Investment Activity Analysis Authorization (ARI) – Gold Visas

The Resident Authorization for Investment Activity (ARI), allows third-country nationals to obtain a temporary residence permit for investment activity with the residence visa to enter national territory, is granted by a period of two year, renewable for a period of three years and presupposes the maintenance of the investment for a minimum period of 5 years and the permanence in Portuguese territory, of 7 days (followed or interpolated), in the first year, and 14 days (followed or interpolated) in the subsequent two-year periods. The ARI regime is not applicable to citizens who have Portuguese nationality and nationals of the U.E. and the EEA. The application must be submitted to the Regional Delegations of the Foreigners and Borders Service.


The beneficiary has the possibility to:

  • To enter in Portugal with dispensation of residence visa;
  • To reside and work in Portugal, to remain in Portugal at least for one period of 7 days in the first year and not less than 14 days in the years subsequently;
  • Circulate through the Schengen area, without visa requirements;
  • Benefit from family reunification (authorization extended to family members of investor);
  • Request the granting of Permanent Residence Authorization under the terms of the Foreigners Law (Law no. 23/2007, of July 4, with the current wording);
  • Possibility of requesting the acquisition of Portuguese nationality after 6 years, for naturalization, fulfilling the other requirements required by the Nationality Law.

Who can apply?

All nationals of Third States who are exercising in investment, either in person or through a company incorporated in Portugal or in another State and with a permanent establishment in Portugal, in one of the following possibilities:

  1. The transfer of capital in an amount equal to or greater than 1 million euros;
  2. The creation of at least 10 jobs;
  3. The acquisition of one or more properties of value equal or superior to 500 thousand euros, investment in real estate is restricted “to the territory of the CIM’s [Intermunicipal Communities] in the interior and the Autonomous Regions of Madeira and the Azores, that excludes the metropolitan areas of Lisbon and Porto;
  4. Acquisition of properties older than 30 years or located in rehabilitation areas rehabilitation works with an overall value equal to or greater than 350,000 Euros, investment in real estate is restricted “to the territory of the CIM’s [Intermunicipal Communities] in the interior and the Autonomous Regions of Madeira and the Azores, that excludes the metropolitan areas of Lisbon and Porto;

This type of investment includes: Commercial or residential real estate, properties acquired in co-ownership, provided that the investor’s share is in the minimum value, real estate acquired individually or through shares of which the investor is a partner, leased real estate and real estate in excess of the minimum amount of the investment.

  1. Transfer of capital in an amount equal to or greater than 350,000.00 Euros for public or private national scientific research institutions;
  2. Transfer of capital in an amount equal to or greater than 250,000.00 Euros for investment or support for artistic production, recovery or maintenance of the national culture;
  3. Transfer of capital in an amount equal to or greater than 500,000.00 Euros applied acquisition of units of investment funds or risk of capitalization of small and medium-sized enterprises;
  4. Investment activities may be subject to a 20% discount on the total value, if they are carried out in areas with low population density (less than 100 inhabitants per km²) or if the GDP of that region is below 75% of the average national.

Documentation required (documents must be translated to Portuguese and apostilled at the Ministry of Foreign Affairs):

  • Passport or other valid travel document, valid for at least three months;
  • Valid Schengen visa, or short stay visa – For the purpose of granting residence permit, nationals of non-EU Member States should within 90 days of the first entry into National territory.
  • The short-stay visa – “Schengen” visa, which can be issued by the Consulate Portuguese in the country of origin;
  • Request for consultation of the Portuguese Criminal Register by “SEF”;
  • Proof of Health Insurance;
  • Proof of entry and legal stay in national territory;
  • No conviction for a crime punishable by imprisonment in Portugal with a duration of more than 1 year;
  • Certificate of Criminal Record of the country of origin or of the country where you have lived for more than 1 year, authenticated by the Portuguese authorities (authentication of the Portuguese consulate or apostille);
  • Declaration of Commitment of Honor, attesting to the commitment to requirements relating to the exercise of investment in Portugal;
  • Proof of the regularized tax situation by submitting a tax return non-debt issued by the Tax and Customs Authority and Social Security;
  • Proof of one of the three (3) types of investment in national territory.


What is the D2 Visa for Portugal

The D2 Visa for Portugal is a visa for those who wish to undertake in Portugal, either as a self-employed person or opening their own company.

If you are thinking of living in Europe, but do not yet have European nationality, an excellent option is to consider starting a business in Portugal. After a period of five years of residence, you will be able to acquire Portuguese nationality.

The entrepreneur visa in Portugal is also useful for those who already have their own business and would like to continue working in the field in Portugal.


Difference between the D2 Visa and other work visas for Portugal.

There are several types of visas for Portugal and some of them refer to professional practice in the country. To work in Portugal, you can be subordinate and have a position in a company in which case the D1 Visa would apply.

But, you can work on your own, either as a freelancer or opening your own business in Portugal. Below we list some visas related to the exercise of professional activity, including the possibility of undertaking in Portugal, in addition to the D2 visa.

  • D1: Visa for those who have a Contract or a Promise of Work in Portugal;
  • D3: Visa for highly qualified professionals;


How to get a D2 Visa to undertake in Portugal?

