000 | 1–3 months | Not recorded | 10 yr | PR route exists |
| United States: E-2 Treaty Investor | $460 | 2–6 months | $100,000 | 5 yr | No PR route |
| New Zealand: Active Investor Plus | $16,400 | 6–10 months | $3,000,000 | 5 yr | PR from grant |
Each one works differently: the UAE Golden Visa gives long-term residence, the US E-2 is a renewable treaty-investor visa with no green card attached, and New Zealand's Active Investor Plus grants residence outright. Our golden visa overview compares them in full.
If you are a US citizen
The fund route carries a tax question other applicants do not face. A Portuguese fund can be a passive foreign investment company (PFIC) under US tax law, and the IRS describes Form 8621 as the return PFIC shareholders file when they receive distributions, sell shares or make certain elections. Before you transfer anything, ask the fund in writing whether it provides the annual statement a qualified electing fund (QEF) election needs, and have a US tax adviser review it.
If what you want is a European business base rather than Portugal specifically, the Dutch DAFT permit is reserved for US citizens and costs $1,700 in government fees. The easiest European countries for Americans guide compares it with the rest.
Frequently Asked Questions
Can you still get a Portugal golden visa by buying property?
No. AIMA states that the investment cannot be directed, directly or indirectly, to real estate. The property routes and the plain capital-transfer route were removed by Lei 56/2023 in October 2023.
What is the cheapest Portugal golden visa option in 2026?
The arts and cultural heritage route, at EUR 250,000 paid through a public or recognised cultural body. The fund route at EUR 500,000 is the one most investors use, because the money remains an investment rather than a contribution.
How long do you have to live in Portugal on the golden visa?
At least 7 days in the first year and at least 14 days in each following year, according to AIMA. That light presence rule is still the main reason people choose it over a regular residence visa.
How long must the investment be held?
Applicants sign a sworn declaration that they will keep the investment for the minimum period of 5 years. The residence permit itself is issued for 2 years at a time.
Is a Portuguese investment fund a PFIC for US tax purposes?
It can be, and US investors should settle that with a US tax adviser before investing. US persons who hold shares in a passive foreign investment company may have to file IRS Form 8621, and PFIC rules can tax gains far less favourably than a US fund.
What are the alternatives to the Portugal golden visa?
Inside Portugal, the D7 passive income visa (about $11,000 a year in our catalogue) and the D2 entrepreneur visa need far less capital but expect you to actually live there. Outside Portugal, the UAE Golden Visa and New Zealand's Active Investor Plus are the main investor routes we track.
official sources: D7 · vistos.mne.gov.pt·Golden Residence · u.ae·E-2 · uscis.gov·AIP · immigration.govt.nz·Dutch-American Friendship Treaty · ind.nl