-
Preliminary planning & selection of investment vehicle
Choose which investment route to pursue (fund, business, arts, research, etc.). Conduct due diligence on the fund or project. -
Obtain Portuguese Tax Number (NIF / Número de Identificação Fiscal)
You need a Portuguese tax number for many aspects (e.g. opening a bank account, transferring funds). -
Open a Portuguese bank account
Required to receive or channel the investment funds properly. -
Prepare and authenticate documentation
Required documents include: valid passport, police clearance, proof of funds, investment agreement, translated and apostilled copies, etc. -
Make / finalize the investment
The investment must be done before or at the time of application submission (depending on the route). -
Submit application (digital) via ARI portal
Since 2025, applications are submitted digitally, not via paper. -
Pre-approval / processing period
Portuguese authorities review your documentation, check investment compliance, and issue a pre-approval. -
Biometrics / in-person appointment
After pre-approval, a biometric appointment is scheduled (fingerprints, photos). -
Final approval & issuance of the residence card
Once approved, you pay relevant fees, and the residence permit is granted. -
Maintain investment & meet stay requirements over 5 years
Renew the permit as required (every two years) while keeping your investment and meeting the minimal presence requirement.
Portugal Residency by Investment for Chinese Investors (2025)
João Villa-Lobos
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Below is a detailed guide to the Portugal Golden Visa (Residence Permit for Investment Activity, “ARI”) as of 2025, with special notes and tips for Chinese investors.
1. What is the Portugal Golden Visa?
- It is a residency-by-investment scheme for non-EU / non-EEA / non-Swiss nationals, enabling them and their qualifying family members to live, work, and study in Portugal.
Benefits include:
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- Travel freedom within the Schengen Area (visa-free for short-term stays)
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- Access to Portuguese public healthcare and education (for residents)
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- A path to permanent residence and eventual Portuguese citizenship (an EU passport) after fulfilling certain conditions such as investment maintenance, minimal residence, and language integration
- The program has undergone recent reforms; in particular, real estate and pure capital transfer options are no longer eligible as of October 2023.
- New qualifying investment routes focus on funds, scientific research, cultural heritage, and business / job creation.
2. Eligibility Requirements & Conditions
Below is an overview of what you need to satisfy to qualify.
| Criterion | Key Details / Notes |
|---|---|
| Nationality / Age | Must be non-EU / non-EEA / non-Swiss. The main applicant must be 18 years or older. |
| Clean criminal record | Must provide police / criminal record certificate(s) from your country of residence and country of origin. |
| Proof of legitimate source of funds | The investment funds must originate from legal sources, and full documentation of the fund flow (bank transfers, etc.) is required. |
| Investment in an eligible route | Must make a qualifying investment per the updated list of allowed routes (see next section) before submitting the application. |
| Maintain investment for minimum period | The investment must be held / maintained for at least 5 years. Otherwise, risk losing residency status. |
| Minimum stay / physical presence requirement | Very lenient: in the first year, you must spend at least 7 days in Portugal; in subsequent years, 14 days per 2 years. This is a “stay requirement” to keep the permit valid, not full-time residency. |
| Family inclusion / dependents | You may include spouse or legal partner; dependent children (under age or studying / unmarried); parents under certain conditions (dependence). |
| Language / integration (for citizenship stage) | To apply for Portuguese citizenship later, you will likely need to demonstrate basic Portuguese (A2 level) and satisfy minimal integration criteria. |
| Other documentation | Valid passport; Portuguese tax number (NIF); translated and apostilled documents; health insurance; etc. |
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3. Qualifying Investment Routes (as of 2025)
Since the reform, the eligible investment options have narrowed. Below are the main routes currently accepted.
| Route | Minimum Investment | Key Features / Conditions |
|---|---|---|
| Investment in a qualifying fund (private equity, venture, capital funds, etc.) | €500,000 | Funds must be regulated by the Portuguese Securities Market Commission (CMVM), have a minimum maturity of 5 years, and invest at least 60% in Portuguese companies (non-real-estate). |
| Scientific research / innovation | €500,000 | Investment in approved research institutions or projects. |
| Cultural heritage / arts / restoration projects | €250,000 (possibly €200,000 in low-density areas) | Includes donations to artistic production or heritage restoration projects. |
| Business / capital & job creation route | Around €500,000 | Establish or invest in a Portuguese company, creating a certain number of jobs (e.g. 10 jobs) or investing in share capital. |
Points to note:
- Real estate (residential, commercial, or capital transfer to real estate) is no longer eligible under the Golden Visa scheme as of October 2023.
