If a Golden Visa application is refused, there is the possibility to appeal. The reasons for the a Golden Visa application to be refused are the following. If, after the first application, the investor does not fulfill the minimum period of permanency in Portugal in order to renew the application (seven days in the first year; 14 days in the subsequent renewals); if the investor does not maintain the investment for a period of five years; if the investor is convicted of a crime punished with a sentence of more than one year; if the investor is forbidden to enter the country due to an expulsion measure; for public health, order and safety reasons. Moreover, it is important to keep in mind that for the application and each renewal there are several documents that have to be submitted each time, duly legalized by the Portuguese embassy, such as: updated criminal record (these are considered to be valid for only three months), updated marriage and birth certificates for family members.
Portuguese law allows both the administrative impugnment and the judiciary impugnment of the administrative acts, such as a concession of a resident permit is. So in case your application is refused, first, they will make a proposal of refusal and give you some days to provide proof or convince them that they should not refuse your application but approve your permit. Later, if they make a final decision denying your resident permit, you can both appeal to the administrative entity that emanated the act or the administrative courts. Some mistakes to avoid are usually: submitting the documents, such as birth certificates or marriage certificates, that are not apostilled nor translated to Portuguese; submitting a criminal record with dates over three months; not proving the family ties; submitting bank declaration with an amount lower than 500,000 euros in case of a 500,000 real estate program; not submitting land registry certificates, etc. I strongly advise you to submit all the documents at same time, duly checked and within the validity date.