Can I apply for a Golden Visa through real estate investment?

Can You Apply for Portugal’s Golden Visa Through Real Estate Investment in 2025?

Real Estate and the Golden Visa: No Longer an Option

Why Was Real Estate Removed?

• Housing Crisis: Rising property prices in popular areas priced out local residents, sparking public and political debate.
• Economic Diversification: Policymakers sought to channel investments into businesses, research, and cultural initiatives rather than an overheated real estate market.
• EU Pressure: Similar to Spain and Ireland, Portugal faced scrutiny over the impact of Golden Visas on housing markets, prompting reforms.

What About Existing Real Estate Investments?

• Investors who applied for the Golden Visa through real estate before October 7, 2023, can still maintain their residency by keeping their investments, provided they meet renewal requirements (e.g., seven days per year in Portugal).
• No new applications based on real estate purchases or leases are accepted, regardless of property type (residential, commercial, or agricultural) or value.

Current Investment Options for Portugal’s Golden Visa

1. Investment Funds (€500,000):

   • Invest €500,000 in a CMVM-approved private equity or venture capital fund, with at least 60% allocated to Portuguese companies.
   • Benefits: Diversified portfolio, potential returns, passive management.
   • Example: Funding tech startups or renewable energy projects.

2. Scientific Research (€500,000):

   • Contribute €500,000 to accredited research institutions within Portugal’s National Scientific and Technological System.
   • Benefits: Supports innovation, low maintenance, impactful.
   • Example: Backing AI research at the University of Lisbon.

3. Business Investment and Job Creation (€500,000 or 10 Jobs):

   • Invest €500,000 in a business creating five full-time jobs for three years, or create 10 jobs without a minimum investment (eight in low-density areas).
   • Benefits: Entrepreneurial opportunity, potential profits.
   • Example: Launching a sustainable tourism venture in the Azores.

4. Cultural Donation (€250,000):

   • Donate €250,000 to cultural heritage or artistic projects (€200,000 in low-density areas).
   • Benefits: Lowest threshold, supports arts, straightforward.
   • Example: Restoring a historic monastery in Évora.

Key Benefits of the Golden Visa Program

• Schengen Access: Visa-free travel across 27 Schengen countries for 90 days out of 180.
• Path to Citizenship: After five years, apply for permanent residency or citizenship with a basic Portuguese language test (A2 level), granting an EU passport.
• Family Inclusion: Spouses, dependent children, and parents can join the application.
• Minimal Residency: Only seven days per year required, ideal for non-relocating investors.
• Lifestyle: Access to Portugal’s high quality of life, from Lisbon’s vibrancy to the Algarve’s beaches.

Considerations for Applicants

• No Real Estate Workarounds: Attempting to qualify through real estate-related funds (e.g., property development) is unlikely to succeed unless the fund meets strict CMVM criteria unrelated to direct property ownership.
• Due Diligence: All applicants must prove the legal source of funds and pass criminal background checks.
• Processing Times: Applications take 6–12 months due to thorough vetting.
• Costs: Expect application fees (€533 per person for processing, €8,000 per residence card) and legal fees (€5,000–€15,000).
• Policy Stability: While the program is secure as of April 2025, future reforms are possible, so timely applications are advisable.

Should You Apply Without Real Estate?

• For Passive Investors: Investment funds or research contributions require minimal involvement.
• For Entrepreneurs: Business investments allow active engagement with potential returns.
• For Philanthropists: Cultural donations provide an affordable, impactful route.

Conclusion