Guide to Portugal's Golden Visa Bank Account Deposit Option

Are you considering gaining residency in the Schengen Area through a pathway such as the Portugal Golden Visa program?

While you may have read about the Portugal Golden Visa bank account deposit pathway, this popular investment route is no longer available following changes made to the program in October 2023.

This option enabled Golden Visa applicants to attain Portuguese residency after depositing money into a Portuguese bank account. It was particularly popular because it was a secure, risk-free investment strategy that allowed individuals to grow their funds over time at a fixed interest rate, ensuring peace of mind. Additionally, to safeguard their money against foreign exchange fluctuations, they could choose to maintain multi-currency accounts.

Despite the changes to Portugal's Golden Visa program that mean this option is no longer available, there are still several attractive investment routes that you can explore. With a substantial investment, you can qualify via the increasingly popular fund subscription, an investment or donation in the arts or reconstruction of national cultural heritage, or an investment in scientific or technology research. With an eligible investment, any of these avenues will allow to you to enjoy all the benefits of the program.

Obtaining a Portuguese Residence Permit with a Bank Deposit

Bank deposits for the Portugal Golden Visa used to be an investment option to qualify for the program until October 2023. The scheme allowed cash deposits in a local Portuguese bank or in regulated institutions for the Golden Visa under the capital transfer option.

At the time, SEF (the Portuguese Immigration and Border Control, which has since been replaced by AIMA) required Golden Visa applicants to present a Declaration of a credit institution that is registered in or authorized in the Portuguese national territory. Applicants needed to attest to holdership, free from any obligations and charges, of deposit accounts with a balance equal to or more than €1.5 million, resulting from an international transfer or a quota of the same amount when joint accounts were being considered.

However, this Portugal Golden Visa investment option was discontinued alongside purchasing real estate. There are still several attractive investment routes that qualify for the program, and opening a bank account in Portugal remains a key part of the investment process. We'll go through each one of the investment options in the following section.

Other Discontinued Investment Options for the Portugal Golden Visa

Property investment

An investment in the Portuguese real estate market was the most commonly chosen path for Portuguese Golden Visa applicants. In 2024, it a real estate investment is no longer a Portugal Golden Visa option for investment.

Residential real estate

For a rehabilitation project, you could buy a residential property in specified interior areas of Portugal, with a minimum value of €500,000 or €350,000. If the property was situated in an area classified as 'low-density,' a 20 percent reduction was applicable.

A low-density area is defined as a territorial unit that meets one of the following criteria:

Has a population density of less than 100 inhabitants per square kilometer
Has a Gross Domestic Product (GDP) per capita that is lower than 75 percent of the national average

Following the 2022 updates, investments in residential real estate in urban locales such as Lisbon, Porto, and most of the Algarve or Silver Coast were not permitted.

Commercial real estate

The rules were more flexible for commercial properties, allowing investments across the country with a minimum worth of €500,000 or €350,000 for rehabilitation projects. In essence, there were no geographical limitations for commercial property investments. The 20 percent reduction also applied to properties in 'low-density' areas.

Furthermore, you could purchase real estate (either residential properties or commercial properties) on the autonomous islands of Madeira and Azores or buy property in Portugal, adhering to the same minimum value regulations.

Attractive Investments for Portugal Golden Visa Investors in 2024

Following major modifications to Portuguese Golden Visa investment options in late 2023, the eligible investment immigration options in 2024 under the new rules are as follows:

Investment fund subscription

One of the most popular options for investment for the Golden Visa program in 2024 is subscribing to a Portuguese investment fund with a minimum commitment of €500,000. In order to maintain eligibility for Golden Visa status, you must maintain the investment for a minimum of five years.

The eligible funds include a variety of venture capital and private equity funds. For those interested in sustainable investment opportunities, there are several eligible funds that focus on various sustainability themes. These are funds that invest in projects or companies that promote environmental, social and governance best practices.

With the end of the real estate investment option and the capital transfer option, the investment fund has increased in popularity. In fact, in the first nine months of 2023, 352 Golden Visas were issued to fund investors, representing about 30 percent of all the Golden Visas during that period.

Key factors in its popularity include typically higher annual yields than other investment pathways, the sense of security provided by auditing and regulation from the Portuguese Securities Market Comission and the Bank of Portugal (the central bank), as well as the relatively low taxes and fees involved (for example, the capital gains for investment funds for residents of Portugal is a flat 10 percent). Investing is this way can also be an important aspect of your portfolio diversification strategy. Of course, it is important to do thorough due diligence on the fund before you commit to investing.

