Portugal’s Golden Visa draws investors despite EU changes

Key Takeaways

• Real estate investments no longer qualify for Portugal’s Golden Visa since October 2023.
• Over €88 million invested in eligible funds by late 2023, reflecting a shift from real estate.
• Applicants can gain EU residency and citizenship for families after five years with minimal stay requirements.

Portugal’s Golden Visa program continues to grab attention from global investors as major changes shape both the country’s rules and the wider European immigration environment. Even with the European Union making stricter rules for residency-by-investment plans, Portugal 🇵🇹 manages to stand out, with investor interest showing no signs of slowing down.

Portugal’s Golden Visa After 2023: What Has Changed?

Since October 2023, the rules for Portugal’s Golden Visa have changed in some important ways. Previously, people could qualify by buying real estate in Portugal 🇵🇹 or simply moving money into a local bank. Today, this is no longer the case. The program’s main goal now is to bring real value to the country’s economy and society.

If you want to apply for Portugal’s Golden Visa, here are your main options:

• Invest at least €500,000 in a qualifying investment fund. But the key detail: these funds cannot be tied to real estate. The aim is to push investment into areas like business, science, or new industries.
• Create at least ten jobs in Portugal 🇵🇹. This route supports local employment and is aimed at business owners or those starting new companies.
• Invest €500,000 or more into public or private research bodies. Supporting science or technology is now highlighted, so making a difference in these fields helps with getting a visa.
• Donate €250,000 or more towards art or culture. By supporting cultural projects or repairing buildings of historical value, you can qualify.
• Set up a company that creates jobs. While this overlaps with the job creation option above, it clearly shows a preference for applicants who can help the country grow.

These changes are clearly meant to make sure each applicant does more than just park their money. Portugal 🇵🇹 is encouraging people to help build its society and economy in real ways.

Who Can Benefit—and What Do They Get?

One of the main reasons for strong investor interest is that this visa is very flexible. Once approved, the main applicant, their spouse, and their direct family members (like children or parents) can all:

• Live, work, and study in Portugal 🇵🇹
• Move freely within the EU Schengen Area, which includes most European countries
• Renew their residency permits every two years as long as requirements are met
• Apply for Portuguese citizenship after five years, if they learn some Portuguese and follow other basic rules

This pathway is attractive for people who want a “Plan B”—a second home, safety, or a new lifestyle opportunity—in the heart of Europe.

Surge in Investor Interest

Despite Portugal 🇵🇹 making its rules tougher, the appetite among investors has only grown. By September 2024, more than 15,600 main applicants and over 22,000 family members had joined the program since its beginning.

What has changed is the type of investments people are making. With real estate out, there has been a huge jump in money going into investment funds. In 2019, just €3.1 million was placed in eligible funds. By late 2023, this number rocketed to over €88 million. This trend shows a clear move among high-net-worth individuals to spread their investments, preferring business and innovation over bricks and mortar.

One of the biggest new groups of applicants is from the United States 🇺🇸. Americans are drawn to Portugal’s Golden Visa because it comes with flexible stay rules (you only need to spend about seven days a year in the country before renewal), and the fund investment option brings possible tax benefits. China 🇨🇳 and Brazil 🇧🇷 are also key sources of applicants.

Why Portugal 🇵🇹 Shines Among EU Changes

In recent years, residency-by-investment programs—sometimes called “Golden Visa” or “Golden Passport” schemes—have faced tighter rules across the European Union. This is a reaction to concerns about crime, money laundering, and “selling” EU passports to people with little or no link to Europe.

For example, in May 2025, Malta 🇲🇹 was ordered to close its Golden Passport program by the European Court of Justice. Malta’s scheme had allowed investment to lead straight to citizenship, with only a brief visit required.

Portugal 🇵🇹 stands out because it never offered direct citizenship for cash. Instead, applicants must first qualify for residency, and only after five years, along with a genuine presence in the country and learning some Portuguese, can they apply for citizenship.

Legal experts stress that Portugal’s model matches what the EU wants to see:

“Unlike Malta’s scheme, where passports were given out with almost no connection to the country, Portugal’s Golden Visa requires applicants to spend time in Portugal each year and pass a basic Portuguese language test. Citizenship is only possible after five years if all these rules are followed.”

This approach gives both sides what they want: Portugal 🇵🇹 attracts new people and investment, while the EU makes sure its rules are followed and values protected.

How Portugal’s Golden Visa Has Become More Efficient

With more and more people applying, Portugal 🇵🇹 has updated its process to make sure things run smoothly. Applicants must now use a new online portal for every stage of the process, reducing paperwork and making it easier to track progress.

