Portugal Golden Visa for US Citizens

What is the Portugal Golden Visa for US Citizens?

The Portuguese Golden Visa for US citizens is a visa that allows non-European nationals the right to residency if they make an investment. It’s also known as the D9 visa. The pathways and investment types have varied in the last few years, so it’s a good idea to stay in touch with professionals who can fill you in about the best ways to get this visa.

What are the drawbacks of the Portugal Golden Visa for US Citizens?

There’s no inherent drawback in the Portuguese Golden Visa for Americans. But there are some complications in obtaining it. The main issue for US citizens is the limited investment routes. The real estate option, which many older applicants used, has been largely restricted in Portugal since 2023. As a result, Americans now turn to funds or business investments that can be harder to evaluate.

The US's complicated tax laws are another problem. Even after moving abroad or becoming a Portuguese resident, Americans continue to be taxed on their worldwide income. This means that any returns from Portuguese investments still have to be declared in the US.

FATCA reporting rules can complicate things even further. US citizens must report their foreign accounts and certain investments to the IRS. But if the structure isn't handled properly, there’s a risk of double taxation: paying tax both in Portugal and the US on the same income or gains.

On a minor note, there’s the language barrier (and the tech barrier). Expats who have chosen to move to Portugal often point out that, even if the visa programs in Portugal are very well-developed, official info in English is relatively lackluster, and official websites sometimes don’t even work.

These points don’t make the Portugal Golden Visa for US citizens impossible, but they do call for careful planning with an experienced tax professional who knows how to handle the process.

Portugal Golden Visa Current Investment Options

Here’s a list of the main routes currently available in Portugal (as of 2025) for the Golden Visa:

• Investment funds: Minimum ~€500,000 in qualifying Portuguese venture capital or private equity funds focused on local businesses.
• Business creation: Launch a new business in Portugal and create at least 10 jobs (or 8 in low-density areas).
• Business investment: Invest at least €500,000 in an existing Portuguese company, and keep or create 5 jobs for 3 years.
• Research contribution: Invest at least €500,000 in scientific or technological research in Portugal.
• Arts & culture donation: Contribute at least €250,000 to approved cultural, heritage, or artistic projects.

Portugal Golden Visa Investment Funds for US Citizens

Out of all these options, investment funds have become the main path for many Americans, especially since the real estate route was limited. These funds are registered and supervised in Portugal by the CMVM (the national securities authority) and invest in areas such as technology, development, or renewable energy. For Americans, the choice of fund takes a bit more care, because not all of them are open to US investors.

When you select a fund, several factors matter: its risk level, the sectors it invests in, management fees, how long your money stays locked in, and how you can exit at the end of the investment. You also need to be aware of the holding period: to qualify for the Golden Visa, you must usually keep your investment for at least five years.

For US citizens, there are a few extra points to check. The fund must comply with FATCA rules and either be registered with the SEC or meet an exemption that allows US citizens to invest. It should also provide enough information to meet IRS reporting obligations.

Why Seek Expert Help for the Golden Visa for Americans?

Some firms that help Americans get their Golden Visa use a whole-of-market, independent advisory model to help investors compare all available funds before committing. For American clients, they also verify FATCA compliance, SEC status, and holding-period terms to make sure the investment fits both Portuguese and US requirements.

Tax Implications for US Citizens

Holding the Golden Visa doesn’t exempt Americans from US tax duties. The United States taxes citizens on their worldwide income, regardless of where they live. So even if you become a tax resident in Portugal, you’ll still need to report income in both countries.

Portugal Tax Calculator: Calculate Your Take-Home Income in Portugal →

Portugal considers you a tax resident if you spend at least 183 days per year there or have a primary home in the country. In that case, you’ll pay tax in Portugal on worldwide income too. Luckily, Portugal and the US have a double taxation treaty that allows you to use foreign tax credits to offset taxes paid in one country against the other, but this doesn’t cover every situation.

Some Americans apply for Portugal’s Non-Habitual Resident (NHR 2.0) regime, which can give favorable tax treatment on certain income types for a limited period. Still, this program has its own rules and must be handled carefully to stay compliant with both systems.

Other points US citizens need to keep in mind are the PFIC rules (which affect how foreign funds are taxed in the US), exchange-rate changes (investments are made in euros), and the need for dual reporting. Because of these overlaps, most Americans work with a qualified cross-border tax professional when applying for the Golden Visa.

Can Americans Purchase Funds Through an IRA?

Many US investors ask, Can I use my IRA money for a Portuguese fund that qualifies for the Golden Visa? The simple answer is mostly no, at least not with a standard traditional IRA. These accounts are managed by US custodians, and since most Portuguese funds aren’t registered with the SEC, they’re generally off-limits.

