Key Takeaways
- The Portuguese Golden Visa real estate investment route was officially discontinued in October 2023 under the Mais Habitação law. Residential property purchases no longer qualify for residency through this programme.
- Remaining Golden Visa eligible categories include: investment fund subscriptions (€500,000 minimum), capital transfers (€1.5M minimum), company creation (10+ jobs), cultural heritage donation (€250,000+), and scientific research contributions (€500,000+).
- For property investors specifically, the D7 Passive Income Visa and D2 Entrepreneurial Visa are now the primary residency pathways, each with different income, activity, and minimum-stay requirements.
- The IFICI tax regime (replacing NHR from 2024) offers a 20% flat tax rate for eligible professionals, but has a narrower scope than the former NHR programme.
- Important: As of February 2026, a parliamentary proposal to extend the citizenship requirement from 5 to 10 years was vetoed by the President following a Constitutional Court challenge. The 5-year rule technically remains in force. Monitor Diário da República for updates.
Data Sources & Methodology
Information sourced from AIMA (Agência para a Integração, Migrações e Asilo — which replaced SEF in 2023), Diário da República (Lei nº 56/2023 — Mais Habitação), and AT (IFICI regulation). Cross-referenced against official AIMA guidelines and published legislation. As of February 2026, AIMA processing is improving but remains variable. Golden Visa initial applications are averaging 9–18 months from submission to first card (down from 2+ years during peak backlog). AIMA launched a digital Portal das Renovações in February 2026 for renewals. Note: Immigration and tax law change frequently. This guide reflects known legislation as of the publication date. Consult an immigration lawyer (advogado especialista em imigração) for your specific case.
Portugal Residency Pathways for Foreign Investors (2026)
| Pathway | Minimum Requirement | Property Purchase Eligible? | Minimum Stay | Timeline to Permanent Residency | Tax Benefits | Processing Time |
|---|---|---|---|---|---|---|
| Golden Visa (remaining categories) | €500,000 (investment funds) | NO — real estate route closed | 7 days/year (average) | 5 years | Can combine with IFICI if eligible | 9–18 months (improving). AIMA pledged to clear all outstanding GV applications in 2026. New digital portal launched Feb 2026. |
| D7 (Passive Income Visa) | Proof of passive income — minimum ~€760/month (updated to minimum wage) | Not an investment requirement — but you can own property | 6+ months/year in Portugal | 5 years | IFICI eligible if qualifying profession | 2–6 months |
| D2 (Entrepreneurial Visa) | Business plan + proof of investment in Portuguese company/activity | Property-related business possible (e.g., AL, property management) | Physical presence required | 5 years | IFICI eligible if qualifying activity | 2–6 months |
| D3 (Highly Qualified Workers) | Job offer/contract in Portugal + qualifying degree | No | Standard work visa stay | 5 years | IFICI eligible | 1–3 months |
| IFICI (Tax Regime — Not a Visa) | Must not have been Portuguese tax resident in prior 5 years + qualifying professional activity | N/A — tax regime, not residency | Must become tax resident | 10-year tax benefit period | 20% flat IRS on qualifying income | Applied via IRS declaration |
Golden Visa — What’s Still Eligible vs. Closed (2026)
| Investment Category | Status in 2026 | Minimum Amount | Notes |
|---|---|---|---|
| Residential real estate (urban) | CLOSED | Was €500,000 | Eliminated October 2023 |
| Residential real estate (interior/low-density) | CLOSED | Was €400,000 | Eliminated October 2023 |
| Commercial real estate | CLOSED | Was €500,000 | Eliminated October 2023 |
| Rehabilitation real estate | CLOSED | Was €350,000 | Eliminated October 2023 |
| Investment funds (regulated Portuguese funds) | OPEN | €500,000 | Must be Portuguese-registered fund with ≥60% invested in Portuguese companies |
| Capital transfer | OPEN | €1,500,000 | Bank deposit or securities in Portuguese financial institution |
| Company creation | OPEN | Create 10+ jobs | Or €500,000 capital + 5 jobs |
| Cultural heritage donation | OPEN | €250,000 | Donation to qualified cultural/artistic activities |
| Scientific research | OPEN | €500,000 | Contribution to qualified research institutions |
D7 vs. D2 — Comparison for Property Investors
| Factor | D7 (Passive Income) | D2 (Entrepreneurial) |
|---|---|---|
| Best for | Retirees, investors living off passive income, remote workers with stable income | Entrepreneurs starting a property-related business in Portugal |
| Income requirement | Prove sufficient passive income (minimum ~€760/month for single applicant) | Business plan + proof of investment capacity |
| Can I buy property? | Yes — property ownership is independent of visa status | Yes — property can be part of the business activity |
| Can I rent out property? | Yes — rental income counts as passive income for D7 qualification | Yes — can structure as AL or property management business |
| Minimum stay in Portugal | 6+ months/year (tax residency threshold) | Physical presence required (flexible) |
| Path to permanent residency | 5 years | 5 years |
| Path to citizenship | 5 years (with A2 Portuguese language requirement) | 5 years (with A2 Portuguese language requirement) |
| Tax regime available | IFICI if eligible | IFICI if eligible |
| Processing time | 2–6 months (D7/D2 prioritised over Golden Visa backlogs) | 2–6 months |
Frequently Asked Questions
Can I still get a Golden Visa by buying property in Portugal?
