Since 8 October 2012 Portugal has granted nationals of non-EU countries a temporary residence permit for investment activity. The programme is known by its short name `ARI`. Unlike Spain, which closed its investor route in April 2025, Portugal has kept the programme but changed its routes. This article is based on the official page on the residence permit for investment, its questions and answers, and the official fee table on the website of Portugal's Agency for Integration, Migration and Asylum (`AIMA`), checked on 25 October 2026.
What does the ARI give?
According to `AIMA`'s official page, the holder of this permit can:
- enter Portugal without a residence visa;
- live and work in Portugal, subject to a minimum stay;
- travel in the Schengen area without a visa;
- benefit from family reunification;
- apply for permanent residence under the Foreigners Law (Law 23/2007);
- apply for Portuguese nationality by naturalisation, meeting the other conditions of the Nationality Law (Law 37/81 as currently amended).
This article has not examined the current text of Portugal's Nationality Law; before any decision, ask the official source about its current conditions.
Minimum stay
| Official source | Text |
|---|---|
| Main `ARI` page | at least 7 days in the first year and at least 14 days "in the following years" |
| `ARI` questions and answers | 7 days in the first year and 14 days "in the following two-year periods" |
These two official pages do not say the same thing about the following years. We have not chosen one; ask `AIMA` about your own case.
The five current routes
According to the official page, the investment can be made personally or through a company set up in Portugal or in another EU country with a permanent establishment in Portugal. The minimum holding period for the investment is five years. The page states that the investment activity may not be directed, directly or indirectly, to real estate investment.
| Item | Route | Minimum | In low-density areas |
|---|---|---|---|
| ii | creating at least 10 jobs | 10 jobs | 8 jobs |
| v | capital transfer for research at scientific institutions in the national science and technology system | EUR 500,000 | EUR 400,000 |
| vi | capital transfer for artistic production or the restoration and maintenance of national cultural heritage through specified public bodies and foundations | EUR 250,000 | a 20% reduction; the page writes EUR 220,000 |
| vii | buying units of Portuguese non-real-estate collective investment funds with a maturity of at least five years and at least 60% invested in Portuguese companies | EUR 500,000 | no reduction mentioned |
| viii | setting up a commercial company in Portugal with 5 permanent jobs, or increasing the capital of an existing company with 5 new permanent jobs or keeping 10 jobs (at least 5 permanent) for at least three years | EUR 500,000 | no reduction mentioned |
Low-density areas are defined by Ordinance 208/2017: fewer than 100 inhabitants per square kilometre, or GDP per capita below 75% of the national average.
Funds: specific documents
For the fund route, besides confirmation of the transfer from a bank registered with the Bank of Portugal, two documents are needed: a certificate of ownership of the fund units, free of any charges and encumbrances; and a statement from the fund's management company on the maturity of at least five years and the investment of at least 60% in Portuguese companies. The page says units of several funds may be bought, provided the total reaches the legal amount and comes from an international capital transfer.
General documents
| Document | Official condition |
|---|---|
| Passport | valid |
| Legal entry and stay | proof of legal entry and stay in Portugal |
| Health cover | Portugal's National Health Service or international insurance for the period of residence |
| Criminal record certificate | from the country of origin or the country of residence for more than one year; issued at most 3 months before submission; translated into Portuguese and certified by a consulate or apostilled |
| Tax number | from the country of origin, residence or tax residence |
| Sworn declaration | meeting the minimum quantitative and time requirements (5 years) |
| No tax or social security debt | certificates issued at most 45 days before |
| Fee receipt | payment of the application analysis fee |
According to the official page, the temporary residence permit for investment is valid for two years from the date of issue. The questions and answers list these for renewal: proof that the investment is maintained, compliance with the minimum stay periods, means of subsistence and accommodation, and a regular tax and social security position. Renewal of permits that expired from 22 February 2020 to 31 December 2026 is done through the dedicated renewals portal.
