Patricia Casaburi
The Golden Visa program in Portugal has become an appealing option for Russian citizens looking to gain residency in Europe, especially due to geopolitical tensions and economic uncertainties. This program allows non-EU nationals to obtain Portuguese residency by making investments, such as creating jobs.
For many Russians, the Golden Visa is not just a way to get a second home but also a strategic step toward greater global mobility and financial security. As international relations change, more Russian investors are attracted to Portugal’s welcoming climate, stable economy, and strong legal protections. In this Portugal Golden Visa Russian applicant guide, we look at what Russian citizens need to apply for a Portuguese Golden Visa. This article explores:
What is Portugal's Golden Visa scheme?
The Portugal Golden Visa is a residency-by-investment program introduced by the Portuguese government in 2012 to attract foreign investment and boost the growth of the Portuguese economy. Also regarded as the Residence Permit Program, the scheme allows non-EU citizens to obtain a residence permit in Portugal by making a significant investment in the country.
The minimum investment amount is €250,000, and there are several options available for the Portugal Golden Visa:
- Fund Subscription: Contribute 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)
As of October 2023, real estate investment and certain types of capital transfers no longer qualify for Portigal’s Golden Visa program. The Golden Visa grants qualifying investors and their family members the right to live, work, and study in Portugal.
Are Russian citizens eligible for Portugal's Golden Visa program?
Yes, Russian citizens can apply to the Portugal Golden Visa program if they are not citizens identified on the European Union’s sanctions list. Russian and Belarussian nationals were never officially banned from applying for the Golden Visa.
The only citizens who were truly prevented from obtaining these documents were those on the European Union sanctions list. However, applications for the Portugal Golden Visa for Russian citizens were neither accepted nor rejected, meaning they weren’t processed.
Since August 2024, Portugal’s Agency for Integration, Migration and Asylum (AIMA) has been processing a backlog of between 45,000 and 50,000 Golden Visa program applications inherited from the Foreigners and Borders Service (SEF). AIMA’s efforts to address the delay and backlog include digitizing processes and increasing staff.
Russian investors are still seriously considering applying for Portuguese Golden Visas because of these renewed efforts as well as the dynamic opportunities Portugal offers and the country’s safety, stability, high quality of life, and direct pathway to citizenship. In August 2023, six golden visas were granted to Russian citizens.
Portugal’s Golden Visa Program Eligibility Criteria for Russian Citizens
To qualify for the Portuguese Golden Visa program, Russian nationals must fulfill the following requirements:
- Have a clean criminal record. If you don’t have a clean criminal record, a lawyer should analyze your case.
- Be either non-EU, non-Swiss, or non-EEA national.
- Minimum investment of €250,000, with a range of investment routes to choose from
- Spend an average of 7 days per year in Portugal, guaranteeing a total of fourteen days during the validity of each residence card (issued with a validity of 2 years)
Portugal’s Golden Visa Program Application Requirements for Russian Citizens
Below, we explore the Golden Visa program application requirements for Russian nationals. It is highly recommended that applicants work with Portugal residency advisors or an immigration agency when applying for a Golden Visa permit.
Required documents for the Portugal Golden Visa
The following Golden Visa Portugal documents are required, and the Portuguese government can change them at its discretion. Golden Visa applicants must submit the documents for the initial application and each renewal. The following documents are required:
- Portugal Golden Visa application form
- Copy of a valid passport and travel documents
- Declaration from your bank in Portugal confirming the transfer of funds from abroad
- Proof of health insurance in Portugal (only required if the investor resides in Portugal)
- A background check or a police clearance letter from your country of origin, issued no more than 90 days before submitting your application.
- A declaration of honor compromising to maintain the investment for five years
- Documents showing a good standing with the Portuguese Tax and Customs Authority
- Document showing non-enrollment or a good standing with the Social Security
- A receipt showing that you already paid the application processing fee
All documents issued by a non-Portuguese entity must be legalized, with an apostille required if the issuing country is part of the Hague Convention. Additionally, any document not in Portuguese must be translated and certified, typically by a notary.
