The Golden Visa program in Portugal has been a game-changer for foreign investors seeking a blend of lifestyle benefits and financial opportunities.

Introduced in 2012, the program quickly gained traction among international buyers, particularly in the real estate sector, thanks to its straightforward pathway to Portuguese residency. Over the years, the Golden Visa has not only fueled investment in Portugal but also positioned the country as a top destination for individuals and families seeking access to Europe.

In 2025 significant changes have reshaped the program, especially concerning real estate investments. These updates reflect Portugal’s ongoing efforts to balance its economic needs with sustainable growth, redirecting investment toward less densely populated areas and diversified property types.

Portugal Golden Residence Permit Program (commonly known as the Portugal Golden Visa Program) has earned a reputation as one of the most attractive residency-by-investment schemes in the world, designed to encourage foreign investment and stimulate economic growth.

Key benefits of the Golden Visa

The program provides residency rights in Portugal, which include the ability to live, work, and study in the country. Additionally, it allows visa-free travel within the Schengen Zone, a major draw for investors seeking mobility across Europe. After five years of maintaining the investment and meeting residency requirements, applicants can apply for permanent residency or citizenship. This makes the program a long-term gateway to Europe.

Eligibility criteria

The Golden Visa program requires applicants to make a qualifying investment in Portugal.

Options range from capital transfer to job creation, but real estate investments have traditionally been the most popular choice. However, changes to the program in the past few years have significantly shifted the rules for property investments, which we’ll explore in detail later.

Beyond the financial requirements, applicants must maintain their investment for a minimum of five years and spend at least seven days per year in Portugal during this period to meet the residency obligation.

In 2025 the Golden Visa program in Portugal underwent significant reforms aimed at addressing regional imbalances and promoting sustainable investment. These changes primarily impact real estate investments, which have been the most popular route for obtaining the visa.

New focus on low-density and interior regions

One of the most notable updates is the restriction of residential real estate investments to low-density and interior areas.

Major urban centers such as Lisbon, Porto, and parts of the Algarve are no longer eligible for residential property investments under the Golden Visa program. This shift is designed to stimulate growth in less populated regions and reduce pressure on urban housing markets.

Minimum investment thresholds

Investment thresholds for real estate have also been adjusted.

For low-density areas, the minimum investment for residential properties remains at €280,000 for renovation projects and €400,000 for other eligible properties.

For commercial real estate in urban areas, the threshold is typically €500,000, though lower amounts may apply in specific circumstances, such as when investing in cultural or heritage properties.

Diversified property options

To encourage a broader range of investments, commercial properties, hotels, and tourism-related developments remain eligible across urban centers. This adjustment aims to balance the government’s push toward sustainability while keeping the program attractive for investors.

Residential properties in low-density areas

With the updated regulations, residential properties must be located in low-density or interior regions to qualify for the Golden Visa. These areas often feature lower property prices and growing demand, presenting attractive opportunities for investors. Examples of such regions include Alentejo, parts of the Douro Valley, and inland Algarve.

Commercial and tourism-related properties

Investments in commercial properties, including hotels and office spaces, remain eligible in urban centers like Lisbon and Porto. This category caters to investors looking for opportunities in thriving tourism and business hubs while adhering to the new guidelines.

Renovation and restoration projects

Portugal’s emphasis on cultural preservation has made renovation projects an appealing option.

Properties that are over 30 years old or located in designated urban regeneration zones can qualify for reduced investment thresholds, starting at €280,000 in low-density areas. These projects not only support the preservation of Portugal’s architectural heritage but also offer significant potential for capital appreciation.

Agricultural and rural investments

Although less common, agricultural properties and rural estates in eligible regions also qualify for the Golden Visa. These investments align with Portugal’s focus on boosting rural economies and sustainable practices.

Mixed-use developments

For investors seeking diversification, mixed-use developments combining residential, commercial, and tourism elements can offer flexibility and potentially higher returns. These projects are often located in areas experiencing rapid growth or revitalization.

