Portugal’s Golden Visa, formally the Residence Permit for Investment Activity (ARI), still offers both a qualifying investment-fund route and a cultural-support route. The key difference is financial: the fund route requires at least €500,000 in an eligible non-real-estate investment vehicle, while the cultural route starts at €250,000 and can fall to €200,000 where the qualifying activity takes place in a designated low-density territory.

Both routes lead to the same type of residence permit. AIMA currently states that ARI holders must spend at least seven days in Portugal during the first year and at least 14 days during subsequent two-year periods.

How the fund route works

The fund option requires at least €500,000 invested in units of a Portuguese-law non-real-estate collective investment undertaking. At the time of investment, the vehicle must have a maturity of at least five years, and at least 60% of its investments must be made in commercial companies headquartered in Portugal.

Unlike a donation, the investment may potentially return capital or generate gains, but neither is guaranteed. Fund performance, fees, liquidity and exit terms all matter. Before investing, check the fund and manager against the relevant CMVM records and review the mechanics explained on our Portugal Golden Visa fund option page.

How the cultural contribution works

The alternative is a minimum €250,000 contribution supporting qualifying artistic production or the recovery or maintenance of Portugal’s national cultural heritage through eligible entities. The statutory amount can be reduced by 20% where the qualifying activity takes place in a low-density territory, bringing the minimum to €200,000.

Unlike fund units, this contribution is not an investment designed to be redeemed later. The Portugal Golden Visa donation option therefore suits investors who prioritise a lower initial capital commitment over potential capital recovery.

Fund route versus cultural contribution

Factor	Fund route	Cultural contribution
Minimum amount	€500,000	€250,000; potentially €200,000 in qualifying low-density areas
Nature	Investment	Non-refundable contribution
Potential capital return	Possible, not guaranteed	None
Potential investment return	Possible, subject to risk and fees	None
Main financial risk	Fund performance, liquidity and exit	Contribution is permanently spent
Key eligibility check	Fund structure, maturity and 60% Portugal-company rule	Qualifying cultural activity and recipient
Residence rights	ARI residence	ARI residence

Our guide to the total cost of each Portugal Golden Visa route can help compare government fees, family costs and professional expenses alongside the headline investment.

What about citizenship?

Portugal changed its nationality rules in May 2026. For nationality applications made under the new law, most nationals of Portuguese-speaking countries and EU Member States generally need at least seven years of legal residence, while nationals of other countries generally need 10 years. Additional language, cultural, civic and other requirements also apply.

The new law took effect on 19 May 2026. Nationality procedures already pending when it entered into force remain governed by the previous law. This makes the Portugal Golden Visa route to citizenship a longer-term consideration than it was previously.

Investors should also plan their Portugal Golden Visa exit strategy carefully and avoid redeeming or changing a qualifying investment without confirming that their ARI requirements remain satisfied. Our Portugal Golden Visa requirements and Portugal Golden Visa updates cover the wider process.

Frequently asked questions

Is the €500,000 fund investment guaranteed to be returned?

No. It is a genuine investment, so capital is at risk. Returns and redemption depend on the particular fund, its assets, performance and terms.

Is the cultural contribution refundable?

No. It is a qualifying contribution rather than a redeemable investment.

Do both routes have the same minimum-stay requirements?

Yes. They are both ARI investment routes and therefore follow the same residence framework and minimum-presence requirements.

Which route is better?

It depends on whether you value a lower upfront commitment or the possibility of recovering invested capital. A residency by investment lawyer in London can review the legal structure before funds are transferred.

Portugal can also be compared with Greece residency by investment, the Hungary Golden Visa, the Italy investor visa and St Lucia citizenship by investment. Our guide to the practicalities of a second passport and global residency and citizenship programmes can help you compare the alternatives.

If you are deciding between Portugal’s two routes, speak to our Portugal team before making a transfer.