Residence by investment in PortugalOverview
The ARI regime was introduced in 2012 and is now governed by Article 90-A of the Foreigners' Act (Law 23/2007). The Mais Habitação reform (Law 56/2023), in force from October 2023, removed all real estate routes and the pure capital-transfer route. What remains is a set of investments directed at productive capital, science and culture: subscriptions to Portuguese collective investment funds that do not invest in real estate, capitalisation of a Portuguese company with job creation, contributions to research institutions, and support for artistic production or national heritage. Applications are filed electronically through AIMA's ARI portal, and the agency that replaced SEF in 2023 now carries out the review and biometrics.
The appeal of the programme is its very light presence requirement. An investor need only spend seven days in Portugal in the first year and fourteen days in each following two-year period, yet holds a residence card that allows free movement across the Schengen Area and counts towards permanent residence after five years. Processing, however, has been slow: AIMA has worked through a large backlog, and investors should currently plan for well over a year between filing and the first card being issued.
The most significant change in 2026 is the new Nationality Law. Organic Law 1/2026 was published in the Diário da República on 18 May 2026 and entered into force the following day. It raises the residence requirement for naturalisation from five to ten years for most nationalities (seven years for citizens of EU Member States and Portuguese-speaking countries) and counts time only from the issue of the first residence permit, rather than from the date of application. Applications lodged with the Central Registry before 19 May 2026 continue under the previous rules. The law also adds a formal test of civic and cultural knowledge alongside A2-level Portuguese.
On tax, holding an ARI permit does not by itself make an investor tax resident; residence is generally triggered by more than 183 days in Portugal or by having a habitual home there. The former Non-Habitual Resident regime closed to new entrants from 2024. Its successor, the tax incentive for scientific research and innovation (IFICI), offers a 20% rate on qualifying Portuguese professional income and relief on most foreign-source income for ten years, but only for specific professions and activities, so it should not be assumed to apply to passive investors.
Key benefits
- Renewable EU residence permit with a minimum stay of only 7 days in year one and 14 days per two-year period thereafter
- Visa-free movement within the Schengen Area for up to 90 days in any 180-day period
- Family inclusion covering spouse, minor children, dependent adult children in education and dependent parents
- Eligibility for permanent residence after five years of legal residence, subject to basic Portuguese
- A route to Portuguese citizenship and an EU passport after ten years of legal residence, with dual nationality permitted
- Investment options that avoid property market exposure, including regulated funds and business capital
- Right to live, work and study in Portugal for all family members holding permits
Requirements
- Main applicant aged 18 or over and a national of a non-EU/EEA/Swiss country
- Qualifying investment made from funds transferred from abroad and held for at least five years
- Clean criminal record in Portugal and in every country of residence for more than one year
- Lawful entry into Portugal and valid travel documents for all applicants
- Portuguese tax number (NIF) and a Portuguese bank account
- Health insurance covering the applicant and family members
- Documented source of funds and source of wealth satisfying Portuguese AML rules
- For fund investments: units in Portuguese non-real-estate collective investment undertakings with at least 60% invested in Portuguese companies and a residual maturity of at least five years
- Payment of the AIMA analysis and issuance fees for each family member
Investment options
Investment fund subscription
€500,000
Units in one or more Portuguese collective investment undertakings that do not invest in real estate, with at least 60% of assets in Portuguese companies. This is the route most investors now use; liquidity is typically locked for the life of the fund.
Company capitalisation with job creation
€500,000 + 5 jobs
Incorporation of a new Portuguese company, or a capital increase in an existing one, combined with the creation of five permanent jobs, or the maintenance of ten jobs (including at least five permanent) for three years.
Job creation
10 jobs (8 in low-density areas)
Creation of at least ten permanent jobs registered with Portuguese social security. No minimum capital is set, but the payroll and operating commitment is substantial.
Scientific research
€500,000 (€400,000 in low-density areas)
Funding of research activities carried out by public or private scientific institutions that belong to the national scientific and technological system.
Arts and cultural heritage
€250,000 (€200,000 in low-density areas)
A non-refundable contribution to artistic production or the recovery and maintenance of national cultural heritage, through approved public and private bodies.
Step-by-step process
- 1
Preliminary review
We assess eligibility, family composition, source of wealth and tax position, and agree the most suitable investment route before any funds move.
- 2
NIF and bank account
The investor obtains a Portuguese tax number and opens a Portuguese bank account, usually through a fiscal representative and legal power of attorney.
- 3
Make the investment
Funds are transferred from abroad and the investment is completed, for example by subscribing fund units, and the supporting bank and custodian certificates are collected.
- 4
File on the ARI portal
The application and documents for each family member are uploaded to AIMA's ARI portal and the initial fees are paid.
- 5
Biometrics in Portugal
Once AIMA pre-approves the file, the family attends a biometrics appointment in Portugal. This visit also counts towards the presence requirement.
- 6
Card issue and renewals
The first residence card is issued for two years. Renewals require proof that the investment is maintained and that minimum stays were met.
Typical documents
- Valid passports for all applicants
- Valid Schengen visa or entry stamp evidencing lawful entry
- Criminal record certificates from the country of nationality and countries of residence, legalised or apostilled
- Proof of the qualifying investment (fund subscription statements, custodian declaration, company registry certificates)
- Bank statements evidencing the transfer of funds from abroad
- Declarations of no debt from the Portuguese Tax Authority and Social Security
- Health insurance policy
- Marriage and birth certificates for dependants, with certified translations
- Proof of financial dependency for adult children and parents
- Source of wealth documentation, such as tax returns, sale agreements or dividend statements
How Legal Wealth helps
Legal Wealth treats a Portuguese residence application as part of a wider family plan rather than a standalone filing. We review source of wealth before funds move, coordinate with independent Portuguese lawyers, fund managers and tax advisers, and help clients choose between the remaining routes with an honest view of liquidity, timelines and the new ten-year path to citizenship. Throughout, we work discreetly, keep sensitive documents on a need-to-know basis, and align the investment with succession and tax-residence planning so that the permit serves the family's long-term objectives.
Enquire with Legal WealthFrequently asked questions
Can I still qualify by buying property in Portugal?
No. Since October 2023 neither direct property purchase nor real estate funds qualify. Fund investments must be in non-real-estate Portuguese collective investment undertakings.
How long until I can apply for Portuguese citizenship?
Under Organic Law 1/2026, in force since 19 May 2026, most applicants need ten years of legal residence (seven for EU and CPLP nationals), counted from the issue of the first residence permit. Applications filed before 19 May 2026 are assessed under the previous five-year rules.
Do I have to live in Portugal?
No. You must spend at least seven days in Portugal in the first year and fourteen days in each subsequent two-year period. Naturalisation and permanent residence, however, also require integration, including A2 Portuguese.
Will I become a Portuguese tax resident?
Not automatically. Tax residence generally arises from spending more than 183 days in Portugal or having a habitual residence there. The NHR regime closed to new entrants in 2024; IFICI applies only to qualifying professions.
How long does the process take?
Preparation and investment usually take one to three months. AIMA's review and biometrics have recently taken more than a year, with the first card issued a few months after biometrics.
Which family members can be included?
The spouse or registered partner, minor children, adult children who are single, studying and financially dependent, and dependent parents of the investor or spouse.
Last reviewed: 2026-10. Requirements, fees and timelines change. Information is general, reviewed on the date shown, and is not legal or tax advice.
