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info@luznurcapital.com Portugal's Golden Visa, read through the numbers.
How many permits are issued, who receives them, where the capital goes, how long it takes, and how Portugal now compares with the rest of Europe. Every figure is tied to its source, and anything we could not confirm is marked.
Figures verified as at 9 October 2026. We update this monitor as new releases come out rather than leave dated figures in place.
Four things to know this quarter.
AIMA issued 2,685 main-applicant permits in 2025, its second-highest year on record, two years after real estate stopped qualifying.
US citizens received the most permits in 2023 and 2025. China led the property era, with 5,383 permits by August 2023.
The €500,000 fund route and the €250,000 cultural donation. Donation declarations rose from 50 to 211 in 2025, worth €46.8m.
Ten years from the first card, or seven for EU and Portuguese-speaking nationals, rather than five from filing. Permanent residence is unchanged at five years.
How many permits are issued, and for what.
The program opened in October 2012. Real estate and the €1.5m capital transfer stopped qualifying for new applications on 7 October 2023; AIMA replaced SEF as the issuing agency later that month. Since then AIMA publishes permit counts once a year, but no longer the amount invested or the route used.
Golden Visa permits issued per year
Main applicants. Family members in the tooltip and data table.
Data table
SEF, Immigration, Borders and Asylum Reports (RIFA) 2013–2021; 2022 from SEF via LusaS; AIMA Migration Report 2023, 2024 and 2025.
Capital invested per year, by route
€ million, 2013–2021, the years SEF published a split
Data table
SEF RIFA 2013–2021. "Property" includes rehabilitation; "capital transfer" includes fund subscriptions, which SEF did not separate. 2022 total €654.2mS. No investment figures have been published for 2023 onward.
Where the capital went, 2012 to August 2023
| Route | Permits | € invested |
|---|---|---|
| Property purchase | 9,454 | €5.75bn |
| Property rehabilitation | 1,830 | €0.65bn |
| Capital transfer (incl. funds) | 1,255 | €0.85bn |
| Job creation | 22 | – |
| Total | 12,561 | €7.25bn |
SEF cumulative figures to August 2023 via Lusa (dnoticias.pt, 20 Sep 2023)S. Purchase is property total less rehabilitationD.
Who the investors are.
The property years were dominated by Chinese investors. Since real estate was removed, US citizens lead, followed by Chinese, British, Turkish and Indian applicants.
Permits by nationality, 2025
Main applicants, top 8 of 2,685
Data table
AIMA, Migration and Asylum Report 2025, p. 17.
The property era, cumulative
Main applicants, October 2012 to August 2023
Data table
SEF cumulative figures via Lusa (20 Sep 2023)S.
The shift in one table
| Nationality | 2012 – Aug 2023 | 2023 | 2025 |
|---|---|---|---|
| United States | 741 | 567 | 535 |
| China | 5,383 | 306 | 392 |
| United Kingdom | – | 234 | 252 |
| Brazil | 1,246 | 219 | 154 |
| India | – | 199 | 170 |
| Turkey | 603 | – | 188 |
| South Africa | 561 | – | 97 |
A dash means the country was outside the published top list for that period. AIMA Migration Reports 2023 and 2025; SEF via Lusa for the cumulative column.
Two routes carry the program in practice.
Five routes remain open in law. Almost all applications now use the fund subscription or the cultural donation. For how each works, see our guides to the fund route and the cultural donation.
Routes open to new applicants
| Route | Minimum | Key conditions |
|---|---|---|
| Investment fund | €500,000 | Portuguese-law, non-real-estate funds; at least 5 years to maturity; at least 60% invested in companies based in Portugal. |
| Cultural donation | €250,000 | Approved arts and heritage projects. €200,000 in low-density areas under the 2015 lawU. |
| Research | €500,000 | Public or private scientific research bodies; €400,000 in low-density areas. |
| Company capital | €500,000 | Set up or increase capital of a Portuguese company and create 5 permanent jobs, or keep 10 jobs for 3 years. |
| Job creation | 10 jobs | 8 jobs in low-density areas. |
| Property, capital transfer | Closed | No new applications since 7 October 2023. Existing permits can still be renewed. |
AIMA, ARI page (accessed 9 Oct 2026); Lei 56/2023. AIMA's page gives €220,000 for low-density cultural donations, while Lei 63/2015 implies €200,000; confirm before relying on it.
Cultural donation declarations
Declarations approved by the Ministry of Culture
Data table
Ministry of Culture data via Dinheiro Vivo (13 Apr 2026)S. 2020–23 derived from the cumulative totalD.
What is not published about the fund route
There is no official list of eligible funds and no official figure for the capital they have raised from Golden Visa investors. Adviser directories count roughly 23 to 30 funds; one press report put 2025 inflows at €732m, citing an unnamed source. We do not chart either until the securities regulator (CMVM) or AIMA publishes data. From 10 July 2027, EU anti-money-laundering rules require enhanced due diligence on anyone applying for residence through investment, which will apply to fund managers and banks.
Regulation (EU) 2024/1624, article 41; Jornal Económico (6 Feb 2026)U.
From application to citizenship.
Residency rights start when the first card is issued, and since 19 May 2026 that is also when the citizenship clock starts. Permanent residence remains available after five years.
The path, under the 2026 rules
- Investment and application
The qualifying investment is made and the application filed with AIMA, with source-of-funds evidence.
- Residency begins, and the citizenship clock starts
The first permit is valid for two years. Minimum stay: 7 days in the first year, then 14 days in each two-year period.
