The Portugal Golden Visa Program for Australians is an excellent way to gain residency in Europe. Since its inception in 2012, the program has become one of the most popular investment schemes of its kind, providing investors with an array of benefits, including greater financial and personal freedoms, access to excellent education and healthcare, and an affordable, yet high-quality life.
While the Portugal Golden Visa Program has been incredibly popular amongst Chinese, Brazilian, Turkish, South African, and Russian investors, other nationalities are beginning to diversify the pool of nationalities investing in the program.
Since 2020, Australian citizens have been turning their eyes towards Portugal, mostly as the result of the strict lockdowns back home, as a way to move out of the country and live in Europe. As a result of the benefits of the Portugal Golden Visa program, the wide range of investment options, and the easy application process, Australians are choosing Portugal over other European countries.
In this comprehensive article, we’ll provide you with everything you will need to know about Portugal’s Golden Visa program if you are applying from Australia.
Read this guide to learn about:
- The key benefits of the Golden Visa for Australian citizens
- The Portuguese Golden Visa requirements and eligibility criteria
- An overview of the application process
- The benefits of living in Portugal and more
What is the Golden Visa Program in Portugal
The Portugal Golden Visa is a residency-by-investment program created by the Portuguese government in 2012 to attract foreign investment and fuel the Portuguese economy.
Also known as the Residence Permit Program, the Portuguese Golden Visa allows non-EU citizens to obtain a residence permit in Portugal by making a significant investment in the country.
The Golden Visa Investment Program allows qualifying investors and their family members to live, work, and study in Portugal.
It’s important to note that, while real estate acquisition and certain types of capital transfers no longer qualify for the Golden Visa Portugal, there are other qualifying investment options available for Australian Citizens.
Currently, the Portugal Golden Visa for Australians provides residency through investment funds, investment into research or heritage, job creation, or by making another qualifying investment into the country.
IMPORTANT UPDATE: PORTUGAL GOLDEN VISA 2023
The Portugal Golden Visa program has recently undergone substantial changes. The new legislation, which took effect in October 2023, eliminated the purchase of real estate and real-estate-related funds as qualifying investment options for the program.
However, several attractive investment routes still maintain their eligibility for the program. To learn more, please refer to our comprehensive guide: Portugal Golden Visa
For more information, including continuous updates on this visa category, please refer to our articles:Portugal Golden Visa Ending: Everything We Know So Far and Golden Visa Changes.
Benefits of Portugal Golden Visa for Australians
There are several benefits to the Portuguese Golden Visa Program, including the following.
- Access to the 27 countries in the Schengen area
- Visa-free travel to 172 countries
- Affordable investment options, beginning at 250K
- Qualify for an EU citizenship in five years, provided you fulfill all the requirements
- A good investment in a buoyant market can reap real returns on your money
- A short stay requirement
- Option to become a non-habitual resident and benefit from the advantageous tax scheme for ten years
Important Note: The Non-Habitual Resident (NHR) regime is no longer available for new applicants in 2024. However, the NHR will be replaced by a new tax regime. Read more here: Is The Portugal NHR Program Ending?
Below is a more detailed overview of the excellent benefits of the Portugal Golden Visa for Australian citizens.
Family reunification benefit
You can extend your Portugal Golden Visa application to include your family members. This includes your spouse, and children under the age of 18, and can also cover children above the age of 18 who are full-time students and who are financially dependent on you.
Low physical presence requirement
The Golden Visa program typically has a low minimum stay requirement in Portugal (14 days every two years), making it accessible to investors who do not want to live in the country full-time.
Live, work, and study in Portugal
If you hold the Portugal Golden Visa, you’ll be able to live, work, and study in the country. This also applies to your family members, meaning that your children can benefit from the excellent education system in Portugal.
Possibility to obtain Portuguese citizenship after five years
One of the biggest pull factors of the Portugal Golden Visa for Australian citizens is that, after five years of keeping their investment in Portugal, Golden Visa holders can get a permanent residence permit, whereby they can apply for a Portuguese passport. With a Portuguese passport, you’ll be able to live, work, and study in any EU country.
