Portugal Golden Visa:
The Ultimate Guide 2023

There are certain requirements you must meet to qualify for the Portugal Golden Visa Program. These include the minimum stay requirement, delivering a series of documents, making the required investment, getting a NIF number and opening a Portuguese bank account, and paying the relevant fees. Find these required items below in detail.

Meeting the Minimum Stay Requirement

Meeting the minimum stay requirement for the Golden Visa for Portugal is almost a walk in the park. Golden Visa holders are required to stay in Portugal only seven days annually in order to hold on to their Portugal residency.

The minimum stay requirement is 14 days biennially for the initial Golden Visa Portugal residence permit, whereas it’s 21 days in three years for the subsequent Golden Visa Portugal residency. 

Making and Maintaining of the Qualifying Investment for Five Years

To apply for the Portugal Golden Visa, you need to provide evidence that you’ve made the required minimum investment personally. As the primary applicant, you must maintain this investment as long as you and your dependents hold Golden Visa residency status.

Once you become a permanent resident or citizen of Portugal, however, you’re no longer required to maintain the investment, and you can sell it if you wish.

Required Documents for Golden Visa to Portugal

To become a valid applicant for the Golden Visa Portugal, you’re required to deliver the following documents: 

•  A valid passport/other travel document,
• Proof that the required investment was made by the main applicant
• Proof from a Portuguese financial institution that confirms the transfer of funds
• Evidence of healthcare coverage
• Criminal record from the home country (issued within the last three months prior to the Portugal Golden Visa application)
• A filled-out form that authorizes SEF to access the applicant’s criminal record in Portugal
• A sworn declaration of compliance with the rule to keep the minimum investment for the required period of five years
• Documents outlining good standing with the Portuguese Tax and Customs Authority & Social Security system (issued within the last 45 days prior to the form submission)
• Receipt of the application fee payment

All documentation should be legalized and apostilled. Any non-Portuguese documents should be translated into Portuguese and certified by a notary.

Getting a NIF Number and Opening an Account in a Portuguese Bank

A NIF number is a Portuguese tax identification number, to acquire which you need to demonstrate proof of address and a government-issued identification to a Tax Office in Portugal. Getting a NIF number takes only a couple of hours. 

Another requirement you must meet to get a Portugal Golden Visa is to open a Portuguese bank account. To do so, you need the following:

• A valid passport/other travel document
• A NIF number
• Proof of address 
• Proof of income
• Portuguese phone number

Fees and Costs for Portugal Golden Visa 

In the process of getting a Golden Visa for Portugal, the applicant is required to pay certain fees and costs, in addition to the minimum investment amount required. These additional costs and fees are as follows:

Golden Visa Program Portugal: Application Process 

Although the application process for the Portugal Golden Visa is pretty straightforward, there are a few steps that you’re required to follow in order to qualify as an eligible applicant. Find below a detailed list of the step-by-step process for Portugal residency by investment through the Golden Visa Program.

• Step#1 Choose the Right Investment Type For You

• Step#2 Collect All the Required Documents

• Step#3 Get a NIF and Open a Portuguese Bank Account

• Step#4 Finalize Your Investment

• Step#5 Submit Your Pre-Application

• Step#6 Schedule a SEF Appointment and Attend It

• Step#7 Obtain Your Golden Visa

The Potential Termination of the Golden Visa for Portugal

The Portuguese government green-lighted the potential termination of the much-favored Portugal Golden Visa Program. The reason for the elimination of such a convenient route to Portugal residency by investment that also provides considerable dynamism to the country’s economy seems to be the effort to quench the ongoing housing crisis.

In light of what we know so far, the program is to be eliminated for new applicants, whereas existing visas will only be renewed if certain requirements are met by the holder. However, a complete termination of the program is not entirely off-table. 

• The Objective of the Change

The Portuguese government has significantly modified the Golden Visa program before. In the early stages of 2022, the Portugal Golden Visa program was revised to address the issue of rising housing prices in the country. 

The changes at the time involved implementing restrictions that prohibited applicants from buying residential properties in the specified areas, including Lisbon, Porto, and the coastal regions, and only allowing commercial properties to qualify for the program. 

The arrangements implemented then proved that the Golden Visa program had little or no impact on the Portuguese residential housing market.

Therefore, however genuine the Prime Minister’s reasons for the proposed changes may be, speculations arise that unexpressed motives may be at play in the elimination decision for the Golden Visa Program.

• How Will the Change Proceed? 

It’s worth noting that the Portuguese government isn’t authorized to unilaterally amend the Golden Visa program. Any proposed changes must be approved by the assembly of the Republic, and a public hearing process must be held for a certain period. 

Currently, the law governing the program is expected to remain unaltered until at least March 2023, if not longer. However, there is a risk of the program’s termination in the short-to-medium term.

Since 2012, the government has made numerous significant modifications to the program, and they’ve always given ample notice before the changes took effect. It is reasonable to anticipate a coherent approach with the currently hinted changes

The recent news of the impending changes has prompted a flurry of applications before the revisions come into effect.

As for the previous or current applications: they’re supposed to be free from the influence of upcoming changes by law firms.

The existing legislation is predicted to stay the same until at least the end of March 2023, and conceivably for a more extended period.

• What Are the Alternatives?

Although Portugal ending the Golden Visa program is an indicator that the immigration policies are changing in the country, there are other visa types that welcome foreigners. The chief among these is the D7 Visa: an ideal route to residency in Portugal for remote workers and entrepreneurs. Other options include the D2 Visa and the Temporary Stay Visa. 

Even though Portugal is a peerless destination with all the sunshine, the appealing lifestyle, great food and drinks, and countless other perks it offers, it’s not the only place to consider relocating to. Many other European countries offer similar programs that allow foreigners to obtain residency by investment. Greece and Spain, for instance, have their own Golden Visa programs, differing slightly from that of Portugal and each other.