- The fund route is now the leading choice for many because it offers diversification, liquidity (after maturity), and simpler management.
- Investment amounts may sometimes be reduced (e.g. cultural projects in low-density areas) by up to 20% (thus €200,000) under certain conditions.
- Your chosen investment must remain valid and eligible for the entire 5-year period; switching investment mid-period can jeopardize your status.
4. Application Process & Timeline
Here is a step-by-step outline of how to apply, typical timelines, and procedural tips.
Step-by-Step Application
Typical Timeline
- Document preparation: 2-3 months (especially for translations and authentications)
- Application processing / pre-approval: 12-18 months or more (depending on backlog)
- Biometric appointment scheduling: typically 30-90 days after pre-approval
- Final card issuance: 4-6 months after biometrics (varies)
- Overall, expect around 18 to 24+ months from start to final approval in many cases.
Caveats / potential delays:
- Backlogs and increased scrutiny are common.
- Errors in documents, missing apostilles, or translation issues can cause rejections or requests for corrections.
- Ensuring the investment remains valid and eligible throughout is critical.
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5. Renewal, Residency Maintenance & Citizenship Path
Renewal & Residency Maintenance
- The permit is usually valid for 2 years and must be renewed if conditions continue to be met.
- At renewal, you must show that your investment is still maintained, that you fulfilled minimal presence, and that your documents remain valid.
- If at any point you fail to maintain the investment or break major rules, your permit may be revoked.
Permanence, Citizenship & Dual Nationality
After 5 years of legal residency under the Portugal Golden Visa (and compliance with conditions), you may apply for permanent residence or citizenship (naturalization).
Requirements for citizenship include:
- Proof of minimal connection to Portugal
- Basic Portuguese language test (commonly A2 level)
- No criminal record
- Fulfillment of other legal criteria per Portuguese nationality law
Note: In 2025, there is a draft law proposing to extend the required residency period for citizenship from 5 to 10 years (except for CPLP nationals) or 7 years in some cases. This is not yet fully enacted but worth monitoring. Portugal allows dual nationality.
6. Costs & Fees
Here are approximate costs and fees you should be aware of (beyond the investment itself):
- Government / application fees (processing, administrative) — amounts vary depending on categories and number of family members
- Translation, apostille, and notarial fees for documents from China
- Legal / consultant / advisory fees (strongly recommended)
- Banking / transfer fees (for moving large sums into Portugal)
- Possible due diligence / auditing costs for verifying the source of funds
- Renewal fees for each permit renewal cycle
- Costs for language courses / citizenship requirements as needed
Because of variations, you should request a detailed cost breakdown from your legal advisor based on your particular route and family size.
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7. Risks & Challenges
Chinese (and other) investors should consider key risks and challenges:
- Regulatory changes: As seen in 2023/2024, major changes (e.g. removal of real-estate route) can happen. Future changes (e.g. longer citizenship residency) may arise.
- Stringent source-of-funds scrutiny: Authorities will test whether funds originate legally and whether they have been properly transferred.
- Investment risk: Fund investments carry inherent financial risk; ensure you conduct due diligence and assess fund performance and structure.
- Delays or administrative issues: Backlogs, bureaucratic slowdowns, or documentation problems can delay the process.
Apostille & Document Legalization in Macau
| Issue | Guidance |
|---|---|
| Languages | Most official documents are bilingual (Portuguese–Chinese), so translation needs are often minimal. |
| Processing time | Usually 3-5 working days after submission. |
| Fee | Around MOP 60-80 per Apostille (≈ €7-9). |
| Verification | Each Apostille includes a unique serial number and can be verified via DSAJ’s website. |
| Where to apply | Submit in person or through a representative at DSAJ. |
8. Common Points of Contact Between China and Portugal
Although Chinese and Portuguese come from very different language families (Sino-Tibetan vs. Indo-European), they share several historical, cultural, and linguistic intersections — especially due to long contact since the 16th century.
1. Deep Historical Connection
- Macau: The Key Bridge
In 1557, Portugal established a permanent settlement in Macau, which became the first European foothold in East Asia.
Macau remained under Portuguese administration for over 440 years – until its return to China in 1999.
This centuries-long coexistence created a unique cultural and linguistic fusion, still visible in Macau’s architecture, cuisine, law, and vocabulary.
- Early East–West Exchange
Jesuit missionaries like Matteo Ricci and Michele Ruggieri (both connected to Portuguese missions) introduced Western science, cartography, and religion to China during the Ming dynasty.
