As per the current law in force, a valid Schengen Visa is a mandatory criterion to be fulfilled in order for one to apply for a Golden Visa. Therefore, its issuance cannot be put into question by the competent authorities, as without it your application will most likely be refused. As such, it is necessary to assert the reason why your Schengen visa was refused and question the authorities on whether such reason is strong enough to produce that effect.
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How does prior visa rejection affect the Portuguese Golden Visa application?
Would my potential application for the golden visa be negatively impacted if I have been rejected for a Schengen Visa before? I had been rejected twice and the last one was in 2018, but I have since been approved for two separate tourist visas.
Answers
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It will not affect it in any way - as long as you have a clean criminal record, make the investment on an eligible option and through your Portuguese bank account, it will qualify.
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We note that the residence permit to be issued cannot have an alert issued for it in the Schengen Information System. In this sense, it will depend on the reason why your Schengen visa was refused.