Scientific research

Another eligible investment for the Golden Visa is channeling at least €500,000 into scientific research. This option involves directing your investment towards cutting-edge research endeavors, spanning from medical advancements to environmental solutions.

To pursue this avenue, a minimum investment of €500,000 is required, with the research project to be carried out by public or private scientific organizations affiliated with the national scientific and technological system.

Additional criteria for eligibility include:

Investment duration: You're required to maintain the investment for at least five years.
Project eligibility: The research project should concentrate on fields within science, technology, engineering, or mathematics (STEM) that align with Portugal's strategic priorities.
Legality and transparency: The investment must be executed through lawful channels, adhering to a transparent and verifiable process.

Enterprise and job creation

Applicants can also qualify for the Portuguese Golden Visa by investing a minimum amount of €350,000 in a Portuguese-registered company or by establishing ten jobs with a total investment of at least €500,000.

Job preservation: Sustain the employment positions generated for a minimum of three years.
Business feasibility: Create or invest in a company with a feasible business strategy and the capacity to generate enduring employment opportunities.
Legal compliance and transparency: Verify that both the investment and business operations adhere to all relevant laws and regulations in Portugal.

Charitable contributions

Finally, making a minimum donation of €250,000 to support Portuguese art, culture, and national heritage qualifies for the Golden Visa. If the cultural activity occurs in a designated low-density area, the minimum donation requirement is reduced to €200,000.

By investing €250,000 in an approved cultural production project, subject to Portuguese government approval, individuals become eligible for the Golden Visa in Portugal.

To qualify through this avenue, one must either invest in an artistic endeavor, such as a Portuguese feature film, or contribute a non-refundable donation to a foundation with cultural and heritage significance.

If the project is situated in low-density regions of Portugal, a 20 percent discount is applicable, lowering the minimum investment requirement to €200,000.

Portugal's Golden Visa Program: An Overview

Introduced in 2012, the Portuguese Golden Visa program is an initiative to attract foreign investment into Portugal. Non-EU citizens can acquire a residence permit in Portugal by making an eligible investment and maintaining it for five years.

Note that the Portuguese Golden Visa program has undergone significant changes in the past few years. So if you are interested in this residency by investment program, we recommend speaking to experts to get an understanding of your options based on your individual circumstances and objectives.

Advantages of the Portuguese Golden Visa

The Portugal Golden Visa offers numerous benefits, making it an appealing choice for foreign investors and professionals considering relocating to Portugal. Considered one of the most successful Golden Visa Schemes in the world, the program provides an easy route to residency, access to education and employment opportunities, and the potential to obtain Portuguese citizenship and an EU passport after a qualifying period

Visa free travel

One of the major perks of the Golden Visa is visa-free access to Schengen countries, including selected EU member states, Switzerland, and Norway. If you a Golden Visa, you can stay within the Schengen Area for a maximum of 90 days every six months.

Life and work opportunities

With a Golden Visa, you can live and work in Portugal, plus enroll in Portuguese educational institutions. This opens up opportunities for those planning to move to Portugal and immerse themselves in its rich history and vibrant culture.

Family members

A Golden Visa enables you to apply for family reunification, allowing you to include your dependent family members in their application:

Spouse or legal partner
Children under 18 years
Single, dependent children under 26 who are enrolled in full-time education or are financially reliant on their parents
Parents of either spouse aged 66 or above or aged 55 or above and financially dependent on either spouse

Families can move to Portugal together, ensuring a seamless transition and assimilation into Portuguese society.

Citizenship and passport

Individuals can apply for permanent residency after holding a five-year Golden Visa. They are then eligible for Portuguese citizenship and a European passport. This grants all the privileges of an EU citizen, including the right to live, work, and study in any EU member state.

Tax benefits

Golden Visa holders can take advantage of several tax benefits, including exemption from wealth tax and inheritance tax on assets outside Portugal. They may also qualify for the Non-Habitual Resident (NHR) tax program, which offers attractive tax rates on income from foreign sources for up to ten years.

2024 NHR update: In October 2023, the Portuguese Prime Minister announced his intention to eliminate the NHR regime beginning in 2024. The Government submitted the State Budget Proposal for 2024 and it includes the changes that determine the end of the non-habitual resident regime.

In effect, the changes has had the following consequences from January 1, 2024:

Anyone who already has the NHR at the time of entry into force maintains the regime under the same terms until completing 10 years of benefiting from the status.
Anyone who meets the conditions for registration as non-habitual residents on December 31, 2023, as well as holders of a residence visa valid on that date, will be able to register within the deadline normally available (until 31 March 2024) and benefit from the scheme in full for 10 years.
For everyone else, the scheme will no longer be available.