The first Chinese–European dictionary was a Portuguese–Chinese dictionary compiled in 1583-1588 by Ruggieri and Ricci.
Likewise, the first Western book printed in Chinese was produced in Macau.
2. Linguistic and Lexical Influence
Because of daily contact in Macau, Portuguese words entered Cantonese, and a few Chinese words entered Portuguese.
Portuguese → Cantonese
| Term | Meaning |
|---|---|
| 沙甸拿 (saat din na, sardinha) | sardine |
| 士多 (si do, store) | shop |
| 士碌架 (si luk ga, sirocco) | cart |
| 士多啤梨 (si do be lei, strawberry) | strawberry |
Chinese → Portuguese
| Term | Meaning |
|---|---|
| chá | tea |
| ginseng | 人參 (ren shen) |
| juncos | 船 (junk boat) |
| sampana (sampan) | small boat |
3. Shared Cultural Traits and Values
| Theme | Chinese Perspective | Portuguese Perspective | Common Ground |
|---|---|---|---|
| Family | Filial piety and multigenerational bonds | Strong family and community ties | Deep respect for elders and close kinship |
| Cuisine | Rich regional diversity; emphasis on sharing dishes | Mediterranean variety; communal dining | Food as social bonding, symbolic meaning in meals |
| Respect and Courtesy | 礼 (lǐ) – ritual propriety and respect | Politeness and formal manners (etiqueta) | Value of dignity, hospitality, and face-saving |
| Harmony and Balance | 道 (dao) – harmony with nature and people | Saudade and balance in emotion, fate | Emotional depth, moderation, and reflection |
4. Legal and Administrative Links
- Macau retains the Portuguese legal system (Civil Law), written in Portuguese, even after 1999.
- Many Macanese lawyers, judges, and civil servants are bilingual Chinese–Portuguese.
- Portugal is one of the few European countries where Mandarin is taught officially in schools and universities, due to close ties with China and Macau.
5. Shared Global Outlook
- China: Silk Road and maritime trade.
- Portugal: Age of Discoveries and global exploration.
- Both have diasporas around the world and centuries of maritime culture.
- Both value education, endurance, and adaptability.
6. Cultural Parallels in Art and Expression
| Area | Portuguese Expression | Chinese Equivalent | Shared Spirit |
|---|---|---|---|
| Music & Emotion | Fado (melancholic music expressing “saudade”) | 古琴 / 民乐 (expressive, introspective traditional music) | Deep emotional resonance and nostalgia |
| Calligraphy / Literature | Poetic simplicity, lyrical introspection | Poetic brevity and imagery | Love of metaphor, rhythm, and harmony |
| Architecture | Azulejos (blue tiles) | Blue-and-white porcelain | Shared aesthetic of blue-white contrast |
7. Modern Connections
- Language education: Portuguese is an official language in Macau and taught widely in China (Beijing, Shanghai, Guangzhou).
- Economic diplomacy: The Forum Macau (中葡论坛) bridges trade between China and Portuguese-speaking countries (CPLP).
- Cultural exchange: Film festivals, art exhibitions, and culinary events celebrate the fusion of Chinese and Lusophone traditions.
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Applying for the Portugal Golden Visa as a Chinese investor
Applying for the Portugal Golden Visa as a Chinese investor requires special attention to certain regulatory, financial, and procedural details that differ from applicants in other countries. Below is a comprehensive 2025 guide explaining exactly what to watch out for — from fund transfers and documentation to timing and compliance.
What are the specific special points that Chinese investors need to look into when applying for Portugal Golden Visa
1. Fund Transfer and Capital Controls
China’s foreign exchange (SAFE) restrictions
China’s State Administration of Foreign Exchange (SAFE) limits individuals to USD 50,000 equivalent per year in foreign exchange transfers. However, the minimum Golden Visa investment (e.g. €500,000) far exceeds this limit.
Solution:
- Use multiple family members (each transferring within their limit),
- Or transfer via a Chinese company with an approved outbound investment (ODI) quota,
- Or through Hong Kong accounts, after complying with all PRC and HK regulations.
These transfers must be well documented, and Portuguese authorities will require proof of the legal origin of funds.
2. Proof of Source of Funds
Portuguese immigration authorities (AIMA, formerly SEF) require detailed documentation proving that the invested capital comes from legitimate, traceable, and legal sources.