The route that may work is a Self-Directed IRA (SDIRA). That gives more freedom, but it can also be more complex and come with extra administrative costs and compliance steps. The main drawback here is that Portugal doesn’t treat an IRA as a tax shelter, so any capital gains from the investment in Portugal could still be taxed there.

Before moving your retirement funds, it’s best to speak with a US-licensed advisor who understands cross-border taxation, retirement plans, and Golden Visa eligibility requirements. They can help you check what’s possible in your specific case.

How to Get the Golden Visa: Step-by-Step for Americans

The Portugal Golden Visa for US citizens follows the same main steps as for other applicants, though a few extra documents and compliance checks apply. Here’s an overview of what the application process looks like:

Step 1: Initial consultation

Meet with a licensed Golden Visa advisor to confirm your eligibility and learn about the available investment routes available to US investors.

Step 2: Choose your investment route

Decide which investment path fits your situation. Your advisor can help compare options and confirm which ones are open to American investors under FATCA and SEC rules.

Step 3: Get a Portuguese tax number (NIF)

The NIF, or tax identification number, is needed for any financial transaction in Portugal. You can secure it online through your legal representative or advisor.

Step 4: Open a Portuguese bank account

Open a bank account with a FATCA-compliant Portuguese bank. The bank will request identification, proof of address, and documentation for IRS reporting.

Step 5: Make the investment and submit your application

Transfer your funds and complete the chosen investment. Make sure the investment reports give the information you’ll need for IRS filings and, if applicable, PFIC/Form 8621 reporting.

Your legal team will then prepare and submit the Golden Visa application to AIMA along with all supporting documents.

Step 6: Attend your biometrics appointment

After your application is accepted, you’ll need to attend a biometrics appointment in Portugal for fingerprints, photos, and signatures.

Step 7: Receive your residence card

Once approved, you’ll receive your Golden Visa residence card, valid for two years. It can be renewed every two years as long as you keep your investment and meet the minimum stay requirements.

Step 8: Apply for permanent residency or Portuguese citizenship

After five years, you can apply for permanent residency or Portuguese citizenship, provided you pass a basic Portuguese language test and meet other legal conditions.

JS Privé is a top-of-class firm that has particular expertise in helping Americans receive their Golden Visa for Portugal. If you’d like a full, itemized walk-through of documents, fees, and timelines, speak with a JS Privé specialist or join the free webinar to see the full process for US investors in practice.

Fees and Where to Apply

Golden Visa applications are submitted online through the AIMA portal, usually via a Portuguese law firm or regulated Golden Visa advisory. Here’s a breakdown of the estimated government and procedural fees:

• Processing fee: €605 per applicant.
• Residence card issuance fee: €6,045 per applicant once the visa is approved.
• Renewal fee every two years: €3,023.
• Additional processing per dependent: €83

In addition to these government charges, you’ll need to cover costs for translations, document authentication, bank fees, and possibly annual fund or administrative fees depending on the investment. Over the five-year Golden Visa period, you should expect total government and procedural costs between €8,000 and €12,000, excluding the investment itself.

Working with licensed advisors and law firms that have a clear track record in Golden Visa applications is strongly recommended. The investments and legal structure are large commitments, so you want trusted specialists guiding you. If you’d like to be connected with a vetted Portuguese legal partner or licensed Golden Visa advisor, you can request an introduction.

Portugal Golden Visa for US Citizens: Get help from experienced professionals

The process of the Portugal Golden Visa for US citizens can feel a bit confusing at first, particularly with the tax and reporting rules involved. If you’d like some guidance, you can speak with a JS Privé specialist for a shortlist of eligible funds or get introduced to trusted Portuguese legal partners who handle Golden Visa applications for Americans.

You can also join our free WhatsApp channel with regular news or our free informational webinar, or download extra resources to better understand each step before you start.

FAQs

Can Americans live in Portugal full-time with the Golden Visa?

Yes, the Portugal Golden Visa allows Americans to live in Portugal full-time if they wish, though the program only requires a minimal stay (7 days per year). Many investors choose to relocate permanently.

Do Americans pay taxes in Portugal if they get the Golden Visa?

Not necessarily. Tax residency depends on how much time you spend in Portugal. If you live there over 183 days a year, you become a tax resident. Portugal also offers the Non-Habitual Resident (NHR) regime, which can reduce or exempt certain taxes for 10 years.

Can family members be included?

Yes. Family reunification is allowed. This includes your spouse, dependent children, and dependent parents. They’ll also receive residence permits through your application.

Can Americans get Portuguese citizenship through the Golden Visa?

Yes. Under the current rules, after five years of maintaining the investment and meeting residency requirements, you can apply for permanent residency or citizenship, as long as you pass a basic Portuguese language test and meet other legal conditions.