When researching how to get Portuguese citizenship, you may have already realized that there are several ways, although some are very specific to a certain profile of person. In fact, this is the case with the way we’re going to talk about today in this article, which is Portuguese citizenship through investment.
Basically, you need to be willing to make a contribution which, depending on the type of investment you choose, starts at 250,000 euros in Portugal.
If you have this possibility, stay with us to find out more about how Portuguese citizenship through investment works: what the stages are, the modalities, who can apply and what the rules are.
You’ll also find out whether it’s only valid for one person or for your family, what the average costs are, the time taken to complete the process, the documents required and whether there’s a fixed length of time for the whole process until you get your permanent documentation.
Have a good read!
How does the program for Portuguese citizenship through investment work?
The Portuguese citizenship through investment program is the famous Golden Visa, which is also called ARI (Autorização de Residência para Atividade de Investimento.)
The process of acquiring dual citizenship in this format is divided into two main phases: first you need to apply for and acquire the Golden Visa and, after five years of fulfilling all the requirements, you can apply for Portuguese citizenship.
See more details on how each of these stages works:
Stage 1: Acquiring the Golden Visa
This is the phase in which you choose the type of investment that fits each profile, gather the necessary documents, pay all the fees, apply for a residence permit in Portugal and it is approved.
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Stage 2: Portuguese citizenship by period of residence
In this second stage, the applicant must demonstrate that they have had legal residence in Portugal, sufficient knowledge of the Portuguese language (if they are from a country that does not have Portuguese as an official language) and no criminal record in Portugal or in their country of origin.
Overview of the stages for obtaining Portuguese citizenship through investment in Portugal
To better organize and visualize the preparation for the application for Portuguese citizenship through investment, the two phases mentioned above can be divided into five stages, which are as follows:
Selecting and making the investment
First of all, you have to choose one of the investment modalities allowed by the Golden Visa program, which we’ll look at later.
Applying for the Golden Visa
After making the investment, you apply for the Golden Visa by submitting all the necessary documentation, including proof of investment and personal documents.
Maintaining the investment
The investment made must be kept for a minimum of five years. During this period, the investor must also meet the minimum stay requirements in Portugal, 14 days every two years.
Applying for citizenship
Once the five years have elapsed and all the requirements of the program have been met, the right to apply for Portuguese citizenship becomes effective.
Assessment and approval
The application will be assessed by the Portuguese authorities at AIMA (The Agency for Integration, Migration and Asylum).
If all the criteria are met, citizenship is granted, allowing you to enjoy all the associated rights, including the right to live, work and study anywhere in the European Union.
How much do you need to invest to get a Portuguese citizenship through investment?
First of all, it’s important to know that it’s no longer possible to invest in a property worth at least 500,000 euros in Portugal in order to get the Golden Visa.
This type of investment was one of the best known, but it has been abolished because the government wants investors to use their money for other purposes, including helping to improve the housing situation in the country for everyone, leading to a reduction in rental and sale prices, which are sky high.
Starting of 2024, we have five options for qualified investment under the Golden Visa program, which are as follows:
Opening a business to promote the creation of 10 new jobs
In this format, the investor must establish a company (creation or acquisition of an existing company) that offers at least ten new jobs to residents of Portugal.
If the intention is to open a company in a city with a low population density, the number of jobs offered can be reduced to eight.
Taking this and other factors into account, such as the type of business, there is no exact figure for this type of investment.
Investment in scientific research
Here, in order to obtain Portuguese citizenship through investment, the investor must make a transfer of 500,000 euros for research activities in institutions that carry out science and technology research in Portugal.
The intention is to promote innovation and the country’s competitiveness on the global stage.
Subscribing to investment funds
This type of investment requires a transfer of 500,000 euros to subscribe to units in securities investment funds or funds dedicated to the capitalization of Portuguese companies.
These are called venture capital funds, **such as the VIDA Fund.**
Forming a commercial enterprise
In this modality, the requirement is to create or maintain 5 jobs for at least 3 years, with the transfer of 500,000 euros for the creation of a local company or investment in an existing company.
Support for art or reconstruction of historical heritage
If you don’t have half a million euros to invest, but do have half that amount and don’t want to start a business, a good option for obtaining Portuguese citizenship through investment is to transfer 250,000 euros to support art and culture in Portugal, including the conservation of historical heritage sites that are so important and valued in all regions of the country.
Who can apply for a Portuguese citizenship through investment?
