Portugal Citizenship by Investment: Ultimate Guide to Global Mobility

Portugal’s Golden Visa is a residency by investment program that offers a fast track to citizenship for foreign investors through significant financial contributions to the country.

The program comes with tax benefits, particularly for those seeking a favorable environment for crypto investment or capital gains, and allows holders to travel freely across the Schengen Area.

In this article, we’ll look at the various residency by investment options, what is required for a successful application, and the benefits you derive from being a Golden Visa holder.

Portugal Citizenship by Investment Program: An Overview

The scheme has become highly attractive to global entrepreneurs and high-net-worth individuals seeking Portugal residency and strategic advantages such as tax efficiency and enhanced global mobility​​​​​.

One of the program’s major appeals is its flexibility. Investors must maintain the investment for five years and only spend an average of seven days per year in Portugal.

After five years, they can apply for permanent residency and citizenship, provided the applicant meets language proficiency requirements and has maintained a clean criminal record.

However, Portugal is by no means the only citizenship-by-investment country. Around 12 countries offer formal residency by investment (RBI) programs, which offer residency through a significant financial investment in the host country, often in real estate, government bonds, or national development funds.

Benefits of Citizenship by Investment

Although the Portugal Golden Visa is a residency by investment program and not a citizenship by investment program, there is the possibility to secure citizenship after five years. Below, we outline the advantages of the Portugal Golden Visa program. 

Citizenship: After five years of maintaining a qualifying investment and meeting residency requirements, you can apply for Portuguese citizenship. This grants you full European Union (EU) citizenship rights, including the ability to live, work, and study anywhere in the EU.

Minimal stay: Portugal’s Golden Visa has minimal residency requirements unlike many residency programs. You must only spend seven days per year in Portugal to maintain your residency status. This makes it ideal for investors who wish to keep their primary residence elsewhere.

Visa-free travel: As a Golden Visa holder, you gain the right to travel visa-free across the Schengen Zone, which includes 26 European countries. This is highly beneficial for frequent travelers and business professionals.

Family members: The Golden Visa extends to immediate family members, including spouses, dependent children, and in some cases, dependent parents. This allows your family to enjoy the same residency benefits, including access to Portugal’s education and healthcare systems.

Tax benefits: Portugal offers favorable tax incentives for residents under the Non-Habitual Resident (NHR) Tax Regime. For example, many foreign-sourced incomes are tax-exempt for up to ten years, which is particularly attractive to retirees, entrepreneurs, and investors.

Is NHR ending?

The State Budget Law for 2024 determined the end of the NHR regime from 1 January 2024. However, certain individuals can still apply up until 31 March 2025, and the scheme is being replaced by the Tax Incentive for Scientific Research and Innovation, which has now been implemented.

Portugal's Citizenship by Investment Eligibility

The Portugal Golden Visa is intended for non-EU citizens who wish to obtain temporary residency in Portugal through substantial investments in the country. To qualify for the Portuguese investment visa program, individuals must:

• Be non-EU, non-Swiss, or non-EEA nationals
• Be able to demonstrate the source of their investment funds (with a minimum investment of €250,000)
• Have a clean criminal record, proving no conviction for a crime punishable in Portugal for one year or more
• Meet the minimum stay requirement of spending at least 14 days in Portugal for each two-year period

Prospective applicants will also have to open a Portuguese bank account and a Portuguese tax identification number (NIF). In some instances, applicants will be required to provide proof of medical or travel insurance.

Portugal Citizenship by Investment Requirements

To officially qualify for the program, you must meet a few more requirements in addition to making the necessary investment of your choice and having a clean criminal record.

Getting a Portuguese tax identification number

The NIF (Número de Identificação Fiscal) is your tax identification number in Portugal. It is a unique identifier assigned by the Portuguese tax authorities and is essential for several transactions in Portugal, such as opening a bank account, buying property, signing a contract, and paying taxes.

You can apply for an NIF by attending an appointment at the local tax office (Finanças), Citizen Shop, or at a counter that provides the Citizen Card. When you appoint a legal representative, such as a lawyer or an accountant, they will also apply for it on your behalf.

