Is the Portugal Golden Visa Ending? No, Not Exactly

Portugal Golden Visa Changes: The Mais Habitação Bill

The Portuguese government announced on 16 February 2023 that a set of measures would be introduced to tackle the housing issue in the country. The Portuguese Prime Minister at the time, António Costa, stated that there would be changes to the Golden Visa program as part of these efforts.

As of 19 July 2023, the Mais Habitação Bill, significantly affecting the Golden Visa program, was approved by the Portuguese Parliament. This Bill marks the end of the real estate investment option within the Portugal Golden Visa (ARI), alongside the capital transfer route.

Subsequently, on 21 August 2023, Portuguese President Marcelo Rebelo de Sousa vetoed the Mais Habitação Bill after careful consideration and thorough argumentation. The Bill was returned to Parliament for reevaluation based on the issues raised by the President.

On 7 October 2023, the Mais Habitação Bill officially came into effect, incorporating various measures to combat the housing crisis in Portugal. The Portugal Golden Visa changes the Bill put into place, making investments under the real estate categories of the Golden Visa Program no longer possible, and capital transfer investments no longer eligible.

For those wondering, “Is the Portugal Golden Visa still available?” rest assured that it remains up and running. The Portuguese government has no intention of canceling the Golden Visa anytime soon.

Portugal Golden Visa Investment Routes that are No Longer Available

Can you still get a Golden Visa in Portugal? Yes, but under new rules. In October 2023, Portugal’s Golden Visa changes came into force under the Mais Habitção (More Housing) Bill. The aim was to increase Portugal’s housing supply for rentals, make properties more accessible, and restrict rent increases.

In 2023, the Portugal Golden Visa suspended the following investment pathways:

• Real estate investment: Acquiring a real estate property with a value of €500,000 or higher is no longer available for investors.
• Investing in rehabilitation: Rehabilitation of Portugal Golden Visa properties that are at least 30 years old, with a total investment of €350,000 or more, is no longer an option.
• Low-density property investments: Investing in property in Portugal’s low-density areas, €400,000 or €280,000, is no longer possible.
• Real estate investment funds: Investing in Golden Visa investment funds in Portugal that have direct or indirect links to property investments.
• Capital transfer: Capital transfers are no longer accepted.

The investment funds route has proved to be increasingly popular since 2023. Find out more about in our article: Portugal Golden Visa Investment Fund Option: The Complete Guide.

Which investment routes are still eligible for the Golden Visa in 2026?

Although the popular real estate investment route has ended, the overall Portugal Golden Visa program is still going strong.

Here are the new rules for the current investment options:

• Fund subscription: Make a contribution to a qualified venture capital fund worth at least €500,000
• Artistic production or reconstruction of national heritage: Make an investment of at least €250,000
• Scientific research activities: Science or Technology research contribution of at least €500,000
• Creation of jobs: Creation and maintenance of ten jobs during the required period
• Share capital and job creation: Incorporation of a company or reinforcement of a company’s share capital, in either case with an investment of €500,000, combined with the creation of five or maintaining ten jobs (five of them permanent)
• Social Investor Visa: Minimum investment threshold of €250,000, with funds needing to be directed towards social projects.

Your Golden Visa application

Your application must be submitted through the ARI portal by a legal representative in Portugal. If you are interested in the Golden Visa Program, immigration consultants at Global Citizen Solutions can discuss your options and guide you through the necessary documents and submission process.

They will also help you get a NIF (Portuguese tax identification number) and open a local bank account. They can also compile all the documents and ensure you comply with Portuguese authorities, such as submitting a clean criminal record and proof of private health insurance.

Social Investor Visa Portugal

The introduction of a new Portugal Solidarity Visa, also known as the Social Golden Visa, is part of the Portuguese government’s “Action Plan for Migration”.

The Solidarity Visa aims to funnel foreign investment into social investment and immigration integration projects, including infrastructure, integration projects, and support for vulnerable immigrants. The minimum investment is a €250,000 donation, with funds needing to be directed towards social projects that develop affordable housing.

This aims to support the government’s initiatives in alleviating housing pressures, high property prices, and promoting inclusivity while ensuring the program aligns with Portugal’s broader economic goals.

This move by the Portuguese government is not in isolation, with there being 41 measures presented in total in the government’s new plan for migration.

The table below covers the latest changes to the Golden Visa and the Portuguese nationality law.

What are the expected returns and risks for the €500,000 fund option?