Affordable cost of living
In general, the cost of living in Portugal is much more affordable than in Australia. According to data from Numbeo, last updated in July 2022, when comparing Lisbon with Canberra, consumer prices in Lisbon are around 37% lower than in Canberra (not including rent), rental prices are around 24% lower in the Portuguese capital, and groceries are around 52% cheaper in Lisbon.
You can see more about the cost of living in Portugal here.
Travel easily around Europe
If you are looking to live in Portugal full-time, then you’ll easily be able to discover much of Europe and enjoy the vibrant mix of cultures on the continent. The country is well connected, with affordable flights so, for the jet-setting types, you’ll have plenty to get your teeth into.
A relaxed vibe
Yes, we know that Australia is known for its welcoming and relaxed way of life, but you’ll find that Portuguese culture also embraces a laid-back lifestyle. Going out for a coffee, enjoying nature, or savoring a nice dinner with friends, there is little of the busy city rush going on in Portugal.
With a low cost of living yet a high quality of life, Portugal ticks all the boxes. Ranking 4th in the 2021 Global Peace Index, the county is also very safe. The sublime climate is just the cherry on top.
Global Citizen Solutions recently launched its pioneering Global Passport Index. One of the indices to measure a passport’s rank is the Quality of Life Index. You can see that Portugal clocks in at number 12.
Top-quality healthcare
Portugal has universal health coverage through its publically financed public health service, Serviço Nacional de Saúde (SNS). Basic healthcare is available to all residents of Portugal and is administrated through local and regional health centers and hospitals, including all services except dentistry.
Healthcare in the country is excellent and has improved by leaps and bounds recently. Increasingly, medical staff and doctors speak very good levels of English, particularly in the Algarve, which has seen an influx of expats over the years.
High-quality education
If you are considering moving to Portugal with your family and you have children of school age, you will find that there are many international schools in the country. Education in Portugal is excellent, from primary level through to university further education.
Take a look at our Portugal Golden Visa Guide by local experts
Portugal Golden Visa Requirements for Australian citizens
The Portugal Golden Visa is open to non-EU, non-EEA, and non-Swiss citizens, and applicants will need to be over the age of 18. You will also need to show a clean criminal record to qualify.
Golden Visa eligibility criteria for Australians
To be eligible for the Portuguese Golden Visa program, the main applicant must:
- Be either non-EU, non-Swiss, or non-EEA nationals
- Be able to prove the source of their investment funds (there’s a minimum investment amount of €250,000)
- Have a criminal record certificate proving the absence of conviction in a crime punishable in Portugal for one year or more
- Spend a minimum of 14 days in Portugal for each two years (this is called the stay requirement). Note that while there are no strict stay requirements, you must maintain your investments in Portugal and meet the program’s renewal criteria to keep your residency status valid.
Portugal Golden Visa Investment Options for Australians
To get the Portuguese residence permit, then an investment must first be made before the application can be filed. The minimum investment amount is €250,000.
In brief, here are the investment options available for the Portugal Golden Visa:
- Fund Subscription: Make a contribution to a qualified investment fund worth at least €500,000
- Investment or donation in the arts or reconstruction of national heritage with a donation of at least €250,000
- Scientific Research: Science or Technology research contribution of at least €500,000
- Creation of ten jobs: Creation and maintenance of ten jobs during the required period
- Share capital and job creation: Incorporation of a company or reinforcement of a company’s share capital, in either case with an investment of €500,000, combined with the creation of five or maintaining ten jobs (5 of them permanent)
Portugal Golden Visa investments in 2024
The Portugal Golden Visa 2024 is poised to shift its focus towards investment funds, with a diverse array of sectors offering distinct investment mandates. This change will likely open up new opportunities for Portugal Golden Visa investors seeking a more varied portfolio within the program.
Real estate investment, including real estate purchase and real estate property, as well as capital transfer, are no longer eligible for the Portugal Golden Visa. Additionally, fund investment is no longer a qualifying option under the current regulations.
