Portugal Golden Visa: how Australian citizens can obtain EU residency

The Portugal Golden Visa allows non-EU citizens to obtain Portuguese residency by investment. Between 2012 and 2023, the program has awarded over 32,000 Golden Visas to investors and their families.

The minimum investment required to apply for residency is €250,000, which must be contributed to support Portugal’s arts and cultural heritage.

Other qualifying options include investing at least €500,000 in fund units, local businesses, or research, as well as opening a company and creating at least 10 jobs.

The residence permit is valid for 2 years and can be renewed indefinitely. To maintain residency, investors and their family members must spend at least seven days each year in Portugal.

1. Opportunity to live in Portugal for more than 90 days. Australian citizens can only spend 90 days in Portugal in a 180-day period without a visa. The Golden Visa allows them to stay in the country indefinitely as long as their residence permit is valid.

2. Easy travel across Europe. Living in Portugal makes European travel much more convenient compared to flying from Australia. From Portugal, the whole continent is accessible in five hours by plane. Major cities, like Rome and Paris, can be reached in three hours or less.

3. Minimum stay requirement. Golden Visa holders are not required to reside in Portugal full-time. They need to spend only seven days per year in the country to maintain residency and renew their permits every two years.

4. Residence permits for family members. The investor can include a spouse, children under 26, and parents in the application, allowing the entire family to relocate to Portugal.

5. Citizenship in 5 years. After five years of residency, investors and their families can apply for Portuguese citizenship—one of the fastest paths to EU citizenship. In comparison, Greece requires 7 years of residency after obtaining the Golden Visa, while Spain mandates at least 10 years before citizenship eligibility.

The Portuguese passport grants the right to live, work, and study anywhere in the EU without additional permits.

Portugal recognises dual citizenship, so Australians can keep their original citizenship.

6. Lower cost of living. A family of four is estimated to spend around €2,350 per month without rent in Portugal, approximately 52% less than in Australia.

Renting a three-bedroom apartment costs approximately €1,600 monthly, which is 37% cheaper than in Australia.

7. Access to European healthcare and education. Residents can receive medical care at Portuguese clinics and travel to other Schengen countries for short-term treatment. The European Health Insurance Card provides access to state-provided healthcare across the EU on the same terms as locals.

Portugal has many international schools for English-speaking children, particularly in Lisbon and Porto. Portuguese university diplomas are widely recognised in Europe due to the Bologna Declaration, unlike many Australian qualifications.

8. Work or business in Europe. Golden Visa holders can seek employment in Portugal or establish a company as a base for expanding operations throughout Europe.

9. Citizenship for newborn children. A child born in Portugal automatically obtains Portuguese citizenship, allowing them to hold dual nationality from a young age. The main condition is that at least one of the parents held a Portuguese residence permit for at least one year before the child’s birth.

Portugal Golden Visa applications are open to non-EU and EEA citizens, making Australian nationals eligible if they meet the following requirements:

• be over 18;

• have no criminal record;

• prove a legal source of income outside Portugal;

• have no debts in Portugal;

• hold health insurance.

Investors can include the following family members in their application:

• a spouse, either in a registered marriage or an unregistered partnership;

• unmarried children under 26 who are financially dependent on the investor and either registered at the same address or studying at a school or university;

• parents of the investor and their spouse, provided they are financially dependent on the main applicant.

1. Investment fund units. Investors can qualify by investing at least €500,000 in a Portuguese investment fund, which allocates funds to Portuguese companies, industrial facilities, or the European stock market.

The investment must be held for a minimum of five years, though returns are typically distributed within 6—10 years. Profits are shared among investors after deducting a commission.

2. Supporting arts and restoring cultural heritage. This option requires a minimum investment of €250,000 in projects that support the arts or preserve Portugal’s cultural heritage. Often in partnership with government-approved programs or local heritage organisations, this pathway suits investors interested in cultural contributions.

3. Investments in research activities. A €500,000 investment in Portugal’s scientific or technological research qualifies for the Golden Visa. This option attracts investors interested in supporting innovation in sectors like healthcare, technology, and environmental science.

4. Business investments. Investors can gain residency by investing €500,000 or more in an existing Portuguese company and creating at least five jobs. This route supports economic development and appeals to entrepreneurs looking to impact the local economy directly.

5. Opening a company. Establishing a new business in Portugal that creates at least 10 local jobs also qualifies. This option has no minimum investment threshold. It is suitable for entrepreneurs aiming to be actively involved in the Portuguese market and contribute to employment growth.

The investor must provide a package of documents when applying for the Portugal Golden Visa, including the following:

• a copy of a passport;

• a birth certificate;

• a marriage certificate, if applicable;

• a tax identification number from the country of residence;

• proof of no criminal record;

• a document authorising AIMA to access criminal records in Portugal;

• proof of the investment;

• evidence of proper tax filing;

• evidence of an international and effective transfer of funds for investing;

• health insurance.

Climate. Portugal has a mild Mediterranean climate with hot, dry summers and cool, rainy winters. The Algarve in the south enjoys warmer temperatures year-round, while northern regions like Porto are cooler and wetter. Winter temperatures in the coldest regions are +5…14°C.

