With the change coming into force in 2023, those who apply for a Portuguese Golden Visa for deactivated investment types will now be granted residence cards for three years, not two.
This change will provide great flexibility and convenience for Portugal’s Golden Visa investors who are looking for residency and citizenship in Portugal. The additional year that is now reduced will simplify the process by requiring fewer residency card renewals. From now on, the Golden Visa investors will only need to renew their residency cards two times before being able to apply for Portuguese citizenship, making it down from the previous three renewals, which took more effort.
This new update highlights Portugal’s decisive commitment to streamlining its Golden Visa Program while making the process more efficient and turning the scheme into a more attractive option for foreign investors, seeing Portugal as a gateway to European residency and citizenship.
Understanding the Key Changes
Let’s look at the program’s before and after, as well as why renewals are a key step on the route to Portuguese citizenship through the Golden Visa investment.
How was the Residency Card Renewal Process Before?
Previously;
Applicants of Portugal Golden Visa used to get issued a two-year validity period for their residency cards, and these investors had to complete three renewals to complete the five-year residency requirement before being eligible for citizenship application.
Confirmed Change;
After the announcement of the confirmed change, residency cards are now valid for three years. What it means for the investors is that they will need only two renewals, not three, to apply for citizenship.
The Impact;
This is not only going to be an effective process for investors but also will reduce their administrative burden while saving time and resources. Also, it will decrease the backlog at Portugal’s immigration office, AIMA, so all other processes regarding Golden Visa applications will be smoother.
Examples of the Change of Reducing the Residency Card Renewals
Let’s explain this change in an example. As an investor, let’s say you received your first residency card in September 2024. This will lead you to hold that same residency card until 2027 before the requirement to renew it. In 2029, you would need to renew your residency card.
Under the new system, you only need to have two renewals as an investor who got the initial approval in 2024
- You apply for renewal in 2027, keeping your first residency card for three years.
- Afterward, you can apply for citizenship without the need for a second renewal, and you may complete the five-year requirement for applying for citizenship.
Under the previous system, as an investor who got the initial approval in 2024
- You had to renew your residency card in 2025, 2027, and 2029.
- Until you get citizenship, you would make three residency card renewals.
What’s the Significance of the New Process?
It can be described as a reform underscoring the commitment of the Portuguese government to continue an investor-friendly golden visa program by reducing the extra bureaucracy in the residency process. The extension for residency card validity leads to fewer interruptions for investors and provides you with a stable process as you keep following the path toward citizenship.
Moreover, this change will ease the growing backlog at the AIMA (formerly SEF) by reducing the number of renewals required. This is a relief for Portugal’s immigration authorities as well, likely with less strain, and it will ultimately speed up the processing times for residency applications and renewals.
Fewer administrative hurdles and a more reliable path to one of Europe’s most coveted passports appear to be a promising update for Portugal’s investment migration environment, opening the door to European residency and, ultimately, citizenship with a $500,000 fund investment, now with even greater convenience.
Has the Stay Requirement Changed?
The new change extends the validity of the residency card. However, the stay requirement has not changed. Although there is not any official update on this, it is still the best move for investors to continue to adhere to the current seven days per-year minimum stay requirement. The legal framework may depend on a case-by-case basis. After all, we advise you to get guidance from a lawyer.