Here’s a detailed guide to applying for the Golden Visa in 2025 after making a real estate investment:

1. Select a qualifying property

• Research eligible properties located in low-density or interior regions, as per the updated 2025 regulations.
• Consider working with a trusted real estate agent or investment advisor to ensure the property meets Golden Visa criteria.

2. Open a Portuguese bank account

• A local bank account is required to process the investment payment and cover associated fees.
• Transfer the funds needed for the property purchase into the account.

3. Obtain a Portuguese tax identification number (NIF)

• Apply for a NIF through the Portuguese Tax Authority or with the assistance of a legal representative.
• The NIF is essential for completing the property purchase and subsequent tax-related matters.

4. Complete the property purchase

• Sign a preliminary purchase agreement and pay the deposit.
• Hire a lawyer to handle due diligence, ensuring the property is free of encumbrances.
• Finalize the purchase by signing the deed and registering the property under your name in Portugal’s land registry.

5. Gather required documents

Prepare the following documents for your Golden Visa application:

• Passport (valid for at least six months).
• Proof of property purchase (deed and registration certificate).
• Tax identification number (NIF) and proof of Portuguese bank account.
• Criminal record certificate from your country of residence (translated and apostilled).
• Proof of health insurance covering Portugal.
• Evidence of compliance with investment thresholds (e.g., bank statements).

6. Submit the Golden Visa application

• Create an account on the SEF (Serviço de Estrangeiros e Fronteiras) online portal and upload the required documents.
• Pay the application fee (approx. €533 for the primary applicant and €83 for each family member).

7. Attend a biometric appointment

• Once your application is pre-approved, schedule a biometric appointment at a SEF office.
• During the appointment, provide fingerprints and other personal data required for residency processing.

8. Receive approval and residency card

• After your biometric data is processed, SEF will issue the Golden Visa residence card, typically within a few months.
• The card is valid for two years, during which you must maintain your investment and meet residency requirements (a minimum of seven days per year in Portugal).

9. Renew your residency card

• Apply for renewal before the card expires. Renewals require updated documents proving that your investment and residency obligations have been met.
• Each renewal extends your residency by two years.

10. Apply for permanent residency or citizenship

• After five years of maintaining your investment and fulfilling residency obligations, you can apply for permanent residency or Portuguese citizenship.
• For citizenship, pass a basic Portuguese language test (A2 level) and meet additional eligibility criteria.
  

Residency and mobility benefits

One of the most significant advantages of the Golden Visa is the ability to live, work, and study in Portugal. The program also grants visa-free travel throughout the Schengen Zone, enabling seamless mobility across 27 European countries. For investors and their families, this access provides unparalleled convenience and opportunities.

Pathway to citizenship

After maintaining the investment for five years and fulfilling minimal residency requirements (seven days per year), investors can apply for Portuguese citizenship. Citizenship not only includes the benefits of European Union membership but also offers a stable and attractive legal framework for families and businesses.

Strong real estate market fundamentals

Portugal’s real estate market continues to show resilience and growth. Low-density areas and interior regions, now prioritized by the Golden Visa, present excellent opportunities for capital appreciation. These regions are experiencing increasing demand due to the government’s push for regional development and rising interest from international buyers.

Tax incentives and economic benefits

Portugal offers favorable tax schemes for foreign investors, including the Non-Habitual Resident (NHR) program. Under NHR, qualifying individuals can benefit from reduced tax rates on foreign income and pensions for up to 10 years. Additionally, real estate investments in regeneration projects may qualify for lower taxes or subsidies, enhancing the overall return on investment.

Diversification of investment portfolio

By investing in Portugal’s real estate market, investors can diversify their portfolios with assets located in a stable and growing European economy. Whether purchasing properties in scenic rural regions or commercial hubs, this diversification helps mitigate risks and opens opportunities for long-term financial growth.

Lifestyle and quality of life

Portugal is renowned for its high quality of life, with its sunny climate, rich culture, and excellent healthcare system. For families, it offers access to reputable international schools and a safe, welcoming environment. Many investors choose to use their property as a second home or vacation rental, combining lifestyle benefits with potential rental income.