D2 Visa or Golden Visa: What Is the Difference and Which Option Should You Choose?

Anyone planning to reside in Portugal will often come across two well-known options: the D2 Visa, primarily intended for entrepreneurs, and the Golden Visa, designed for investors.

Although both routes may ultimately lead to obtaining a residence permit in Portugal, they have very different purposes, requirements, costs and physical presence obligations. Choosing the wrong immigration route can result in unnecessary expenses, delays and difficulties in implementing your relocation or investment plans.

In this article, we explain the main differences between the D2 Visa and the Golden Visa to help you understand which route may be more compatible with your objectives.

What is the D2 Visa?

The D2 Visa is a residence visa intended for third-country nationals who wish to carry out an independent professional activity or develop a business project in Portugal.

For immigrant entrepreneurs, Article 60(2) of Law no. 23/2007 provides that the visa may be granted to applicants who have carried out investment operations or can demonstrate that they have financial resources available in Portugal, including funds obtained through financing from a Portuguese financial institution, and who intend to carry out an investment operation in Portuguese territory.

In practice, the D2 Visa may be used by individuals who intend to:

• establish a company in Portugal;
• acquire or participate in a Portuguese company;
• develop their own business;
• invest in an existing business activity;
• carry out certain independent professional activities.

Simply incorporating a company, however, does not guarantee approval of the visa.

Although Portuguese law does not establish a fixed minimum investment amount for the D2 Visa, the applicant must demonstrate that the project is concrete, viable and compatible with the financial resources available. The business plan, the applicant’s professional experience, the company’s structure, the potential for development of the activity and the applicant’s ability to support themselves and their family in Portugal are also generally assessed.

The D2 Visa is issued by the competent Portuguese consulate. After entering Portugal, the visa holder must apply for the corresponding residence permit.

What is the Golden Visa?

The Golden Visa, officially known as the Residence Permit for Investment Activity (ARI), is a regime intended for third-country nationals who carry out one of the qualifying investments provided for under Article 90-A of Law no. 23/2007.

Unlike the D2 Visa, the Golden Visa does not generally require the applicant to obtain a residence visa beforehand. The residence permit application is submitted directly under the ARI regime.

Following the amendments introduced by Law no. 56/2023, real estate acquisitions and capital transfers without a specific qualifying purpose no longer provide access to new Golden Visa applications.

The currently available qualifying investment routes include:

• creating at least ten jobs;
• transferring at least €500,000 for scientific research activities;
• transferring at least €250,000 for investment in or support of artistic production or the recovery and maintenance of Portuguese cultural heritage;
• transferring at least €500,000 for the acquisition of units in certain non-real-estate collective investment undertakings;
• transferring at least €500,000 for the incorporation or capitalisation of a Portuguese commercial company, combined with the creation or maintenance of the number of jobs required by law.

Investments qualifying for the ARI cannot be directly or indirectly intended for real estate investment.

What is the main difference between the D2 Visa and the Golden Visa?

The main difference lies in the purpose of each immigration route.

The D2 Visa is intended for individuals who genuinely plan to develop a business or independent professional activity and establish habitual residence in Portugal.

The Golden Visa, on the other hand, is designed for individuals who wish to make a qualifying investment while benefiting from greater flexibility regarding physical presence in Portugal.

ARI holders may reside and work in Portugal, travel within the Schengen Area and apply for family reunification. To maintain their residence permit, they must comply with the minimum stay requirements applicable to the programme, which are considerably lower than those applicable to ordinary residence permits.

D2 Visa vs. Golden Visa

D2 VisaGolden VisaPrimarily intended for entrepreneurs and independent professionalsIntended for investorsRequires a concrete and viable business or professional projectRequires a qualifying investment provided for by lawNo fixed statutory minimum investment amountSpecific minimum amounts and requirements apply depending on the investment routeGenerally assumes that the holder will establish habitual residence in PortugalProvides greater flexibility regarding physical presence in PortugalThe process normally begins at the competent Portuguese consulateThe ARI application is submitted directly through the relevant procedureAfter visa approval and entry into Portugal, the applicant must obtain a residence permitThe procedure itself is aimed at obtaining a residence permit for investmentRequires the effective continuation of the business project or professional activityRequires the investment to be maintained for the legally applicable periodGenerally involves lower administrative costsInvolves a minimum qualifying investment and substantially higher administrative fees

Which option is better?

There is no single answer. The appropriate route depends on the applicant’s objectives, financial capacity and the level of connection they intend to maintain with Portugal.

When the objective is to establish or manage a company, develop an economic activity and reside habitually in Portugal, the D2 Visa tends to be more compatible with that profile.

On the other hand, individuals who intend to make a qualifying investment while maintaining greater flexibility regarding the amount of time spent in Portugal may find the Golden Visa more suitable for their circumstances.

The assessment should consider factors such as:

• the purpose of the relocation;
• the nature and viability of the business;
• investment capacity;
• whether the applicant intends to reside habitually in Portugal;
• family planning;
• wealth and asset planning;
• administrative and tax costs;
• long-term immigration objectives.

For this reason, the choice should be made on an individual basis and preferably before making investments or establishing corporate structures.

Common mistakes when choosing between the two

One of the most common misconceptions is that simply incorporating a company in Portugal guarantees approval of a D2 Visa or provides access to the Golden Visa.

For the D2 Visa, the company must be associated with a concrete, viable and properly structured business project. Merely incorporating a company without genuine activity, adequate resources or proper planning is not sufficient to guarantee approval.

Likewise, not every business investment qualifies for the Golden Visa. To be eligible, the investment must fully comply with one of the routes provided for under Article 90-A of Law no. 23/2007, including the applicable minimum amounts and, where relevant, requirements concerning the creation or maintenance of jobs.

Another common mistake is choosing a route based solely on the initial financial amount without considering:

• physical presence requirements in Portugal;
• the ongoing costs of maintaining the investment;
• corporate, tax and social security obligations;
• administrative fees;
• the business structure;
• family and wealth-planning objectives;
• investment risks and liquidity.

It is also important to understand that neither the D2 Visa nor the Golden Visa automatically grants Portuguese citizenship. Any future acquisition of Portuguese nationality depends on meeting the requirements established under Portuguese nationality law.

Conclusion

The D2 Visa and the Golden Visa may both provide a pathway to residence in Portugal, but they were created for very different profiles and objectives.

The D2 Visa is primarily intended for individuals who wish to establish a business, carry out an independent professional activity and make Portugal their habitual place of residence. The Golden Visa, by contrast, is intended for investors who make one of the qualifying investments provided for by law and who seek greater flexibility regarding their physical presence in Portugal.

Before incorporating a company, transferring funds or making any investment, it is important to determine which immigration route best aligns with the applicant’s personal, family, business and wealth-planning objectives.

A prior legal assessment can help identify the appropriate immigration framework, reduce risks and structure a strategy that complies with Portuguese law.

Rafaela Barbosa Advocacia Internacional
Specialists in immigration, Italian and Portuguese citizenship, and international mobility.

📍 Portugal | Brazil | Italy
📞 +351 913 158 360
📩 advocacia.rafaelabarbosa@gmail.com
🌐 www.rafaelabarbosaadv.com

If you have any questions, our team is available to assist you.

‍