Last updated: November 2025 — includes the latest Golden Visa changes.
The Portugal Golden Visa remains active and fully operational in 2025, with important updates that reinforce the program’s stability, attractiveness, and alignment with Portugal’s national goals.
After a period of uncertainty in 2023, the current center-right Portuguese government has publicly confirmed its commitment to the program — setting it apart from other countries like Spain, Ireland, and the Netherlands, which have recently closed their residency-by-investment schemes.
Here’s what’s new in 2025:
Real Estate Route Is No Longer Eligible
As of October 2023, direct or indirect real estate investments no longer qualify for the Portugal Golden Visa. This includes:
- Buying residential or commercial properties
- Investing in real estate development funds
- Participating in renovation or lease-based projects
Exception: Private equity funds that invest in tourism or hospitality may still qualify if they comply with fund-related restrictions and avoid direct real estate ownership.
Surge in Applications and AIMA Reform
- In 2024 alone, nearly 5,000 new Golden Visa applications were approved — the highest yearly total ever recorded, representing a 72% increase compared to 2023.
- The newly created AIMA has prioritized reducing the backlog left by the former SEF. Additionally, all documents must be digitally uploaded in AIMA´s portal, replacing the paper-based applications.
- Thousands of applicants were called for biometrics in 2025, including the ones who applied in Q2 2025, giving a strong expectation the levels of service on applications will be much better in the future . All the appointments are scheduled automatically according to AIMA´s availability in terms of place and timing. Read about AIMA Updates Golden Visa Rules: Prioritization, Efficiency, and Less Bureaucracy.
IFICI Tax Regime Introduced
- The new IFICI regime applies to new tax residents who have not lived in Portugal in the past five years
- Offers a flat 20% tax rate on eligible income and exemptions on most foreign-sourced income
- Valid for up to 10 years
Political Support and Program Continuity
- In a 2025 interview with Bloomberg, the Portuguese Minister of the Presidency confirmed that the Portugal Golden Visa is not under threat.
- Unlike previous Governments, the current administration sees the program as a tool for foreign investment, innovation, and economic growth.
The government is actively reviewing ways to enhance the Golden Visa’s fiscal benefits and economic impact.
U.S. Investors Now Lead the Program
- As of early 2025, US citizens make up the largest group of applicants, surpassing China for the first time. Find out why so many US citizens are moving to Portugal.
This reflects the growing demand from Americans seeking a Plan B, especially considering post-election uncertainties and global mobility trends On June 23, the Portuguese Government announced proposed changes to the nationality and foreigners’ laws. Full details emerged on June 26, with a parliamentary vote expected on July 4. However, all discussions and votes have now been postponed until September.
Why These Changes Matter
- The Portugal Golden Visa remains one of the few residency-by-investment programs in the European Union that is:
- Active and growing
- Legally stable
- Politically supported
- Accessible without relocation
- Aligned with responsible investment practices
Proposed changes to the nationality law What was proposed?
On June 23, the Portuguese Government announced proposed changes to the nationality and foreigners’ laws. Full details emerged on June 26, with a parliamentary vote expected on July 4. However, all discussions and votes have now been postponed until September. Read our latest article on what these changes could mean for you.
- Residency requirements increase:
- From 5 to 7 years for CPLP (Portuguese-speaking countries) nationals
- From 5 to 10 years for all others
- Residency period countdown would start from the residence permit issue date, not the application date
- Stricter naturalization criteria: deeper knowledge of Portuguese language, culture, history, and values
- Revocation risk: Naturalized citizens can lose nationality if they commit serious crimes within 10 years
Family reunification narrowed to descendants, except for Golden Visa holders and high-value professionals
- In October, the law was approved.
- The residence requirement for naturalization is being increased: For most non-CPLP (Community of Portuguese Language Countries) nationals the period rises from 5 years to 10 years. For nationals of Portuguese-speaking countries (CPLP) the period is proposed at 7 years.
- New integration requirements: Applicants will have to demonstrate not just language proficiency, but also knowledge of Portuguese culture, the history, national symbols, rights and duties of the Portuguese nationality and of the political organization of the Portuguese State and formally declare their adherence to the fundamental principles of the democratic rule of law.
- Possibility of losing nationality: Under the new rules, naturalized citizens may lose Portuguese nationality if convicted of serious crimes (prison sentence exceeding two years).
- Nationality will only be given to people deemed not to constitute a threat to national security or defense, namely through involvement in terrorism, violent crime or organized criminal activities, not being subject to restrictive measures imposed by UN or EU and/or have the capacity to ensure their own subsistence.
- Changes in how residence period is calculated. Namely, starting from the date of residence card issuance rather than from the residency application.
- However, on November 13, the Socialist Party (PS), the third most represented party in the Portuguese Parliament, sent the Nationality Law to Constitutional Court.
- This preventive review request is not a usual step. It was used only twice in 42-year Constitutional Court history.
- In our opinion, this move reflects the lack of consensus in the Portuguese society about the approved nationality law terms, the doubts about the legality of some of the approved matters and the absence of the Socialist Party from a consensual position with the Government in such a relevant law.
- Some of the main points of doubt from the Socialist Party are linked to how the time is counted, since it was approved that the counting would start from the day of issuance of the residence permit. It is also expected that the Constitutional Court will be looking at having two different timeframes for the period of residency until being able to apply for nationality: one of 7 years for the Portuguese Speaking Countries and EU citizens and another of 10 years for all the other nationalities.
- According to the Portuguese Press, the Social Democrat Party (PSD), the most voted party and the pilar of the Government, has expressed openness to negotiate this law with PS, in case the law raises issues by the Constitutional Court and is vetoed by the President.
- The Constitutional Court has a period of 25 days to answer PS´s review request.
- We think this is positive news for Golden Visa holders since increases the chance of having a more favorable outcome in terms of the counting period for nationality,
Read Also:
Portuguese Nationality Law: Appeals for Moderation Before Changes Are Discussed
What Does This Mean for You?
- For Golden Visa and D Visa holders, the biggest impacts would be:
- Longer wait before applying for nationality
- The start of the residency countdown shifting to a later date
Perspective is the matter!
- The Portugal Golden Visa remains one of the few residency-by-investment programs in the European Union that is:
- Active and growing
- Legally stable
- Politically supported
- Accessible without relocation
- Aligned with responsible investment practices
Why Portugal Still Stands Out
- Golden Visa programs in Spain, the UK, the Netherlands, and Ireland have closed.
- The main alternative program is Greece that requires investors to live 7 consecutive years and attain upper-intermediate level Greek language, whereas Portugal only requires 14 days every 2 years and basic Portuguese knowledge. Cyprus has also stricter physical presence for applying for citizenship.