Getting a Portuguese NIF number
The NIF (Número de Identificação Fiscal) is your tax identification number in Portugal. It is a unique identifier assigned by the Portuguese tax authorities and is essential for several transactions in Portugal, such as opening a bank account, buying property, signing a contract, and paying taxes.
You can apply for an NIF at the local tax office, appoint a legal representative, or through a third-party provider that handles the entire NIF application on your behalf. In practice, it can be tricky to get an appointment to request the NIF number in Portugal, as most tax offices have a long queue for their NIF services that often start early in the morning, before opening hours.
Opening a Portuguese bank account
You will need to open a Portuguese bank account for your Golden Visa application. This is necessary because the investment funds required for the visa must be transferred from a local Portuguese bank. The authorities in Portugal require proof that the funds originate from your account and that all transactions comply with anti-money laundering regulations. For Russian investments, it is advised that investors work with a fiscal or legal representative to help navigate any legal complexities that may arise.
Why the Portugal Golden Visa is a Good Choice for Russians
Invest in a more stable future
Acquiring residence permits and, ultimately, a second passport means that investors have the privilege of choosing which country to live in and to pay taxes, not solely for themselves but for their entire family. With a single investment in Portugal, you can bring your dependents, including parents and children. Portugal consistently ranks highly in terms of quality of life for expats, and Portuguese residency gives you and your family access to world-class healthcare and education, as well as visa-free travel to several European countries.
Low stay requirement
The Portugal Golden Visa differs from other programs in that it has a very low “stay requirement” (the amount of time you have to spend in the country in order to maintain residency) of just 7 days per year. This means you have the choice to remain in your country of origin throughout the whole five-year residency requirement and still have a clear path to citizenship.
Wide variety of lucrative investment options
Investments in golden visas for Russian citizens can range from a minimum of €250,000 to €500,000. There are many different options to choose from, which include fund subscription, scientific research, creation of ten jobs, share capital and job creation, and investment or donation in the arts or reconstruction of national heritage, also known as the Portugal Cultural Golden Visa.
Tax efficiency
Portugal’s non-habitual resident tax regime has also been a key success for the past decade. The scheme has allowed individuals of high cultural and economic worth to enjoy lucrative tax exemptions and reductions. It applies to Golden Visa applicants who declare tax residency in Portugal.
Is NHR ending?
The State Budget Law for 2024 determined the end of the NHR regime from 1 January 2024. However, certain individuals were still eligible to apply until 31 March 2025. The NHR scheme has been replaced by the Tax Incentive for Scientific Research and Innovation, which has now been implemented.
Take a look at our complete guide to the Portugal Golden Visa for more information
Portugal Golden Visa Investment Fund for Russian Citizens
The Portuguese Golden Visa Investment Fund is a legitimate pathway for Russian citizens to obtain residency in Portugal. It requires a minimum investment of €500,000 in a qualifying venture capital fund. The scheme’s objective is to use capital transfer to fund the capitalization of Portuguese companies.
These funds must adhere to strict criteria set by Portuguese regulations, including a commitment to maintain the investment for a minimum of five years and investing at least 60% of the fund’s capital in companies based in Portugal.
Sara Sousa Rebolo, president of the Portuguese Association of Immigration, Investment, and Relocation (PAIIR), highlighted the appeal of venture capital funds, noting their strong advertising and diversification strategies.
Overall, the shift towards investment funds to obtain a Golden Visas reflects changes in the ARIs law, which eliminated other options like capital transfers and real estate acquisitions. This legislative adjustment contributed to the surge in foreign investment through national equity investment funds, ultimately driving growth in Portugal’s investment fund industry, and positively contributing to the Portuguese economy.
Why choose Global Citizen Solutions for your Portugal Golden Visa?
- Global approach by local experts: A team of experienced local case executives, immigration lawyers, and investment specialists based in Portugal.
- Independent service:We are not a marketing agency for any projects. You will access all eligible routes for the Golden Visa, with over 40 vetted qualifying investment options, so you can decide on the best option for you.
