The Judiciary Police (PJ) arrested five men and three women on Tuesday, suspected of a multi-million euro qualified fraud involving the sale of vacant properties owned by foreign citizens with 'Golden Visas'. The 'Golden Key' operation, conducted by the Lisbon and Tagus Valley branch of the PJ, followed complaints filed in July 2025. The suspects allegedly used forged documents, such as IDs and powers of attorney, to sell the properties without the owners' consent. The group, aged between 26 and 62, then laundered the proceeds through luxury goods and bank transfers. The PJ has recovered several properties and seized approximately 1.5 million euros in bank assets.
PJ arrests eight people for fraudulent sale of vacant properties belonging to 'Golden Visa' holders
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.
