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The Golden Visa played a central role in drawing thousands of new residents to Portugal, offering a convenient path towards acquiring EU residency rights for those with the means to pursue them.
However, beginning in late 2023 and continuing through to 2025, the country initiated sweeping reforms aimed at curbing speculative real estate investment and tightening access to residency.
These changes were driven by domestic political pressures, rising housing costs, and the government’s desire to align immigration with long-term economic priorities.
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As of 2025, the Golden Visa program has undergone major transformations as it no longer permits residential property investment, making it far less appealing to investors looking for investment options.
This article explores these changes in detail, offering clarity for potential applicants navigating a drastically altered legal and financial landscape.
Portugal Golden Visa 2025 Updates
Portugal’s Golden Visa remains active in 2025, but its scope has been significantly narrowed.
The most impactful reform came into force in October 2023, when the government officially removed residential real estate as a qualifying investment category.
This decision was a response to concerns over housing affordability, particularly in Lisbon, Porto, and coastal areas where foreign buyers were seen as driving up prices for locals.
Today, Portugal Golden Visa requirements come in the form of alternative, productive investment options. The current eligible routes include:
- A minimum €500,000 investment in certified Portuguese venture capital or private equity funds that support innovation, small and medium-sized enterprises, or local development.
- A capital transfer of €500,000 or more into accredited public or private research institutions engaged in scientific and technological advancement.
- A minimum contribution of €250,000 toward projects that preserve or support national cultural heritage.
- The creation of at least 10 full-time jobs in Portugal as part of a business operation initiated by the applicant.
These changes reflect Portugal’s shift from passive capital inflows, particularly through property, toward investment that demonstrably contributes to the local economy, knowledge sectors, or cultural infrastructure.
While the program remains open in principle, in practice it is facing increasing friction due to administrative delays.
As of early 2025, Portugal’s immigration services are managing a backlog of over 400,000 pending cases across various visa categories, but the Agency of Integration, Migration, and Asylum are currently expediting the process to finish by summer.
New Golden Visa applications at this point may or may not be prioritized, resulting in extended processing times and significant uncertainty for new applicants.
This new phase of the Golden Visa prioritizes impact over convenience. It still offers a pathway to EU residency, but with stricter conditions, longer wait times, and a clear emphasis on applicants who are willing to engage with Portugal’s innovation and development agenda.
Portugal Golden Visa Fees
Legal fees for a Portugal Golden Visa vary depending on the level of service you require. While it is technically possible to apply independently, most applicants opt to hire a lawyer or licensed agent to streamline the process and avoid administrative errors.
This support becomes especially important when dealing with documents issued outside Portugal. These must often be legalized and in some cases, apostilled before they can be accepted.
Any non-English or non-Portuguese documents must also be translated, potentially increasing costs and timelines. Legal or agent support can ease these burdens and ensure a more efficient application process.
How to Apply for the Portugal Golden Visa in 2025
Document Collection
The application requires several official documents. Many applicants work with legal professionals to make sure all paperwork is accurate and complete before submission.
You’ll need:
- A valid passport
- Proof of a qualifying investment in Portugal
- Health insurance coverage
- Criminal background check
- Confirmation of tax compliance in Portugal
- A sworn statement committing to maintain your investment for at least five years
- Proof of payment for visa application fees
Depending on where the documents are issued, they may require legalization and certified translation.
Get a NIF and Open a Bank Account
You’ll need a Portuguese tax number (NIF) and a local bank account before proceeding with the investment. Funds must be transferred into this account and the investment must be made from it to meet official requirements.
Opening an account is relatively simple if you’re already in Portugal. Non-residents may need to research banks that offer services tailored to international investors.
Your legal representative may be able to assist in choosing a suitable banking partner.
Make Your Investment
Once your account is in place and your NIF secured, you can proceed with your investment. Requirements vary depending on the type of qualifying investment you choose, and legal support can guide you through each step.
Submit Your Application
With the investment completed, submit your application to the Serviço de Estrangeiros e Fronteiras (SEF), Portugal’s immigration authority.
Applying through SEF offices in less populated areas can reduce wait times. Legal representatives typically manage this stage to ensure accuracy.
Attend the SEF Interview
After the initial review, you and any dependents included in the application will be invited to a SEF appointment for biometric data collection.
Receive Your Golden Visa
Once approved, your visa and those of your dependents will be issued. Processing generally takes around four months, and documents can be collected in person or sent to your registered address.
Portugal Golden Visa Timeline
- Years 1–2: Initial visas are valid for two years. You must uphold eligibility criteria, maintain your investment, and spend at least seven days per year in Portugal. Begin renewal preparations about three months before expiration.
- Years 3–4: Renewed visas are valid for three years, with ongoing compliance and residency requirements.
- Year 5 and Beyond: You may choose to:
- Apply for Portuguese citizenship
- Apply for permanent residence
- Renew the Golden Visa
- Exit the program
Citizenship or permanent residency ends the requirement to maintain the original investment. Portugal allows dual citizenship, but language and other requirements apply, including a basic Portuguese language exam.
Frequently Asked Questions
What changed with Portugal’s Golden Visa program?
Major reforms were introduced under the 2023 “Mais Habitação Law,” which eliminated real estate and capital transfer options. The current investment categories remain valid as of 2025, but applicants should always check for the latest updates before applying.
Is the Golden Visa still active?
Yes, the program continues. While it undergoes periodic review, it remains a viable option for investors meeting the updated criteria.
Can my family join the application?
Yes. Immediate family members can be included, such as:
- Your spouse
- Children under 18
- Dependent children aged 18–26 still in education
- Parents aged 65 or older
Are Golden Visas Renewable?
Golden Visas are initially valid for two years and renewable for three-year periods thereafter. After five years, you may apply for citizenship or permanent residency.
Practical Considerations for Investors and Relocators
For those still considering moving to Portugal in 2025, the path forward is more complex but not necessarily closed.
Golden Visa applicants must be prepared to invest in ventures or institutions that align with Portugal’s long-term economic priorities such as scientific research, innovation, and cultural preservation.
Real estate, previously a convenient asset class for foreign investors, is no longer an option. This demands a shift in mindset: from capital preservation through property to active engagement with the Portuguese economy.
Prospective applicants must also account for administrative delays. Immigration authorities are under strain, with a national backlog over 400,000 pending cases.
New Golden Visa applications may be deprioritized in favor of other migration channels, meaning investors should expect timelines well beyond the 12-month mark or possibly more.
While Portugal still offers lifestyle advantages such as mild climate, safety, and EU access, the financial incentives that once anchored its appeal have narrowed significantly.
In all cases, professional legal and tax guidance is critical. The new structure is less forgiving, more bureaucratically demanding, and far more scrutinized.
Cross-border planners, especially those dealing with estate, trust, or corporate structures, must re-evaluate Portugal’s role within their global strategies.
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Adam is an internationally recognised author on financial matters with over 830million answer views on Quora, a widely sold book on Amazon, and a contributor on Forbes.
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