Obtaining an investor visa in Portugal

In this article, I will go through in detail how to get a residence permit in Portugal through investments, based on the current legislation at the moment. We will go through all working tracks - from foundations to R&D, from cultural projects to cases with job creation. Not only the legal structure of each track will be discussed, but also the digital aspects: how the application procedure is organised, where blockages occur and what aspects to consider when choosing a track.

Obtaining an investor visa in Portugal: current changes

Over the past two years, obtaining an investor visa in Portugal has changed dramatically. In autumn 2023, the government excluded the possibility of investing in real estate from the grounds for issuing a Golden Visa. This decision eliminated the “passive model” of immigration, in which it was enough to buy an object in the south of the country. Today, the focus has shifted to contributions to the real economy, scientific initiatives and job creation.

In the current version of the immigration law, the key legal instrument remains the investor visa in Portugal - ARI (Autorização de Residência para Investimento). It is a separate category of residence authorisation, operating under Law No. 23/2007 and a number of by-laws. Following the reform, the main set of grounds includes: participation in accredited foundations, funding of scientific projects, support for the cultural sector, and creation of employment.

For those wondering how to apply for an investor visa in Portugal, it is important to understand - today the application requires more than just a transfer of funds. Each direction in ARI implies the fulfilment of certain economic and administrative obligations. Funds must be registered with CMVM, R&D projects must be certified with ANI, and companies with employment must comply with the norm on the number of jobs and payroll structure.

Legally, obtaining a residence permit in Portugal under the investment programme is processed through the SAPA platform. All documents, including bank confirmation of the source of funds, are digitally verified by AIMA. Compliance has become stricter: the investor must confirm the origin of the capital, have no criminal record, and align with the objectives of the investment track.

The changes to the Golden Visa in Portugal require the applicant to do more in-depth planning. Whereas previously it was sufficient to demonstrate the fact of property ownership, now the focus is on the payback model, the impact on GDP, and the sustainability of the project. This has affected the submission strategy as well. More applicants are working with audit reports, Excel models, and letters of support from local entities.

Portugal's new Golden Visa rules emphasise the state's three key priorities: export potential, digitalisation, and technology attraction. This means that even a modest project can be approved if it demonstrates a contribution to the economy and innovation. The key is to comply with the current Golden Visa requirements in Portugal, which are enshrined in the updated AIMA and CMVM administrative regulations.

For those studying how to obtain a residence permit in Portugal, it is important to remember: now each case is considered individually, and there is no universal “formula for success”. The choice of basis is a strategic decision, depending on the amount of capital, the profile of the investor, and the readiness for administrative support.

Obtaining a residence permit in Portugal through investment in funds: how to choose the right mechanism

Since the legislative changes in 2023, investment in specialised funds has become one of the most popular and versatile forms of obtaining a Portuguese residence permit. This route offers the applicant the opportunity to bypass the obligations to establish a business and employ local employees, while complying with the established conditions of the Autorização de Residência para Investimento (ARI) programme. Nevertheless, the investment fund market in Portugal is characterised by a high degree of heterogeneity, which means that not every financial instrument is suitable for immigration purposes.

In order to obtain residence status through fund investment, it is necessary to invest at least 500,000 euros in a fund officially registered with the Comissão do Mercado de Valores Mobiliários (CMVM) supervisory system. The main condition is that 60% of the fund's capital must be allocated to Portuguese companies and cannot be used for property investments. The management structure of the fund must be transparent, with a regulated manager and verified reports.

Many people are wondering how to get an investor visa in Portugal through this track. Firstly, you need to select a fund that meets the CMVM requirements. Secondly, you need to sign an investment agreement, undergo bank compliance, transfer the funds to the fund account, and prepare a package of documents for AIMA. At the same time, it is equally important to confirm that the IBAN of the account belongs to a Portuguese bank; otherwise, the procedure of applying for an investor visa in Portugal will be blocked by the SAPA system.

• Venture capital funds invest in start-ups.
• Private equity funds with a bias towards infrastructure and technology companies.
• Mixed portfolios with risk-sharing across sectors.