Obtaining the Golden Visa Portugal and then obtaining Portuguese citizenship through investment is an accessible option for citizens of countries outside the European Union, who meet the specific investment criteria mentioned above, in addition to other requirements, which are as follows:
No criminal record
Applicants for the Golden Visa Portugal must present a clean criminal record, both from their country of origin and from any other country where they have resided for more than one year, and also in Portugal, of course.
Minimum stay in Portugal
In the first year after being granted the Golden Visa, the resident must stay in Portugal for at least 7 days, consecutive or not.
In subsequent years, the requirement is for a minimum stay of 14 days in Portuguese territory, which can be fulfilled continuously or interspersed within subsequent two-year periods.
This is one of the major differences with other long-term visas for Portugal, which require a stay for practically the entire period of validity of the residence permit.
Maintaining investment
Just to reinforce the requirement, the chosen investment must be maintained for a minimum of five years to guarantee the renewal of the residence permit.
If you give up the business after four years, for example, you will no longer be able to continue your residence and thus apply for dual citizenship.
Health insurance
Among the documents on the list required to apply for the Golden Visa is health insurance valid in Portugal.
In fact, this document is required for any visa application, as it is a guarantee that the applicant will have their health needs met in the country, even before they have their citizenship.
Financial proof
You must demonstrate the financial capacity to make and maintain the proposed investment, as well as the ability to support yourself during your stay in Portugal.
Is the family entitled to the Portuguese citizenship through investment?
Yes, the Golden Visa holder’s family members can also apply for Portuguese citizenship through this investment, as long as they meet the necessary requirements, i.e. it is essential to present appropriate supporting documentation, such as birth or marriage certificates, proof of school enrollment for older children and documents proving financial dependence for parents or younger siblings.
It is important to note that only one investment is required for the whole family, and there is no increase in the number of family members.
Which family members are eligible?
The family members listed below may be included in the Golden Visa application if they meet the requirements of no criminal record and minimum periods of stay in Portugal, similar to those applied to the main Golden Visa holder:
Spouse or stable partner
There is no age restriction for the spouse or stable partner, being over 18 years of age. They are eligible to apply together with the Golden Visa holder, as long as they can prove a stable union or legal marriage.
Dependent children
Children under the age of 18 are automatically eligible.
Children between the ages of 18 and 26 can also be included if they are unmarried and enrolled in an educational institution full-time, thus proving their financial dependence.
Dependent parents
Parents of the investor or spouse, who are 65 or older, are eligible if they are financially dependent on the Golden Visa holder and do not have sufficient income of their own.
Minor siblings
Siblings of the Golden Visa holder or their spouse can be included if they are under 18 and are legally under the guardianship of the Golden Visa holder.
Portuguese citizenship through investment for the whole family via Golden Visa Portugal
Costs involved
The costs involved in acquiring an investor’s visa in Portugal are divided into stages: receipt and analysis of the application, initial issue of the permit and renewal costs, as shown below:
- Receipt and analysis of the application for a residence permit for investment activity: €773.74.
- Issue of the first residence permit requested via Golden Visa: €7,730.11.
- Renewal of residence permit (after two years): €3,865.79.
It is important to note that these amounts apply to each member of the family.
Golden Visa Portugal process deadlines
While the figures mentioned above are usually fixed (updated from time to time by the Portuguese government), the timescales for each process can vary for different reasons, such as the complexity of your particular process, the speed with which the required documents are gathered and sent, and also AIMA’s current workload.
However, we can make an estimate based on what is standard:
Application submission and initial analysis
Once all the documents requested in the application have been sent, AIMA usually takes around 90 days to analyze and process the initial application.
Scheduling an interview
After these first 90 days, AIMA may also schedule an interview for a personal conversation.
This can take several months, depending on how many appointments there are before yours.
Final decision and issuing of the Golden Visa
After the interview and the submission of any additional documents that AIMA may have requested, the wait for the final decision can take another 60 days or so.
Therefore, it is considered normal to take between 6 and 9 months to go through the whole process, maybe even a little longer.
Which are the required documents?
We have chosen to divide the list of documents into stages for a better understanding:
Stage 1: Applying for a NIF (Tax Payer Number)
You will need to obtain a “Portuguese tax payer number”, in order to open a bank account in Portugal and do other paperwork in the country.
The documents required here include personal identification and proof of residence.
Stage 2: Opening a bank account
In order to make the investment, the money must be held in a Portuguese bank account. So, with the NIF number, it’s time to open the account. The documents required for this step include:
- A copy of your passport and proof of address;
- Proof of profession, which can be a company statement indicating the position held by the applicant;
- The last three bank statements to check the current financial situation;
- Proof of tax residence;
- Annual income statement to demonstrate financial capacity;
- Documents for the STAG fund manager’s “Know Your Client” (KYC) process, which will be sent later for completion.
