The Judiciary Police announced an operation that resulted in the arrest of five men and three women, aged between 26 and 62. The case involves the fraudulent sale of unoccupied homes belonging to foreign citizens with “golden visas,” which were sold in their names without their consent. As part of the “Golden Key” operation, ten residential and non-residential searches were carried out in the Lisbon area.
Operation "Golden Key". Eight people arrested for a multi-million euro fraud involving "golden visa" properties
Wednesday, 18 March 2026RSS
Context & Explainers
The Golden Visa (Autorização de Residência para Investimento, ARI) is Portugal's residence-by-investment program, created in 2012, granting non-EU nationals a residency permit in exchange for qualifying investments.
Since October 2023, direct residential real estate purchases no longer qualify — a reform aimed at easing housing market pressure. Eligible investment routes now include capital transfers (€500,000+), investment fund subscriptions, job creation, and contributions to scientific research or cultural heritage. Minimum amounts and conditions vary by category.
A Golden Visa provides Schengen travel rights, requires minimal physical presence in Portugal (7 days per year), and offers a pathway to permanent residency after five years and citizenship after six. The program has been politically controversial, with ongoing debate about its impact on housing prices and its value as an economic stimulus.
Applicants must deal with AIMA for residency processing, which has experienced significant backlogs.
