European Golden Visa Comparison

At least €500,000 in units/parts of a non-real-estate collective investment undertaking constituted under Portuguese law. At the time of investment the vehicle must have a maturity of at least five years and at least 60% of its investments must be in commercial companies headquartered in Portugal. The ARI activity may not be directly or indirectly directed to real-estate investment. Portuguese-law vehicle; €500k minimum; no current real-estate ARI route.

Standard purchase under Article 100 uses one property. For built/permitted property the main-use area must meet the 120 m² rule. Unbuilt land, land plus construction, qualifying co-ownership and full-company-ownership mechanisms require their own documentary treatment and are not separate universal price shortcuts. Threshold is €800k in high-threshold geography and €400k elsewhere; no universal Greek minimum.

The €500,000 threshold is route-specific and must not be presented as the minimum for the entire Portuguese ARI programme. No statutory low-density reduction applies to this route.

Standard property thresholds depend on geography. The standard route is not the €250k conversion/listed-building exception. For relevant built/permitted property, one qualifying property and 120 m² of main-use space are material conditions. €800k: Attica, Thessaloniki regional unit, Mykonos/Thira regional units and islands over 3,100 inhabitants; €400k elsewhere.

AIMA may require adequate means and accommodation, including at renewal. Foreign income, pensions, financial investments and bank evidence may support the assessment. Do not treat the investment itself as a universal exemption or invent a separate fixed wealth threshold.

The qualifying investment follows the selected B.4, B.5 or B.6 category. Financial and source-of-funds evidence must match the investor, visa and family applications. Family admission does not multiply the qualifying investment by the number of dependants.

Government fees are separate from the qualifying investment. Published reduced amounts are €632.10 for analysis and €6,314.20 for the initial grant where the 25% channel reduction applies. The DUC issued for the case controls the amount payable. One adult, standard 2026 AIMA column; a conditional 25% channel reduction is published. Family fees are assessed per person and category; the qualifying investment is not multiplied by family size. Family members apply in their own categories and incur applicable per-person permit, document and insurance costs. The qualifying investment is shared and is not multiplied by the number of dependants.

Official B.5 sources show a €2,000 residence-permit fee plus €16 for printing the electronic residence card. Investment value, transfer tax, insurance and private transaction costs are separate. Principal applicant, initial B.5 grant; family fees differ and are not multiplied from this amount. Family fees are assessed per person and category; the qualifying investment is not multiplied by family size. Family members apply in their own categories and incur applicable per-person permit, document and insurance costs. The qualifying investment is shared and is not multiplied by the number of dependants.

Published reduced amounts are €632.10 for analysis and €3,157.80 for renewal where the 25% channel reduction applies. This is not an annual cost. Per applicant, per renewal, standard 2026 AIMA column; conditional reduction may apply. Family fees are assessed per person and category; the qualifying investment is not multiplied by family size.

The B.5 residence rules provide the same €2,000 residence fee and separate €16 card-printing charge for B.5 renewal. This is not an annual charge. Principal applicant, per B.5 renewal; family-member fees follow their own categories. Family fees are assessed per person and category; the qualifying investment is not multiplied by family size.

The first residence card is valid for two years. Renewal cards are issued for three years. ARI is a temporary residence authorisation, not permanent residence at the initial grant.

Article 100 B.5 procedures issue a five-year renewable investor residence permit. The legal/public label can include 'permanent investor', but the immigration basis remains tied to the qualifying asset or contract. The five-year card remains linked to the qualifying investment/asset; it is not independent permanent settlement.

Renewal cards are issued for three years. The qualifying investment, minimum-stay evidence and other renewal requirements must continue to be met. Card validity does not remove the requirement to submit a renewal application.

B.5 renewal is five-yearly. Ownership or the qualifying tourism/lease relationship must remain in force, and route-specific conditions such as listed-building restoration milestones apply. The qualifying property/contract and route-specific renewal conditions must remain satisfied.

The ARI regulation requires at least seven days in the first year and at least fourteen days in each subsequent two-year period. This should not be flattened into a generic days-per-year figure. Days may be consecutive or non-consecutive and are relevant to ARI renewal.

The validated B.5 record does not impose a general continuous-physical-presence minimum to renew solely because of absence. This must not be presented as satisfying the separate actual-residence conditions for naturalisation or long-term status. Absence alone is not the same as naturalisation residence; procedural attendance still applies.

ARI requires evidence of health protection. An SNS number alone does not establish publicly funded entitlement; the health record and residence documentation must meet the public system requirements. Check protection for each family member.

