Portugal Golden Visa for Australians: The Complete Guide for 2024

Introduced in 2012, the Portugal Golden Visa allows Australian citizens to gain residency in Portugal by making a significant investment in the country.

Since 2020, Australian citizens have been turning their eyes towards Portugal thanks to its affordable cost of living, high-quality healthcare, attractive incentives for investors, and great weather.

Besides the possibility of legally living in Portugal, Australian citizens who hold the Golden Visa can enjoy visa-free travel in the European Union and apply for Portuguese citizenship after five years.

In this comprehensive article, we’ll provide everything you need about the Portugal Golden Visa for Australians. Keep reading to learn about the benefits, requirements, costs, and more.

Here’s what this guide covers:

• What is the Golden Visa Program in Portugal?
• The key benefits of the Golden Visa for Australian citizens
• Golden Visa eligibility criteria
• The Portuguese Golden Visa requirements
• Portugal Golden Visa investment options for Australians
• The Portugal Golden Visa application process
• Cost of Portugal Golden Visa for Australians
• Getting Portuguese citizenship through the Golden Visa
• FAQs

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. It allows non-EU citizens to obtain a residence permit in Portugal by making a significant investment in the country.

Also known as the Residence Permit Program, the Portugal Golden Visa stands as one of the world’s most popular investment immigration programs. According to the Portugal Golden Visa statistics, this scheme has awarded 20,000 Golden Passports to families worldwide and raised over €4 billion in funds.

Advantages of the Portugal Golden Visa for Australians include getting residency in Portugal, visa-free travel in the European Union, the possibility of obtaining Portuguese citizenship after five years, and profitable returns on investment.

The Portugal Golden Visa for Australians provides residency through several attractive investment options. These include investing in qualifying venture capital funds, contributing to Portugal’s scientific research or heritage, investing in job creation, and more.

Please note that real estate acquisition and certain types of capital transfers no longer qualify for the Golden Visa Portugal.

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 guide, Portugal Golden Visa Ending.

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 EU citizenship in five years, provided you fulfill all the requirements.
• A good investment in a buoyant market can reap actual returns on your money.
• A short stay requirement.

Below is a more detailed overview of the excellent benefits of the Portugal Golden Visa for Australian citizens.

Family reunification

You can extend your Portugal Golden Visa application to include your family members. This includes your spouse and children under the age of 18. It 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 2024, you can 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

One of the most significant 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 to apply for a Portuguese passport. You can live, work, and study in any EU country with a Portuguese passport.

Affordable cost of living

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.

Travel easily around Europe

If you are looking to live in Portugal full-time, 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 to several EU destinations. Also, with the Golden Visa residency status, you’ll have visa-free access to Schengen Area’s 27 countries.

A relaxed atmosphere

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 in Portugal.

Portugal ticks all the boxes with a low cost of living yet a high quality of life. 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 used to measure a passport’s rank is the Quality of Life Index, in which Portugal scored 6th.

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. Medical staff and doctors increasingly speak very good English, particularly in the Algarve, which has seen an influx of expats.

High-quality education

If you are considering moving to Portugal with your family and have children of school age, you will find many world-class educational institutions there. International schools in Portugal are excellent, from primary level to university further education.

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 Requirements for Australian Citizens

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. All other certificates are 180 days.

Note: The Portugal Golden Visa documents and the application form must be legalized, translated into Portuguese, and then certified.

The translation can be certified by one of the three agents:

1. A Portuguese Consulate
2. A Portuguese lawyer
3. An official notary

The Global Citizen Solution has a team of legal experts who can translate the documents for your Portugal Golden Visa process.

Getting a Portuguese NIF Number

The NIF (Número de Identificação Fiscal) is the tax identification number in Portugal. 

This taxpayer ID is crucial for anyone living or doing business in Portugal and it’s required for the Portugal Golden Visa application process for Australians.

Check out our guide to the NIF Number in Portugal to learn how to acquire this essential Golden Visa document.

Opening a Portuguese bank account

Australian citizens must also open a Portuguese bank account for the Golden Visa. Global Citizen Solutions can introduce you to a competent English-speaking banker who can open a bank account before you even come to Portugal.