- Investment maintained, stay requirement met
Renewals require evidence that the investment is held and the minimum stay was met. Family members stay included. Renewals can be filed online since 16 February 2026.
- Permanent residence
Unchanged by the 2026 reform, with no obligation to live in Portugal full-time.
- Citizenship eligibility
Seven years for EU and Portuguese-speaking (CPLP) nationals, ten for everyone else, plus A2 Portuguese and a civics test.
Lei 23/2007 as amended; Lei Orgânica 1/2026. Whether time accrued before 19 May 2026 counts toward the new period is unresolved, pending regulation.
How the program has changed.
For what the program delivers today and what it asks in return, see our Golden Visa guide.
Timeline, 2012 to 2026
- Program launched
Lei 29/2012 creates residence permits for investment.
- New routes
Research, culture and urban regeneration added, with 20% lower thresholds in low-density areas.
- Property limited to the interior
Residential property restricted to the interior and islands; fund, company and research thresholds rise to €500,000; capital transfer to €1.5m.
- Real estate removed
Lei 56/2023 ends property and capital-transfer routes. Funds may no longer invest in real estate.
- AIMA replaces SEF
Responsibility for the program moves to the new migration agency.
- Family reunification tightened
Lei 61/2025 requires two years' residence first. Golden Visa holders are exempt.
- Online renewals
AIMA's renewal portal opens to ARI holders.
- Citizenship period doubled
Lei Orgânica 1/2026: ten years (seven for EU and CPLP), counted from the first card.
Diário da República; AIMA; Justice Ministry (19 May 2026).
Watch list
- 28 Oct · 24 Nov 20262027 State Budget
No Golden Visa measures in the government's proposal. Watch for amendments; PCP proposed abolishing the program in the 2026 budget debate, without success.
- Overdue since AugustNationality law regulation
The rules on integration tests and on time accrued before May 2026 have not been published.
- Since June 2026Investor complaint
Nine law firms filed an Ombudsman complaint for 1,260 investors seeking a transition regimeS.
- 10 July 2027EU anti-money-laundering rules
Enhanced due diligence becomes mandatory for residence-by-investment applicants.
- EU levelCourt of Justice, Malta ruling
The April 2025 judgment banned citizenship for investment. It does not cover residence schemes, but commentators see residence programs as the next focus.
Where Portugal now sits in Europe.
Spain, Ireland and the Netherlands have closed their programs. Greece is the main remaining scheme built on real estate, at up to €800,000. Portugal stays open with the lightest stay requirement of the major programs, but without property.
| Country | Status | Minimum investment | Real estate | Citizenship |
|---|---|---|---|---|
| Portugal | Open | €500k fund or company; €250k culture | No | 10 years (7 EU/CPLP), from first card |
| Greece | Open | €800k prime areas; €400k elsewhere; €250k conversions or listed buildings | Yes | 7 yearsS |
| Italy | Open | €250k startup; €500k company; €1m donation; €2m bonds | No | 10 yearsS |
| Cyprus | Open | €300k plus VAT, plus €50k annual income | Yes | 7 years |
| Malta | Open | Permanent residence: about €99k in fees plus property from €375k or rentS | Yes | Citizenship scheme ended after 2025 ruling |
| Hungary | Open | €250k real estate fund; €1m university donation | Via fund | Sources differ |
| Latvia | Narrowed | From €50k company route; property removed Sep 2026S | No | 10 yearsS |
| Spain | Closed | Ended 3 April 2025 | – | – |
| Ireland | Closed | Ended 15 February 2023 | – | – |
| Netherlands | Closed | Ended 1 January 2024 | – | – |
KPMG (Spain); IBA, 9 Sep 2026 (Greece); Gov.ie (Ireland); Deloitte (Cyprus); Cobalt, 16 Jun 2026 (Latvia); IMI Daily (Italy, Hungary); Chetcuti Cauchi (Malta). Thresholds summarize each program's main routes; confirm details with local counsel.
How to read this monitor.
Permit counts come from SEF's annual reports (2013–2021) and AIMA's Migration and Asylum Reports (2023–2025). Since 2023 AIMA no longer publishes investment amounts, routes or monthly data, so later figures on capital and funds rely on government statements in Parliament and on the press. Markers: D derived by Luznur from sourced figures; S secondary source citing the primary; U a single source we could not confirm. "Golden Visa" here means Portugal's residence permit for investment (ARI).
- SEF, Relatório de Imigração, Fronteiras e Asilo, 2013–2021
- AIMA, Relatório de Migrações e Asilo 2023, 2024 and 2025
- AIMA, ARI page and renewal portal notice (Feb 2026)
- Lei 23/2007 as amended; Lei 56/2023; Lei 61/2025; Lei Orgânica 1/2026
- Tribunal Constitucional, Acórdão 1133/2025
- Ministry of Culture data via Dinheiro Vivo (13 Apr 2026)
- Lusa, Público, Sábado, DN, ECO, Observador
- CJEU C-181/23, Commission v Malta (29 Apr 2025)
- Regulation (EU) 2024/1624 (AMLR), article 41
- KPMG, IBA, Deloitte, Cobalt, Chetcuti Cauchi, IMI Daily
What the figures mean for your application.
Program data describes the whole system. An application turns on one route, one family and one timeline. We are glad to walk through how these figures bear on yours.
This monitor is for information only. It is not investment, tax, immigration or legal advice. Rules summarize published legislation and official guidance and should be confirmed with qualified counsel before any application. Figures are attributed to their publishers; official statistics are from SEF and AIMA.
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