To obtain an investor visa in Portugal, it is important to check the duration of the fund, the timing of share redemption, the income payment procedure, and the minimum capital retention period (at least five years). Violation of the last requirement results in cancellation of residency status.

Not all funds are equally reliable. Some are orientated solely for migration purposes and have no real investment strategy. Therefore, before obtaining an investor residence permit in Portugal, it is worthwhile to conduct an independent legal and financial due diligence, including verification of the charter, buy-back conditions, and the composition of the investment committee.

For those seeking to obtain a residence permit in Portugal through investment, it is the fund route that may be the least onerous in terms of liabilities. However, the price of error here is the loss of time, capital, and residency rights. Legal support and structural audit are mandatory elements for a safe entry into the programme.

If your goal is to obtain resident status under an investment scheme in Portugal, the fund track allows you to minimise the administrative burden. The main thing is to choose the right partners and prove to the regulator that you are not just an investor on paper, but a participant in the country's economic ecosystem.

Obtaining a residence permit in Portugal by investing in research and development

Obtaining Portuguese residency status through participation in scientific initiatives and research projects is becoming increasingly important as a way to stay in the country legally. The state is revising its migration policy in favour of technological independence, and therefore, investments in R&D (research and development) are considered as priority grounds for granting residency status. This format is intended for applicants who intend to provide real support for scientific initiatives and technological development on the basis of documented participation. To qualify for a residence permit in Portugal under the investment basis, at least €500,000 must be invested in an accredited research programme. The money can be directed to public laboratories, research universities, or private centres with accreditation. All such institutions must have their status certified bythe Agência Nacional de Inovação (ANI). Without this certification, AIMA will not accept the dossier, even if the financial part is impeccable.

The decision to obtain an investor residence permit in Portugal through science requires an understanding of the administrative logic. In addition to the contract with the host country, it is necessary to collect supporting documents: diplomas, a description of the purpose of the investment, proof of the origin of the funds. Also attached are the details of the company or person through which the funding is channelled, including tax number, address and bank statements. Given this, the path is suitable not only for funds, but also for highly qualified private investors with an interest in innovation.

The question is sometimes asked: do I need experience in the scientific field to obtain a residence permit in Portugal for R&D investors? No, the main thing is the transparency of the source of capital and a legally verified contract with the scientific institution. However, if the investor has a specialised education or experience in a related industry, this strengthens the dossier.

For those who want to apply for an investment visa in Portugal, rather than simply investing in an unknown asset, a scientific focus provides a strategic advantage. Firstly, the investor demonstrates alignment with the government's objectives. Secondly, there is an opportunity to participate in projects that receive grant co-financing from the EU, which reduces risks and increases the reputational effect.

Below are the key steps to follow to obtain an investor visa in Portugal through a scientific project:

Algorithm of Action:

1. Find a scientific partner accredited by ANI.
2. Draw up a targeted investment participation agreement.
3. Prepare confirmation of the source of funds.
4. Collect the package of documents for AIMA.
5. Obtain an auditor's opinion on the purposeful nature of the investment.
6. Upload all documents through the SAPA platform.
7. Wait for the immigration authority's decision.

Compared to other formats, scholarly investing involves fewer external commitments but stricter verification. This direction is suitable for those who are ready to participate in building the country's technological economy and use their investor visa in Portugal not only as a residency tool, but also as a mechanism of business influence.

Cultural Golden Visa: obtaining an investor visa in Portugal by supporting the heritage

Among the four current mechanisms for obtaining the Portuguese Golden Visa, the possibility of obtaining residency status through cultural investment remains. This instrument, although less widespread, is recognised as a valid basis for legalisation in the territory through capital. The programme provides for a financial contribution of 250,000 euros or more for projects related to the protection of the national cultural patrimony. This may include financing restoration work on objects of architectural value, as well as support for institutions involved in museum, theatre or archival activities.

For applicants interested in obtaining a residence permit in Portugal without being involved in the commercial sector or investment funds, this approach represents a balanced solution between a public initiative and the right to legal residence. However, this model requires a strict linkage to publicly recognised foundations. Spontaneous donations or transactions with private organisations without official CMVM/MinC status are not considered acceptable.

