What are the steps in the Golden Visa Portugal process?
The journey to obtain a Golden Visa Portugal is a process that can take months to complete.
Here are the main stages of the process which will be explained in detail throughout this article:
- Decide on the type of investment
- Obtaining a NIF
- Opening a bank account
- Making the investment
- Gather all the necessary documents
- Submit the pre-application
- Schedule and attend the appointment with AIMA
- Obtain and renew the Golden Visa
- Become a Portuguese citizen
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1. Decide on the type of investment
Below, we detail the five main types of investments eligible for the Golden Visa from 2024, including the minimum amounts required, who can apply and the associated rules.
Remember that investments can only be made by non-EU citizens.
Investment Funds or Venture Capital Funds
Minimum amount: €500,000
Description: This modality involves investing in qualified Portuguese funds that invest in sectors such as tourism and services.
Rules: The investment must be held for at least five years, and the chosen fund must be registered in Portugal and regulated by the competent authorities.
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Support for Portuguese companies
Minimum amount: €500,000
Description: Investment in companies established in Portugal that results in the creation of at least five jobs, maintained for a minimum period of three years.
Rules: In addition to the minimum investment amount, the applicant must demonstrate that the jobs were created and maintained during the required period.
Subsidizing Scientific or Technological Research
Minimum amount: €500,000
Description: Transfer of capital to support research activities conducted by public or private institutions integrated into the Portuguese scientific and technological system.
Rules: The funds must be applied to research projects approved and recognized by the Portuguese authorities.
Investment in Culture or National Heritage
Minimum amount: €250,000
Description: Investment in artistic production projects, recovery or maintenance of national cultural heritage.
Rules: The projects must be approved by the Portuguese government and the investment must be maintained in accordance with the established requirements.
Job Creation
Minimum value: Creation of at least 10 jobs
Description: Investment that results in the creation of at least 10 new jobs in Portugal.
Rules: The number of jobs can be reduced to eight if the investment is made in areas of low population density.
General Rules for All Types of Investment
Documentation: Detailed documentation proving the investment must be submitted, including contracts, proof of transfer of funds, and, if applicable, project approval certificates.
Proof of Funds: Investors must demonstrate the legal origin of the funds used for the investment.
Residence: The Golden Visa holder must meet the minimum stay requirements in Portugal, which are seven days in the first year and 14 days in each subsequent two-year period.
2. Obtain a NIF and open a bank account
Obtaining a Tax Payer Number (NIF)
The Tax Payer Number (NIF) is a fundamental requirement for any financial and legal transaction in Portugal.
This number is needed to open a bank account, sign rental contracts, and carry out practically all economic and administrative activities in the country.
The process of obtaining a NIF is relatively simple and can be done in person or through a legal representative.
Steps to obtain a NIF
Documentation required:
Valid passport.
Proof of residence (from the country of origin).
Power of attorney, if you are appointing a legal representative to obtain the NIF on your behalf.
Where to obtain the NIF:
The NIF can be requested at any Tax and Customs Authority office in Portugal.
Alternatively, you can apply for the NIF through a lawyer or accounting services company that offers assistance to foreigners.
3. Opening a bank account in Portugal
After obtaining your NIF, the next step is to open a bank account with a Portuguese bank.
Having a bank account in Portugal is mandatory in order to transfer and manage the funds needed for the investment chosen under the Golden Visa.
This process may vary slightly from one bank to another, but generally follows the steps below:
Choosing a bank:
Research different banks in Portugal to find the one that offers the best services and rates for your needs.
Documentation required:
Valid passport.
Tax Payer Number (NIF).
Proof of address (this could be a utility bill, recent bank statement or rental agreement).
Proof of profession and income, such as a letter from your company stating your position and salary or the last three bank statements.
Annual income statement to demonstrate financial capacity.
Additional documents for the “Know Your Client” (KYC) process, which may include completed forms and additional information about your financial situation and sources of income.
4. Making the investment
This is one of the most critical steps in the process, as the success of your application depends directly on the correct execution of this stage.
Transfer the Funds:
Use your Portuguese bank account to transfer the funds needed for the investment. Make sure that the transfer is made in accordance with legal and regulatory requirements.
Document the Investment:
Keep all proof of transfer of funds and any documentation related to the investment, such as purchase contracts, receipts and investment certificates.
Confirming the Investment:
Make sure that the investment is officially registered and recognized by the competent Portuguese authorities. This may involve obtaining specific certificates or authorizations depending on the type of investment chosen.
5. Gather All Necessary Documents
Personal Documents
Valid Passport:
Copy of the valid passport of the main applicant and all family members included in the application.
Criminal Record Certificate:
Issued by the country of origin or any country where the applicant has resided for more than one year.
