Portugal's Golden Visa: Invest from Rs 2.3 cr for Schengen residency chance
If you're thinking about applying for Portugal's Golden Visa, the investment options vary, and your choice largely depends on your financial capacity and personal preferences
Surbhi Gloria Singh | New Delhi
5 min read | Last Updated : Sep 06 2024 | 10:28 AM IST
Do you have an entrepreneurial spirit and dream of settling in Europe? Portugal's Golden Visa might be your chance, provided you have the necessary funds.
What is Portugal’s Golden Visa?
The Portugal Golden Visa programme, formally known as the residence permit for investment activity (ARI), is a residency scheme for non-EU citizens who invest in the country. Launched in October 2012, the initiative aimed to attract foreign capital after the 2008 financial crisis, and it’s been a resounding success. Since its inception, the programme has generated over €7.5 billion in investments for Portugal.
How much do you need to invest?
If you're thinking about applying, the investment options vary, and your choice largely depends on your financial capacity and personal preferences. According to Varun Singh, Managing Director of XIPHIAS Immigration, "Applicants can invest in research activities or create part-time jobs with a minimum of €500,000 (Rs 4.66 crore). Alternatively, they can contribute €250,000 (Rs 2.3 crore) to national, art, or cultural heritage programmes. A capital transfer of €500,000 is also an option, provided it results in the creation of five permanent jobs or the maintenance of ten positions for at least three years."
The options open to new applicants are:
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€250,000 (Rs 2.3 crore) – Support for artistic production or national cultural heritage
Where: Nationwide, not tied to any specific geographic area.
Purpose: To support the arts, culture, or heritage projects. -
€500,000 (Rs 4.66 crore) – Investment funds
Where: Qualifying Portuguese investment or venture capital funds, which may not invest in real estate.
Purpose: To channel capital into Portuguese companies. -
€500,000 – Research activities
Where: Public or private scientific research institutions in Portugal.
Purpose: To fund scientific research. -
€500,000 – Company capital with job creation
Where: A new or existing Portuguese company.
Purpose: To create five permanent jobs, or keep ten jobs for at least three years.
Which investment option is the most popular?
According to Manoj Dharmani, Chief Executive of Migrate World India, the Golden Visa programme has three popular pathways: artistic production support, donations for scientific research, and investments in mutual or venture capital funds.
While real estate was traditionally the most favoured option, many investors are now turning towards business and capital investments. "Venture capital funds, especially those focused on Portugal’s hospitality sector, are growing in popularity. These funds are spread across multiple projects, and investors receive returns based on the success of these ventures," Varun Singh explains.
The programme underwent substantial changes in October 2023, with real estate no longer qualifying as an investment option. However, existing applications remain unaffected by the changes.
How can you apply for Portugal’s Golden Visa?
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Choose an investment
Begin by selecting one of the available investment options. -
Gather documents
You'll need several official documents, which must be certified and translated into Portuguese. This process takes a few months. -
Obtain a Fiscal Tax Number (NIF) and open a bank account
It’s advisable to hire a lawyer or agency for this step, especially if you're not residing in Portugal. They can handle meetings and paperwork on your behalf. -
Finalise your investment
Once your Portuguese bank account is set up, you need to transfer the required funds to complete your chosen investment. -
Submit your application through AIMA
After gathering all the necessary documents, submit your application via the online portal of the Agency for Integration, Migration and Asylum (AIMA), which replaced the Portuguese Immigration and Borders Service (SEF) in October 2023. Ensure that all documents are translated into Portuguese and in PDF format (maximum size: 4MB). You’ll also need to pay a processing fee of €533 (Rs 50,000).
If your family members wish to apply for the visa, their applications can be submitted simultaneously, with a processing fee of €84 per applicant. -
Schedule an interview and biometric session
Once your application is approved, book an interview where biometric data will be collected. It’s often quicker to schedule interviews in smaller cities where wait times can be shorter. Biometric data includes fingerprinting, photographs, and signatures. -
Approval and issuance of residency permit
Once your visa is approved, a fee of €5,325 per person is due, and after approximately ten days, you will receive your residency permit, valid for two years.
What happens after the initial two years?
After two years, you’ll need to renew your permit for another three years. This process requires updated biometric data, a clean criminal record, and another set of fees. The renewal costs €533 for the main applicant and €84 for additional applicants, with a further €2,663 per person for the renewal itself. Once five years have passed, you can apply for either permanent residency or citizenship. Since 19 May 2026, Portuguese citizenship requires 10 years of legal residence for Indian nationals (seven years for EU and Portuguese-speaking country nationals); permanent residence is still available after five years.
How long does the process take?
"From start to finish, the Golden Visa process usually takes around 18 months," says Dharmani. "This timeline depends on the due diligence checks, including background, medical, and police records. If you are a politically exposed person (PEP), additional checks may be necessary, which could slow the process."
What are the benefits of the Golden Visa?
"The Golden Visa offers residency in Portugal and free access to travel across the Schengen Area," Singh says. "This programme is particularly appealing for business professionals and families, as it allows for easy mobility across Europe."
Since its launch, the Golden Visa programme has been highly sought after. In 2023 alone, it generated €493 million from January to August, a 24% increase from the same period in 2022, according to Dharmani.
What other countries offer similar programmes?
Several countries offer residency or citizenship through investment programmes. Dharmani lists nations like Greece, Malta, Spain, Austria, Italy, and Switzerland. Spain ended its Golden Visa on 3 April 2025, and Malta repealed its citizenship-by-investment scheme in 2025; Malta’s permanent residence programme remains open. "Dubai has become a favourite among business professionals," Singh adds, noting that the UAE’s Golden Visa is gaining traction. The UAE’s programme does not require real estate investment, which leaves room for more flexible business opportunities.