The residence permit through cultural investments in Portugal provides freedom from operational management and minimal participation requirements. After the transfer of funds to an accredited fund, the applicant receives a certificate of fulfilment of the conditions of the programme. However, any deficiency in the documentation may be a reason for refusal. AIMA is particularly rigorous in checking the source of origin of the funds, matching IBAN, as well as the legal status of the recipient fund.

Obtaining an investor visa in Portugal through the cultural format is sometimes perceived as an “easy way”. In reality, this is not quite the case. Despite the low investment threshold, the legal part requires impeccable execution. All transactions are accompanied by a donation or funding agreement with an auditor's report.

If you are wondering how to get a visa in Portugal through investments in culture, focus on funds that have been registered with the MinC - the Portuguese Ministry of Culture. Some are accompanied through municipal channels. It is also important to make sure that the funds are directed to a project included in the official restoration or development plan of the region.

In order to avoid mistakes, the processing of an investor visa in Portugal in this area should be entrusted to a professional legal adviser. Especially when it comes to dealing with funds whose activities affect copyrights, municipal property or protected objects.

From a legal point of view, obtaining an investor residence permit in Portugal through culture is not inferior to the stock or R&D direction. But for the regulator, a special role is played by the public significance of the investment - participation in the restoration of the country's cultural code always receives a more favourable assessment.

Establishing residency in Portugal through workplace creation

One of the most stable and documentable mechanisms of the ARI programme is the establishment of a business, involving actual business activity and employment. This approach allows you to obtain a Portuguese Golden Visa by registering a legal entity and creating jobs for residents of the country. Unlike the models involving investment in foundations or academic institutions, this route is suitable for individuals who are willing to develop their own business enterprise.

To apply for an ARI under this scheme, one of the following conditions must be met: either register a legal entity and create at least ten jobs with formal employment, or invest at least €500,000 in the business and employ at least five employees. In regions with low population density (including parts of Alentejo, Azores, Madeira), it is allowed to lower the bar to eight jobs without additional investment. At the same time, all employees must be officially registered with social security contributions.

Unlike other bases, the structure of the company is critical. Typically, a limited liability company (sociedade por quotas) is registered in which the investor acts as the managing partner. The articles of association, members, appointed accountant and registered office are entered in the IRN register, which is a mandatory step in order to continue the procedure of obtaining residence permit in Portugal through investment and to start hiring staff.

AIMA, when reviewing the dossier, assesses not only the fact of incorporation of the company, but also the evidence of its operational activity. Particular attention is paid to the following aspects:

• a valid company tax number;
• payroll records proving that wages have been paid;
• a functioning office address where the company actually operates.

The absence of these elements makes it impossible to obtain a residence permit under the investment programme, even if the business is registered.

For those who want to obtain a Portuguese visa through investment, but are not ready to invest in third-party funds, this model allows them to retain full control over the business. The investor independently forms the staff, chooses the region, and manages the assets. However, this format requires readiness for constant government scrutiny, bookkeeping and compliance with all tax obligations.

The main parameters that AIMA checks under this track are:

For long-term orientated entrepreneurs, the issuance of an investor visa through the creation of employment does not only entitle them to a residence permit. This form of participation in the Portuguese economy opens up access to grants and tax incentives. For example, when registering a company in Madeira, it is possible to combine it with the MIBC regime and use a favourable tax rate.

It should be realised that the investor visa for entrepreneur in Portugal is not suitable for everyone. This path requires involvement in the process, interaction with the tax system, participation in the management of the company. However, for those who are focused on economic integration, building a stable business model with proven assets and established management structure, this path remains one of the most reliable and open.

The granting of a Portuguese residence permit through business activity demonstrates not only the existence of an investment resource, but also the actual participation in the development of the national economy, the creation of jobs and the regular fulfilment of tax obligations. Applications of this nature are subject to priority consideration by the Agency for Migration and Asylum (AIMA).