Family members
| Member | Condition under the official page |
|---|---|
| Spouse | — |
| Children | up to 17, or incapable and dependent |
| Children aged 18 to 25 | single, dependent and studying |
| Parents | dependent on the applicant or their spouse |
| Siblings | up to 17 and under the applicant's legal guardianship |
The family reunification application can be filed together with the investor's application, but it depends on the investor's application being approved. The `ARI` does not apply to nationals of Portugal, the EU, the European Economic Area, Andorra and Switzerland.
Official fees
`AIMA`'s fee table (Ordinance 307/2023, last updated 26 February 2026) has two columns: in-person service and digital channel.
| Item | In person | Digital |
|---|---|---|
| Analysis of a grant or renewal application, including family reunification | EUR 842.80 | EUR 632.10 |
| Grant of the `ARI` | EUR 8,418.90 | EUR 6,314.20 |
| Renewal of the `ARI` | EUR 4,210.30 | EUR 3,157.80 |
| Grant of a residence permit for each family member | EUR 8,418.90 | EUR 6,314.20 |
| Renewal for each family member | EUR 4,210.30 | EUR 3,157.80 |
| Grant of permanent residence to an `ARI` holder or family member | EUR 11,786.70 | EUR 8,840.00 |
Payment is made with a single collection document (`DUC`) or by bank card at in-person service; cash is not accepted.
Two examples
These examples are hypothetical and only use the official figures above.
Example 1: a fund investor with a spouse and a 10-year-old child. An investment of EUR 500,000 in a qualifying fund, through the digital channel:
| Item | Calculation | Amount |
|---|---|---|
| Grant for three people | 3 × 6,314.20 | EUR 18,942.60 |
| Application analysis, at least once | 1 × 632.10 | EUR 632.10 |
| Total official grant fees | — | EUR 19,574.70 |
| First renewal for three people | 3 × 3,157.80 | EUR 9,473.40, plus the analysis fee |
The table does not say whether the analysis fee is charged per person or once per file, so we counted it at least once. Fund management, translation and lawyer costs are not in this table.
Example 2: the culture route in a low-density area.
| Topic | Figure |
|---|---|
| Normal minimum | EUR 250,000 |
| 20% reduction by calculation | 250,000 × 80% = EUR 200,000 |
| The figure written on the official page | EUR 220,000 |
These two figures do not match. Before transferring money, ask `AIMA` or the receiving cultural body for the exact minimum in writing. For the research route, the page writes EUR 400,000, which matches a 20% reduction from EUR 500,000.
Practical points
- Compare any offer of "Portuguese residence through buying property" with the official text; `AIMA`'s page does not accept direct or indirect real estate investment.
- The money must come from an international capital transfer confirmed by a Portuguese bank; prepare documents on the source of the money. See the article "Proving the source of funds: which documents and why".
- The criminal record certificate is valid for at most three months and needs translation and certification; see the article "What an apostille is and where it is needed".
- Put the minimum stay in your calendar and keep proof of presence.
- See the difference between residence and citizenship in the article "Citizenship or residency by investment: the differences".
Royal Golden does not give legal, financial or immigration advice about Portugal. This article is general information, and decisions on any application rest with `AIMA`.
Sources
- Portugal's Agency for Integration, Migration and Asylum (AIMA), residence permit for investment, Article 90-A — https://aima.gov.pt/pt/viver/autorizacao-de-residencia-para-investimento-art-90-o-a (checked on 25 October 2026)
- Portugal's Agency for Integration, Migration and Asylum (AIMA), questions and answers on the residence permit for investment — https://aima.gov.pt/pt/a-aima/perguntas-frequentes-faqs/autorizacao-de-residencia-para-investimento-ari (checked on 25 October 2026)
- Portugal's Agency for Integration, Migration and Asylum (AIMA), fee table under Ordinance 307/2023 (updated 26 February 2026) — https://aima.gov.pt/media/pages/documents/dc677d0005-1772305205/tabela-de-taxas-e-demais-encargos-a-cobrar-pelos-procedimentos-administrativos.pdf (checked on 25 October 2026)