What is Portugal’s ARI?
It is a temporary residence-permit regime for qualifying third-country nationals carrying out an eligible investment activity in Portugal. AIMA states that ARI holders may reside and work in Portugal, circulate in the Schengen Area under the applicable rules, seek family reunification, and later request permanent residence or Portuguese nationality if they separately meet the legal requirements.
Residence flexibility
AIMA currently describes a minimum stay of 7 days in the first year and at least 14 days in subsequent years.
Family
Family reunification can be requested, subject to the legal requirements and documentation applicable to each family member.
Current published qualifying investment routes
No. AIMA expressly states that the qualifying investment activity cannot be directed, directly or indirectly, to real-estate investment. Older articles or advertisements that still present a home purchase as an ARI route should therefore be treated with caution.
Who can apply?
The regime is generally for third-country nationals who meet the applicable residence and investment conditions. AIMA notes that Portuguese nationals and nationals of the EU, EEA, Andorra and Switzerland are not eligible under this ARI regime.
What does an application generally require?
AIMA’s published general requirements include items such as:
- A valid passport or travel document.
- Evidence of legal entry and stay where applicable.
- Appropriate health coverage.
- A recent criminal-record certificate from the relevant country, with required certification and Portuguese translation.
- Tax-identification information or equivalent.
- Evidence that the qualifying investment has been made and that the minimum time requirements will be maintained.
- Evidence of regular tax and social-security status in Portugal where applicable.
Does ARI automatically lead to citizenship?
No. Investment residence is not automatic citizenship. AIMA states that ARI holders may request permanent residence or apply for Portuguese nationality by naturalisation, but each application remains subject to the separate legal requirements in force at the relevant time.
How does MILEVORA approach this type of case?
We provide general information and an initial commercial assessment to help determine whether a route merits specialist review, then refer clients to appropriate specialists where needed. MILEVORA is not a government authority and does not provide legal, tax, investment or immigration advice or guarantee approval.
Frequently asked questions
Is the Portugal Golden Visa still available in 2026?
Yes. The ARI remains published by AIMA as an official residence-by-investment regime, with qualifying routes that differ from the older version of the program.
Can I qualify by buying a €500,000 property?
No. Direct or indirect real-estate investment is not currently an eligible ARI investment under AIMA’s published rules.
What is the minimum for the fund route?
The published non-real-estate fund route starts at €500,000 and includes requirements relating to fund maturity and the composition of its investments.
How much time must I spend in Portugal?
AIMA currently describes a minimum stay of 7 days in the first year and at least 14 days in subsequent years.
Official sources
AIMA — Residence Permit for Investment Activity (ARI)
AIMA — ARI Frequently Asked Questions
Diário da República — consolidated law, Article 90-A