Portugal Golden Visa 2026: Investment Routes, Costs, Taxes and the New 10-Year Citizenship Rule

Portugal's Golden Visa, officially the Residence Permit for Investment Activity (ARI), is still one of the cheapest ways to get EU residence without actually moving. What changed is how you qualify. Since 7 October 2023 (Law 56/2023) buying property no longer counts, and since 19 May 2026 the path to a Portuguese passport is twice as long as it used to be.

This guide covers what's left, what it costs, how the minimum stay works, how the new nationality law affects you, and how Portugal taxes you once you hold the permit. Applications are handled by AIMA, the agency that replaced SEF in 2023.

Which Portugal Golden Visa investment options are still available?

Five routes remain under Article 90-A of the Foreigners Law:

You must hold the investment for at least 5 years, which is the period during which you renew the permit. Most applicants choose the fund route. Funds are regulated by the Portuguese securities regulator (CMVM), many are built specifically for Golden Visa investors, and you can exit once the fund matures.

Gone since October 2023: residential and commercial property, the €1.5 million capital transfer, and the property-linked fund structures. Permits granted under the old rules, and applications filed before the cut-off, keep the old treatment, including renewals.

How many days do you have to spend in Portugal?

Very few. To keep the permit you need to stay in Portugal for:

• 7 days (consecutive or not) in the first year
• 14 days in each two-year period after that

That's about 35 days across the first five years. The permit is issued for 2 years, renewed for 3, and after 5 years you can apply for permanent residence. Because the stay requirement is so low, the Golden Visa is mostly bought as a Plan B: an EU residence card that gives visa-free travel across the Schengen area (90 days in any 180 outside Portugal) without having to move your life or your tax residence.

How long does Portugal citizenship take now?

Ten years for most nationalities. Organic Law 1/2026, published on 18 May 2026 and in force from 19 May 2026, amended the Nationality Law (Law 37/81):

Nationality applications filed with the IRN on or before 18 May 2026 are still processed under the old five-year rule. Simply holding a Golden Visa before that date does not lock in the old timeline. The application itself had to be in.

The days-on-the-ground rule hasn't changed. You can still qualify for citizenship while spending only 7 to 14 days per period in Portugal. But a ten-year wait means the Golden Visa now works best as a residence product rather than a quick passport. Investors who wanted EU citizenship within five or six years are now looking at other options. See all golden visa countries.

How much does the Portugal Golden Visa cost?

Here is a realistic budget for one applicant using the fund route:

AIMA's fee table is updated each year, so check it before you file. Family members (spouse, dependent children, dependent parents) can be included, and each one pays the per-person fees.

Processing is slow. AIMA built up a large backlog after SEF was dissolved, and first approvals have often taken one to two years or longer. Your residence clock for nationality purposes only really starts once the permit is issued, so the delay matters.

Do you pay tax in Portugal with a Golden Visa?

Not automatically. Holding the permit does not make you tax resident. Under the Portuguese tax rules, you become resident if you spend more than 183 days in Portugal in any 12-month period, or if you have a home there that you intend to keep as your habitual residence. A Golden Visa holder who visits for 14 days every two years and keeps tax residence elsewhere is a non-resident. You only pay Portuguese tax on Portuguese-source income, such as rent from a Portuguese property.

If you do move to Portugal, the picture changes:

• Worldwide income becomes taxable at progressive rates of up to 48%, plus solidarity surcharges on very high incomes.
• The old NHR regime is closed to new applicants. Its replacement, IFICI (often called "NHR 2.0"), offers a 20% flat rate on Portuguese employment and self-employment income from qualifying activities, such as research, tech, startups and certain export businesses. It also exempts most foreign-source income, apart from pensions and income from blacklisted jurisdictions, for 10 years. A passive Golden Visa investor generally doesn't qualify for IFICI unless they also take on a qualifying role.
• No wealth tax. Portugal does not tax net wealth.
• Property taxes: IMI is charged at 0.3%–0.45% on urban property each year. AIMI, an additional property tax, applies to the combined taxable value of residential property above €600,000 per person (€1.2 million for couples filing jointly): 0.7%, rising to 1% above €1 million and 1.5% above €2 million.
• No inheritance tax for a spouse, children or parents. Other heirs pay 10% stamp duty on Portuguese assets.

Full rates are on the Portugal country page.

Worked example: fund route for a family of three

A couple with one child invests €500,000 in a CMVM-regulated fund in 2026.

• AIMA fees for 3 people (analysis plus first card): about €20,800
• Lawyer: €10,000
• Fund fees over 5 years at 1.5% a year: about €37,500
• Renewal fees at year 2 and year 5: budget about €20,000 for the family

Total friction cost over 5 years: about €90,000, before any fund return. In exchange the family gets 5 years of EU residence, permanent residence after that, and the option of citizenship at year 10. They need to spend only about 35 days in Portugal over the first 5 years. If the fund returns 3–4% a year, most of that cost is covered. If it loses money, it isn't.

How do you apply?

1. Get a Portuguese tax number (NIF) and open a Portuguese bank account. A lawyer can do both remotely with a power of attorney.
2. Make the investment from funds transferred from abroad, and get the fund or institution's investment certificate.
3. Submit online through AIMA's ARI portal with your passport, criminal record certificates, proof of the investment, proof of health insurance and proof of tax and social security status.
4. Pay the analysis fee and wait for pre-approval.
5. Attend a biometrics appointment in Portugal. This counts towards your first-year stay.
6. Receive the residence card and pay the issuance fee.
7. Renew at year 2 and year 5, showing that the investment is still held and that you met the stay rule.

Is the Portugal Golden Visa still worth it?

It's worth it if you want an EU residence card with almost no presence requirement, and you're comfortable having €500,000 in a regulated fund for 5+ years. It's weaker if your goal was a passport in five years, or if you wanted to buy a home in Portugal at the same time.

For people who actually plan to live in Portugal, the D7 passive income visa or the digital nomad visa is cheaper, and both count towards citizenship in the same way. Compare options on our digital nomad visas list. If you're also trying to reduce tax, remember that Portugal only becomes a low-tax option if you qualify for IFICI. See the lowest-tax countries for alternatives.

Not legal or tax advice. Figures are from Portuguese law and AIMA as of November 2026. Confirm with a Portuguese immigration lawyer before investing.