Portugal · For South Africans · Updated 2026-07-16
The Portugal Golden Visa for South Africans
Portugal is one of the top destinations South Africans emigrate to: an EU passport route, a Plan B, and a familiar Atlantic climate. Qualifying is the easy part. The two questions that are specifically South African are getting the money out of the country under exchange control, and what happens to your SA citizenship. On the second, the news got a lot better in 2025. This is the South-Africa-specific version.
The short version
- · Yes, South Africans qualify — via a €250,000 donation (~R5m) or a €500,000 fund (~R10m).
- · Moving the money needs SARB clearance: R2m/yr is free (SDA), the next R10m needs a SARS AIT (FIA).
- · You keep your SA citizenship — the 2025 Constitutional Court ruling ended automatic loss.
- · Emigrating (ceasing SA tax residency) can trigger a CGT exit charge — plan it.
The two routes, in rands
Since Portugal removed real estate in 2023, two routes matter. For a South African the real difference is how each one lands against your annual exchange-control allowances:
| Route | Amount | ≈ Rands | SARB clearance? |
|---|---|---|---|
| Cultural donation | €250,000 | ≈ R5 million | SARS AIT (over the R2m SDA) |
| Investment fund | €500,000 | ≈ R10 million | Uses the full R10m FIA |
Rand figures are approximate, at about R20/€ — confirm the live rate, since a weaker rand can push the €500,000 past the R10m FIA. On top of the investment sit AIMA government fees (about €6,946 per person for the initial permit) and legal and fund fees — price it with the Portugal cost calculator.
Getting the money out: SARB exchange control
This is the part the property and emigration brochures gloss over. As a South African resident, how much you can send abroad in a year is capped, and the golden-visa amounts sit right at the top of those limits:
| Allowance | Per year | Approval needed |
|---|---|---|
| Single Discretionary Allowance (SDA) | R2 million | None |
| Foreign Investment Allowance (FIA) | up to R10 million | SARS AIT (TCS PIN) |
| Above R10 million | — | SARS AIT + SARB approval |
The SDA was raised from R1 million to R2 million a year, effective April 2026. So one person can move about R12 million a year (SDA + FIA), a couple about R24 million.
So a €500,000 fund (~R10 million) uses essentially your entire annual FIA and must clear SARS first. Start the AIT well ahead of any deadline, because it takes time. The €250,000 donation (~R5 million) is easier to move. The usual planning levers: spread a transfer across two calendar years, or use both spouses' allowances. Each spouse has about R12 million a year (R2m SDA + R10m FIA), so a couple can move up to about R24 million between them.
How the SARS AIT actually works
To use your Foreign Investment Allowance you need an Approval for International Transfer (AIT), the tax-clearance PIN that replaced the old emigration and FIA clearances in 2021. In practice it runs like this:
- Apply to SARS on eFiling for a Tax Compliance Status under the "Approval for International Transfer" type.
- Prove the source of funds and your tax affairs: a statement of local and foreign assets and liabilities, evidence of where the capital came from, and confirmation you are tax compliant.
- SARS reviews and issues a TCS PIN (valid 12 months). This is the step that takes time, often several weeks, and can trigger follow-up questions.
- Your bank's forex desk (the authorised dealer) processes the transfer against the PIN and reports it to the SARB via FinSurv.
- Above R10 million the bank escalates to the SARB Financial Surveillance Department for a separate approval, so budget more lead time if a weak rand pushes the €500,000 over the line.
The R2 million SDA needs none of this. A cross-border tax adviser usually runs the AIT for you, and starting it early is the single biggest thing that keeps a fund subscription on schedule.
Good news: you keep your South African citizenship
For years this was the quiet trap for South Africans taking a second citizenship: under section 6(1)(a) of the Citizenship Act, an adult who acquired another citizenship by a formal act could automatically lose their SA citizenship unless they applied to Home Affairs to retain it beforehand. Many people found out too late.
That is over. In May 2025 the Constitutional Court struck section 6(1)(a) down as unconstitutional, retrospectively — so South Africans no longer lose their citizenship by naturalising abroad, and the old advance-retention application is no longer a precondition. For a golden-visa holder eventually claiming a Portuguese (and therefore EU) passport, that removes the biggest citizenship risk. Home Affairs is still catching up on the paperwork, so confirm your exact position with an immigration attorney before you naturalise — but the rule itself is gone.
Tax: worldwide income and the exit charge
While you remain a South African tax resident, SARS taxes you on your worldwide income, though the foreign-employment-income exemption shelters up to R1.25 million a year. There's a South Africa–Portugal double-tax agreement to stop the same income being taxed twice.