Is the Golden Visa Portugal Ending?

No, the Portugal Golden Visa is not ending. In recent years, there has been speculation that the Portugal Golden Visa program is ending. The Portuguese government announced that it expected the visa to end in the upcoming months. However, in 2024 the program remains operational, albeit it with reduced investment options.

If you're interested in applying through any of the investment pathways available, our partners Global Citizen Solutions provide a range of expatriate services, particularly citizenship and residency by investment applications. With extensive experience in Golden Visa applications, they can talk you through the Golden Visa process and offer you guidance and advice based on your individual circumstances and obejctives. Meanwhile, we can help you get your NIF and open a Portuguese bank account, allowing you to apply for the Golden Visa.

Eligibility for Portugal's Golden Visa Program

Nationalities

The Portuguese Golden Visa is open to all nationals outside the European Union, European Economic Area, and Switzerland. However, citizens of countries Iran, Iraq, Russia, North Korea, and Sudan are ineligible due to political and economic sanctions.

Prerequisites

Eligibility for the Portuguese Golden Visa requires individuals to have a clean criminal record, undergo a background check, and provide evidence for the source of their investment funds. They should not have been denied entry to any Schengen countries in the past.

Open a bank account

Golden Visa investors should open a bank account with a Portuguese financial institution in order to make an investment in Portugal.

Minimum investment for Golden Visa

Individuals must make a qualifying investment in Portugal to be eligible for the Portuguese Golden Visa. The minimum investment amount depends on the chosen investment option. Only after the investment is made can the application for the investor visa be processed and approved.

Stay requirement

The program requires you to stay in Portugal for a minimum of seven days in your first year and then a further minimum of 14 days for each subsequent two-year period.

American and UK applicants

American and UK citizens are eligible for the Portuguese Golden Visa, with UK eligibility resulting from the UK's exit from the European Union. A Portuguese Golden Visa application can be made through a Portuguese Embassy or Consulate.

Non-EU nationals

Non-EU nationals can obtain a Golden Visa in Portugal if they meet the eligibility criteria and make a qualifying investment there.

To make a Golden Visa application, contact our partners, Global Citizen Solutions, today.

Portugal Golden Visa Requirements

Obtain a taxpayer number (NIF) in Portugal

Even with the most recent changes, you still need to open a bank account in Portugal. But first, you must register as a Portuguese taxpayer first, also known as the individual tax identification number (número de identificação fiscal, or NIF number). Unlike most countries, where tax residency is established after staying in the country for over 183 days annually, Portugal issues tax identification numbers to visitors staying for fewer than 183 days.

The only requirement was that non-EU/EEA residents appoint a fiscal representative in Portugal. The fiscal representative can be any Portuguese resident. Applicants are advised to choose a professional well-versed in tax matters to be their fiscal representative in Portugal, as this representative interacts with the Portuguese tax office on behalf of the applicant, accepting notices and letters and ensuring timely payment of taxes.

A NIF number is issued and registered at the Portuguese tax office, and the application can be submitted personally by the applicant or their tax representative through a power of attorney.

The following are required documents for the tax identification number application:

Valid passport
Proof of address in Portugal or your home country

Once the application is approved, the Portuguese tax authority includes the applicant's name in the list of taxpayers and issues a certificate with a unique nine-digit NIF number. The applicant can then access their tax account on the Portuguese tax service's website.

Choose a bank and open a deposit account

Any bank licensed by the Central Bank of Portugal, including prominent national and international banks such as Millennium BCP, Caixa Geral de Depósitos, Novo Banco, and Banco de Investimento Global, could process the applicant's request to a credit institution to open a deposit account.

The applicant has to provide the bank with their passport details, financial data, and Portuguese taxpayer number. They also have to supply the contact details of the person acting as their tax representative in Portugal. The bank then conducts a background check on the applicant to ensure they have no criminal record, are not on any sanctions lists, and have no history of tax evasion. These are prerequisites to open a bank account in Portugal.

In addition, the applicant has to submit their fingerprints and complete a signature card. This is the final step to open a bank account in Portugal.

When the capital transfer option was available for the Golden Visa, upon successful verification, the applicant's deposit account was opened, and they could deposit the necessary funds (€1,500,000) to participate in the permanent residence permit program. Within 24 hours, Portuguese banks would likely receive the €1,500,000 deposit. The bank would then confirm the transfer, and the applicant's attorney received a bank statement attesting to the existence of a balance equal to the required sum in the applicant's account. This letter indicated that the program's investment requirement had been met.