No. All real estate investment categories under the Golden Visa programme were closed in October 2023. This includes residential, commercial, and rehabilitation property purchases, regardless of location or value.
What is the best alternative to the Golden Visa for property investors?
The D7 visa is the most common alternative for foreign investors who want to live in Portugal and own property. It requires proof of passive income (pension, rental income, dividends) but no minimum investment amount. If you plan to run a property-related business, the D2 visa is more suitable.
What is IFICI and does it replace NHR?
IFICI (Incentivo Fiscal à Investigação Científica e Inovação) replaced NHR for new applicants from 2024. It offers a 20% flat IRS rate but is limited to qualifying professional activities (scientific research, technology, innovation). It does not offer the broad foreign income exemptions that NHR provided for pensions. Qualifying categories include professors and researchers in the national science system, certified startup employees, R&D staff, and highly qualified professionals (EQF level 6 or PhD) in eligible companies. Foreign-sourced income (except pensions) is exempt under IFICI.
Can I still get residency in Portugal through investment funds?
Yes. The Golden Visa investment fund route remains open with a €500,000 minimum investment in a qualifying Portuguese-registered fund. The fund must invest at least 60% of its capital in Portuguese companies. This is the only remaining Golden Visa route with a relatively accessible entry point.
How long does it take to get permanent residency in Portugal?
Under all current pathways (Golden Visa, D7, D2), permanent residency is available after 5 years of continuous legal residence. Portuguese citizenship is also available after 5 years, subject to A2 Portuguese language requirements and a clean criminal record. Note: In October 2025, Portugal’s parliament approved amendments extending the citizenship requirement from 5 to 10 years. However, the Constitutional Court rejected several provisions and the President vetoed the bill. As of February 2026, the 5-year requirement technically remains in force. Monitor Diário da República for updates.
Do I need to live in Portugal to keep my Golden Visa?
The remaining Golden Visa categories require an average of just 7 days per year in Portugal — the lowest physical presence requirement of any EU residency programme. However, the D7 and D2 visas require substantially more presence (6+ months per year for tax residency purposes).
Can I buy property AND apply for a D7 visa separately?
Yes. Property ownership and visa/residency are entirely independent in Portugal. You can buy property without any visa, and apply for a D7 visa based on your passive income. The two are complementary — Portuguese rental income from your property can even count toward your D7 income requirement.
Are there any new residency programmes expected for real estate investors?
As of February 2026, there is no official indication that Portugal will reopen a real estate route for the Golden Visa. The political direction under the Mais Habitação law is to reduce speculative foreign property investment in housing. The remaining Golden Visa categories and D7/D2 visa routes remain stable. The government has proposed increased IMT for non-resident buyers (flat 7.5%) while offering incentives for those who become tax residents or rent at moderate prices. No indication of reopening the real estate Golden Visa route.
Sources: AIMA — Golden Visa (ARI) official guidelines — aima.gov.pt | Diário da República — Lei nº 56/2023 (Mais Habitação) — diariodarepublica.pt | AIMA — D7 and D2 visa guidelines — aima.gov.pt | AT — IFICI regime regulation — portaldasfinancas.gov.pt