A qualifying investment in private equity funds or the Portuguese Golden Visa venture capital fund is now one of the investment opportunities for Australians and an upcoming pathway to acquiring Portuguese citizenship. The funds are managed by fund managers accredited by Portugal’s regulatory body, the CMVM, ensuring that the Portuguese Golden Visa fund investments are appropriately managed within the eligibility scope of the Golden Visa.
For the Portuguese Golden Visa fund investment route, you can choose from the energy, industry, and technology sectors. You can find out more about the expected changes and opportunities in our Portugal Golden Visa Ultimate Guide.
To learn more about Portugal Golden Visa’s investment fund option, please refer to our guide: Portugal Golden Visa Investment Fund
Portugal Golden Visa Process for Australians
Portugal’s Golden Visa documents
Here’s a list of the Golden Visa Portugal required documents:
- Portuguese Golden Visa application form
- Copy of a valid passport and travel documents
- Deed or contract of the purchased property or signed Promissory Contract with proof of the deposit payment
- Declaration from your bank in Portugal confirming the transfer of funds
- Proof of health insurance in Portugal (only required if the investor resides in Portugal)
- A certified copy of the clean criminal record or a police clearance letter from your country of origin
- A completed form authorizing AIMA to get an extract of your Portuguese criminal records
- Declaration from you confirming compliance with the Golden Visa investment requirements
- Documents proving good standing with the Portuguese Tax and Customs Authority and Social Security system. These can be issued 45 days before your online application.
- A receipt showing that you already paid for the Golden Visahe application processing fee
Note that the certificates of criminal records or police clearance letters must have been issued no more than 90 days before submitting your application. For all other certificates, it is 180 days.
Golden Visa application process
Golden Visa applicants must follow the steps outlined below:
- Gathering the necessary documents
- Decide on which investment you will move forward with
- Acquiring a Portugal taxpayer identification number (NIF)
- Opening a Portuguese bank account and transferring funds to it. To help you with this process, here’s a guide on how to open a bank account in Portugal.
- Completing your fund investment
- With your qualifying investment made and your paperwork ready, you will submit your pre-application online.
- After analyzing your pre-application, AIMA (former SEF, the Portuguese Immigration and Border Service) will provide you with a set of available dates for the biometrics appointment.
- After your biometrics, it takes around six months for your investment visa to be approved.
You’ll then be granted a temporary residency permit, also known as the Golden Visa permit, which is valid for two years. This Portuguese residence permit must be renewed every two years. At the end of the fifth year, you can apply for a permanent residency permit and/or Portuguese citizenship.
After becoming a Portuguese citizen, you can get a Portuguese passport.
Cost of Portugal Golden Visa for Australian applicants
The investment is the primary cost of the Golden Visa. Apart from that, there’s also the application and processing fees, which are €581.76 and €5,812.11, respectively.
Can Australian Citizens get Portuguese Citizenship with the Portugal Golden Visa?
Yes, the Portugal Golden Visa for Australians allows Australian nationals to apply for citizenship after five years.
In the first stage, you will be given a temporary residence permit in Portugal, which is valid for two years. To maintain your status as a legal resident in the country, there is a short stay requirement, and you will need to stay in Portugal for just 14 days in total within those two years.
Armed with your Portugal Golden Visa, you will be able to travel freely within the Schengen Area. After two years, you will need to apply to renew your Golden Visa permit, which will then be valid for an additional three years.
Once you have completed these five years of your Golden Visa residency status, you will be eligible to apply for Portuguese citizenship. Note that to obtain citizenship in Portugal, you will need to pass a basic Portuguese A2 exam. During this time, you may also acquire permanent residence status, and after fulfilling all requirements, you could become a permanent resident in Portugal..
Portugal Golden Visa Application Process for Australians
How to get started with the Portuguese Golden Visa program
Global Citizen Solutions has created a step-by-step guide that includes everything from opening a Portuguese bank account and getting a Portuguese NIF, to a detailed timeline of the Portuguese Golden Visa program processing time. Discover more about the Portugal Golden Visa requirements and how to begin a golden visa application in our complete Portugal Golden Visa 2023 Guide.
Global Citizen Solutions: Who we are and how we can help you
Global Citizen Solutions is a boutique residency and citizenship by investment consultancy focused on finding the right investment, citizenship, or residency program for individuals across the world. We work solely on behalf of our clients throughout the process for an easy and hassle-free journey to your desired route.