Qualifying venture capital funds often provide annual returns of 2 to 20 percent, depending on the sector and the level of risk.

• Lower-risk funds (such as infrastructure or agriculture) tend to have more stable but modest annual returns of 2 to 5 percent.
• Medium-risk funds can provide a balance between more stable annual returns of 5 to 10 percent. You might not see very fast gains, but you also avoid extreme ups and downs.
• Higher-risk funds (such as venture capital or technology funds) may deliver higher annual returns of 10 to 20 percent. But there are longer exit timelines and higher volatility.

Tip: To manage risk, you could spread the €500,000 investment across several qualifying funds. This can help reduce your exposure and make your overall investment more stable.

Does the end of the NHR tax regime and the start of IFICI+ affect your move?

The favorable tax regime NHR in Portugal ended and was replaced with the IFICI+ tax regime (NHR 2.0). Up until 1 January 2024, Portugal’s NHR (Non-Habitual Resident) tax regime was open to all foreign professionals, investors, and retirees.

It offered reduced tax rates, including a 20 percent flat income tax rate and a 10 percent rate on pensions for a period of 10 years. However, the tax regime has now been suspended, and new applicants are no longer eligible.

Almost a year after the NHR was removed, a new system was introduced. The IFICI+ Tax Regime (Incentivo Fiscal à Investigação Científica e Inovação) was implemented on 23 December 2024.

This new program, also called the NHR 2.0, is for skilled professionals across science, research, technology, and innovation.

Under IFICI+, eligible individuals benefit from a 20 percent flat income tax rate, and in some cases, 0 percent tax on dividends and capital gains. These tax benefits can apply for up to 10 years.

Eligible professions include:

• Industrial and product designers
• Experts in science, engineering, mathematics, and technology
• Medical doctors
• Senior executives and managing directors
• University lecturers
• ICT professionals

In some cases, Golden Visa holders can qualify for IFICI+ if they meet the required professional and sector conditions.

Grandfathering Rules: How the Changes Affect Existing Applicants

Is Portugal’s Golden Visa ending for existing holders? The changes do not affect existing Golden Visa holders or their applications. In addition to the Portugal Golden Visa changes to investment options, the main consequences of this legislation include changes to the Portugal Golden Visa requirements.

• Pending Golden Visa applications with AIMA (Agency for Integration, Migration and Asylum) will be evaluated in accordance with the laws in place at the time of their submission.
• The minimum residency requirement to maintain your residence permit – an average of seven days a year – remains unchanged.
• The renewal process for residence permits will continue to adhere to the original regulations.
• Family reunification conditions for dependents remain unchanged.
• Investment routes tied to real estate acquisition and capital transfers will no longer be considered qualifying investments.
• The law took effect on 7 October, the day following its official publication in the Diário da República.

Note: In early 2025, AIMA (Portuguese immigration authorities) introduced new digital systems, including an automated online tool for booking biometric appointments. It is also working through a large backlog of old applications using special processing teams to make the system faster and more transparent for applicants.

Ensuring a Smooth Portugal Golden Visa 2026 Process

We recommend working with an immigration law firm to assist you with your Golden Visa application. They will be able to assist you with information on the documents that you will need to present, plus guide you through the Portugal Golden Visa 2026 application process, the required documentation, and help you complete the Portugal Golden Visa application form.

They will also be able to make sure you understand the Portugal Golden Visa fees, government fees, and costs to take into consideration, including adding dependents to your application, and walk you through time considerations, such as the Portugal Golden Visa processing time.

Although there are no Golden Visa Portugal tax benefits specifically, if you choose to work with residency and citizenship experts, they will be able to advise you on how you can optimize your tax affairs in Portugal.

Our residency and citizenship division, Global Citizen Solutions, is a member of the US-Portugal and UK-Portugal Chamber of Commerce in Portugal and the Investment Migration Council (IMC). They would be more than happy to discuss the Portugal Golden Visa with you and which investment route corresponds best to your long-term goals.

Ensure a successful Golden Visa journey – you can get in touch with them today.

Portugal Golden Visa Program Ramping Up in 2026

So, is the Portuguese Golden Visa suspended? The new rules in 2023 did not signal the end of the Golden Visa in Portugal. They merely revamp the current eligible routes by terminating real estate investments as a qualifying investment route.

In 2026, anyone can qualify for the Portugal Golden Visa, provided they meet the eligibility criteria. By suspending the real estate criteria, the government is looking to manage the housing crisis and provide investors with the opportunity to boost Portugal’s economy.

