Is the Portugal Golden Visa Still Worth It in 2027?

The Portugal Golden Visa is still open, but it is not the program it was a few years ago. Real estate no longer qualifies, citizenship takes longer, and many applications wait a long time at AIMA. For investors who do not plan to live in Portugal now but want a residence option for the future, the real question is whether the program still fits that goal. Here is what changed, what did not, and what to weigh.

Yes, It Still Exists, but Real Estate Is Out

The Residence Permit for Investment Activity (ARI), known as the Golden Visa, remains available to qualifying investors. Since the 2023 reform, buying property no longer qualifies, whether directly or indirectly. Today the routes are investment funds, scientific research, arts and heritage support, job creation, and investment in a Portuguese company. The most common minimum is €500,000, with lower thresholds for cultural projects.

Common Myths About the Golden Visa

• “You have to live in Portugal.” No. Holders generally need to be in the country only about 7 days in the first year and 14 days in each following two-year period. Confirm the current requirement before you plan your travel.
• “You get a passport after 5 years.” Not anymore. For nationality applications filed since 19 May 2026, naturalization generally requires 10 years of legal residence (7 for EU and Portuguese-speaking country nationals). The law does not say how time spent on a low-stay permit will be assessed, and the government only approved the implementing regulations in late October 2026, which still need to be published. Applications already pending stay under the old rules. See our overview of Portugal’s 2026 immigration reforms.
• “It is fast.” Many applications still wait well over a year. The government promised to clear the Golden Visa backlog in 2026, but earlier promises were missed. If your case is stuck, legal action against AIMA may be an option.
• “Living abroad means no tax impact.” Not necessarily. Portuguese tax residence depends on how much time you spend in the country and where you keep a home, and your home country may still tax you. The investment itself can also have tax consequences there, as explained below for US citizens.

What to Weigh Before You Invest

• Your capital is locked in and at risk. Qualifying investments generally have to be maintained for years, and funds and companies can lose value.
• Residence without moving. The low stay requirement lets you keep a Portuguese residence permit while living abroad, and holders can apply for permanent residence after five years.
• Tax in your home country. Check how the investment is treated where you are a taxpayer before you commit.
• Total timeline. Add the AIMA waiting time to the holding period before you count on any future date.

A Note for US Citizens

US citizens face an extra layer that investors from most other countries do not.

• Worldwide taxation. A US citizen stays subject to US tax and reporting wherever they live, so a Portuguese residence permit does not remove US obligations.
• PFIC risk. A foreign fund can be treated as a passive foreign investment company (PFIC) for US taxpayers, which can bring complex reporting and heavy tax treatment. Speak to a US tax professional before you subscribe to anything.
• Plan both sides. Look at how Portuguese and US rules interact before you choose a route, not after.

When It Still Makes Sense, and When Another Visa Fits Better

The Golden Visa can still make sense if you want a future option to live in or move through Portugal without relocating now, you can commit €500,000 or more for several years, and you plan the tax side in your home country in advance.

It may not be the best fit if you want to move soon, since the D7, D8 or D2 visas may match your plans better. It is also a poor fit if you need quick citizenship or cannot tie up capital.

Securing an Option for the Future

For investors who can commit the capital and plan it well, the Golden Visa can be a practical way to hold a residence option in Europe for the years ahead, without having to move now. The program asks for very little time in Portugal, it can include eligible family members, and holders can apply for permanent residence after five years. Starting earlier also means your future options come sooner.

It is not a decision to rush, and no route is risk-free. But with the right route, a sound structure and a plan that covers tax and timing, it can be a smart long-term move. If keeping a future in Portugal open is something you want, talk to us before you invest. Our team supports Golden Visa applications and can help you choose a route that fits your goals.

Before You Decide

The right answer depends on your goals, your family, your tax situation and your timeline. A case-specific review should come before any investment. Our team supports Golden Visa applications and can look at your plans with you.

This article is for general informational purposes and does not constitute legal, tax or investment advice. Rules continue to change, and how they apply depends on individual circumstances. We recommend a case-specific consultation. Last reviewed: November 2026.