Portugal Golden Visa 2026: What Ended and What Still Applies

Portugal's Golden Visa (ARI) still exists in 2026, but without the real estate and capital transfer routes that Law 56/2023 closed. According to AIMA, job creation, scientific research, culture, a company with jobs and investment funds from €500k remain valid. Holders of an older ARI can renew it.

What did Law 56/2023 change in the Golden Visa?

Law No. 56/2023 (Lei 56/2023, known as "Mais Habitação"), of October 6, 2023, closed new applications in three ARI categories. It took effect the day after publication. Art. 42, No. 1, states that new applications are not admitted under sub-points i), iii) and iv) of point d) of No. 1 of Art. 3 of Law 23/2007 (the Foreigners Act, or Lei de Estrangeiros).

Art. 44 of the same law reworded Art. 3 of Law 23/2007 and marks those three sub-points as repealed. Sub-points ii), v), vi), vii) and viii) remained. On its official ARI page, AIMA states that the investment activity cannot be directed, directly or indirectly, at real estate investment.

Which investment routes are still valid today?

According to the AIMA page, consulted on October 3, 2026, these are the options available today. The amounts below are the ones AIMA publishes; confirm them on the page before deciding, because the regime already changed in 2023.

The application includes a declaration of honor that the minimum quantitative and time requirements (5 years) of the investment activity in Portugal will be met, according to AIMA.

How does the investment fund route work?

Sub-point vii) requires a transfer of at least €500k to non-real-estate collective investment undertakings established under Portuguese law. The maturity must be at least five years at the time of investment, and at least 60% of the amount must go to commercial companies headquartered in Portugal. These requirements are on the AIMA page and in Art. 3, No. 1, d), vii) of Law 23/2007, as worded by Law 56/2023.

According to AIMA, the application through the fund route requires, among other documents:

• •a statement from the credit institution authorized in Portugal confirming the actual transfer of the required amount;
• •a certificate of ownership of the participation units, free of liens and encumbrances;
• •a statement from the management company confirming the viability of the capitalization plan, the maturity of at least five years and the investment of at least 60% in companies headquartered in Portugal.

AIMA allows buying units of several funds, as long as the total reaches the minimum amount. Return and liquidity depend on the fund you choose. Ask for the management regulations and confirm the manager with the CMVM before transferring.

Can holders of an older ARI still renew?

Yes. Art. 42, No. 2, of Law 56/2023 preserves the renewal of permits granted before the law took effect. Art. 43 kept valid the applications that were pending on the date it took effect. Renewal converts the permit into a residence permit for immigrant entrepreneurs (Art. 42, No. 5).

The practical points, according to the law and AIMA:

• •minimum stay of seven days in the first year and 14 days in each following two-year period (Art. 42, No. 5);
• •the temporary ARI is valid for two years from the date the permit is issued (AIMA);
• •holders and family members who meet Art. 80 of Law 23/2007 can apply for a permanent residence permit for investment activity (Art. 42, No. 4);
• •renewal of permits that expired between February 22, 2020 and December 31, 2026 is requested through AIMA's Renewals Portal;
• •selling or changing the investment that supported the permit can jeopardize renewal, according to AIMA's FAQ.

Does the Golden Visa give Portuguese citizenship?

The ARI opens the path, but it does not grant nationality. AIMA says the holder can apply for nationality by naturalization, meeting the other requirements of the Nationality Act (Law 37/81). The deadlines and conditions come from that law, which changes often: confirm the current version before planning.

For the overall picture of residence and citizenship by investment, see the guide to golden visas and citizenship by investment. To compare Portugal with other European countries, use the article golden visas in Europe in 2026, which covers that comparison.

How does Brazil treat money invested in funds in Portugal?

As long as you are a tax resident of Brazil, units in funds abroad are financial investments abroad under Law 14,754/2023 (Art. 3, § 1, I), except for entities treated as controlled. The annual income is taxed at 15% in the annual adjustment return, without deductions (Art. 2, § 1).

Two rules of the same law deserve attention:

• •Control: a fund in which you, alone or with related persons, hold more than 50% of the capital or of the rights to profits may be treated as a controlled entity (Art. 5, § 1), and each segregated class of units counts as a separate entity (Art. 5, § 2);
• •Tax paid in Portugal: it can only be deducted if there is a double taxation treaty or reciprocal treatment, and the deduction has a limit (Art. 4, § 1).

This page does not calculate the tax for your case. The treatment depends on who is a tax resident, how much you hold and the structure of the fund. See how to report offshore assets on your Brazilian income tax return and the international tax planning service.

Does the Central Bank require you to report assets in Portugal?

It does, if the total of Brazilian capital abroad reaches $1 million or more on December 31. BCB Resolution 279/2022 includes units of investment funds abroad (Art. 7, III) and real estate located abroad (Art. 7, VIII) in the report. The annual report runs from February 15 to April 5 of the following year (Arts. 10 and 13).

The basis is Law 14,286/2021, which defines Brazilian capital abroad (Art. 8, I) and authorizes the Central Bank to request information (Art. 10, III). The CBE (Brazilian Capital Abroad report) is a separate obligation from income tax. To organize deadlines and documents, see the compliance service.