Appointments to collect biometric data—digital fingerprints and a photo—are now set up automatically. This stops the rush for slots and helps the government deal with applications more fairly. Service points have opened in more cities, not just Lisbon or Porto, making it easier for people to complete key steps.

Officials have also set their sights on cutting the backlog of old applications. The target processing time is now four to six months for most applicants, which is faster than many other EU countries with similar programs.

As reported by VisaVerge.com, these steps are seen as both modern and practical, helping to protect Portugal’s reputation while keeping the program popular.

Comparing the Rules: Before and After

To understand just how much the Golden Visa has changed, let’s look at some key points side by side:

These adjustments, while strict, show Portugal 🇵🇹 wants investment that truly benefits the country—building companies, science, and culture, instead of just fueling a hot real estate market.

Why Strong Investor Interest Remains

Even with new limits, Portugal’s Golden Visa program appeals to people for many reasons:

• Flexibility: The program requires only short yearly stays, so investors do not have to move their lives overnight.
• Quality of Life: Portugal 🇵🇹 is loved for its safety, climate, and friendly people.
• Freedom of Movement: Residents can explore, work, or study in other Schengen countries.
• Path to Citizenship: After five years, you can apply for a passport, making travel and opportunities across Europe much easier.
• Family Inclusion: Being able to bring your spouse, children, or parents under one investment is a huge comfort.

These reasons help explain why, despite the property ban, investor interest remains strong. Many people still see Portugal’s Golden Visa as a safe way to connect with Europe, diversify their investments, and give their family new options.

Impact of EU Changes and the Future

The European Union has made it clear that it will continue to crack down on programs seen as open to abuse. This makes Portugal’s careful balance even more important. By focusing on investment in science, businesses, and social projects, Portugal 🇵🇹 is showing the EU it takes international concerns seriously.

This approach also keeps the door open for people who want a deeper relationship with the country—not just a travel benefit. It matches EU values and addresses problems that caused other countries to close or review their own schemes.

At the same time, there’s little sign that Portugal’s Golden Visa will lose its popularity. More people looking for a “Plan B”—because of political or economic worries at home—are likely to make Portugal 🇵🇹 their first choice.

Is Portugal’s Golden Visa Right for You?

If you are thinking about applying for Portugal’s Golden Visa, here are some things to keep in mind:

• Check which types of investments you are comfortable with. Real estate is off the table, so funds, research, or arts may be your main options.
• Remember the minimum stay requirements. While they are small, they must be met every year.
• Make sure you understand the rules for getting citizenship later. Language skills and proof of time spent in Portugal 🇵🇹 will be needed.
• Consider your family plans. Bringing loved ones as part of your application makes Portugal 🇵🇹 more appealing for many.
• Stay updated, as the rules can change quickly.

For the latest information, you can visit the official government page on Portugal’s Golden Visa program for real-time updates and legal texts.

Final Thoughts

Portugal’s Golden Visa shines as one of the few truly “EU-proof” programs left after recent European changes. Instead of just selling access to the country or the EU, it now aims for investments that bring real value. The move away from real estate toward business, science, and culture is drawing a new breed of investors who want to make a difference—and want a secure link to both Portugal 🇵🇹 and all of Europe.

Every sign points to investor interest remaining high. The changes may have blocked some older routes, but the new structure fits the values of the EU and matches the needs of people looking for quality, security, and opportunity. If the continued flow of applications and rising fund investments are anything to go by, Portugal’s Golden Visa will remain a key entry point for global investors well into the future.

For more details or help with your decision, official information and forms can be found on the Portuguese Immigration and Borders Service website, which gives full rules for all investment types.

As the European immigration map changes, Portugal 🇵🇹 stays ahead—welcoming investors who want to be part of its future, while matching the rules that keep Europe both open and safe. The next few years will likely see even more innovation in how countries attract people and money, but Portugal’s Golden Visa looks set to remain an important choice for many.

Learn Today

Golden Visa → A residency-by-investment program allowing non-EU citizens to obtain legal residence in Portugal by making qualifying investments.
Schengen Area → A zone in Europe where 27 countries abolished border controls, allowing free movement of people, goods, and services.
Residency Permit → An official document allowing a non-citizen to live, work, or study in Portugal or other countries for a certain period.
Biometric Data → Digital personal information such as fingerprints and photographs collected during the application process for identification purposes.
Investment Fund → A pool of money collected from investors to invest in business, science, or innovation—not tied to real estate in this context.

This Article in a Nutshell

Portugal’s Golden Visa has evolved beyond real estate, now focusing on funds, science, and culture. With streamlined processing and minimal stay requirements, investor interest remains high, especially from the U.S. Portugal stands out in Europe by aligning with EU rules, offering families residency, mobility, and a future path to citizenship.
— By VisaVerge.com

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