Portugal golden visa today: which investment routes remain

Portugal's residence permit for investment, the Autorização de Residência para Investimento (ARI), is still open to Americans. What changed is the menu. Buying a home no longer qualifies, and the remaining routes are tied to funds, companies, jobs, research and culture. This guide lists what AIMA, the migration agency, says qualifies today, what the stay requirements are, and what the application involves.

Real estate is out

AIMA's ARI page states plainly that the investment cannot be aimed, directly or indirectly, at real estate. The change came with Law 56/2023, the housing package. If you see an advertisement promising a golden visa through property purchase in Portugal, it does not match the current rules on AIMA's page.

The qualifying investments

AIMA lists the following options. The amounts are minimums, and the evidence you file must show the investment was actually made.

### Job creation

• creating at least 10 jobs;
• in low-density territories, the minimum drops to 8 jobs.

### Scientific research

• transferring at least 500,000 euros to research activities at public or private scientific research institutions in the national scientific and technological system;
• 400,000 euros in low-density territories.

### Arts and cultural heritage

• transferring at least 250,000 euros to support artistic production or the recovery or maintenance of national cultural heritage, through specified public bodies and foundations;
• a 20 percent reduction applies in low-density territories.

### Investment funds

• transferring at least 500,000 euros to buy units in collective investment undertakings that are not real estate funds, set up under Portuguese law;
• at the time of investment, the fund must have a maturity of at least five years, and at least 60 percent of the investment must be made in companies with their head office in Portugal.

### Company capital and jobs

• transferring at least 500,000 euros to set up a commercial company with its head office in Portugal and create five permanent jobs; or
• to increase the capital of an existing company with its head office in Portugal, creating at least five permanent jobs or maintaining at least ten jobs, with at least five permanent, for at least three years.

Minimum stay: 7 and 14 days

Most residence permits expect you to live in Portugal. ARI is different. AIMA states that ARI holders must stay in Portugal for:

• at least 7 days, consecutive or not, in the first year;
• at least 14 days, consecutive or not, in each following year.

This is why ARI suits Americans who want residence rights and an eventual path to permanent residence or citizenship without moving full time yet.

What ARI gives you

According to AIMA, ARI holders can:

• enter Portugal without a residence visa;
• live and work in Portugal, with the minimum stay above;
• travel within the Schengen area without a visa;
• bring family members through family reunification;
• apply for permanent residence;
• apply for Portuguese nationality by naturalization, subject to the requirements of the Nationality Law.

On nationality, keep the 2026 change in mind: Organic Law 1/2026 sets ten years of legal residence for US citizens, and the Ministry of Justice lists new knowledge and integrity requirements. Plan any citizenship goal on that basis.

Validity and commitment

• The first ARI permit is valid for two years, according to AIMA.
• Applicants sign a declaration committing to keep the investment for at least five years.
• Applicants provide declarations from the tax and social security authorities, issued no more than 45 days earlier, showing that they have no debts there.

The application process

AIMA requires mandatory online pre-registration on its ARI portal. The documents AIMA lists include:

• a valid passport;
• proof of legal entry into Portugal;
• health insurance or proof of coverage under the national health service;
• a criminal record certificate from the country of origin and any country where you lived for more than a year, issued no more than three months earlier;
• authorisation for AIMA to consult the Portuguese criminal record;
• the tax and social security declarations;
• proof of the investment, which differs by route;
• the five-year investment commitment.

For Americans, the criminal record certificate means an FBI Identity History Summary. Watch the three-month limit: order it close to filing.

AIMA lists a general contact line, (+351) 217 115 000, and the email [email protected] for questions.

Choosing between ARI and a D7 or D8

• You will live in Portugal full time and have pension or passive income: the D7 is simpler and has no investment threshold.
• You work remotely for US employers or clients: the D8 fits.
• You want residence rights with only a few weeks a year in Portugal, and can commit 250,000 to 500,000 euros or more to an eligible activity for at least five years: ARI is the route built for that.

Due diligence on funds

Most American ARI applicants look at the fund route. Before investing, check that the fund meets the AIMA criteria at the time you invest: Portuguese law, not real estate, maturity of at least five years, and at least 60 percent invested in companies with their head office in Portugal. Ask the manager for documentation showing each point, and remember the five-year commitment you sign with AIMA. Fund investments carry market risk, and US tax rules on foreign funds can add reporting work, so involve a US tax preparer before you invest.

A checklist before you commit money

• Pick the route first, then the product. Decide whether jobs, research, culture, a fund or company capital fits you, and only then compare specific offers.
• Match every criterion on AIMA's page. For funds: Portuguese law, not real estate, at least five years' maturity, at least 60 percent in companies headquartered in Portugal. For companies: the job counts and the three-year period.
• Plan the paperwork timeline. The criminal record certificate must be no more than three months old and the tax and social security declarations no more than 45 days old when you file, so order them last.
• Budget your time in Portugal. Put the 7 days for year one and 14 days for later years on your calendar before you apply.
• Get US tax advice on the structure. How you hold the investment affects your US filings for years.

Taxes

ARI holders who spend only 7 or 14 days a year in Portugal will often not be Portuguese tax residents under the 183-day test in Article 16 of the IRS code, though a home kept as a habitual residence can also create residence. US citizens keep filing US returns on worldwide income, and a Portuguese fund holding is a foreign financial account or asset for FBAR and Form 8938 purposes when the thresholds are met.

Common questions

Can I still get a Portuguese golden visa by buying property? No. AIMA states that the investment cannot be aimed directly or indirectly at real estate.

What is the cheapest remaining route? AIMA lists 250,000 euros for support of artistic production or national cultural heritage, with a 20 percent reduction in low-density territories. Most other financial routes start at 500,000 euros.

How many days a year do I have to spend in Portugal? At least 7 days in the first year and at least 14 days in each following year, consecutive or not, according to AIMA.

How long must I keep the investment? Applicants sign a declaration committing to keep the investment for at least five years.