Updated: April 25, 2025

 

americans living in portugalSince the Portugal Golden Visa program was launched in October 2022, the scheme has attracted numerous non-EU citizens seeking residency in the country, contributing significantly to the nation’s economic growth by bringing in substantial investments annually.

However, during a ministerial meeting on 16 February 2023, the Portuguese government introduced a series of measures to address various concerns regarding the country’s housing problem. As part of this initiative, measures to apparently end the Portugal Golden Visa were grafted.

However, while the program has experienced some important changes, the Golden Visa Portugal scheme will not come to an end. As per the newly implemented law, the program no longer accepts real estate or capital transfers as viable investment pathways.

The Portugal Golden Visa Has Not Ended

why invest in portugalIs the Portugal Golden Visa ending? Well, no. The Portugal Golden Visa program is not ending or being suspended. However, there were important modifications to the program. In 2023, the new legislation came into force, and it is no longer possible to invest in real estate to qualify for the program. Portugal Golden Visa real estate changes includes the real estate Azores and Madeira Golden Visa. The capital transfer option is also no longer available.

Below is information on the Mais Habitaçao Bill before we delve into the available Portuguese Golden Visa investment options apart from the Portugal Golden Visa properties option.

If you are interested in the Golden Visa Program, our residency and citizenship division, Global Citizen Solutions, would be happy to discuss your options with you. You can get in touch with them today.

Their Ultimate Guide to the Golden Visa is your comprehensive guide to the program.

If you are considering alternative routes for the Golden Visa, the investment funds option is an excellent option that has proved increasingly popular in recent years.

The Mais Habitação Bill

portugal-golden-visaThe 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 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 avenues within the Golden Visa program.

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 the 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 makes investments under the real estate categories of the Golden Visa Program no longer possible and capital transfer investments no longer eligible.

Golden Visa Investment Options

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You can still apply for the Portugal Golden Visa. While real estate investments and capital transfer investment options are no longer available, there remain several other investment options, which can be found below:

  • Fund subscription: Make a contribution to a qualified investment 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)

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

Important Information about the Portuguese Golden Visa Program

portugal sagresIn addition to the Portugal Golden Visa changes in investment options, the main consequences of this legislation encompass the Portugal Golden Visa requirements.

  • Pending applications with SEF (Foreigners and Borders Service) will be evaluated in accordance with the laws in place at the time of their submission. 
  • The minimum residency requirement to maintain residence permits – 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 Diario da Republica. 

We recommend working with a 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 2025 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 cost and fees to take into consideration, including adding in 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, such as Global Citizen Solutions, they will be able to advise you on how you can optimize your tax affairs in Portugal.

Portugal Golden Visa Investment Routes that are No Longer Available

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As we’ve mentioned, in October 2023, Portugal Golden Visa changes came into force under the Mais Habitção (More Housing) Bill. The aim was to increase Portugal’s housing supply for rentals, combat real estate speculation, and restrict rent increases.

  • Real estate investment: Acquiring a real estate property with a value of €500,000 or higher is no longer available for investors.
  • Investing in rehabilitating real estate properties that are at least 30 years old, with a total investment of €350,000 or more, is no longer an option.
  • Investing in property in Portugal low-density areas, €400,000 or €280,000, is no longer possible.
  • Investing in funds that have direct or indirect real estate investments is an eligible investment route.
  • Capital transfers over €1,500,000 or more are no longer accepted.

 

Other Residency Options

Although the Golden Visa (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 the D7 Visa, the Digital Nomad Visa, and the D3 Visa. To determine which residency option 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 of the residency visa options 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.

Frequently Asked Questions about the Portugal Golden Visa Program Ending

The Portugal Golden Visa is a residency-by-investment program allowing non-EU nationals to gain residency by investing in Portugal. It offers benefits like visa-free Schengen travel and a pathway to citizenship should you maintain residency for five years.

No, the Portuguese Golden Visa program is not coming to an end. However, in October 2023, legislation was passed which changed what type of investment qualifies for the scheme. Buying property and the capital transfer option are no longer eligible for the program.

However, there remain several excellent investment options on the table, such as investment funds and job creation routes.