Applying for a Golden Visa in Portugal: Finanças digital platform and compliance barriers

Since last year, all Portuguese investment visa applications have been processed exclusively electronically through Finanças' specialised online service. This means that applications are submitted via the SAPA platform, documents are stored on the Finanças e-Portal, and identity and origin of funds checks are carried out remotely. For the investor, this reduces time, but it also increases the requirements for legal accuracy.

To apply for an investor visa online in Portugal, you need to register with SAPA, obtain a NIF (tax number) and have access to an e-signature - either through Chave Móvel Digital or a notarised representative. Errors at this stage can result in the entire application being blocked.

For those planning to apply for an investor visa in Portugal, it is important to understand the role of compliance. Verification of the source of capital is done before submitting the application package to AIMA. When opening a corporate account, the bank must record where the funds come from, under what conditions and from which legal entity or individual. In the absence of this information, access to the SAPA system remains closed.

It is not possible to obtain a residence permit in Portugal on the basis of investment without first opening a bank account. However, not all financial institutions are ready to interact with non-residents. Some organisations insist on the personal appearance of the applicant, and some insist on confirmation of reliability from credit institutions with a high international reputation. In practice, the compliance period takes from 5 to 15 working days.

• The company's articles of association must be approved and published in Portal da Justiça.
• The tax regime of the company must be selected (simplified or general).
• An accountant registered in the Finanças system has been appointed.
• The address of the company must be confirmed by a lease or ownership agreement.

Once the account has been opened and funds transferred, you will receive an IBAN confirmation, which is attached to the AIMA dossier. For persons intending to apply for a Portuguese investment visa, a valid IBAN is a prerequisite. Without the indication of a bank account, the system does not allow you to proceed to the application stage.

The procedure for obtaining residency in Portugal on the basis of capital investments involves not only the submission of documents, but also the mandatory confirmation that the funds have been deposited in accordance with the established legal regulations. Any deviation from the procedure, including incorrectly signed documents or a dodgy bank, can be a reason for refusal.

Among other things, it is worth remembering: it is only possible to obtain a Portuguese visa through investments once all digital data has been fully uploaded. Paper originals will not be accepted and a missing document does not entitle you to finalisation, the application is blocked automatically.

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Investment residency in Portugal and the specificities of the tax regimes: IFICI and Madeira's MIBC

Developing a fiscal model is an integral component when preparing to apply for the Portuguese Golden Visa. From 2024, the main tool is the new IFICI (Incentivo Fiscal à Competitividade e Inovação) system, replacing the former NHR. This regime reduces the fiscal burden on investment projects, especially in the technology and R&D sectors. For ARI applicants, it creates an opportunity to integrate the residence permit into a business model and not just reside in the EU, but to accumulate capital.

In order to obtain a residence permit through investment in Portugal with benefits, the investor should consider two directions of tax optimisation. The first is the classic IFICI. The second is the preferential corporate regime Madeira International Business Centre (MIBC), valid until the end of 2027. With proper asset allocation, it is possible to achieve an effective CIT rate of 2.5% to 10%, while maintaining compliance with the Golden Visa conditions.

Those who want to participate in the investment programme of residence permit in Portugal through business should understand that IFICI is applicable only to legal entities operating in certified industries. These can be biotechnology, IT, alternative energy, robotics. The company is required to have an R&D certificate from ANI and undergo annual reporting to Finanças. The tax deduction itself will be up to 50% of the net profit generated by the innovative product, which in real terms significantly reduces the CIT payment.

• tax credit on salaries of qualified employees;
• deduction for green investments (energy, hydrogen, recycling);
• preferential taxation of employee option programmes;
• possibility of joint application with the Madeira regime.

MIBC is particularly interesting for those planning to open an office or hub on the island. If the conditions are met - minimum payroll, real office presence, job creation - the company receives a tax rate of 5%, making it attractive for international trade, IT and shipping.

Legally, it is possible to apply for an ARI in Portugal at the same time as registering under one of the regimes. This does not affect the review procedure, but increases the project's case before AIMA. A participant in the Golden Visa programme shows that he or she is not only investing, but also choosing a long-term model of engagement with the state.