It must be apostilled (according to the Haia Convention) and translated into Portuguese by a certified translator, if it is not in Portuguese.
Health Insurance:
Proof of health insurance valid in Portugal for the applicant and all family members.
Financial and Investment Documents
Tax Payer Number (NIF):
Document issued by the Portuguese tax authorities.
Proof of Investment:
Documentation proving that the qualifying investment has been made, such as contracts, fund transfer receipts, and investment certificates.
Declaration of Commitment to Maintain the Investment:
Declaration in which the applicant undertakes to maintain the investment for a minimum of five years.
Bank Account Documents
Opening a Bank Account:
Proof of opening a bank account in Portugal, including:
Copy of passport.
Proof of address.
Proof of profession (company statement indicating the position held by the applicant).
The last three bank statements.
Annual income statement to demonstrate financial capacity.
Documents for the bank’s “Know Your Customer” (KYC) process.
Documents for the Golden Visa process
Certificate of Criminal Record in Portugal:
Declaration of Authorization to Consult the Portuguese Criminal Record by AIMA.
Residence Permit for Investment Activity (ARI) form:
Form duly completed for each applicant.
Dependent Identification Documents:
Documents proving the family relationship, such as birth or marriage certificates, school enrollment certificates for adult children, and documents proving financial dependence for parents or minor siblings.
Proof of Payment of Service Fees:
Receipts proving payment of the administrative fees associated with the Golden Visa application.
Additional Documents
Investor Resume:
Detailed CV of the main applicant.
Power of Attorney:
Power of attorney on behalf of the legal counsel representing the investor in the process, if applicable.
Proof of Profession and Annual Income Statement:
Similar to those requested when opening the bank account, to prove continuous financial capacity.
Recent Bank Statements:
A statement from the bank confirming that the investor has the necessary amount to invest in the fund.
6. Submitting the Pre-Application
Once you have made the investment and gathered the documents, the next step is to send the pre-application for the Golden Visa to the Agency for Integration, Migration and Asylum (AIMA).
This is where you formalize your intention to apply for the Golden Visa and submit all the documentation you have collected so far.
Gathering the Necessary Documentation
Filling in the Residence Permit for Investment Activity Form (ARI)
Submitting the Application
Receiving Confirmation
7. Schedule and Attend the Appointment with AIMA
After the pre-application has been accepted, you will need to schedule and attend an appointment with AIMA for the collection of biometric data. This step is essential for completing the application process.
Use AIMA’s online portal to schedule a date and time for your appointment. It is important to do this as soon as possible to avoid delays.
Gather all the original documents and proofs that were submitted in the pre-application. These documents can be reviewed during the appointment.
Attend the appointment on the scheduled date. During the visit, your biometric data (such as fingerprints and photograph) will be taken. This process is necessary for issuing the Golden Visa.
You may be interviewed by an AIMA officer to verify the details of your application and confirm the authenticity of the documents presented.
8. Obtaining and Renewing the Golden Visa
Once your application has been approved, you will receive the Golden Visa, which is valid for two years. After this period, you will need to renew the visa, and every three years thereafter.
9. Becoming a Portuguese Citizen
After five years of legal residence in Portugal with the Golden Visa, you can apply for Portuguese citizenship.
This final step offers numerous benefits, including full integration into Portuguese society and access to all the rights of a European Union citizen.
Documentation required:
Apostilled birth certificate.
Up-to-date criminal record.
Copy of valid passport.
Application addressed to the Minister of Justice, filled in with detailed information.
Submission of the Citizenship Application:
How can I track the status of my application?
The Agency for Integration, Migration and Asylum (AIMA) offers an online portal where you can check the progress of your application.
Once you have submitted your pre-application, you will receive a reference number which you can use to access the portal and follow updates.
Make sure you check the portal regularly for any notifications or additional document requests.
In addition to the online portal, it is recommended to maintain direct contact with AIMA or the legal representative who is managing your application.
If there are any outstanding issues or if AIMA needs additional information, it is important to respond promptly to avoid delays.
Keeping all documents and information organized also makes it easier to respond quickly to any additional requests.
Use email or SMS notification services, if available, to receive immediate updates on the status of your application.
How long does it take to obtain the Golden Visa?
The total time to obtain a Golden Visa in Portugal can vary, but generally takes between 6 and 9 months.
This period includes the time needed to gather all the documents, make the investment, and go through all the administrative processes and AIMA checks.
What are the costs involved in the process?
Initially, there is an analysis fee of approximately €773.74 per main applicant and for each family member included in the application.
Once the initial analysis has been approved, there is a processing fee for the issuance of the Residence Permit for Investment Activity (ARI), which is around €7,730.11 per person
