The Residence Permit for Investment Activity (ARI) scheme, commonly known as the "golden visa", underwent several changes with the entry into force of Law 56/2023 (“More Housing” programme) on 7^th October. However, this scheme has not been completely abolished, contrary to what the government initially proposed.

As a result, new ARI applications will not be accepted for the following types of investment:

• Acquisition of immovable property worth €500,000 or more
• Acquisition of immovable property whose construction has been completed for at least 30 years or located in an urban rehabilitation area and carrying out rehabilitation works on the immovable property acquired, for an amount equal to or greater than €350,000
• Capital transfers totalling €1,500,000 or more.

Nevertheless, the abolishment of these forms of investment does not affect the possibility of renewing authorisations already granted under the previous legal scheme, as well as the granting or renewal of residence permits for family reunification. Furthermore, it does not apply to cases that have already been submitted and were awaiting a decision from the competent authorities when the new law came into force.

In these cases, the renewal of the ARI implies its conversion into a residence permit for entrepreneurial immigrants. Its holders must fulfil the minimum period of stay in Portugal of 7 days (consecutive or otherwise) in the first year and 14 days (consecutive or otherwise) in subsequent 2-year periods.

Additionally, ARI applications will continue to be accepted for the following types of investment:

• Creation of at least 10 jobs
• Transfer of capital totalling €500,000 or more, applied to research activities carried out by public or private scientific research institutions, integrated into the national scientific and technological system
• Capital transfers totalling €250,000 or more that are invested in or support artistic production, recovery or maintenance of national cultural heritage
• Capital transfers of €500,000 or more for the acquisition of shares in non-real estate collective investment undertakings, where 60% of the value of the investments is made in commercial companies based in Portugal
• Capital transfers of €500,000 or more to set up a commercial company based in Portugal, combined with the creation of five permanent jobs, or to increase the share capital of an already established commercial company based in Portugal, with the creation of at least five permanent jobs or the maintenance of at least ten jobs, with a minimum of five permanent jobs, and for a minimum period of three years.

These eligible forms of investment are also subject to an assessment every two years regarding their impact on scientific and cultural activity and on the promotion of foreign direct investment and job creation.

 It is important to note that, with these changes, no form of investment can be aimed at property investment, either directly or indirectly.