Common acceptable evidence includes:
- Salary income (employment contracts, payslips, tax records)
- Company dividends or retained earnings (audited financial statements, business license, tax filings)
- Sale of real estate or shares (deeds, sale contracts, bank receipts)
- Inheritance or gifts (legal declarations, donor’s tax record)
For Chinese applicants:
- Documents must be notarized by a Chinese notary office,
- Apostilled by the MFA or provincial Foreign Affairs Office (since 2023),
- Then translated into Portuguese by a certified translator.
3. Choosing the Right Investment Route
Since October 2023, real estate purchases no longer qualify for Golden Visas. Chinese investors must focus on other eligible routes:
| Route | Minimum | Tips for Chinese Investors |
|---|---|---|
| Venture / Private Equity Funds | €500,000 | Most popular today; pick CMVM-regulated funds with audited accounts and clear exit strategies. |
| Research & Development | €500,000 | Requires cooperation with a Portuguese scientific institution. Suitable for corporate investors. |
| Arts / Cultural Heritage Donation | €250,000 (€200,000 in low-density areas) | Lower entry cost; ensure donation is to a project pre-approved by the Ministry of Culture. |
| Job Creation / Business Investment | €500,000 + jobs | Can be complex for non-residents; need a reliable local partner and tax planning. |
4. Due Diligence on Portuguese Funds and Advisors
- Verify the fund’s CMVM registration number (Portuguese Securities Market Commission).
- Check the fund manager’s track record and audited performance.
- Ask for annual reports, exit mechanism, and custodian bank details.
- Avoid intermediaries promising “guaranteed returns” – the regulator prohibits that language.
- For high-value transactions, engage a Portuguese law firm with AML-KYC experience and ideally a Chinese-speaking team.
5. Documentation Specificities
You will need (and must legalize / translate):
| Category | Document |
|---|---|
| Identity | Passport, national ID, household registration (户口簿) |
| Financial | Bank statements (6-12 months), tax receipts, proof of source of funds |
| Police record | Police Clearance Certificate (无犯罪记录证明) |
| Family | Marriage certificate, birth certificates for dependents |
| Health | Proof of health insurance valid in Portugal |
| Tax | Portuguese NIF (tax ID) — can be obtained via lawyer or tax representative |
Important for Chinese documents:
- Since 2023, use Apostille, not consular legalization.
- For Hong Kong, Macau, or Taiwan documents, their own Apostille systems apply (all recognized in Portugal).
6. Timing, Backlogs, and Processing
- Expect 12-24 months processing time due to AIMA backlog.
- Documents older than 6 months (like police certificates) must be renewed before submission.
- Start document preparation early, especially apostille and translation – it can take 1-2 months inside China.
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7. Tax and Currency Issues
- Chinese investors often misunderstand Portugal’s Non-Habitual Resident (NHR) or new tax regimes.
- Note: NHR regime was replaced in 2024 by the Incentivised Tax Status (ITS) program – more limited.
- Get tax advice before transferring funds to structure investment efficiently.
- All investments must go through a Portuguese bank account under your name – opened after you get your NIF (Número de Identificação Fiscal).
8. Family Inclusion
You can include:
- Spouse or partner
- Dependent children (under 18 or full-time students under 26)
- Dependent parents (if proven financially dependent)
For dependents, ensure all birth / marriage documents are properly apostilled and translated, and consistent in spelling and names across Chinese and English versions.
9. Language and Citizenship Preparation
- For citizenship after 5 years, a basic Portuguese test (A2 level) is required.
- Plan early: start learning simple Portuguese phrases – many investors take online lessons before applying.
- Maintain proof of stay (7 days per year minimum) – keep travel records for renewals.
10. Common Pitfalls for Chinese Applicants
| Issue | Risk | How to Avoid |
|---|---|---|
| Using informal channels for remittance | Funds deemed illegal | Use official bank transfers with proof |
| Missing apostille or mistranslation | Application rejected | Hire professional translator & apostille service |
| Relying on unregulated intermediaries | Fraud risk | Verify with CMVM / law firm |
| Outdated police certificate | File returned | Renew before submission |
| Misunderstanding stay requirement | Permit lapses | Keep at least 7 days/year in Portugal |
| Using joint accounts incorrectly | Ownership confusion | Ensure investment is in applicant’s name |
| Not planning taxes | Double taxation risk | Get cross-border tax planning advice |
Why Work With The Blue Portugal
- Specialists in Portugal Golden Visa.
- Proven, since a long time ago, good experience with investors from all Greater China (Mainland, Taiwan, Hong Kong and Macau).
- Deep knowledge of the investment funds area — the founding partners have a strong professional background on this area.
- End-to-end support — from NIF to citizenship.