Golden Visa in 2026: The Investment Options Still in Force

The Residence Permit for Investment Activity (Autorização de Residência para Atividade de Investimento, ARI), known as the Golden Visa, still exists in Portugal. What has changed is the route to obtain it. Since October 2023, buying real estate is no longer an option, and the program now focuses on funds, companies, job creation, science and culture. In this article, we explain what remains in force in 2026, the amounts required and what investors and their families can expect along the way.

The end of the real estate route

Law 56/2023 (Lei), known as Mais Habitação (More Housing), in force since October 7, 2023, repealed three Golden Visa options: the purchase of real estate, urban rehabilitation and the simple transfer of capital of €1 million. In addition, it prohibited the remaining options from being used, directly or indirectly, for real estate investment. A fund or a company operating as a vehicle to buy real estate is also not accepted.

Those who already held an ARI granted before that date, including through the real estate route, did not lose their right: those permits can still be renewed, as can those of reunified family members, and applications pending on October 7, 2023 remained valid (Arts. 42 and 43 of Law 56/2023). Holders of an older ARI should, however, have their case reviewed before selling the property or changing the investment, because doing so may jeopardize the renewal.

Later laws, such as Law 61/2025 (Lei) and Law 62/2026 (Lei), of September 10, did not change the investment options.

The options in force and their amounts

Today, a new ARI application may be based on one of the following investment activities (Law 23/2007 (Lei), Article 3(1)(d)):

• Creation of at least 10 jobs, with no minimum investment amount set by law.
• Transfer of at least €500,000 for scientific research carried out by institutions that are part of the national scientific and technological system.
• Transfer of at least €250,000 for artistic production or for the restoration or maintenance of the national cultural heritage, through the entities provided for by law.
• Transfer of at least €500,000 for the acquisition of units in non-real estate investment funds set up under Portuguese law, with a minimum maturity of five years at the time of the investment and with at least 60% of the amount invested in commercial companies headquartered in Portugal.
• Transfer of at least €500,000 to incorporate a commercial company headquartered in Portugal and create five permanent jobs, or to increase the capital of an existing company, with the creation of at least five permanent jobs or the maintenance of at least ten, of which five are permanent, for a minimum of three years.

In the low-density territories defined by Ministerial Order 208/2017 (Portaria), the amounts for job creation, scientific research and culture may be 20% lower: 8 jobs, €400,000 and €200,000, respectively. The reduction does not apply to funds or to the commercial company option.

The investment must have been made at the time of the application and be evidenced by a statement from a credit institution authorized by the Banco de Portugal. It must also be maintained for at least five years, counted from the grant of the permit.

Minimum stay

The most widely known feature of the Golden Visa is the reduced minimum stay. The holder must be in Portugal for 7 days, consecutive or not, in the first year, and 14 days, consecutive or not, in each subsequent two-year period (Regulatory Decree 84/2007 (Decreto Regulamentar), Article 65-C). This is an important difference from ordinary residence permits, which may be canceled for absences of six consecutive months or eight non-consecutive months.

This minimum stay, however, does not make anyone a tax resident of Portugal. Tax residence depends on the specific criteria of the IRS Code (Código do IRS), such as a stay of more than 183 days in any 12-month period. The investor may remain a tax resident of Brazil, which requires attention to obligations in both countries.

Validity and renewals

• The initial permit is valid for two years.
• Renewals are granted for two-year periods, provided that the holder proves that the investment is maintained and that the other requirements are met (Article 90-A(2) of Law 23/2007).
• To renew, the holder must maintain the investment, meet the minimum stay, have means of subsistence and accommodation, have their tax and social security situation in order and have no relevant criminal convictions. The application must be filed at least 30 days before the permit expires.

After five years of residence, the holder may apply for a permanent ARI, provided that they meet the requirements of Article 80 of the Foreigners Act (Lei de Estrangeiros), including basic knowledge of Portuguese.

The family

The family reunification application may be filed together with the investor's application, although it depends on the approval of the investor's application. Family members of ARI holders do not need to wait for the two years of residence required in other reunification cases (Article 98(3)(c), as amended by Law 61/2025). According to AIMA, the following may be included, in particular:

• the spouse or partner in a union recognized by Portuguese law, both at least 18 years old;
• dependent minor or legally incapacitated children;
• dependent adult children up to age 25 who are unmarried and studying;
• first-degree ascendants of the investor or of the spouse, provided they are dependents.

Law 61/2025 also provides for integration measures for reunified family members, such as Portuguese language training, on the terms to be set out in implementing regulations.

The path to citizenship

Time as an ARI holder counts as legal residence for Portuguese citizenship. Under Organic Law 1/2026 (Lei Orgânica), in force since May 19, 2026, naturalization now requires seven years of legal residence for nationals of Portuguese-speaking countries, such as Brazil, and ten years for most other foreign nationals. The periods are added together, whether consecutive or not, provided they fall within a maximum window of nine years for Brazilians.

In addition to the time, the law requires sufficient knowledge of the Portuguese language and culture, of the history and national symbols, knowledge of fundamental rights and duties and of the political organization of the State, adherence to the principles of the democratic rule of law, means of subsistence and the absence of criminal and security impediments. How the reduced ARI stay will be taken into account when assessing these requirements should be monitored in the practice of the authorities and in the implementing regulations.

Before investing

The Golden Visa involves long-term decisions: the choice of investment option, the legal due diligence on the fund or company, the source of funds, the organization of Brazilian documents, AIMA's government fees and coordination with the family's tax and succession situation. Each of these steps deserves its own review, bearing in mind that the decision on the application always rests with the Portuguese authorities.

Sene & Araújo, with offices in São Paulo and in Albufeira, assists Brazilian investors at every stage of the application and renewals. To understand whether the Golden Visa makes sense for your case, see our Golden Visa page and talk to our team.

• Law 23/2007 (Foreigners Act), Arts. 3, 80, 90-A and 98 — consolidated version
• Law 56/2023, of October 6 (Mais Habitação), Arts. 42 and 43
• Law 61/2025, of October 22
• Law 62/2026, of September 10
• Regulatory Decree 84/2007, Arts. 65-A to 65-K
• Ministerial Order 208/2017 (low-density territories)
• Organic Law 1/2026, of May 18
• AIMA — Residence Permit for Investment (Art. 90-A)

Sene & Araújo Sociedade de Advogados team. Content prepared and reviewed by the firm's lawyers, admitted to the Brazilian Bar Association (OAB) and the Portuguese Bar Association (Ordem dos Advogados), with offices in São Paulo and Albufeira. The provisions cited were checked against the official sources listed above. Meet the team.