B.5 administrative procedures require a private insurance policy. For B.4/B.6, confirm the accepted coverage and certificates against the current permit checklist. A residence card alone must not be advertised as free public healthcare.

The spouse qualifies under Art. 99 and a duly proven de facto partner may qualify under Art. 100. The marriage/union must be valid and recognised under Portuguese law and both partners must be at least 18 at the request date. Art. 98(3)(c) exempts family of Art. 90-A holders from the general two-year waiting period. ARI family members are exempt from the general two-year family-reunification wait. ARI is exempt from the general two-year reunification waiting rule. Family applications remain subject to evidence and assessment.

The current family framework includes the spouse or registered partner. Family permits are linked to the investor's status and should not be described as independent admission without the statutory relationship evidence. Family eligibility follows Article 95; relationship and documentary conditions apply.

Eligible categories include dependent minor or incapacitated children, qualifying adopted minors, and dependent unmarried adult children who are studying. The ARI-specific rule in Art. 99(1)(e) does not require the adult student's institution to be in Portugal. Adult children must be dependent and unmarried; ARI students may study outside Portugal. Continuation depends on the applicable family or autonomous-residence category, not merely age at the original ARI application. Updated proof of adult dependency and studies can be required.

The current framework covers unmarried children under 21 and specified custody/dependency cases. Law 5275/2026 adds a defined adult-child legal-incapacity case with cohabitation/maintenance conditions. A separate three-year autonomous permit when an eligible child turns 21 is not the same as initial admission at age 24. Do not treat the separate 21-to-24 autonomous route as initial admission up to age 24.

Art. 99(1)(f) covers first-degree direct ascendants of the resident or spouse provided they are dependent. The comparator should not broaden this to grandparents. First-degree direct ascendants of the holder or spouse must be dependent.

Article 95 family rules include direct ascendants. The comparator intentionally avoids adding an unsupported generic dependency test; documentary and relationship requirements still apply. Do not import Portugal-style dependency wording unless Greek law expressly requires it for the specific case.

Art. 83 gives residence-permit holders the right to employed and self-employed professional activity in Portugal without a separate authorisation based on foreigner status. This is a Portuguese right; it does not create an EU-wide right to work.

Current MITOS B.5 procedures expressly state that investor residence permits do not establish a right of access to employment. This does not prevent ownership/investment rights but must not be presented as a general work permit. Investor residence does not authorise ordinary employment; do not infer EU-wide work rights.

A residence permit issued by a Schengen state supports short travel to another Schengen state within the 90/180 rule, subject to the applicable entry conditions. More than 90 days or work/residence in another state requires that state's rules. Up to 90 days in any 180-day period in other Schengen states; no right to reside/work there.

A valid Greek residence permit supports short travel to other Schengen states within the 90/180 framework, subject to the usual entry conditions. Longer residence or work is governed by the destination state's rules. Up to 90 days in any 180-day period in other Schengen states; no right to reside or work there.

Tax residence can arise through more than 183 days in the relevant twelve-month period, or a home indicating an intention to maintain and occupy it as habitual residence. Treaty rules and partial-year provisions may matter. The ARI minimum-stay test is a different test.

AADE considers permanent/principal residence, habitual abode and the centre of personal and economic interests. Presence exceeding 183 days in a twelve-month period is another test, with statutory exceptions. Special tax regimes require a separate assessment.

National permanent residence is not automatic. ARI holders who meet Art. 80 may receive the special permanent ARI title under Art. 65-K, which excludes the ordinary permanent-residence absence-cancellation rules referenced there. The separate EU long-term resident status also starts from five years but requires legal and uninterrupted residence, stable resources, insurance, housing and basic Portuguese; absences must be under six consecutive months and at most ten months total in the five-year reference period. Art. 80 requires five years of temporary residence plus means, housing, record and basic Portuguese.

The B.5 permit can be renewed in five-year periods but remains linked to the qualifying investment. Independent national/EU long-term residence is a separate status requiring its own residence/integration conditions; five calendar years of Golden Visa holding alone do not establish eligibility. The 'permanent investor' label does not remove the qualifying-asset link or create automatic EU long-term status.

Ordinary naturalisation under the 2026 law has a seven-year residence threshold for nationals of Portuguese-speaking countries and EU states, and ten years for others. Other statutory requirements and transitional rules apply. Eligibility does not guarantee approval or a processing time.

MITOS, last updated 1 October 2026, states seven years of legal and permanent residence for the ordinary naturalisation route, with economic/social integration and other statutory conditions. A Golden Visa holder who simply keeps the card while living abroad does not satisfy that actual-residence condition by card duration alone. Requires legal and permanent residence plus substantive integration; card holding abroad alone is insufficient.