Golden Visa or ARI

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The Golden Residence Permit Program, in force from 8 October 2012, enable third country nationals to obtain a temporary residence permit to conduct business activities with visa waiver to enter national territory. The ARI programme is not applicable to those who possess Portuguese or EU/EEA citizenship.
The beneficiaries of ARI / GOLDEN VISA are entitled to: 
- Residence visa waiver for entering Portugal
- Living and working in Portugal, on condition that they stay in Portugal for a period of 7 or more days, in the first year, and 14 or more days, in the subsequent years; 
- Visa exemption for travelling within the Schengen Area
- Possibility of family reunification
- Applying for Permanent Residence pursuant to the Aliens Act (Act number 23/2007 of 4 July, with the current wording); 
- Applying for Portuguese citizenship, by naturalization, provided all other requirements set out by the Nationality Act are fulfilled (Act number 37/81 of 3 October, with the current wording).
All third country citizens who conduct an investment activity, as an individual businessperson or through a company set up in Portugal or another EU member state and who, in addition, are stably settled in Portugal, provided these citizens fulfil the quantitative requirements and the time requirements set out by the relevant legislation, may apply for a Residence Permit for Investment, by one of the following routes:
- Capital transfer with a value equal to or above 1 million Euros
- The creation of, at least, 10 job positions;
- The purchase of real estate property with a value equal to or above 500 thousand Euros*.
- The purchase of real estate property, with construction dating back more than 30 years or located in urban regeneration areas, for refurbishing, for a total value equal to or above 350 thousand Euros*;
- Capital transfer with a value equal to or above 350 thousand Euros for investing in research activities conducted by public or private scientific research institutions;
- Capital transfer with a value equal to or above 250 thousand Euros for investing in artistic output or supporting the arts, for reconstruction or refurbishment of the national heritage;
- Capital transfer with a value equal to or above 350 thousand Euros, for purchasing shares in investment funds or in venture capital geared to capitalize small and medium companies.
* Note: The investment value is reduced by 20% when the real estate properties are in a low population density area, i.e., with less than 100 inhabitants per km2, or when the GDP per capita of this area is lower than 75% of the national average.
Concerning the purchase of real estate property, the requirement must be fulfilled as follows:
- by demonstrating full ownership of real estate through the presentation of property transfer deed or a property purchase undertaking that should include a declaration from a financial institution, authorized to carry out activities in Portuguese territory, stating that a transfer of 500 thousand Euros or more has effectively been made for its acquisition, or as a signal of a purchase undertaking; and 
- by submitting an up-to-date certificate from the property register, which, in the case of a promissory contract, provided it is legally viable, should always include the respective entry. 
Property may: 
- be acquired under a co-ownership scheme, provided each co-owner invests 500 thousand Euros or more, or through a promissory sale-purchase agreement indicating an amount of 500 thousand Euros or more; the respective transfer deed should be submitted before requesting the renewal of the residency permit for investors; 
- be encumbered starting from a threshold greater than 500 thousand Euros; 
- be leased and exploited for commercial, agricultural or tourism purposes.
In 2018, 1409 Golden Visa were granted, representing an investment of 838 million euros. In total, between October 2012 and December 2018, 4249 million euros were invested in Portugal, through this financial investment incentive instrument, according to this article by Vida Imobilária.
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