Transport. Portugal’s public transport system is efficient, featuring extensive train, bus, and tram networks, especially in cities like Lisbon and Porto. The country also has a modern road network, and domestic flights are affordable. For exploring rural or coastal areas, renting a car or using a personal vehicle is advisable.

Culture. Portuguese culture is rich in warm hospitality, traditional fado music, and world-renowned cuisine and wines, with a strong emphasis on family and community.

Sports, especially soccer, are highly popular, while surfing and other water sports are enjoyed along the coast.

Languages. In 2023, Portugal was ranked 8th in the world for English proficiency among non-native speakers by the EF English Proficiency Index. Around 27% of the Portuguese population speaks the language, particularly younger residents in urban areas.

Learning Portuguese, however, is beneficial for daily life, especially in smaller towns. Individuals aged 16 or over whose native language is not Portuguese can take free Portuguese Host Language courses, sponsored by the government. The participants can acquire certification from A1 to B2 levels.

Education. Australian expats in Portugal have access to public, private, and international schools. Public education is free and generally of good quality, though taught primarily in Portuguese. Many expat families choose private international schools in Lisbon and Porto, where instruction is in English.

Portuguese universities are affordable and increasingly offer English-language programs.

Healthcare. Portugal’s healthcare system is of high quality, offering both public and private care options.

Public healthcare is available to residents, including expats, at low costs, while private health insurance is also common for quicker access to specialists.

In 2024, the cost of living in Portugal is about 52% lower than in Australia, excluding rent.

A family of four is estimated to spend around €2,350 per month in Portugal, compared to approximately €3,520 in Australia.

With rare exceptions, groceries generally cost significantly less in Portugal, supported by a well-developed agricultural sector. Other regular expenses, such as basic utilities, public transport, and Internet, are also more affordable. However, gasoline and personal transport tend to be more expensive in Portugal.

Tax residency. Australian citizens can become tax residents in Portugal if they live there for at least 183 days per year.

Double taxation. On November 30th, 2023, Portugal and Australia signed their first tax treaty to eliminate double taxation.

According to the terms of the new treaty, individuals avoid paying personal income tax in both countries simultaneously. The document also lowers withholding tax rates on dividends, interest, and royalties from 25% to 10% for Australians investing in Portugal.

Personal income tax. Tax rates differ for residents and non-residents. Non-residents pay a flat 25% tax on Portuguese-source income. Residents are taxed on their worldwide income at progressive rates ranging from 13% to 48%.

Certain immigrants, such as university professors, research scientists, and employees in designated startup roles, may qualify for the Non-Habitual Resident regime, which applies a flat 20% tax on income for 10 years.

Corporate tax. The standard corporate tax rate in Portugal is 21% on taxable profits for companies based in mainland Portugal and Portuguese branches of foreign entities. In Madeira and the Azores, rates are 20% and 16,8%, respectively.

Certain companies benefit from reduced tax rates. Small and medium-sized enterprises are taxed at 17% on the first €15,000 of taxable income. Entities qualified as startups are taxed at 12,5%.

Lisbon. Portugal’s capital is a top choice for expats, with foreign citizens making up about 21% of the population. Lisbon is the most diverse and cosmopolitan city in Portugal, where English is widely spoken.

The city boasts a well-developed public transport system and is easily walkable, though it is also the most expensive city in the country.

Porto. Portugal’s largest northern city is cooler and wetter than Lisbon but more affordable. Porto has a rich cultural and historical heritage, with its centre designated a UNESCO World Heritage Site. Known for its traditional cuisine, Porto is also the birthplace of Port wine.

Algarve. The southernmost region of Portugal is a favourite for retirees and those seeking a relaxed lifestyle. It’s renowned for its beaches, golf courses, and mild, sunny climate.

The cost of living in Algarve is lower than in Lisbon, though prices rise during peak tourist season.

Cascais. This coastal town near Lisbon is known for its family-friendly environment, beaches, and safe neighbourhoods. Just a 30-minute drive from Lisbon, Cascais is popular for its suburban feel. However, rent in Cascais is high—even more than in Lisbon—though other living costs are slightly lower.

Madeira. Located off the coast of Africa, Madeira is known for its subtropical climate and unique landscapes, appealing to those seeking a quieter, nature-centric lifestyle. However, it’s far from mainland Portugal, making travel more challenging, and job opportunities for expats are limited unless they work remotely.

1. The Portugal Golden Visa allows Australians to gain residency through various investment options, such as purchasing investment fund units, supporting the arts, or making business investments.

2. The minimum investment required is €250,000 for arts and cultural heritage projects and €500,000 for fund units, scientific research, or businesses. No minimum investment threshold applies to starting a new company, provided it creates at least 10 jobs.

3. The application process takes at least 12 months. The initial residence permit is valid for two years and can be renewed indefinitely.

4. Australian citizens gain multiple benefits, including easy travel across the Schengen Area, a lower cost of living, and access to European education and healthcare.

5. Residents holding Portugal Golden Visas may apply for a Portuguese passport after five years of residency.