Portugal Residence by Investment Program for Brazilian Investors
João Villa-Lobos
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The Portugal Golden Visa (Autorização de Residência para Investimento, ARI) remains active, though real estate investments no longer qualify since October 2023. The program continues to offer residence rights and a path to permanent residence and citizenship through specific investment routes.
Rights and Benefits
- Live, work, and study in Portugal.
- Travel freely within the Schengen Area.
- Apply for permanent residence or citizenship after 5 years (subject to upcoming law changes).
- Include spouse, dependent children, and parents.
- Benefit from Portugal’s public education and healthcare systems.
Why it’s particularly attractive for Brazilians
- Cultural and linguistic ease: Portuguese is shared — so no language barrier for everyday life or for the A2-level Portuguese test needed for citizenship.
- Legal proximity (CPLP agreements): As part of the Community of Portuguese Language Countries (CPLP), Brazil and Portugal have several fast-track mechanisms for residence, mobility, and professional recognition.
- Simplified citizenship path: Even though general nationality law might change, CPLP citizens may retain a shorter residency requirement (7 years proposed) under current legislative discussions.
- Tax and family advantages: Dual citizenship allowed, and Brazil–Portugal have a double taxation treaty (DTT) to avoid double taxation on income, pensions, and investments.
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Eligible Investment Routes
Currently, these are the main valid routes:
| Category | Minimum Investment | Notes |
|---|---|---|
| Venture Capital or Private Equity Fund | €500,000 | Non-real-estate funds with ≥60% invested in Portuguese companies. Must hold ≥5 years. |
| Research & Development | €500,000 | To a public or private Portuguese research institution. |
| Arts or Heritage Support | €250,000 (€200k in low-density areas) | Donation to projects approved by GEPAC / Ministry of Culture. |
| Company Incorporation or Job Creation | €500,000 | Create 5 new jobs or maintain 10 existing full time jobs. |
Application Process
- Get a Portuguese tax number (NIF)
Can be done remotely via a fiscal representative or lawyer. - Open a Portuguese bank account
Required to transfer the investment capital. - Execute the investment
Subscribe to the eligible fund, donate to an approved cultural project, or establish the company
Gather documents
- Valid passport and proof of address.
- Criminal record from Brazil (Federal Police) and other countries of residence.
- Proof of lawful source of funds.
- Marriage/birth certificates (for family inclusion).
- Documents must be apostilled (Brazil is a Hague Convention member) and translated into Portuguese by a certified translator.
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- Submit online application via the ARI Portal
Pay the analysis fee (~€807). - AIMA interview and biometrics
The Agency for Integration, Migration and Asylum (AIMA) replaced SEF in 2023. - Residence card issuance
Initial card valid for 2 years, renewable for 2-year periods.
- Submit online application via the ARI Portal
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Tax and Legal Considerations for Brazilians
- Double Tax Treaty: prevents double taxation of income between Brazil and Portugal.
- Non-Habitual Resident (NHR) regime: though phased out for new applicants, some investors may still benefit through transitional rules.
- Currency exchange: Brazilian Central Bank regulations allow international transfers for investment — but proof of origin and declaration in Brazil (BACEN/SISBACEN) are required.
- Dual citizenship: fully allowed under Brazilian and Portuguese law.
Quick Checklist
- Choose investment route (fund, culture, R&D, company).
- Hire a Portuguese lawyer and get NIF + bank account.
- Transfer investment from Brazil (document source of funds).
- Collect and apostille all documents.
- Apply via ARI Portal → pay analysis fee.
- Attend AIMA biometrics appointment
- Receive residence card and maintain investment for 5 years.
- Track any nationality law updates if aiming for citizenship.
Language and Integration
- You already meet the language requirement for citizenship (A2 Portuguese level), since Portuguese is your native language.
- This simplifies your path to citizenship after 5 years of residence (or 7 years if the proposed law extends it).
Recognition of Qualifications
- Under Law 66/2018, Brazil and Portugal have a bilateral agreement for academic and professional diploma recognition.
- Many Brazilian degrees (medicine, engineering, law, etc.) can be validated faster than for non-CPLP nationals.
- This is particularly useful if your investment includes founding or working in a Portuguese company.
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Currency Controls & Capital Transfers from Brazil
- The Brazilian Central Bank (BACEN) allows foreign investments but requires:
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- Declaration of the transfer (RDE-IED system).
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- Proof of lawful source of funds.
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- Currency exchange through authorised Brazilian banks.
- You’ll also need to declare foreign assets to Receita Federal (Brazilian tax authority).
- Work with a CVM-licensed financial advisor or lawyer to manage transfers to your Portuguese account.
Tax Coordination Between Brazil and Portugal
- The Double Tax Treaty (DTT) between Brazil and Portugal avoids double taxation on income and investments.
- Key points:
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- Portuguese-source income is taxable only in Portugal (with some exceptions).
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- You can credit Portuguese tax paid against Brazilian tax due.
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- Be aware of CIDE, IOF, and exit tax if you change tax residency.
- The Golden Visa itself does not make you a Portuguese tax resident unless you live there >183 days/year or establish a permanent home.
Bank Accounts and NIF (Tax Number)
- As a Brazilian, you can remotely obtain a Portuguese NIF through a Portuguese lawyer or fiscal representative.
- Major Portuguese banks (Millennium, BPI, Banco Best, Novo Banco) accept Brazilian clients and understand ARI fund transfers, but they’ll request:
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- CPF, Brazilian tax declaration, proof of address.
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- Recent bank statements showing lawful source of funds.
Family Reunification Rules
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- You can include:
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- Spouse or civil partner.
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- Children under 18 or dependent adult children in full-time study.
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- Dependent parents (your or your spouse’s).
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- All Brazilian family documents must be apostilled and translated into Portuguese (Portugal Portuguese standard).
Dual Citizenship and Legal Compatibility
- Both Brazil and Portugal allow dual citizenship — no renunciation needed.
- Citizenship gives access to EU residence and work rights, and many Brazilians keep both passports.
Tax Residency Planning (“Planejamento Tributário”)
- Some Brazilian investors choose to remain Brazilian tax residents during the 5-year ARI period to avoid exit taxes.
- If you relocate fully, Portugal’s Non-Habitual Resident (NHR) regime (being phased out but with transitional rights) could still apply if you register before final termination.
- Always consult both Portuguese and Brazilian tax advisors to avoid double filing or asset declaration errors.
Citizenship Timeline and CPLP Privilege
- Under current law: 5 years of legal residence for naturalisation.
- Under proposed reforms (2025): 10 years, but 7 years for CPLP nationals, so Brazilians would retain a shorter route.
- Time under the Golden Visa counts as residence for nationality purposes.