Is Portugal’s Golden Visa Program Still Open?

Does Portugal Still Have a Golden Visa Program?

At La Vida, we often get asked if Portugal’s Golden Visa program is still open. The answer is yes – the Portugal Golden Visa program remains active as of 2025. However, the program has evolved since its launch over a decade ago. Investors worldwide, especially those from the United States, continue to pursue this residency-by-investment route. The Portugal Golden Visa offers a pathway to live and eventually gain citizenship in Portugal, but recent reforms have changed how one qualifies. Below, we explore the program’s history, the 2023 changes, current requirements in 2025, and whether the program might close in the future.

History of Portugal’s Golden Visa

Portugal introduced its Golden Visa residency program in 2012 to attract foreign investment during an economic downturn. The program quickly became one of Europe’s most popular “golden visa” options. It drew billions of euros in capital and inspired similar programs in Spain and Greece. Originally, real estate investment was the dominant route to qualify for a Portugal Golden Visa.

Key property investment thresholds previously included:

• €500,000 – Standard minimum for purchasing any kind of real estate in Portugal.
• €350,000 – Reduced minimum for buying and rehabilitating properties over 30 years old or in designated urban renewal areas.
• €280,000 – Further reduced minimum for rehabilitating property in low-density regions (20% discount on the €350k category).

Thousands of investors (notably from China, Brazil, and the U.S.) took advantage of these real estate options to obtain Portuguese residency. Real estate purchases accounted for roughly 90% of all Golden Visa investments during the program’s first decade. This injection of capital helped boost Portugal’s economy. However, it also contributed to soaring property prices. By the end of 2022, the Portugal Golden Visa program had channelled over €6 billion into the country, underscoring its global popularity.

How the Golden Visa program Changed

Significant Changes in 2023

By 2023, the Golden Visa program underwent significant changes. In response to public concerns about housing affordability and pressure from the EU, Portugal’s government reformed the program rather than abolishing it. The most pivotal change was the elimination of real estate as a qualifying investment route. As of mid-2023, buying residential property in Portugal no longer qualifies an investor for a Golden Visa. This marked a major policy shift and closed the door on the program’s most popular option up to that point.

New Focus on Productive Investments

In place of property investment, authorities doubled down on more productive investment avenues. The fund investment route – introduced in 2015 – became the primary recommended path. Other less-used options, such as creating jobs, funding scientific research with €500k, or donating €250k to arts and heritage projects, remained legal alternatives. Nevertheless, the Portuguese Parliament’s 2023 decision clearly steered Golden Visa applicants toward business-focused investments instead of passive real estate holdings. The goal was to ensure foreign capital benefits Portugal’s economy (through startups, funds, and job creation) rather than just inflating housing prices. These reforms took effect by late 2023. As a result, new applicants now mostly pursue the Portugal Golden Visa via investment in funds.

Portugal’s Current Golden Visa Requirements

Fund Investment as the Main Route

In 2025, the Portugal Golden Visa requirements centre on a €500,000 minimum investment into a qualifying fund. To obtain the Golden Visa, you must contribute at least €500,000 to one or more approved Portuguese private equity or venture capital funds. These funds must be registered with the CMVM, Portugal’s Securities Market Commission, ensuring they are regulated and directed towards Portuguese companies or projects. You need to maintain the investment for at least five years, which is the duration required to keep your residency until you’re eligible for permanent residency or citizenship. Notably, fund investments cannot be channeled into real estate development; they focus on businesses and ventures, aligning with the government’s push for productive investment.

Other Key Requirements

Beyond the financial contribution, applicants must meet standard Golden Visa requirements:

• Clean criminal record: You must have no serious criminal convictions. Authorities conduct background checks in your home country and in Portugal.
• Valid health insurance: You need to show proof of health insurance coverage (Portugal’s National Health Service or an international plan) during your stay.
• Portuguese bank account and NIF: Investors must obtain a Portuguese tax identification number (NIF) and open a local bank account to fund the investment.
• Stay requirement: Portugal’s Golden Visa has a very low residency obligation. You only need to spend at least 14 days in Portugal every two years (roughly 7 days per year on average) to keep the permit active. This flexibility is a big draw for busy international investors.
• Application and biometrics: You submit your application through Portugal’s Immigration and Borders Service (SEF) and attend a biometrics appointment in Portugal for fingerprints and photos. Once approved, SEF issues a residency card valid for two years at a time.

Family Inclusion and Pathway to Citizenship

Family members can be included under the Golden Visa as well, covering spouses, children, and even dependent parents in many cases. After five years of holding your investment and meeting the minimal stay requirements, you become eligible to apply for Portuguese citizenship or permanent residency. (Applicants for citizenship will need to pass a basic A2-level Portuguese language test at that stage, but there is no language requirement to obtain the Golden Visa itself.) Overall, in 2025, the Portugal Golden Visa process is streamlined and investor-friendly if you meet the €500,000 fund investment benchmark and related criteria.

Will Portugal Close the Golden Visa?

Future of the Program

In light of the reforms and ongoing political discourse, many prospective investors ask: Will Portugal close the Golden Visa program outright? Despite some heated public debate and media speculation, the Portuguese Golden Visa remains active and open in 2025. Early in 2023, the government did announce a proposal to end the Golden Visa as part of a housing affordability initiative. This caused uncertainty at the time. However, the proposal to completely close the program was ultimately not adopted. Instead, lawmakers chose a middle path and restructured the Golden Visa rather than ending it. By removing the real estate option and focusing on investments with tangible economic benefits, the program addressed key criticisms while continuing to operate.

No Official Plan to End the Program

As of 2025, there is no official plan to terminate Portugal’s Golden Visa. The government remains committed to channelling foreign investments into productive sectors, and the residency-by-investment scheme is a part of that strategy. In fact, demand remains high under the new rules, and the authorities are working on improving processing times and oversight rather than shutting the door on investors. It’s worth noting that the European Commission has called for an end to “golden visa” programs EU-wide, citing security concerns, but Portugal’s response has been to tighten and refine its program instead of cancelling it.

Portugal’s Golden Opportunity Remains

In summary, Portugal still has a Golden Visa program in 2025, and it’s very much business-as-usual for investors – with a new emphasis on funds and innovation. The Golden Visa has proven resilient, adapting to political and economic pressures but continuing to offer a legal, attractive route to EU residency. For global investors (including Americans seeking a foothold in Europe), this means Portugal remains open for investment migration. By pivoting to more sustainable investment options, Portugal’s Golden Visa is poised to endure, providing significant opportunities for those ready to invest in the country’s future.

However, as we’ve seen with similar programs in other countries like Spain, governments can change or terminate these schemes swiftly. If you’re considering investing, it’s always advisable to act promptly and avoid unnecessary delays. Now is an excellent time to explore the Portugal Golden Visa with La Vida, as the program balances investor benefits with positive impact on the Portuguese economy.

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