The bigger item is what happens if you actually emigrate. When you cease to be an SA tax resident, SARS deems you to have sold your worldwide assets the day before, triggering a capital-gains "exit charge" under section 9H, at an effective rate up to about 18% for individuals. South African immovable property is excluded from it. The golden visa itself doesn't trigger this; ceasing tax residency does, so the timing is a decision to make with a cross-border tax adviser, not by accident. (Note the old "financial emigration" process ended in 2021; what counts now is the tax-residency test.)
Line up both sides before you move money
A South African golden-visa move has two sides: the Portuguese application (an immigration lawyer) and the SA side — your SARS AIT, exchange control and the exit charge (a cross-border tax and forex adviser). Compare verified Portugal golden-visa lawyers, ranked on credentials and reviews, never pay-to-play, and get your SARS clearance moving early.
Frequently asked questions
Can South Africans get the Portugal golden visa?
Yes. Portugal is one of the most popular golden-visa and emigration destinations for South Africans. You qualify through a €250,000 cultural donation or a €500,000 investment fund (real estate was removed in 2023). The immigration side is straightforward; the two things that are specifically South African are getting the money offshore under exchange control, and, good news since 2025, you no longer lose your SA citizenship.
Can I move R10 million offshore for the fund under exchange control?
Yes, but with clearance. As a South African resident you can send R2 million a year offshore under your Single Discretionary Allowance with no approval, and up to a further R10 million a year under your Foreign Investment Allowance — but the FIA needs a SARS Approval for International Transfer (an AIT / Tax Compliance Status PIN). A €500,000 fund is roughly R10 million, so it uses essentially your entire annual FIA and must go through SARS clearance. Spouses each have their own allowances (about R12 million each, R24 million a couple), and you can spread a transfer across calendar years.
Do I lose my South African citizenship?
No, and this changed recently in your favour. Until 2025, a South African who acquired another citizenship could automatically lose their SA one unless they applied to retain it first. In May 2025 the Constitutional Court struck that rule (section 6(1)(a)) down as unconstitutional, so South Africans no longer lose their citizenship by naturalising abroad, and the old advance-retention application is no longer required. You can pursue a Portuguese (EU) passport and keep your SA one. Home Affairs is still updating its processes, so confirm your position with an immigration attorney before you naturalise.
Is there an exit tax if I emigrate?
There can be. When you cease to be a South African tax resident, SARS treats you as having disposed of your worldwide assets the day before, which triggers capital gains tax — the 'exit charge' under section 9H, at an effective rate of up to about 18% for individuals. Importantly, South African immovable property is excluded from this deemed disposal. Getting the golden visa doesn't trigger it; ceasing SA tax residency does, so time and plan it with a cross-border tax adviser.
Do I still pay South African tax?
Until you cease SA tax residency, yes — South Africa taxes residents on worldwide income, though the foreign-employment-income exemption shelters up to R1.25 million a year. There's a South Africa–Portugal double-tax agreement to prevent being taxed twice. Note that 'financial emigration' as a formal process ended in 2021; what matters now is whether you've ceased tax residency under SARS's test.
Donation or fund — which is better for a South African?
It's partly an exchange-control decision. The €250,000 cultural donation is about R5 million — well within your annual allowances and simpler to move — but it's a gift you don't get back. The €500,000 fund is about R10 million, uses essentially your whole Foreign Investment Allowance for the year, and is recoverable but takes more forex planning (and, if the rand weakens past ~R20/€, can tip over the R10m FIA and need extra SARB approval). Weigh simplicity and forex against recoverability with an adviser.
Do I have to live in Portugal?
Barely. The golden visa asks for an average of about seven days a year, so you can keep your life in South Africa and maintain the residency. But those low-presence years don't count toward citizenship, which needs genuine residence — so keeping the visa and eventually claiming an EU passport are two different commitments.
Disclaimer. This guide is general information, not legal, tax, immigration or financial advice. The Portugal Golden Visa follows Lei 23/2007 (art. 90-A); citizenship changes follow Lei Orgânica 1/2026. South African exchange-control allowances are set by the SARB and the SARS AIT regime; the citizenship change follows Democratic Alliance v Minister of Home Affairs [2025] ZACC 8; the exit charge is under section 9H of the Income Tax Act. Rand figures are approximate and move with the exchange rate. Confirm your eligibility with a licensed Portuguese lawyer, and your exchange-control, tax and citizenship position with South African advisers, before committing funds. Last reviewed 2026-07-16.