The ARI regime ( commonly known as Golden visa) is a Residence Permit for Investment activity (Article 90A) – came in force since 2012, gives foreign investors the possibility to apply for a residence permit for investment activity, by carrying out an investment activity, personally or through a single-member limited liability company, that leads to the realization of at least one of the types of investment foreseen in the Law and for a minimum period of five years.
ARI Rights
Foreign citizens who are granted an ARI (Authorization for Residence for Investment) have the right to:
- Entering Portugal without needing a residence visa;
- To reside and work in Portugal, and to remain in Portugal for a minimum period of 7 days in the first year and no less than 14 days in subsequent years;
- Traveling within the Schengen area without needing a visa;
- To benefit from family reunification;
- To request the granting of a Permanent Residence Permit under the terms of the Immigration Law (Law No. 23/2007, of July 4, as currently amended);
- Possibility of applying for Portuguese nationality through naturalization, fulfilling the other requirements stipulated in the Nationality Law (Law No. 37/81, of October 3, as currently amended).
Qualifying Investments
To fulfill the quantitative requirement, investors who make the investment in one of the possibilities foreseen in the Law may request the ARI (Authorization for Investment ):
- Job creation – The creation of at least 10 jobs – subparagraph ii );
- Research & Technology – Capital transfers in the amount of 500,000 euros or more, applied to research activities carried out by public or private scientific research institutions integrated into the national scientific and technological system – subparagraph v );
- Artistic / Cultural – Capital transfers in the amount of €250,000 or more, applied to investment in or support of artistic production, recovery or maintenance of national cultural heritage, through services of the central and peripheral direct administration, public institutes, entities that are part of the public business sector, public foundations, private foundations with public utility status, intermunicipal entities, entities that are part of the local business sector, municipal associative entities and public cultural associations, which pursue activities in the area of artistic production, recovery or maintenance of national cultural heritage – subparagraph vi );
- Private Equity or Venture Capital Investment Funds – Capital transfers of €500,000 or more, intended for the acquisition of shares in non-real estate collective investment undertakings constituted under Portuguese law, whose maturity at the time of investment is at least five years and at least 60% of the investment value is made in commercial companies based in Portugal – subparagraph vii );
- Commercial Companies – Capital transfer in the amount of 500,000 euros or more, intended for the incorporation of a commercial company with its registered office in Portugal, combined with the creation of five permanent jobs, or for increasing the share capital of a commercial company with its registered office in Portugal, already incorporated, with the creation of at least five permanent jobs or the maintenance of at least ten jobs, with a minimum of five permanent jobs, and for a minimum period of three years – subparagraph viii );
- Family Reunification – Family members
Note : the ARI regime is NOT available to those who hold Portuguese nationality and to nationals of the EU, EEA, Andorra and Switzerland.
Legislation
- Foreigners Law – Law No. 23/2007, of July 4, and its subsequent amendments. In particular, Decree-Law No. 14/2021, of February 12, Law No. 63/2015 of June 30 and Law No. 102/2017, of August 28 [in particular, subparagraph d) of paragraph 1 of Article 3 and Article 90-A];
- Regulatory Decree No. 84/2007, of November 5, and its subsequent amendments, in particular, Regulatory Decree No. 15-A/2015, of September 2 [articles 65 to 65-K];
- Order No. 2360/2017 of March 20 (regulation of investment in the cultural sector);
- Order No. 208/2017, of July 13 (Delimitation of the territorial areas benefiting from measures of the National Program for Territorial Cohesion (PNCT), which constitute an incentive for the development of inland territories);
- Decree No. 305-A/2012, of October 4 (Table of fees and other charges to be levied for administrative procedures relating to the entry, stay, exit and removal of foreigners).
