Golden Visa Portugal: Indians Can Apply With a Catch

Portugal’s Golden Visa program, long considered one of Europe’s most attractive residency-by-investment schemes, remains open to Indian applicants. However, recent changes have closed the once-popular real estate investment route, altering the landscape for potential investors.

The Golden Visa allows non-EU nationals, including Indians, to gain residency rights in Portugal by making qualifying financial contributions. Successful applicants and their families can live, work, and study in the country, enjoy visa-free travel across the Schengen Area, and apply for Portuguese citizenship after five years.

The Catch: No More Property Investments

Until October 2023, one of the most popular pathways was through property purchases. Foreign investors frequently bought real estate in Lisbon, Porto, and along the Algarve coast to qualify for the visa. But amid mounting criticism that the scheme was driving up housing costs for locals, Portugal abolished the property investment option for new applicants.

Now, investors must pursue alternative routes, including:

• €500,000 investment in Portuguese venture capital or private equity funds.
• Business investment creating at least 10 full-time jobs.
• €500,000 contribution to research and development.
• €250,000 support for cultural or heritage preservation.

Eligibility and Application Process

To qualify, applicants must be at least 18 years old, hold a clean criminal record, and provide proof of funds sourced from outside Portugal. The process begins with securing a Portuguese tax number and opening a bank account, followed by completing the investment and submitting documentation through the country’s immigration authority.

The initial residence permit is valid for two years, renewable for three more. A minimal stay requirement — around 7 to 14 days per year — makes the program especially attractive to investors who do not plan to relocate immediately.

Challenges and Delays

Despite its advantages, the Golden Visa program has faced criticism for long processing delays. Portugal’s immigration authority continues to deal with a backlog of applications, leaving many investors waiting months or even years for approvals.

Still, for Indians seeking a pathway to EU residency and citizenship, Portugal’s Golden Visa remains one of the most flexible and affordable options compared to similar programs in Greece, Malta, or Spain.