Opening a Portuguese bank account

You’ll also need to open a Portuguese bank account to apply for theresidency by investment, and should be done after getting a NIF. It is relatively easy to simply walk into a bank branch and open an account, while some banks allow you to do that online.

Cost of Portugal's Citizenship by Investment

In addition to the investment cost, there are several other fees and expenses. For example, the application fee for a single applicant is €605, the residency permit issuance is €6,045, and the renewal is €3,023, which the applicant will need to do twice. Over the five years, that’s almost €13,000. 

For a couple, the fees are double as the application cost is €1,200, the residency permit is €12,090 and the renewal is €6,046. 

Application legal fees

• Golden Visa legal application fees: Range from €5,000 to €8,000 for single applicants. Dependents younger than 18 years old can be included in the application free of charge.
• Additional application fees: For dependents aged 18 years and older, this will cost between €500 to €2,000. Note that children are free of charge.
• Renewal legal costs: For a single applicant: €1,000 to €2,500.

Portugal Residency by Investment Application Process

Applications for residency by investment in Portugal can be a lengthy process. However, it is advised to consult with a Portugal Golden Visa consultant to assist you with the paperwork and ensure your application gets accepted.

Generally, the application process is as follows:

1. Onboarding: Initial discussions with the onboarding and legal teams and collect the necessary documents to ensure the correct paperwork.
2. Bank account and NIF: Our residency and citizenship division, Global Citizen Solutions, will appoint a fiscal representative for you to obtain the tax identification number (NIF) in Portugal. After obtaining your NIF, we can help you open a bank account in Portugal. We can do this remotely, and Global Citizen Solutions will help you.
3. Make the investment: We can begin securing your investment and will guide you through the necessary paperwork.
4. Online application: Lodge your application online.
5. Pre-approval: Your application will be pre-approved on the basis that you fulfill the necessary requirements.
6. Biometrics visit: From the time you book your interview, it takes around two months until you can attend a biometrics collection session in person.
7. Golden Visa issuance: After your biometrics, your Golden Visa has to be approved by the Agency for Integration, Migration and Asylum (AIMA) and you’ll have to pay the government permit issue fee. We’ll then collect the residence cards on your behalf and send them to you.

How long does it take?

Once you have all the correct documents, made the investment, AIMA approves your application, and the agency captures your biometrics, you’ll need to wait between 9 and 12 months before your residence permit is issued.

Once granted, the initial permit is valid for two years and can be renewed thereafter for another two years. At the end of the fourth year, it can again be renewed for another two years but you can apply for permanent residency and citizenship after five years.

Goldcrest: How We Can Help You 

Goldcrest is a buyer’s agent that is based in Lisbon. We provide expert, impartial advice on real estate investments and how to buy property in Portugal. From scouting out the perfect property through to property acquisition, we have you covered throughout the process.

If you are looking to purchase property in Portugal, don’t hesitate to get in touch. Our team of skilled experts is available to solve all your real estate doubts, helping you with the property search and offering insightful expertise and strategic advice.

Why choose Goldcrest?

• Local knowledge: With offices located across Portugal, our presence nationwide allows us to assist you personally across the country.
• Independent service: As an independent buying agent, we do not represent any development or project. Our service is entirely tailored toward each individual client, providing you with everything you need to secure the perfect property at the best possible price. As an impartial advisor on the market, we work solely on behalf of our client and provide a service tailored to your needs and requirements.
• Streamlined process: Our real estate agents speak English and Portuguese, and our service is completely focused on providing you with a hassle-free buying experience, saving you time.
• Experienced team: Our expert real estate team has a vast local knowledge of the Portuguese property market. We have cutting-edge technology and metasearch tools at your disposal to provide full market coverage, ensuring the best investment choices and negotiated prices.
• Network of partners: We have a close network of partners, including lawyers, property management services, builders, architects, designers, and landscape gardeners, again saving you time and hassle by providing you with trusted experts in their field of work.