In a significant change to its popular Golden Visa program, Portugal’s Immigration Office (AIMA, formerly known as SEF) has announced a complete digital transformation of its application process. During a briefing session held on January 9, 2025, AIMA revealed these changes that will affect roughly 58,000 applicants and their families and future investors in Portugal’s residency-by-investment program.
Here’s what current and prospective investors should know and what to expect from the Portugal golden visa program and Portuguese economy as a result of these changes:
What’s Changing in the Process?
Online Processing
The biggest change AIMA announced is that most administrative processes are moving online. Instead of dealing with paper documents multiple times, AIMA will now handle all submissions through a platform on their website called “Portal ARI.” This means less physical paperwork and faster processing times.
Document Validity
AIMA has also updated how long different documents stay valid. For example:
- Criminal records must not be older than three months.
- Marriage certificates need to be issued within the last six months.
- Birth certificates should be from the past twelve months.
These stricter timeframes help ensure all information is current when applications are processed.
Biometrics
The new system will also handle biometric appointments differently. Starting January 15, 2025, AIMA will begin sending out notices for biometric appointments, which you can schedule 30-90 days after the notification anywhere in Portugal, including islands like Madeira and the Azores.
Making the system more efficient for everyone involved, this new approach aims to simplify the application process and reduce the time spent reviewing documents. The changes come as welcome news for investors, especially those who have been waiting for their applications to move forward.
What Does This Mean for Current Golden Visa Applicants?
If you’ve already applied for a Golden Visa but have not completed your biometric appointment, you’ll need to take action. AIMA will ask all current applicants to resubmit their documents through the new online system. This is good news because it means your application will move forward under the new, faster system instead of the prior, slower process.
As for timing, this is how your process will continue: Once you submit your updated documents, AIMA will schedule your biometric appointment within one to three months. Your documents need to remain valid until your appointment date, so timing is important. If you need to reschedule your appointment, you might have to update some documents again.
Another piece of particularly good news – Your legal residency period will still be counted from when you first submitted your application, not from when you resubmit your documents under the new system. That means that your countdown to Portuguese permanent residency and/or citizenship, should you choose to pursue it, is still faster than naturalization via other European golden visa programs.
What Does This Mean for Prospective Golden Visa Investors?
For those considering applying for Portugal’s Golden Visa program, these changes from AIMA make the timeline and process far clearer and faster. The new digital system means more transparent processing and less back-and-forth with the government about paperwork.
New applicants should pay special attention to document validity periods and make sure all their paperwork meets the new standards before submitting. This includes having documents properly translated into Portuguese, English, French, or Spanish, and getting them legally certified (called apostille or authentication depending on your current country of residence).
The standardized fee system for biometric appointments also makes costs more predictable, helping investors plan their budgets more accurately.
Important Document Requirements
Every applicant needs to provide specific documents, and the requirements vary depending on who’s applying. Your legal representatives will guide you through this.
For the main applicant:
- A complete copy of your passport
- A recent criminal record check (less than three months old)
For spouses:
- Their passport copy
- A recent criminal record check
- A marriage certificate less than six months old
For children:
- A passport copy
- A birth certificate less than twelve months old
- For those 16 or older, a criminal record check
- For those 18 or older, proof they’re still dependent on their parents, like school enrollment documents
For parents over 65:
- A passport copy
- A recent birth certificate
- A criminal record check
All these documents need to be officially translated and certified, though AIMA will now accept initial submissions without certification to speed up the process. The final, certified versions must be ready by your biometric appointment.
What Impact Will These Changes Have on the Portuguese Golden Visa and Economy?
As AIMA works through its backlog of Golden Visa applications, the streamlined digital process is set to have a huge economic ripple effect across Portugal. 58,000 investors and their family members will finally receive their long-awaited residency cards.
For the Portuguese, this potential influx of investment and population could mean both opportunities and challenges. While the increased economic activity could create jobs and private sector growth, it might also contribute to rising costs in certain areas, particularly in the housing market. Let’s analyze each wave of impact.
First Wave: Real Estate Market
The first wave of economic impact will likely come from real estate activity. Many Golden Visa holders who invested in property (before this investment option was eliminated from the program) but have been waiting for their residency cards may now feel confident enough to make additional property investments. Some may upgrade their initial investment properties or purchase second homes for personal use since they now have legal residency status in the country.
The increased real estate activity could further boost property values and costs in popular areas like Lisbon, Porto, and the Algarve.
Second Wave: Foreign Direct Investment & Job Creation
The second wave may come from business investment. Golden Visa holders often bring years of entrepreneurial experience and job-creating capital. With their residency status secured, many may feel more comfortable opening local bank accounts, starting businesses, creating jobs, or investing in Portuguese companies.
This could bring fresh foreign direct investment into Portugal’s economy and create thousands of new jobs across many sectors.
Third Wave: Local Investment
With all this newfound capital in Portugal, more revenue will find its way into the hands of local Portuguese. As such, consistent daily spending will create a third economic wave.
If even a quarter of these 58,000 families choose to spend significant time in Portugal, the impact on local economies could be substantial. From dining and entertainment to healthcare and education, these families typically have significant spending power. Local businesses, especially in areas popular with international residents, could see notable increases in revenue. And thus, local Portuguese families stand to benefit greatly.
Sectors Poised for Growth
International schools may need to expand to accommodate new students, and Portuguese language schools could see increased enrollment as families integrate into their new communities.
Portugal golden visa investors are not required to spend more than seven days a year in the country to maintain their visa. However, many will. Their investment in the education sector could create teaching jobs and boost the education service sector.
Private healthcare providers may need to expand their services to meet increased demand, potentially leading to new medical facilities and job opportunities for healthcare professionals.
What’s the Tax Situation Like in Portugal?
Here’s another major update in Portugal – this time from Parliament, not AIMA.
Until 2024 when it was struck down by the government, Portugal offered tax exemptions on foreign-earned income to new residents through a special tax regime called the Non-Habitual Resident regime. However, the government has just approved a similar program dubbed “NHR 2.0.”
Highly qualified professionals in technology, engineering, healthcare, or scientific research sectors who have not been tax resident in Portugal in any of the previous five years will be eligible for the following benefits:
- 20% flat tax on local employment or self-employment income for 10 years
- 0% tax on foreign income (unless from a blacklisted jurisdiction), such as dividends, royalties, and capital gains (pension income excluded)
So while it doesn’t quite provide the coverage that the previous NHR scheme did, the new NHR 2.0 system may provide some much needed tax relief to golden visa investors who make Portugal their home post-investment.
Important note: These tax implications do not affect every golden visa investor as only those who spend more than six months per year in the country and/or create significant economic ties with Portugal are subject to tax.
What Else Should I Know?
These changes represent a significant step forward for Portugal’s Golden Visa program. The move to a digital system should make the process more efficient and transparent for everyone involved – including for your legal representatives and you.
For current applicants, while you may have to resubmit documents, the potential benefit of faster processing times makes it worthwhile. For new investors, the clearer process and standardized timeframes make planning your investment in Portugal more straightforward.
If you’re currently in the application process or considering applying for Portugal’s Golden Visa, it’s important to start gathering your documents now. The sooner you submit or update your application under the new system, the sooner you can move forward with your investment and residency plans in Portugal.
Allow NSM Lawyers to guide you through this process. If you’re a current Portugal golden visa investor and have not already done so, contact your NSM team to accelerate your application. If you’re interested in investing in Portugal and securing residency permits for you and your family, contact NSM Lawyers here to get started.