The Portugal Golden Visa scheme has raised more than €7 billion ($8.2 billion) since its inception in 2012, with Brazilian, Chinese, and American investors the leading nationalities applying for the program. UK citizens have also been applying in numbers after Brexit, while American Golden Visa applicants have been on the rise in the past few years.

The recent changes are designed to promote business and innovation, create more jobs, and support cultural and social projects. Portugal Golden Visa holders tap into a range of benefits, including easy access to the EU and short-residency-stay requirements

You can see Global Citizen Solutions’ Ultimate Guide to the Golden Visa for a complete overview of the program, from their onboarding process through to getting your visa and attending your biometrics appointment.

Looking Beyond the Golden Visa Program Portugal: Other Residency Options for 2026

Although the Golden Visa in Portugal (also referred to, on occasion, as the golden passport Portugal program, Portugal golden passport program, or Portugal investment visa) is still open to applicants, and the investment fund pathway is proving to be very popular with investors, there are other ways to get Portuguese residency.

Portugal has many visas open where you can secure a residence permit in the country, including:

• D7 Visa (passive income visa)
• Digital Nomad Visa (for remote workers)
• D3 Visa (for highly qualified individuals)

After maintaining your residency for a set number of years, you can apply for Portuguese citizenship or permanent residency. This is five years at the moment for both permanent residency and citizenship, although new law proposals seek to increase the residency time to apply for citizenship from five to ten years (seven for CPLP and EU nationals).

To determine which Portuguese residence permit is best for you, we recommend working with immigration lawyers and getting in touch with our residency and citizenship division, Global Citizen Solutions. They will also keep you up-to-date on the latest Portugal Golden Visa news and updates on any other Portuguese residency visa options.

Comparing Portugal to Other European Golden Visas

So, is the Golden Visa still available in Portugal in 2026? Yes, the Portugal Golden Visa continues to accept investors worldwide, but with new investment requirements. With the end of the real estate investment and capital transfer routes, other options remain for EU residency. These include venture capital funds, research, arts, and job creation.

That being said, many other countries have some form of a Golden Visa, while others have been completely shut down. For example, Spain used to have its own Golden Visa program. However, the Spanish Golden Visa ended in April 2025. You can read more about it in our article about the Golden Visa Spain vs Portugal.

Here is how the Portuguese Golden Visa compares to other European countries:

For more details about how Portugal’s Golden Visa stacks up against the Greek Golden Visa, read our article: Greece vs Portugal Golden Visa.

Buying Property in Portugal for Plan B

Buying property in Portugal still remains a good financial move, regardless of its removal as a Golden Visa-qualifying investment. Houses for sale in the Algarve, Portugal, along with houses in Lisbon and Porto, remain highly sought-after in the country, with other regions, such as the Alentejo and the North of Portugal, also increasing in popularity.

For those seeking a luxury investment or world-class international living experience, Cascais, close to Lisbon, is a safe bet, while Comporta and Melides on the South West coast offer unrivaled exclusivity.

Find out more to secure your future: Buying Property for Plan B in Portugal.

Goldcrest: How We Can Help You 

Goldcrest is a buyer’s agent that is based in Lisbon. We provide expert, impartial advice on real estate investments and how to buy property in Portugal. From scouting out the perfect property through to property acquisition, we have you covered throughout the process.

If you are looking to purchase property in Portugal, don’t hesitate to get in touch. Our team of skilled experts is available to solve all your real estate doubts, helping you with the property search and offering insightful expertise and strategic advice.

Why choose Goldcrest?

• Local knowledge: With offices located across Portugal, our presence nationwide allows us to assist you personally across the country.
• Independent service: As an independent buying agent, we do not represent any development or project. Our service is entirely tailored toward each individual client, providing you with everything you need to secure the perfect property at the best possible price. As an impartial advisor on the market, we work solely on behalf of our client and provide a service tailored to your needs and requirements.
• Streamlined process: Our real estate agents speak English and Portuguese, and our service is completely focused on providing you with a hassle-free buying experience, saving you time.
• Experienced team: Our expert real estate team has a vast local knowledge of the Portuguese property market. We have cutting-edge technology and metasearch tools at your disposal to provide full market coverage, ensuring the best investment choices and negotiated prices.
• Network of partners: We have a close network of partners, including lawyers, property management services, builders, architects, designers, and landscape gardeners, again saving you time and hassle by providing you with trusted experts in their field of work.