If your goal is a visa through investment in Portugal, but you want to retain and manage dividends with minimal tax loss, a scheme using IFICI and MIBC can be a key element of your financial strategy. The issue of corporate structure requires a special approach: the investor's participation must be documented in the prescribed form and the shareholding must be kept intact for at least five years.

For applicants intending to obtain a residence permit in Portugal on the basis of capital investments, knowledge of tax regulation is not an option but a mandatory element of preparation. Controlling authorities carefully check the fulfilment of tax obligations and compare the information provided with the actual implementation of the investment project.

Becoming a Portuguese resident through an investment programme is not just about obtaining a temporary identification card for two years. It is about creating a sustainable model in which the tax burden is optimised at the legal entity level and the investor's property interests are securely protected from possible increased fiscal pressure. In this system, the IFICI and Madeira MIBC tax regimes fulfil key rather than auxiliary functions.

Procedure and timeframe: stages of applying for an investment visa to Portugal

When it comes to the actual timeframe, it is important to understand: the timeframe for applying for a Golden Visa in Portugal depends directly on the chosen investment destination, the dossier collected and the readiness of the infrastructure. On average, it takes between 6 and 9 months from the moment of application to the receipt of the resident card. However, delays do occur, especially if the documents are uploaded with errors or the fund has been under internal CMVM inspection.

To apply for an investor visa in Portugal, you need to go through several administrative stages: company registration (if any), account opening, investment package formation, application through SAPA, AIMA approval, biometrics and card receipt. Each stage has its own regulatory deadlines, but these are not always met, especially during the summer months.

Those considering going through the Golden Visa process in Portugal need to remember: it is not possible to submit a dossier in advance. Only after funds have been transferred and all contracts have been finalised is submission allowed. Trying to “join” the queue will not work - the SAPA system cuts off applications without a real IBAN and a confirmed investment.

Obtaining residency in Portugal on the basis of an investment is not limited to the conclusion of a contract. This procedure requires the mandatory submission of the following documents:

• notarised copies of identity card and criminal record certificates;
• proof of legal origin of the invested funds;
• tax identification number (NIF);
• lease agreement or address;
• letter from a foundation/company/R&D body;
• payment documents and bank verification.

To get a resident card under ARI in Portugal, you need to undergo biometrics. Today it can take from 4 to 12 weeks after the dossier is approved. And the card itself is produced within 2-3 weeks after the visit.

To apply for a residence permit under the Golden Visa in Portugal means being ready for verification at every stage. AIMA reserves the right to request additional documents, and this slows down the process. The more accurately the package is prepared, the faster the review.

In order to speed up the investment visa application process in Portugal, it is necessary to organise qualified legal support in advance and ensure full transparency of the entire investment chain. Any deviations - even of a formal nature, such as discrepancies in address data or incorrectly specified code of economic activity (CAE) - may be grounds for returning the documents without consideration of the merits.

In practice, the successful processing of a Portuguese investor visa takes between five and ten months. However, if there are errors at the initial stage, the processing time may increase to eighteen months.

Common irregularities when applying for a Golden Visa include:

• processing without a valid IBAN or using a fund that is not officially accredited;
• substitution of payment destination;
• lack of a confirmed address;
• duplication of NIFs in different entities;
• irrelevant criminal record certificates (older than 90 days).

To avoid these risks, the investor should approach the process as a managed project, with validation of every action, recording in digital systems and prior compliance.

Conclusion

The right strategy for obtaining an investor visa in Portugal in 2025 is not just an act of investing in the economy, but a carefully planned procedure with a legal and business basis. The new logic of the ARI programme requires the investor to be transparent, provable and able to build into the national agenda, from supporting scientific initiatives to job creation. The main difference between the current system and past years is its full integration into the state's digital and tax architecture.

For those considering Portuguese residency through investment, the key point becomes not only the choice of basis - foundation, R&D, culture or business - but also the control of the entire legal sequence, from compliance to filing through SAPA. The legal integrity of the dossier is more important than the amount of investment. Portuguese authorities prioritise cases that show the investor's real involvement in the country's economy, rather than a formal presence on paper.