The Portugal Golden Visa for Australia is an excellent option to secure EU residency. Get in touch today to see how we can understand your objectives and help you move towards becoming a global citizen.
Frequently asked questions about the Portugal Golden Visa Program for Australians:
Do Australians need a visa for Portugal?
Under the Schengen Convention, Australias intending to travel to a Schengen country, including Portugal are authorized to stay in the Schengen Zone for 90 days max, without a visa, during any six months.
After spending 90 days in the Schengen countries, travelers must remain outside the Schengen area for at least 180 days before re-entering.
What is the Portuguse Golden Visa?
The Portuguese Golden Visa is a resident-by-investment visa that allows Australian citizens to invest in Portugal and gain temporary residency. Upon obtaining this residence permit, applicants may be eligible for Portuguese citizenship after five years.
Is there any other Portugal visa Australia passport holders can apply for?
While the Portugal Golden Visa for Australian citizens is an excellent route to secure Portuguese residency through a qualifying investment, the Portugal D7 Visa is a more affordable option. Known as the Retirement Visa or Passive Income Visa, the D7 is designed for pensioners, retirees, and others with a stable income seeking a residence permit and permanent residency in Portugal.
Can Australians live permanently in Portugal?
Yes, Australians can live permanently in Portugal provided they apply for a residence visa. One option is through the Golden Visa program, which offers residency and citizenship pathways through investment in Portugal.
What is the difference between a residence permit and citizenship?
A residence permit allows a foreign national to live, work, and study in Portugal for a specified period but does not confer the full legal citizen status. Citizenship provides the right to hold a Portuguese passport and enjoy full legal rights and obligations within the country. Citizenship is typically acquired through naturalization, which may follow a period of residence under a residence permit.
How long can Australians stay in Portugal?
Australians can stay in Portugal for up to 90 days within a 180-day period without needing a visa for tourism or business purposes.
Can Australian Citizens get Portuguese Citizenship with the Portugal Golden Visa?
Australia allows for dual citizenship and when you secure your Portugal Golden Visa, then you’ll be able to apply for citizenship after five years, provided that you meet all the requirements.
What are the benefits of the Portugal Golden Visa compared to the Australian investor visa?
The Portugal Golden Visa offers several advantages over the Australian investor visa, including a lower minimum investment threshold, access to European Union residency, and visa-free travel to Schengen Area countries.
Additionally, the Golden Visa provides a clear path to Portuguese citizenship after five years, whereas the Australian investor visa may involve more stringent residency requirements and a longer path to citizenship.
Do real estate investement still form part of Golden Visa eligibility criteria?
As of recent updates, real estate investment no longer qualifies for the Portugal Golden Visa. The program has shifted focus to other investment options, such as investment funds, research or heritage projects, and job creation initiatives.
It is important to check the latest regulations or consult with a Golden Visa expert to ensure compliance with current eligibility criteria
Does Portuguese immigration law allow for dual citizenship?
Yes, Portuguese immigration law permits dual citizenship. Individuals can hold Portuguese citizenship alongside another nationality, allowing them to enjoy the rights and privileges of both countries.
What are the typical tax obligations for a Portuguese Golden Visa holder?
Portuguese Golden Visa holders are generally subject to Portuguese tax laws, including income tax. It is advisable to consult with a tax professional to understand the specific tax obligations and benefits applicable to your situation.
Can a Golden Visa holder open a Portuguese bank account?
Yes, a Golden Visa holder can open a Portuguese bank account. The process typically requires proof of identity, residence, and the legal status of the Golden Visa. It is advisable to provide relevant documentation and consult with the bank to ensure all requirements are met.
Do Golden Visa applicants require health insurance?
Yes, Golden Visa applicants for Portugal are required to have health insurance that covers them while residing in the country. This insurance must be valid for the full duration of their stay and should provide adequate coverage in line with Portuguese health regulations.
How to move to Portugal from Australia?
You can move to Portugal from Australia through options like the Golden Visa program, employment sponsorship, study visas, family reunification, or retirement visas.
