Portugal's golden visa 2026: which routes remain after real estate's abolition

What exactly was abolished in 2023 and why the programme is alive

First let's fix the main fact around which a lot of rumors circulate: Portugal's golden visa (the ARI programme - Autorizacao de Residencia para Atividade de Investimento) is NOT closed. Specific entry routes were closed. In October 2023, the Mais Habitacao ("More Housing") law, designed to combat rising real estate prices, took effect. The government decided that foreign investors buying up apartments for the golden visa were driving up the market, and removed this entry point entirely.

What exactly stopped granting residency for new applicants:

• Buying residential real estate- all thresholds, including discounted sums for low-density areas and properties for restoration.
• A simple capital transferinto a bank deposit or account (the €1.5 million option).
• Funds tied to real estate- units of investment funds that invest directly or indirectly in real estate also dropped out.

At the same time, investment routes unrelated to housing remain in force. It's precisely around them that the 2026-model golden visa is built. If your goal is to rent out an apartment, it's more logical to look towardthe D7 visa for rentiers and retirees, not the golden visa.

Which golden visa routes work in 2026

After the reform, the golden visa turned from "buy an apartment" into a tool for those ready to invest in the country's economy, not personal real estate. Four working directions are available today, and all of them involve an active investment or donation, not acquiring housing for oneself.

• Investment funds- subscribing to a qualified fund's units from €500,000. The most in-demand route after the reform.
• Scientific research- an investment from €500,000 in Portuguese science and technological development (from €400,000 in low-density areas).
• Cultural heritage- a non-refundable donation from €250,000 to support art, preserve or restore cultural heritage (from €200,000 in low-density areas). The lowest entry threshold.
• Job creation and share capital- creating at least 10 jobs (8 in low-density areas) or investing €500,000 in a company's share capital with job creation/preservation.

All routes lead to the same result: a residence permit in Portugal with the right to renew, Schengen access, and a prospect of permanent residence and citizenship. Only the nature of the investment and the entry threshold differ.

Investment funds from €500,000: how the main route works

After real estate's abolition, funds became the golden visa's main entry point. These are units of a qualified investment fund registered with Portugal's markets regulator - CMVM (Comissao do Mercado de Valores Mobiliarios). The logic is simple: instead of buying an apartment, the investor puts money into the country's real economic sector through a professionally managed fund.

Key requirements for the fund route in 2026:

• The subscription sum - from €500,000.This is the minimum investment volume in units.
• CMVM registration.The fund must be licensed by the Portuguese regulator - this is a basic reliability filter.
• A minimum of 60% of capitalthe fund invests in companies headquartered in Portugal.
• With no tie to real estate.Funds investing in real estate, directly or indirectly, no longer qualify for the golden visa.
• The fund's lifespan - at least 5 yearsat the time of subscription; in reality the money usually returns after 6-10 years.

This is an investment with market risk: returns aren't guaranteed, capital may either grow or decline depending on the fund's strategy. So choosing a specific fund isn't a formality, but a full investment decision, which is worth making with an independent check of the manager's portfolio.

Science and cultural heritage: routes for those ready to donate

Two routes stand apart, because one of them (cultural) is a non-refundable donation, not a returnable investment. But the entry threshold here is the lowest of the whole programme.

Cultural heritage - from €250,000.This is a donation to an accredited organization for art projects, as well as preserving and restoring Portugal's cultural heritage. In low-density areas, the threshold drops to €200,000. It's important to understand: the money isn't returned - it's a contribution to the country's culture in exchange for residency. But it's the cheapest legal entry into the golden visa.

Scientific research - from €500,000.An investment in the research activity of public or private scientific institutions that are part of the national science and technology system. In low-density areas, the sum is reduced by 20% - to €400,000.

• The cultural routesuits those for whom the minimum sum matters more than the return of capital.
• The science route- those who want to tie the investment to innovation and the R&D sector.

Both directions require working with accredited fund recipients, so confirming the legal source of the money and correctly arranging the donation are especially important here.

2026 conditions and sums: a "route - sum - condition" table

Let's gather all working golden visa routes into one table - a framework for the first decision. Note: sums are given as minimum entry thresholds excluding state fees, legal services, and AIMA fees, which are calculated separately.

This table is a starting point. From there, the route choice depends on whether you're ready for a returnable investment with market risk (funds), a non-refundable donation with a low threshold (culture), or an operational project with jobs.