Portugal is a very attractive path, as the country is a great gateway to the European market. It is worth remembering that it is possible to open a company without spending a large initial investment. However, some factors are important. When granting or denying a visa application, the economic and social relevance of the investment made or proposed is taken into account.

This means that the fact of undertaking in Portugal alone does not guarantee the visa and, for this reason, you may have the D2 Visa for Portugal denied. Therefore, it is necessary to demonstrate that the company you have opened or intend to open is somehow relevant to the country.

Who can apply for the D2 Visa to Portugal?

All foreign citizens wishing to carry out an investment activity may apply for an entrepreneur visa in Portugal. So, if you do not have Portuguese nationality, or any other European nationality, you will need a visa to live in Portugal.

If you have already opened a company in Portugal, you can also apply for a visa and the corresponding residence permit.

Requirements for the entrepreneur visa in Portugal, we can highlight the following requirements that are usually taken into account:

  • Existence of a well-crafted Business Plan;
  • Evidence of economic means for the proposed investment (including credit approval, if applicable) and the financial capacity of the entrepreneur(s);
  • Demonstration of the relevance of the investment;
  • Experience of the entrepreneur(s) compatible with the business.

Thus, we can see that it is important to have a good Business Plan.

This document must contain all the relevant data on how you want to undertake in Portugal and what your business consists of. Having already set up the company in the country can count favorably. However, only a good project can also guarantee your entrepreneur visa in Portugal.

In addition, it is worth mentioning that the forecast that jobs will be created in Portugal can also count favorably.

First of all, in order to obtain the D2 Visa in Portugal, documents needed, related to your business, such as:

  • Business plan;
  • Companie Commercial Certificate;
  • Declaration of registration of start of activity;
  • Registration of incorporation of the company;
  • Bank statement with account balance.

Note: It is important that if you have not yet opened the company in Portugal, only the first document will be presented.

Personal documents for the D2 Portugal Visa:

  1. Photocopy of proof of academic and professional qualifications, accompanied by Curriculum Vitae.
  2. Self declaration: Declaration signed by the applicant, explaining the reasons for the request, indicating the place of accommodation (definitive or provisional) and the period of stay in Portugal.

In addition, the letter of intent for the D2 Visa in Portugal is a differential in this model, because it details your true purpose when undertaking in the country.

  1. Proof of Accommodation:
  • Proof of housing lease made by the applicant himself;
  • Invitation letter made by a citizen legally residing in Portugal, saying that he will host the applicant for as long as necessary;
  • If you do not have one of the above documents, you can prove temporary accommodation by booking a hotel for a minimum period of one week.
  1. International travel medical insurance:
  • International travel medical insurance, valid for the period you will stay in Portugal.
  • The insurance must include coverage for repatriation for medical reasons, urgent need for medical attention and emergency hospital treatment.


  1. Criminal record certificate;
  2. Two recent color 3×4 photographs;
  3. Passport: Simple copy of the passport (only identification pages and used sheets); The passport must be valid for more than 3 (three) months, after the expiry of the visa.
  4. SEF Authorization: Authorization for the Aliens and Borders Service to consult the applicant’s Portuguese criminal record. (Except for children under 16);
  5. Simple copy of ID card;
  6. Visa Application Form;
  7. If married, you must send a copy of the marriage certificate;
  8. If you have children, you must send copies of birth certificates.


How long does it take to issue the D2 Visa

On average, 90 days. The ticket must not be purchased before having the visa authorized. Likewise, you must apply for your D2 Visa for Portugal in advance.


What is the validity of the visa in Portugal?

It is worth mentioning that the Portugal D2 Visa will be attached to your passport and will be valid for 4 months. This happens with all residency visas. Arriving in Portugal, you must apply for your residence permit before the Foreigners and Borders Service (SEF).

Immediately make the appointment before the SEF, for yourself and also for your family members who will be grouped, if applicable.

You will be required to present documents on the day of this interview as well.

Afterwards, you will receive your residence card, with an initial validity of one year.


  • Assistance in the management and maintenance of assets;
  • Preparation of lease agreements or other types of contracts;
  • Issuance of the relevant income receipts;
  • Work with the Finance Services and pay their taxes;
  • Acting with the Insurance Company, supporting the client in choosing the appropriate liability insurance policy;
  • Representation of the owner’s client in condominium assemblies, signature of competent minutes of the meeting, and follow-up on the condominium decisions and approval of the annual accounts.

Expenses on account of the client:

  • Notary fees (deed of purchase and sale) – Approximate value € 500;
  • Registration of the title of acquisition of the property in the Registry of Land Registry or taxes to create a company- Approximate value € 350;
  • Opening one bank account in Portugal € 250;
  • Municipal Tax on Real Estate Transmission (“IMT”) 6.5% (Buildings Urban for commercial purposes, construction land) – Approximately 6% (Buildings Urban for housing purposes) 5% (Rustic Buildings);
  • Stamp Tax 0.8%;
  • Municipal Property Tax (“IMI”) Rate applicable between 0.3% and 0.5% (Buildings Urban) 0.8% (Rustic Buildings) Incidence on the value patrimonial tributary of the immobile;
  • International Health Insurance Variable according to personal conditions of the recipient.


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