Note: While applying for the Portugal Golden Visa in this way is longer possible, you will likely still need a NIF and a Portuguese bank account if you are interested in applying for the visa, and the process for attaining both remains largely unchanged. It is mandatory to appoint a fiscal representative in order to get a NIF. Additionally, it can be very beneficial to have a fiscal representative if you want assistance with tax obligations and help navigating the Portuguese regulations — particularly if you own or intend to own property in Portugal or have other tax liabilities in the country.

Useful Resources

If you're thinking about applying for the Golden Visa option and getting Portuguese residency, we think you might be interested in the following blog posts:

Frequently Asked Questions About Golden Visa Bank Accounts

What is the minimum investment for a Golden Visa in Portugal?

In 2024, the pathway with lowest minimum investment is a cultural heritage donation, which requires a €200,000 donation in low-density areas or a €250,000 donation elsewhere. For the job creation, scientific research, and investment fund pathways, you would need to invest at least €500,000.

Previously, the minimum investment for a Portugal Golden Visa via a real estate investment in designated interior areas of Portugal worth at least €500,000 or €350,000 for a rehabilitation project. If you were purchasing property in a designated 'low-density' area, a 20 percent discount applied. You could also deposit €1,500,000 into a Portuguese bank account in order to get the Golden Visa. However, both of the options were discontinued in October 2023, and they remain ineligible.

How do you qualify for a Golden Visa in Portugal?

To qualify for the Golden Visa Program in Portugal, it's necessary for applicants to open bank accounts in Portugal and make one of the following investments:

Purchase a property in a Portuguese urban regeneration area for €350,000. If the property is in a low-density region, the price is reduced to €280,000.
Contribute at least €500,000 to a qualified investment fund or job creation scheme with a Portuguese company.
Contribute at least €500,000 to scientific or technology research or at least €250,000 to the restoration of Portuguese culture or the arts.

You must be 18, have a clean criminal record, and legally obtain all your assets to qualify. It is advisable to consult with an experienced immigration lawyer to ensure that your Golden Visa application has the best possible chance of success.

The following investment routes are no longer available:

Purchase property worth at least €500,000. If the property is located in a low-density region, a 20 percent discount applies. Note: As of January 2022, purchasing property in major cities like Lisbon, Porto, or much of the Algarve isn't allowed.
Deposit at least €1.5 million in a bank account in Portugal.

How does a Golden Visa work?

The Golden Visa immigration program allows individuals to obtain a residence permit in another country by making a significant investment or donation.

After five years, you can acquire a permanent residence permit. Citizenship can be sought after maintaining residency for five years, subject to Portugal's nationality law requirements.

Which Golden Visa investment programs accept a bank deposit?

In 2024, the Greece Golden Visa and the Luxembourg Golden Visa programs still accept bank deposits as investments. In Portugal, the bank deposit investment pathway is no longer eligible for a Golden Visa, nor is buying property.

Is there an annual income requirement for the Golden Visa process?

The Portugal Golden Visa program doesn't have a specific annual income requirement. While your chosen investment pathway needs to be met (ranging from €200,000 to €500,000), demonstrating sufficient financial resources to support your stay is crucial. This can be proven through bank statements, employment income, or other sources. Remember, an immigration lawyer can offer personalized guidance on what constitutes "sufficient" based on your unique circumstances.

Does a Golden Visa application require health insurance?

The Portugal Golden Visa itself does not directly require private health insurance as part of the application process, but having valid health insurance coverage is mandatory for both the main applicant and their dependents if they intend to relocate to Portugal with the Golden Visa. Private health insurance in Portugal is available can cost between €30 to €150 per month.

Can you finance a Portuguese Golden Visa with a loan?

It is possible to finance a Portuguese Golden Visa application with a loan, but the funds must come from a non-Portuguese bank.

Can I make bank deposits to get a Golden Visa in Portugal?

No, as of October 2023, you can no longer make cash deposits in a local Portuguese bank or in regulated institutions to get the Golden Visa. However, you can opt for other attractive investment routes such as venture capital funds, arts & cultural donations, and investment in scientific research.

Alternatively, you can apply for the Greek Golden Visa, which allows you to make a deposit of at least €400,000 in a domestic credit institution bank account in Greece.

What is the cash deposit for Golden Visa?

Previously, investors could qualify for the Porruguese Golden Visa by depositing at least €1.5 million in a bank account in Portugal. This investment pathway was discontinued in October 2023.