From the golden visa to permanent residence: how the status ladder works

The golden visa isn't a one-off document, but the first step of a ladder leading to permanent residency and potentially a passport. Understanding the whole sequence is important for planning timelines correctly.

How the ladder works:

• Initial residence permit.After approval, a resident card is issued (usually for 2 years), then it's renewed.
• Renewals.At each renewal, maintaining the investment and minimum presence are confirmed.
• Permanent residency.The right to permanent residency arises after 5 years of legal residence with golden visa status.
• Citizenship.The right to apply for naturalization used to arise after 5 years, but the 2026 reform changed the rules (details below).

It's worth separately knowing about queue times. Due to the migration agency AIMA's overload, months can pass between filing and card issuance. The good news: for calculating the time to citizenship for applicants who paid the fee before the new rules took effect, the time is counted from the filing date, not the card issuance date - that is, AIMA's delays don't "eat into" the accumulated time. This is a critical nuance that needs to be documented.

The 2026 citizenship reform: the requirement rose from 5 to 10 years

This is the most important and most misunderstood point of 2026, and it needs maximum honesty here. Many still think the golden visa gives a passport after 5 years. Since spring 2026, this is no longer true for new applicants.

What happened: Portugal adopted a new citizenship law - Lei Organica n.o 1/2026. Parliament approved it on April 1, 2026, the president signed it on May 3, and the law took effect on May 19, 2026. Key changes:

• The base naturalization requirement rose from 5 to 10 yearsof legal residence for most foreigners.
• For citizens of CPLP countries(the Portuguese-speaking community - Brazil, Angola, Mozambique, Cabo Verde, and others)and EU citizensterm - 7 years.
• The count starts from the issuance of the first residence permit(titulo de residencia), not from filing the visa documents.
• Requirements remainon Portuguese language knowledge (A2 level) and integration.

A critically important protection for filed applications (grandfathering): citizenship applications filed up to and including May 18, 2026 are reviewed under the old Lei 37/81 rules - that is, under the previous five-year (and three-year for CPLP) requirement. We keep all the details of the ladder to the passport in a separateour guide to Portuguese citizenship- check it before making a decision.

Queues at AIMA: how long a decision really takes

Any conversation about Portugal's golden visa runs into one painful topic - timelines. After the abolished SEF's functions passed to the new agency AIMA (Agencia para a Integracao, Migracoes e Asilo) in 2025, the system found itself overloaded with a huge accumulated backlog.

What to know about real timelines in 2026:

• A large accumulated backlog.AIMA inherited hundreds of thousands of unprocessed cases from SEF, and golden visa queues are part of this picture.
• From filing to the first cardrealistically budget 12-18 months, and longer in difficult cases.
• Delays in renewals and issuanceregularly exceed the statutory review timelines many times over.
• Authorities promise to clear the backlog, allocate resources, but the process is slow.

The main practical takeaway: Portugal's golden visa isn't a fast tool. Budget years, not months, and document all filing and fee payment dates - this is your insurance on timelines to permanent residence and citizenship. Current regulations and the agency's status should always be checked on the official portalPortugal's government services (gov.pt).

Who the golden visa suits after the reform

The 2023 and 2026 changes greatly shifted the programme's target audience. Whereas the golden visa used to often be taken by those who wanted to buy an apartment in Lisbon or the Algarve anyway, it's now a tool for a different type of investor.

The golden visa makes sense in 2026 if you:

• You want EU and Schengen residency without relocating- around 7 days a year is enough to maintain status.
• Ready for a fund investment or a donation, not buying personal real estate.
• Look at the permanent residence horizon, and view citizenship as a long-term goal given the new 10-year requirement.
• Value a "fallback base" in Europefor family and children.

But the golden visa suits less well: those who specifically wanted to buy real estate (this route is closed), and those chasing a quick 5-year passport (now 10 years for most). Such investors should compare alternatives - for example, passive income viaD7 visaor residency in other jurisdictions.

Specifics for citizens of Russia and CIS countries

For applicants from Russia, Belarus, and other CIS countries, Portugal's golden visa remains accessible, but requires especially thorough preparation. There are no workaround schemes here - everything is strictly within the law and under enhanced compliance.

