Portuguese Golden Visa: Strategic Investment Pathways Chosen by Our Clients

Luís Maria Branco | Lawyer

Despite the legislative changes introduced in recent years, the Portuguese Golden Visa remains a viable and attractive residency solution for non EU investors. Throughout the past year, we have continued to support Clients who have chosen this program as a strategic route to Portuguese residency, mobility within the Schengen Area, and long term planning in Europe.

The Golden Visa is a residence by investment program that allows third country nationals to obtain a Portuguese residence permit through a qualifying investment, with significantly reduced minimum stay requirements when compared to standard residence routes.

One of the key reasons why this program continues to attract international Clients is the balance it offers between flexibility, mobility, and quality of life. The Golden Visa is designed for Clients who may not wish to relocate to Portugal on a full time basis, while still securing lawful residence status. Under the applicable legal framework, the permit may be maintained with a reduced physical presence requirement, generally corresponding to a minimum stay of seven days per year on average, or fourteen days over each two year period, subject to compliance with the relevant rules.

It also allows Clients to keep immigration planning separate from tax planning, as holding a Portuguese residence permit does not, in itself, trigger Portuguese tax residence. Tax residency is assessed independently, based on the applicable legal criteria and the Client’s specific facts and patterns of stay.

In addition, Golden Visa holders benefit from freedom of movement within the Schengen Area, allowing stays of up to ninety days in any one hundred and eighty day period in other Schengen countries. The permit further grants the right to live, work, and study in Portugal, preserving long term options for both the main applicant and eligible family members.

Importantly, the Golden Visa continues to be particularly advantageous for families. Family members may apply simultaneously with the main applicant, which can significantly reduce uncertainty and avoid lengthy separation periods. This is especially relevant following the recent reform of the family reunification framework applicable to standard residence permits, which introduced a general requirement of two years of prior residence in Portugal, subject to statutory exceptions. This limitation does not apply under the Golden Visa regime and remains, for many Clients, a decisive factor when choosing the most appropriate pathway to Portugal.

Many Clients also take broader lifestyle considerations into account. Portugal is widely regarded as a safe country, with a mild climate, rich cultural heritage, strong gastronomy, and access to international schools. As residents, Golden Visa holders and eligible family members may also access public systems, including public healthcare and public education, subject to registration and compliance with the general rules applicable in each case.

Although real estate investments are no longer eligible, the program continues to offer alternative pathways that remain fully valid under the current legal framework.

Based on our experience over the past year, two options have clearly stood out.

1. Investment Funds

By a clear margin, this has been the most frequently chosen route by our Clients. One of the main reasons for this preference is that, unlike donation based options, investment funds allow Clients to retain economic exposure to their capital and, depending on the fund strategy and market conditions, potentially obtain a return on the investment.

Qualifying funds are professionally managed and operate within a regulated framework, which often appeals to Clients seeking a more structured and less operationally demanding solution. Over time, we have developed close working relationships with several fund managers active in the Portuguese Golden Visa space, allowing us to guide Clients towards suitable options, while always emphasising that the final investment decision rests with the Client and their financial and tax advisers.

2. Cultural or Artistic Donation

Less frequently selected, but still relevant in specific cases, is the cultural or artistic contribution route. From a legal perspective, this option is based on a capital transfer of at least two hundred and fifty thousand euros, applied to the support of artistic production or the recovery or maintenance of Portuguese national cultural heritage, through eligible public or private entities with public interest status. Where the contribution is made in a low density area, the minimum amount may be reduced by twenty percent, to two hundred thousand euros. While this route does not provide a financial return, some Clients value the opportunity to support cultural or public interest initiatives alongside their residency strategy.


It is important to emphasise that, despite ongoing public discussion around potential changes to Portuguese citizenship law and immigration legislation, the Golden Visa program remains open, and applications continue to be accepted under the current legal framework. It remains a valid route for Clients planning ahead, including the possibility of applying for permanent residence after five years, provided the applicable legal requirements are met. These include, among other conditions, demonstrating basic knowledge of the Portuguese language, typically fulfilled through a language test at the required level.

The same five year reference period is currently applicable to Clients considering Portuguese citizenship, although this timeframe is subject to public and legislative debate and may increase in the future, potentially to ten years, depending on legislative developments.

As with any immigration and investment decision, careful legal planning is essential. If you are considering a Golden Visa application, or would like advice on the most suitable route for you and your family, our team at LVP Advogados is ready to assist you throughout the process.