€250,000 - that’s the minimum investment to get a residence permit in Portugal through the Golden Visa program. But between wiring the money and holding a residence card, there’s a stack of documents that all need to be translated into Portuguese and properly certified. One missing apostille or improperly formatted translation - and AIMA sends you back months. Let’s break down what changed in the program in 2026, which investment routes are still available, and how to get your documents right.
What is the Golden Visa and what changed in 2023-2026¶
Golden Visa (Autorização de Residência para Atividade de Investimento - ARI) is a program that grants Portuguese residence in exchange for a qualifying investment. The main draw - you only need to spend 7 days per year in Portugal. It’s not a visa for relocating, it’s a tool for getting EU residency while living wherever you want.
The program went through major changes:
- October 2023: The “Mais Habitação” law (No. 56/2023) killed the two most popular routes - real estate purchases and bank deposits. Before this, 90% of applicants simply bought a property for €280,000-500,000 and got their Golden Visa. That’s gone now
- October 2025: Parliament doubled the residency requirement for citizenship - from 5 to 10 years. And the clock starts when your residence card is actually issued, not when you apply
- 2026: The program is running, but AIMA (Agência para a Integração, Migrações e Asilo - the agency that replaced SEF) deliberately deprioritizes Golden Visa applications in favor of refugee cases and family reunification
The realistic path to citizenship through Golden Visa is now 12-15 years when you factor in all the delays. It’s not the “5 years to a passport” they used to advertise. But for those who need EU residency with minimal physical presence - there are almost no alternatives left in Europe.
Investment routes: what’s available in 2026¶
After real estate was eliminated, five routes remain. Two are realistic for most investors, three are for specific situations.
| Route | Investment amount | Details |
|---|---|---|
| Investment funds | €500,000 | Most popular now. Funds must be CMVM-regulated (Portugal’s securities market commission). Min. 60% invested in Portuguese companies. 5-year minimum maturity |
| Scientific research | €500,000 (€400,000 in low-density areas) | Transfer to a public or private research institution. Focus areas: renewable energy, medicine, technology |
| Company creation | €500,000 + 5 jobs | Create minimum 5 permanent jobs for 3+ years or maintain 10+ existing jobs |
| Cultural/artistic donation | €250,000 (€200,000 in low-density areas) | Lowest threshold. Supports artistic production or heritage restoration. This is a donation - money doesn’t come back |
| Job creation | No fixed minimum | Create 10+ new jobs (8+ in low-density areas) |
Low-density areas (áreas de baixa densidade) are territories with fewer than 100 inhabitants per km² or GDP per capita below 75% of the national average. Algarve, Alentejo, inland regions - those are the ones.
The fund route is what most investors go with now. But here’s the catch - returns aren’t guaranteed. Some funds promise a fixed 2-4% annual return, others are fully market-dependent. Thorough due diligence on the fund before investing is a must.
On an investor forum, someone shared: “Applied through a fund in 2024. CMVM-regulated, everything transparent. But there’s no point expecting profit yet - the money is locked for 5 years, and the first 2 years the fund is just deploying capital. This isn’t a way to make money - it’s a ticket to residency.”
Full document checklist for Golden Visa¶
The document package is heavier than for a D7 visa - you’ve got personal documents plus investment proof.
Personal documents¶
| Document | Portuguese translation? | Apostille? | Validity |
|---|---|---|---|
| Passport (copies of all pages) | No | No | Min. 6 months |
| Photos 3.5x4.5 (2 pcs) | No | No | - |
| Criminal record certificate from Ukraine | Yes | Yes | Max 3 months old |
| Criminal record extract from Portugal | No (issued in Portuguese) | No | - |
| Health insurance for Portugal | Yes (if not in Portuguese/English) | No | Valid at submission |
| NIF confirmation | No | No | - |
| Portuguese bank account confirmation | No | No | - |
| Portuguese tax and social security certificate | No (issued in Portuguese) | No | Max 45 days old |
Investment documents¶
| Document | Translation? | Apostille? |
|---|---|---|
| Certificate of qualifying investment | Yes (if not in Portuguese) | Depends on type |
| Bank confirmation of transfer via Portuguese bank | No (bank-issued) | No |
| Investor declaration (sworn statement) | No (completed in Portuguese) | No |
| For funds: CMVM registration confirmation, subscription agreement | Depends on language | No |
| For company: incorporation documents, employment contracts | Yes | Yes |
| For cultural donation: confirmation from organization | No (usually in Portuguese) | No |
| Proof of source of funds | Yes | Depends on document |
Family member documents¶
If you’re including family in the application - for each member:
- Marriage certificate (for spouse) - translation + apostille
- Children’s birth certificates - translation + apostille
- Criminal records for everyone over 16 - translation + apostille
- Health insurance for each person
- Proof of dependency (for parents over 55/65) - translation
Apostille and translation: the right order¶
Same process as any Portuguese procedure: apostille first in Ukraine, then translation into Portuguese with certification.
Step 1: Apostille in Ukraine¶
Ukraine and Portugal are both parties to the Hague Convention, so consular legalization isn’t needed. An apostille is enough.
Where to get the apostille:
- Birth and marriage certificates - through DRACS or Ministry of Justice
- Criminal record certificate - through Ministry of Internal Affairs
- Financial documents - notary
Cost: free or up to 300 UAH. Timeline: 1-10 business days.
Important: due to the war, obtaining certain documents from Ukraine may take longer. Ukrainian consulates abroad issue some documents but not all. Plan at least 3-4 weeks for collecting and apostilling everything.