With certain investment options ending, is Portugal Golden Visa worth it? The Portugal Golden Visa remains an attractive option despite real estate no longer qualifying for the program. For example, the venture capital fund investment option is an excellent way to secure residency in Portugal under the scheme.

However, Portugal has many visas open whereby you can secure a residence permit in the country, including the D7 Visa, the Digital Nomad Visa, and the D3 Visa. To determine which residency option is best for you, we recommend working with immigration lawyers.

The Portuguese Government introduced the “Mais Habitação Law” on 6 October 2023, which led to significant modifications for the Portugal Golden Visa. Following the enactment of this law, it is no longer possible to make investments within the real estate category of Portugal’s Golden Visa. The capital transfer option has also been discontinued.

Golden Visas are investment programs whereby you can secure residency – or, in some cases, citizenship – in return for a foreign investment into the country.

In Portugal, the Portuguese Golden Visa was launched in 2012 and has since become one of the most popular residency by investment schemes of its kind.

If you have done a quick search on your chosen search engine for keywords such as “Portugal ending Golden Visa” or “Is Portugal Golden Visa ending” over the past year, you’ll find plenty of updates on the topic.

However, the Golden Visa is not coming to an end. Importantly, the program has undergone some significant changes as per the new law that came into force on 7 October 2023. From this date onwards, it is no longer possible to invest in real estate property (both residential properties and commercial real estate) or make a capital transfer to qualify for the program. There remain several investment types to choose from, including investment funds, job creation, and making an investment into cultural production.

The Portugal Golden Visa is not coming to an end and there is no end date to the program being open to investors.

The Portugal Golden Visa remains open to investors. Fund investments are currently one of the most popular investment pathways, although there is also the opportunity to invest in cultural projects, scientific research, and job creation.

No, Portugal is not stopping the Golden Visa. The residency by investment program remains a popular pathway for investors to secure residency in Portugal for a qualifying investment, wth a range of options on the table.

Portugal has no plans to halt the Golden Visa program and Golden Visa applications are open. This residency by investment program continues to be a sought-after avenue for investors looking to obtain residency in Portugal through eligible investments, with various options available for consideration. Alongside this, Portugal has a number of attractive visa options, including the D7 Visa and Digital Nomad Visa, making it easy to get a residence permit and relocate to Portugal.

While the avenue to Portuguese citizenship via property investment through the Portugal Golden Visa closed in October 2023, the program remains open. Investors can still pursue their goal of acquiring an EU, making 2024 a promising year for those seeking this opportunity.

To answer the question, “Is the Portugal Golden Visa suspended or will it be in the future?” No, the Portugal Golden Visa has been neither suspended nor ended. Portugal has officially ended real estate and capital transfer investments under the Golden Visa. However, certain alternative investment options remain available, including the investment fund option, which has proved to be very popular in the last couple of years, particularly amongst Americans.

If you’ve already applied, your process should continue under the previous rules.

Real estate investment is no longer an eligible route for the Golden Visa. Investors must now explore alternative qualifying investments, such as cultural contributions, scientific research, or venture capital funds to obtain Portuguese residency.

Yes, but only through eligible investment routes like investment funds, cultural production, or job creation. The real estate pathway has been discontinued, so investors should explore alternative qualifying options that align with the new regulations that came into force in 2023.

Current Golden Visa holders remain unaffected in terms of renewal and residency rights. However, those seeking new applications must comply with updated investment criteria.

The Portuguese Golden Visa is still one of the most popular residency-by-investment programs in the world. At the moment there are no plans to replace the Portugal Golden Visa.

No, existing applications and renewals continue under the previous rules.

Alternatives include the D7 Visa for passive income earners, the D8 (Digital Nomad) Visa, and Portugal’s Startup Visa for entrepreneurs. Each program offers residency benefits without requiring a significant upfront investment.

Real estate purchases and direct capital transfers are no longer valid for Golden Visa applications. Instead, investors must consider options like venture capital funds, research funding, or cultural investments to qualify for residency.

SEF (Serviço de Estrangeiros e Fronteiras) was Portugal’s immigration authority handling residency applications, including the Golden Visa. It has been replaced by AIMA (Agência para a Imigração e Mobilidade) to streamline immigration processes.

The minimum investment varies according to the investment pathway chosen, with the minimum investment starting from €250,000.