Stage 3: Fund investment procedure
With the bank account open, it’s time to formalize the investment. To do this, you will need to submit
- The investor’s CV;
- Power of attorney on behalf of the legal counsel representing the investor in the process;
- Proof of profession and annual income statement, similar to those requested when opening the account;
- Recent bank statements or a statement from the bank confirming that the investor has the amount needed to invest in the fund;
- Documents required for the KYC of the chosen bank, which will be sent to complete the process.
Stage 4: Submission of the Golden Visa process
We have reached the final stage where the Golden Visa process is submitted. This is where you will need documentation of your criminal record and civil status, among other documents:
- Criminal record certificate with the Hague apostille for the main applicant;
- For spouses, in addition to the criminal record certificate, the marriage certificate is required, both with the Haia apostille;
- For children over the age of 16, the birth registration and criminal record certificate, also apostilled, are required;
- For children over the age of 18, in addition to the above documents, a school or university registration certificate with the Hague apostille is required and, if marital status is not specified in the birth registration, an unmarried certificate will be required.
Please note: in addition to the apostille, which is a seal proving that the document is official, if any of the documents are written in a language other than Portuguese, you will need to arrange for an official translation into Portuguese.
How does Portuguese citizenship by period of residence work?
This is the second stage after the investor and his family have applied for the Golden Visa Portugal, and after 5 years they have kept their investment and their legal residence valid in Portugal.
Let’s take a look at the legal aspects required and which permeate the process as a whole.
Required documentation
Even if you have already submitted all the documents when applying for a Golden Visa, you will need to submit them again, updated, as well as other documents, depending on the specific case. For example:
Apostilled birth certificate
This must be a full copy, issued by photocopy and duly apostilled if the document was issued outside Portugal. The certificate presented 5 years ago for the Golden Visa will no longer be valid here.
Criminal record
This document will also have to be reissued, as the situation may have changed after five years.
If you have spent time in other non-Portuguese speaking countries during that time, you will need an official translation of this document.
Copy of passport and residence permit
A copy of your valid passport and also a copy of your most up-to-date Residence Permit.
Application addressed to the Ministry of Justice
This document must be filled in with detailed information, including full name, date of birth, marital status, nationality, parents’ names, profession, home address, countries where you have previously resided and the details of any legal representative, if applicable.
The application must be signed in the presence of an authorized official when delivered in person, or notarized if sent by post.
Other documents
In addition to these basic documents, the Minister of Justice has the autonomy to request additional documents if he or she considers that the information provided is insufficient to prove the right to citizenship.
It is therefore essential that all documents are prepared carefully and in accordance with legal requirements, to avoid delays or rejections in the process.
The Portuguese government lays down the rules and presents them in detail.
Application process
After meeting all these basic requirements, the application will be formalized with the Portuguese authorities, who will assess whether everything is correct and complete, and the veracity of the information provided.
The decision
The decision on granting citizenship is made on the basis of an analysis of the documentation and the links demonstrated with Portugal.
It is important to note that citizenship acquired by length of residence is derivative, other words, it takes effect from the date it is granted and is not automatically passed on to adult children.
Once granted, however, it allows the new citizen all the rights associated with Portuguese citizenship, including the right to live, work and travel freely within the European Union.
Costs of the Portuguese citizenship process by period of residence
As the process of Portuguese citizenship by period of residence is different from the Golden Visa process, as it takes place at a different time, there will be other associated costs:
Fee for analyzing the citizenship application
The fee for analyzing the citizenship application is 250 euros.
This fee is paid directly to the Portuguese authorities responsible for analyzing and processing naturalization applications, on the day or a few days after the documentation is submitted.
Documentation costs
The applicant must bear the costs of obtaining, translating and legalizing documents.
Fees and other expenses
The translation of documents into Portuguese by an official translator can vary from 50 to 100 euros per page, depending on the complexity of the text and the original language.
In addition, the costs of lawyers’ fees, travel and subsistence expenses, and other administrative fees must be taken into account.
Duration of the citizenship process by period of residence
The process of obtaining Portuguese citizenship with investment (by period of residence) does not have a fixed legal deadline for completion.
Based on previous practical experience, the time needed to process and decide on an application can vary significantly, usually up to 2 years, taking into account the same reasons already mentioned for the Golden Visa approval time.
Finally, once you have obtained Portuguese citizenship, you will need to apply for the (Cartão de Cidadão), which is the identity card of every Portuguese citizen, in addition to the European passport.