Step 2: Portuguese translation (tradução certificada)¶
In Portugal, translations are certified by a notary or a lawyer with notarial powers (advogado com poderes notariais). There’s no “sworn translator” system like in France or Spain.
The process:
- A translator translates the document (including the apostille stamp) into Portuguese
- A notary or lawyer certifies the translation’s accuracy with their signature and stamp
- The document becomes legally valid
Translation costs for Ukrainian→Portuguese:
| Document | Translation price | Certification |
|---|---|---|
| Criminal record certificate | €25-40 | €15-25 |
| Birth/marriage certificate | €30-50 | €15-25 |
| Bank statement (1 page) | €20-35 | €15-25 |
| Investment agreement (5-10 pages) | €150-300 | €25-50 |
| Proof of source of funds | €40-80 | €15-25 |
Ukrainian-Portuguese is a rare language pair. Few translators, higher prices than English-Portuguese. Tip: sometimes it’s easier to translate through English - Ukrainian→English→Portuguese. There are far more English→Portuguese translators available.
For preliminary translation and understanding document contents before submission, you can use ChatsControl - AI translation with preserved formatting in minutes. Then order the final certified translation for AIMA from an official translator.
Fees and total cost: how much does Golden Visa actually cost¶
Government fees for the Golden Visa are among the highest of any residence program in Europe.
| Expense | Amount |
|---|---|
| Application processing fee | €605 |
| Initial residence permit issuance | ~€6,045 |
| Renewal (year 2) | ~€3,023 |
| Renewal (year 4) | ~€3,023 |
| Government fees over 5 years (single applicant) | ~€12,696 |
| Legal representation | €15,000-20,000 over 5 years |
| Translations and apostilles (3-5 documents) | €300-600 |
| Fund commission (for fund route) | 1-3% of investment amount |
| Health insurance (5 years) | €1,500-3,000 |
For a family of four through the fund route, the total budget is roughly €585,000 (investment + fees + legal costs). Through the cultural donation route - from €325,000.
One investor on a forum wrote: “Don’t forget the lawyer. Golden Visa without a lawyer is like surgery without a surgeon. AIMA changes requirements, forms, procedures - without a lawyer you simply won’t know what to file. My lawyer costs €5,000 for the first year and €1,500 per renewal.”
The application process through AIMA¶
Stage 1: Preparation (1-3 months)¶
- Get your NIF (tax number) through a fiscal representative
- Open a Portuguese bank account
- Collect and apostille documents in Ukraine
- Order Portuguese translations
- Make the investment through your Portuguese bank account
- Hire an immigration lawyer in Portugal
Stage 2: Online application¶
The application goes through the AIMA portal. You upload all documents, investment proof, and the investor declaration. Your lawyer usually handles this.
Stage 3: Waiting (9-36 months)¶
AIMA’s official target is 9 months. Reality is 2-3 years from submission to pre-approval. AIMA deliberately prioritizes refugee cases and family reunification - Golden Visa sits at the back of the queue.
In early 2026, some investors who applied in 2023-2024 started receiving pre-approvals. Progress is uneven, but it’s moving.
Stage 4: Biometrics and card (1-3 months)¶
After pre-approval - you book a biometrics appointment in Portugal (in person). Then the residence card is issued, valid for 2 years.
Renewal every 2 years. At renewal, you need to confirm the investment is maintained and minimum stay (7 days per year) was met.
Common mistakes when applying for Golden Visa¶
-
Criminal record certificate expired. Maximum 3 months old. Given that AIMA takes months to process applications - you’ll likely need to get a new one and translate it again. Build in a buffer
-
Investment not made through a Portuguese bank. Funds must pass through a Portuguese bank account. A direct transfer from a Ukrainian bank to the investment fund doesn’t count
-
Fund not CMVM-registered. Not every investment fund qualifies. Check registration with the Comissão do Mercado de Valores Mobiliários before investing
-
Applying without a lawyer. Golden Visa is a complex procedure with constantly changing rules. Without legal representation, the risk of rejection is significantly higher
-
Counting on a 5-year path to citizenship. After the October 2025 changes - it’s 10 years minimum. Plus AIMA delays. Realistically - 12-15 years
FAQ¶
Is Portugal’s Golden Visa still available in 2026?¶
Yes, the program is active. But since October 2023, the real estate and bank deposit routes were eliminated. What’s left: investment funds (€500,000), scientific research (€500,000), company creation (€500,000 + jobs), cultural donation (€250,000), and job creation (10+).
How many days do you need to spend in Portugal with a Golden Visa?¶
Just 7 days per year. That’s one of the program’s biggest advantages - you can live anywhere and only visit Portugal for a week each year. You’ll need to prove minimum stay at each renewal.
How many years until Golden Visa leads to Portuguese citizenship?¶
It used to be 5 years. After the October 2025 changes - it’s 10 years minimum of legal residence. The clock starts when your residence card is issued, not when you apply. You’ll need to pass a Portuguese language exam at A2 level. Portugal allows dual citizenship - you don’t need to give up your Ukrainian passport.
How much does Portugal’s Golden Visa cost in total?¶
Minimum investment is €250,000 (cultural donation). Government fees over 5 years are ~€12,700 per person. Lawyer fees run €15,000-20,000. Translations cost €300-600. For the fund route, the total budget starts from €540,000 for a single applicant.
Do Ukrainian documents need an apostille for Golden Visa?¶
Yes. Ukraine and Portugal are both parties to the Hague Convention, so instead of consular legalization, an apostille is sufficient. You get the apostille in Ukraine, then the document is translated into Portuguese and certified by a notary or lawyer in Portugal.
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