Formal requirements
Portugal – Residence Permit for Investment Activity (“Golden Visa”)
The Portuguese “Golden Visa” (Residence Permit for Investment Activity) is available to non‑EU/EEA/Swiss nationals making qualifying, non‑real‑estate investments in Portugal. It grants the right to reside in Portugal and travel within the Schengen Area, with the possibility of long‑term residence or citizenship subject to general legal requirements.
1. Eligible investment routes (non‑real‑estate only)
Under the rules currently in force, the investor must carry out and maintain a qualifying investment activity in Portugal for the legally required minimum period, generally five years. The currently eligible routes are:
i. Creation of at least 10 jobs in Portugal.
ii. Capital transfer of at least EUR 500,000 applied to research activities carried out by public or private scientific research institutions integrated in the Portuguese scientific and technological system
iii. Capital transfer of at least EUR 250,000 applied to investment in, or support for, artistic production or the recovery or maintenance of Portuguese national cultural heritage, through eligible public or cultural entities;
iv. Capital transfer of at least EUR 500,000 for the acquisition of units or shares in non-real estate collective investment undertakings incorporated under Portuguese law, with a maturity of at least five years at the time of investment and with at least 60% of the investment made in commercial companies with registered office in Portugal;
v. Capital transfer of at least EUR 500,000 for the incorporation of a commercial company with registered office in Portugal, combined with the creation of five permanent jobs, or for the increase of the share capital of an existing Portuguese company, combined with the creation of at least five permanent jobs or the maintenance of at least 10 jobs, with a minimum of five permanent jobs, for at least three years.
For the job creation, research and cultural investment routes, the applicable minimum amount or quantitative requirement may be reduced by 20% where the investment is made in designated low-density territories. Real estate investments, as well as investments directly or indirectly aimed at real estate, are no longer eligible for new Golden Visa applications.
2. Minimum stay requirement
The Golden Visa regime is subject to limited minimum stay requirements in Portugal, provided that the qualifying investment is effectively maintained. As a rule, the holder must remain in Portugal for at least seven days, consecutive or non-consecutive, during the first year, and at least 14 days, consecutive or non-consecutive, during each subsequent two-year period.
3. General documentation and procedure
The application is submitted to the Portuguese immigration authority (AIMA, I.P.) and must typically include, among others, the following documents:
i. Duly completed Portuguese Golden Visa application form.
ii. Valid passport and travel document(s).
iii. Evidence of legal entry and stay in Portugal;
iv. Evidence issued by a Portuguese financial institution confirming the transfer of the investment funds into Portugal and the effective performance of the qualifying investment.
v. Proof of valid health insurance covering medical expenses in Portugal.
vi. Recent criminal record certificate from the applicant’s country of origin and from any country of residence where the applicant has lived for more than one year.
vii. Statement undertaking to maintain the qualifying investment for a minimum period of five years.
viii. Statements confirming the absence of debts to the Portuguese Tax Authority and to Social Security.
ix. Proof of payment of the applicable application and processing fees.
Specific formalities and fee amounts are set out in secondary legislation and AIMA’s administrative practice and are subject to change; they should therefore be confirmed on a case‑by‑case basis at the time of application.
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Portugal – New Tax Incentive for Scientific Research and Innovation
(“NHR 2.0” / IFICI)
1. Background
Portugal has historically offered a favourable personal income tax regime for new residents, commonly known as the Non‑Habitual Resident regime (“NHR”). That regime has now been closed to most new applicants, remaining available only for a limited group of individuals covered by transitional rules.
For new arrivals, the focus has shifted to a new, more targeted regime – the Tax Incentive for Scientific Research and Innovation (Incentivo Fiscal à Investigação Científica e Inovação, “IFICI”) – which is sometimes referred to in the market as “NHR 2.0”.
2. Key features of the new regime
- Flat 20% personal income tax rate on employment and self‑employment income derived from eligible activities in scientific research, innovation and certain highly qualified roles in qualifying companies.
- Benefit available for a maximum of 10 consecutive years, starting from the year in which the individual becomes a Portuguese tax resident, provided he remains a Portuguese tax resident and continues to meet the regime’s conditions.
- Broad exemption for foreign‑source passive income (except pensions) or foreign‑source employment income.
3. Who can qualify (high‑level overview)
To benefit from the new regime, an individual must, in broad terms:
1. Become a tax resident in Portugal under the general rules of the Portuguese Personal Income Tax Code.
2. Not have been tax resident in Portugal in any of the five years prior to becoming Portuguese tax resident under the general rules.
3. Carry out eligible activities in Portugal, such as:
2.1. Scientific research and development;
2.2. Innovation‑related functions; or
2.3. Certain highly qualified management or technical roles in companies that meet specific criteria (for example, innovative, export‑oriented or of recognised strategic interest).
4. Obtain the required certification from the competent public bodies (such as the Portuguese Science and Technology Foundation, AICEP, IAPMEI, ANI or other designated entities), confirming that the taxpayer and/or the employer meet the conditions for the IFICI regime.
5. Not have previously benefited or is benefiting from the former NHR regime and not have opted for the special “returning residents” regime, as IFICI cannot be combined with those regimes and can only be used once per taxpayer.
A case‑by‑case assessment is essential to confirm eligibility, optimise the individual’s global tax position and ensure that all procedural steps and deadlines are met.
For more information please contact BRAM.