mygoldenvisa logo
Portugal
June 3, 2024
3 min

Portugal Golden Visa Renewal: When and How to Extend a Portuguese Residence Permit

Kenley Henderson

Investors initially obtain Portugal Golden Visa by investment for 2 years. Then, they can extend it every 2 years if they maintain the program requirements.

In this article, we explain how to renew a Portuguese Golden Visa, as well as the requirements, process, and costs.

Portugal Golden Visa Renewal: When and How to Extend a Portuguese Residence Permit

Portugal Golden Visa Renewal: When and How to Extend a Portuguese Residence Permit

What Is a Portugal Golden Visa

Portugal Golden Visa is a visa granted to foreigners who invest in the country’s economy.

The minimum sum is €250,000, and it must be invested in supporting arts or restoring cultural heritage. Other options, such as the purchase of investment fund units, business investment, and contribution to research activities, require at least €500,000. There is no established minimum sum if the investor opens a company and creates 10 jobs.

To maintain the status, a foreigner must spend at least 7 days a year in the country. They are not required to live in the country permanently.

Documents Required for Renewal of a Portugal Golden Visa

To renew a Portugal Golden Visa, an investor must collect a similar package of documents as for the first time.

The documents for renewal are the following:

  • a passport;

  • an application form;

  • a previous Portuguese residence permit card;

  • a certificate of no criminal record if you live outside Portugal;

  • a permission to Portuguese authorities to check for criminal background in Portugal for each person over 16;

  • documents proving the applicant has no tax debts in Portugal;

  • health insurance for the applicant and all family members;

  • a receipt proving the payment of government fees.

When renewing a residence permit, the applicant doesn’t need to make another investment.

The Cost of Renewing a Portugal Golden Visa

While applying for renewal, the applicant must pay government fees. That includes €582 for analyzing the application and €2,906 for the renewal itself.

The applicant buys and provides health insurance for every family member who is renewing their visas alongside them. The average cost of one insurance is €400.

Portugal Golden Visa Renewal Time

Portugal Golden Visa is issued for 2 years and can be extended for another 2 years an unlimited number of times. If you’re planning to obtain citizenship or permanent residency, you have to renew a residence permit at least two times.

You must start the process of extending your document at least 30 days before the expiration date of your previous one. Otherwise, your residence permit can be revoked, and you would need to start the process of obtaining a Portugal Golden Visa from scratch.

The only exception for not applying in time is a force majeure. For example, you can’t leave the country due to the pandemic.

The process of Portuguese Golden visa renewal takes less time than the initial obtainment of it. The application is considered within 1—2 months. So, with the time required for the collection of documents, the process is usually no longer than 3 months.

The visa can be renewed online. To do that, a foreigner must register on the platform AIMA

Renewal of Portugal Golden Visa: a Step-by-step Process

The process of Portuguese Golden visa renewal lasts 2—3 months. It must be done before your previous residence permit card expires.

1

1—2 weeks

Preparation of documents

The list of documents is similar to the one the applicant submitted initially. A new addition is an expiring residence permit card.

2

1 day

Application

The foreigner or his lawyer applies to the Institute of Registries and Notary.

3

1—2 months

Consideration of the application

Portuguese authorities accurately consider the application. The process can be prolonged if some required documents still need to be included.

4

1 day

Collection of documents

When the application is approved, the foreigner or their lawyer gets a notification and can come to get their residence cards.

Obtaining Permanent Residency and Citizenship after Portugal Golden Visa

You are eligible to apply for permanent residency or citizenship in Portugal after having the status of a resident for at least 5 years. You don’t need to live in the country for the whole time or pass any exams.

You must only meet the program requirements:

  • spend at least 7 days in Portugal each year — 35 days in total during 5 years;

  • keep the investment;

  • regularly renew a residence permit.

With a Portugal passport, you can live in any EU state and travel to 172 countries visa-free.

7 Benefits of the Portuguese Golden Visa

1. Safe haven and moving to Portugal. Investors and their families receive the right to live in Portugal for as long as their residence permits are valid. They can enter the country even if the borders are closed to foreigners.

2. Travel freedom. The visa grants the freedom to travel within 27 states of the Schengen Zone, which includes most European countries, without the need for an additional visa.

3. Path to citizenship. Golden Visa holders can apply for Portuguese permanent residency or citizenship five years after obtaining a residence permit.

4. Residency for family members. The Golden Visa extends to the investor’s spouse, children under the age of 18 or older if they are full-time students and dependent parents.

5. Quality of life. Portugal is known for its high quality of life, with a pleasant climate, rich culture, good healthcare, and a safe environment.

6. Minimal residency requirements. To maintain the visa, it’s only necessary to stay in Portugal for a minimum of 7 days every year.

7. No tax on worldwide income. For non-tax residents, Portugal does not tax foreign income, which can be a significant financial advantage.

Key Takeouts

  1. A Golden Visa is a visa for investors who contribute to the country’s economy. It is issued for 2 years and can be extended every 2 years for as long as the investor wishes.

  2. The process of renewal is more accessible than the process of initially obtaining a Golden visa. It takes only 2–3 months and consists of 4 steps. No new investment is required.

  3. The investor must start the process of renewing a residence permit at least 30 days before the expiration date of their document.

  4. The list of documents is almost the same as the first time: a passport, an application form, health insurance, and no criminal record certificate. The applicant must also submit their expiring residency card.

  5. After 5 years of holding a Golden Visa, a foreigner can apply for Portuguese permanent residency or citizenship.

complete guide9 Golden Visa programs explained in detail

Find out which countries offer the most popular Golden Visas, what the investment options are, the procedures, timeframes, and benefits.

Frequently Asked Questions

  • Can I Renew My Visa in Portugal?

    Yes, you can renew your Golden Visa in Portugal.

  • What Are the New Golden Visa Rules for Portugal 2023?

    The changes mostly concern investment options. Foreigners are no longer allowed to invest in real estate, purchase government bonds and open a deposit. Now, there are five options:

    • supporting arts and cultural heritage — €250,000+;

    • purchase of investment fund units — €500,000+;

    • business investment and creation of at least 5 jobs — €500,000+;

    • contribution to research activities — €500,000+;

    • opening a company and creating 10 jobs — no minimum sum.

    One more difference is the changing of the responsible institutions. Now, all the residence permit applications are submitted to the Agency for Integration, Migrations and Asylum of Portugal. Foreigners extend their residency cards to the Institute of Registries and Notary.

  • Is Portugal Ending the Golden Visa Program?

    No, the Portugal Golden Visa program is not closing. However, there are some changes to it. For example, applicants can no longer invest in real estate.

  • Does a Golden Visa Expire after 6 Months?

    No, a Golden Visa, an equivalent to a residence permit, is valid for 2 years and can be prolonged for 2 more years for as long as you wish.

  • How Often Do You Need to Renew Your Residence Card?

  • How Long Does It Take to Get a Golden Visa for Portugal?

    It usually takes around 6–8 months to obtain a Golden Visa in Portugal for the first time.

  • Can I renew my Portuguese residency online?

    Yes, it is possible. To renew your residence permit online, you must register on the online platform AIMA.

you might also like