- 100% approval rate: We have the unique distinction of never having had a Golden Visa case rejected and have helped hundreds of clients from more than 35 countries.
- All-encompassing solution: Our dedicated onboarding and immigration teams will assist you throughout the process and beyond with a single channel of communication.
- Transparency: Our fees are clear and detailed, covering the entire process with no hidden costs.
- Privacy: Your personal data is stored within a GDPR-compliant database on a secure SSL-encrypted server.
To see the full list of reasons why to work with Global Citizen Solutions for your Portugal Golden Visa, you can find out more here: Why Work with Global Citizen Solutions for Your Golden Visa Portugal Application?
Frequently Asked Questions about the Portugal Golden Visa
Are there any new Golden Visa rules I should be aware of?
As of September 2023, the new law has passed redefining the qualifying routes for investment. Learn more about these changes in our article about Portugal’s Golden Visa Changes.
What are the benefits of Portugal's Golden Visa?
There are many benefits to Portugal’s Golden Visa program. You have permanent free entry and movement throughout the Schengen Area (26 European countries). After five years, you can apply for Portuguese citizenship if you meet all the requirements under Portuguese Nationality Law. Also, your dependent children and dependent parents qualify for the same benefits as you.
What are Portugal's Golden Visa requirements?
Portugal’s Golden Visa requirements are straightforward. To qualify for the program, you must fulfill the following:
- Be either non-EU, non-Swiss, or non-EEA national
- Minimum investment of €250,000, with a range of investment routes to choose from, including arts and cultural donations, investment funds, and company creation
- Have a clean criminal record
- Spend an average of 7 days per year in Portugal, guaranteeing a total of 14 days during the validity of each residence card (issued with a validity of 2 years)
What are the Portugal Golden Visa fees?
The new Government Fees involved with the submission, granting, and renewal of the residence permit have been valid since 29 October 2023, as follows:
- Online application submission – € 773,74
- Granting the permit – € 7730,10
- Per renewal – € 3.865,79
All Government fees listed above are payable per person, whether a primary applicant or a family member.
What's the Portugal Golden Visa processing time?
The Portugal Golden Visa processing times usually take between 12 to 18 months for the approval and issuance of your residency card.
Should I consult a Portugal Golden Visa lawyer for the application?
Working with a Portugal Golden Visa lawyer is mandatory. This is because they know the rules and regulations and can support you from the beginning to the end of your Golden Visa application.
What are the Portugal Golden Visa minimum stay requirements?
The Portugal Golden Visa requires you to spend an average of 7 days per year in Portugal, guaranteeing 14 days during the validity of each residence card (issued with a validity of 2 years).
Where can I find more information and support for Russians living in Portugal?
The Embassy of Russia in Lisbon website is also a rich information source for up-to-date application fees, border service, and other useful links.
What alternative visas are available for Russians in Portugal?
Several Portuguese visa options are available for Russian citizens, including the D7 Visa, also known as the Portugal retirement visa, D2 Visa, or entrepreneur visa, D3 Visa, or Highly Qualified Activity Visa, and the D8 Visa, commonly referred to as the Digital Nomad Visa.
What is the status of Russian applications submitted before the Portugal Golden Visa ban?
Russian and Belarussian nationals were never officially banned from applying for the Golden Visa. However, since August 2024, Portugal’s Agency for Integration, Migration and Asylum (AIMA) has been processing a backlog of between 45,000 and 50,000 Golden Visa program applications inherited from the Foreigners and Borders Service (SEF). AIMA’s efforts to address the delay and backlog include digitizing processes and increasing staff.
Can Russians apply for the Portugal D7 visa instead of the Golden Visa?
Yes, Russian nationals who are not on the European Union sanctions list can apply for any of the Portuguese visa options available.
Are family members of Russian citizens eligible for the Portugal Golden Visa?
Yes, family members are included in the application, including spouses, dependent children, and parents.
What investment options are open to non-sanctioned Russians in Portugal?
Portugal’s Golden Visa program offers investment options that include fund subscription, investment or donation in the arts or reconstruction of national heritage, investment in scientific research, the creation of ten jobs, and share capital and job creation.
