The Residence Permit for Investment Activity (ARI), commonly referred to as the Golden Visa, continues in 2026 to be one of the main instruments for attracting foreign investment into Portugal. However, it is important to emphasise that the regime has undergone significant structural changes, particularly following the approval of Law no. 56/2023, which reshaped the programme’s underlying model.
The most notable change consists in the elimination of real estate investment and capital transfer routes related to the acquisition of property, which for several years represented the most common pathway to obtaining a Golden Visa. This amendment reflects a clear shift in legislative policy, with the regime now prioritising investments with a more direct economic impact, namely in the areas of innovation, corporate capitalisation, scientific research and cultural heritage.
As a result, the Golden Visa in Portugal has evolved into a more selective and strategic instrument, moving away from a predominantly real estate-driven model and aligning more closely with international frameworks aimed at attracting qualified investment.
Currently, the main eligible investment options for obtaining a residence permit under the ARI regime include, in particular, the subscription of units in investment funds or venture capital funds in the minimum amount of €500,000, provided that such funds are duly registered and aimed at the capitalisation of Portuguese companies. In practice, this has become the most widely used option among international investors, due to its flexibility and risk diversification features.
Additionally, the regime still allows for capital transfers in the minimum amount of €500,000 to support scientific research activities carried out by public or private institutions integrated within the national scientific and technological system.
Furthermore, it remains possible to invest a minimum of €250,000 in projects supporting artistic production, as well as the recovery or maintenance of national cultural heritage, which may be particularly attractive for investors interested in cultural initiatives.
The regime also provides for job creation as an independent eligibility route, generally requiring the creation of at least 10 jobs, with possible reductions in specific circumstances established by law, particularly in low-density areas.
Despite the reconfiguration of the regime, its core advantages remain unchanged and continue to attract foreign investors. Among these, the reduced minimum stay requirement stands out, corresponding to an average of seven days per year, thus allowing considerable flexibility in managing residence obligations.
In addition, the regime continues to grant free movement within the Schengen Area, as well as the possibility of family reunification, enabling the investor’s family members to also benefit from residence permits in Portugal.
It should also be noted that, after five years, holders of a residence permit may apply for permanent residence or Portuguese citizenship, subject to the general legal requirements, including evidence of an effective link to the national community.
From a practical standpoint, the key question in 2026 concerns the continued attractiveness of the Golden Visa when compared to other residence alternatives available in Portugal. Indeed, regimes such as the D7 visa, aimed at individuals with passive income, and the D8 visa, designed for remote workers and digital nomads, have gained increasing relevance, particularly for individuals who do not intend to make high-value investments.
At the same time, the interaction between the Golden Visa and the applicable Portuguese tax regimes, notably the new Tax Incentive for Scientific Research and Innovation (IFICI), plays a crucial role in defining an integrated residence and tax planning strategy.
Accordingly, the decision to apply for a Golden Visa should be based on a case-by-case assessment, taking into account not only the legal requirements of the regime, but also the investor’s profile, the nature of the intended investment and the associated tax implications.
In conclusion, the Portuguese Golden Visa remains in 2026 a valid and competitive pathway to European residency, although substantially different from its previous configuration. The regime has become more demanding and focused on productive investment, while still offering significant advantages for investors seeking international mobility, asset diversification and access to the European market.
The Tax Department of Belzuz Advogados, S.L.P. – Portuguese Branch has extensive experience in assisting international investors, providing a comprehensive analysis of the legal and tax implications associated with obtaining residence in Portugal, including under the Golden Visa regime and its interaction with applicable tax frameworks.