Published by Aliança Portuguesa para a Migração por Investimento.
Updated Editorial standards
Five investment categories remain available for new Golden Visa applications. Each has its own legal threshold, eligible activities and documentary requirements.
Key considerations
- The investment must meet a statutory category, not merely carry a Golden Visa label.
- The 20% low-density reduction applies only to employment, research and cultural activities.
- Property acquisition and unrestricted capital transfers are no longer routes for new applications.
The legal test
Article 3(1)(d) of Law No. 23/2007 defines the qualifying activities. Article 90-A connects those activities to investment residence. Meeting the financial threshold is one element of the application: the applicant must also satisfy the applicable personal and immigration conditions.
The implementing regulation requires the investment to be completed when the residence application is presented. A proposed subscription, reservation or expression of interest should not be treated as proof of a completed qualifying investment.
The available categories
The following table summarises the standard thresholds. The investment must be structured within the relevant statutory category and supported by the required evidence.
| Category | Standard threshold | Principal condition |
|---|---|---|
| Non-real-estate collective investment | €500,000 | Portuguese-law collective investment undertaking, at least five years of maturity at investment and at least 60% invested in Portuguese-headquartered commercial companies. |
| Scientific research | €500,000 | Research carried out by public or private institutions within the national scientific and technological system. |
| Artistic production or cultural heritage | €250,000 | Eligible artistic production, recovery or maintenance of national cultural heritage through a qualifying recipient. |
| Creation of employment | 10 jobs | Creation and maintenance of the required jobs, evidenced through employment and social security records. |
| Company capital and employment | €500,000 plus employment conditions | Incorporation with five permanent jobs, or capital reinforcement with the specific creation or maintenance requirements. |
When a reduced threshold can apply
Article 3(2) permits a 20% reduction for the job-creation, research and cultural routes when the activity is carried out in a qualifying low-density territory. This corresponds to eight jobs, €400,000 for research or €200,000 for culture. It does not reduce the fund or company-capital threshold.
The statutory definition refers to Portaria No. 208/2017 and demographic or economic criteria. The location of the qualifying activity needs to be established. The applicant’s home address or a recipient’s registered office alone does not settle that question.
Real estate and earlier applications
The remaining investment activities may not be directed, directly or indirectly, towards real-estate investment. A non-real-estate label therefore requires examination of the actual structure and use of capital.
Law No. 56/2023 closed the former property and general capital-transfer routes to new applications from 7 October 2023. It also contains rules for existing authorisations and pending cases. An older application must be assessed under those transitional provisions rather than this new-application comparison.
Evidence should shape the investment structure
The practical question is whether the investor can prove every condition at application and renewal. Identify the exact recipient, the legal ownership structure, the transfer trail and the organisation responsible for issuing each certificate before funds are committed.
- Obtain the governing documents and a written explanation of the applicable legal category.
- Check whether the recipient or manager can provide the required official declarations.
- Keep investment capital separate from professional fees, subscription charges and government fees when preparing the budget.
- Document any indirect holding structure and obtain advice on its compliance.
Create a useful comparison file
Compare the routes using the same questions, rather than comparing only their headline amounts. A one-page file for each shortlisted route can identify the eligible recipient, what the payment buys or supports, the evidence available and the continuing obligations. Keep financial assessment separate from the immigration conclusion.
For each entry, record the document supporting the answer and who supplied it. Mark an unanswered question as unresolved rather than relying on a verbal assurance. This makes a discussion with a lawyer, tax adviser or regulated investment professional more productive.
- Capital: what amount reaches the qualifying activity after any separately charged expenses?
- Control: who can change the investment policy, project, workforce or legal structure?
- Evidence: who issues the initial and renewal declarations, and when?
- Exit: what happens commercially if immigration processing takes longer than the investment timetable?
Compare the continuing obligations
The general investment maintenance period is at least five years, counted under Article 65-B from the grant of residence. Renewal still requires evidence that the applicable investment conditions are met. Fund life, employment continuity and completion of a cultural project raise different practical issues.
Assess the commitment alongside liquidity, commercial risk, reporting arrangements and the household’s immigration timetable. A lower entry threshold does not establish that a route is more appropriate for a particular applicant.
Source references
Sources and further reading
Article 3(1)(d), (2), (3), (5) and Article 90-A
diariodarepublica.ptArticles 65-A to 65-E: completion, evidence and maintenance of the investment.
diariodarepublica.ptArticles 42 to 44: closed routes, transitional treatment and the revised investment definition.
diariodarepublica.ptGeneral information. The applicable law, your circumstances and the competent authority’s decision determine your position. Editorial Standards and Corrections