Portugal Golden Visa Investment Options for Australians

To get the Portuguese residence permit through the Golden Visa, 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 program:

1. Fund Subscription: Contribute to a qualified investment fund (such as private equity funds or qualifying venture capital funds) worth at least €500,000.
2. Investment or donation in the arts or reconstruction of national heritage with a donation of at least €250,000
3. Scientific Research: Science or Technology research contribution of at least €500,000
4. Creation of ten jobs: Creation and maintenance of ten jobs during the required period
5. 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)

The minimum investments for options 2 and 3 can be reduced by 20% when the activity is carried out in low-density areas of Portugal.

Portugal Golden Visa investments in 2024

As real estate investment, including real estate purchase and property, as well as capital transfer, is no longer eligible for Portugal’s Golden Visa program, the scheme is shifting its focus toward investment funds.

There’s a diverse array of sectors offering distinct investment mandates for the Portugal Golden Visa investment fund route. You can choose from the energy, industry, and technology sectors. 

This change will likely open up new opportunities for Portugal Golden Visa investors seeking a more varied portfolio within the program.

Moreover, qualifying investments in private equity funds or the Portuguese Golden Visa venture capital fund are now two 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.

Portugal Golden Visa Process for Australians

Australian Golden Visa applicants must follow the steps outlined below:

1. Gathering the necessary documents
2. Decide on which investment you will move forward with
3. Acquiring a Portugal taxpayer identification number (NIF)
4. Opening a Portuguese bank account and transferring funds to it.
5. Completing your fund investment
6. With your qualifying investment made and your paperwork ready, you will submit your pre-application online.
7. After analyzing your pre-application, AIMA (former SEF, the Portuguese Immigration and Border Service) will provide you with available dates for the biometrics appointment.
8. After your biometrics, your investment visa takes around six months to be approved.

You’ll then be granted a temporary residency permit, known as the Golden Visa permit, 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 Portugal’s Golden Visa. Additionally, there are the application and government fees.

The Golden Visa legal application fees are as follows:

• From €5,000 to €8,000 for single applicants. Dependents younger than 18 can be included in the application free of charge.
• Additional fees: This will cost between €500 and € 2,000 for dependents aged 18 and older. Note that children are free of charge.

As for the new government fees involved with the submission, granting, and renewal of the residence permit, they are the following:

• Online application submission – € 605,10
• Granting the permit – € 6.045,20
• Per renewal – € 3.023,30

All government fees listed above are payable per person, whether a main applicant or a family member.

Can Australian Citizens get Portuguese Citizenship with the Portugal Golden Visa?

Yes. The Golden Visa in Portugal allows Australian nationals to obtain a temporary Portuguese residence permit, which, after five years, can be turned into a permanent residency permit. They can also apply for citizenship and a passport in Portugal. Both countries allow dual nationality, so Australians will not have to renounce their original citizenship.

Please note that to acquire Portugal citizenship through the Golden Visa, investors must spend at least seven days in Portugal in the first year and no less than 14 days for each subsequent two-year period. They’ll also need to keep your investment in Portugal during these five years.

According to the Portuguese Immigration Law, another requirement for Australians to become Portuguese citizens is passing a basic Portugal Golden Visa language test.

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

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.

Do Australians need a visa for Portugal?

Under the Schengen Convention, Australians 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.

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?

Yes. The initial Golden Visa residency card is valid for two years. If the applicant meets the investment and residency requirements, the permit can be renewed every two years. After five years of holding the temporary residency, it’s possible to apply for permanent residence and citizenship in Portugal.

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. In contrast, 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 the Golden Visa. The program allows Australian citizens to gain legal residency in Portugal by making a qualifying investment in the country. The minimum investment required is €250,000 for supporting the arts or €500,000 for investment funds.

The Portugal Golden Visa program allows Australians to live and travel freely within the European Union after five years of residency when they can apply for Portuguese citizenship.

What is the minimum investment for Portugal Golden Visa for Australians?

The minimum investment required for Golden Visa Portugal is €250,000 for supporting the arts or €500,000 for investment funds.