What are Golden Visas (ARI)?
The Residence Permit for Investment (ARI) regime, commonly known as the Golden Visa, entered into force on 8 October 2012. It allows foreign investors to obtain a residence permit linked to investment activity for a minimum period of five years. Main qualifying routes include:
- Capital transfer of at least €1,000,000.
- Creation of at least 10 jobs.
- Acquisition of real estate worth €500,000 or more.
Who can apply?
The regime is aimed at nationals of third‑country states (non‑EU/EEA/Swiss) who carry out an eligible investment, either in their own name or through a company established in Portugal or in another EU Member State with a stable establishment in Portugal. It does not apply to Portuguese citizens or other EU/EEA nationals.
What are the changes?
On 5 February 2020, Parliament approved an enabling act authorising the Government to restrict Golden Visas based on real estate investments located in coastal municipalities and high‑pressure metropolitan areas such as Lisbon and Porto. The objectives are to:
- Redirect investment to low‑density regions and the interior of the country.
- Promote urban rehabilitation, cultural heritage projects, and initiatives with high environmental or social value.
- Reduce pressure on the housing market and support territorial cohesion.
What is the impact?
The measure narrows but does not abolish the ARI regime. Golden Visas already granted remain valid, as do future renewals and related family‑reunification rights. In addition, Golden Visas will continue to be available for investors who create or capitalise companies and jobs in Lisbon, Porto, and other coastal cities.
Rita Duarte | [email protected]
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