What to pay attention to:

• Source of funds.Banks and the regulator require transparently proving the origin of the money - a business sale, dividends, inheritance, investment income. Documents are prepared in advance with translation/apostille.
• Sanctions compliance.The absence of ties to sanctioned persons and entities is checked; any "gray" episodes are better discussed with a lawyer before filing.
• A bank account in Portugal.Opening the account for the investment has become stricter - budget time and a full document package for it.
• Enhanced KYC checksfor all family members in the application.

The main rule is honesty and completeness of documents. Trying to "smooth over" the picture or hide details almost guaranteed leads to refusal at the compliance stage. More on the specifics of processing for Russian applicants is in our article onPortugal residency for Russians.

A checklist before starting: what to look at to avoid wasting time

From practice it's clear that investors are let down not by rare causes, but by the same typical miscalculations. Let's break them down as a checklist so you don't lose months and money.

• Don't confuse the routes.Real estate purchase is abolished - if you're offered a golden visa through an apartment, it's outdated or unreliable information.
• Check the fund, not just the promises.The fund must be in the CMVM register, with no tie to real estate, a clear strategy, and the manager's track record.
• Count the real path to the passport.Given the new 10-year requirement and AIMA queues, the time to citizenship for investors may stretch out well beyond the former five years.
• Record the dates.The date the fee is paid and the application filed is your starting point for timelines; keep all confirmations.
• Prepare the source of funds in advance.For applicants from the CIS this is the most common sticking point.

The golden visa forgives not relocating, but doesn't forgive carelessness with documents and the wrong route choice. The more precisely the strategy is built at the start, the shorter the real path to the goal.

Who can be included in the application and what rights the visa gives

The golden visa is a family programme: the main investor arranges residency with one investment and extends it to relatives. A spouse, minor children, financially dependent adult children (e.g. students), and the parents of the main applicant or spouse can be included in the application if they're economically dependent.

What resident status under the golden visa gives:

• The right to live, study, and, if desired, work in Portugal- an EU and Schengen Area country.
• Free travel around Schengenwith no separate visas - an important advantage over residency in countries outside Schengen.
• Minimal presence- around 7 days a year (14 over the two-year renewal period), which lets you keep your main life in another country.
• Access to local healthcare and educationunder resident terms.
• A prospect of permanent residence and citizenshipif the timing and integration conditions are met.

It's exactly the combination of minimal presence and full EU residency that makes the golden visa convenient for those not ready to relocate right away, but who want a "fallback base" in Europe. It can be compared with the island alternative in our articleCyprus vs Portugal.

Minimum presence: why 7 days a year is enough

One of the golden visa's main advantages is an extremely soft physical presence requirement. To maintain and renew the status, it's enough to spend around 7 days in Portugal each year the visa is valid, or 14 days over the two-year period between renewals.

This fundamentally distinguishes the golden visa from ordinary immigration:

• No need to relocate.You can continue living and running a business in your own country, visiting Portugal for short trips.
• The status is held for the investment, not for residing.As long as the investment is maintained and presence is observed, residency is renewed.
• Convenient for a family.Children can study in the EU, while the main investor keeps tax residency in another country.

But there's an important fork here. If your goal isn't just to hold the residence permit, but to reach citizenship, minimum presence won't be enough: naturalization requires a deeper tie to the country. And Portuguese tax residency (183 days or a permanent home) is an entirely separate story that needs to be planned deliberately, including through theIFICI tax benefits (NHR's successor).

Bottom line: Portugal's golden visa in 2026

Let's draw the line, with no gloss. Portugal's golden visa after the reforms is no longer "buy an apartment and get a residence permit". It's an investment programme for those ready to invest in a fund, science, culture, or jobs, and get full EU and Schengen residency in return with minimal presence of around 7 days a year.

The programme's strengths haven't gone anywhere: EU plus Schengen (unlike a number of island programmes), family processing, a soft residence requirement, a path to permanent residence after 5 years. But there are two caveats that can't be glossed over: the path to citizenship has lengthened from 5 to 10 years under the 2026 reform (7 years for CPLP and EU), and AIMA queues add months of waiting.

The optimal strategy for most is to choose a route for a specific goal (funds for a returnable investment, a cultural donation for the minimum threshold), record all dates for timeline calculations, and prepare the source of funds in advance. The golden visa can be compared with other roads into Portugal in our articles onD7 visa, the IFICI tax regimeand Portuguese citizenship.