Portugal Golden Visa Ending? What Actually Changed in 2026

Did Portugal end one of its most talked-about residency-by-investment schemes? No. Despite persistent rumors that the Portugal Golden Visa program was suspended, the reality is more nuanced. What ended in October 2023 was the real estate investment option, not the residency program itself.

The Golden Visa in Portugal remains active in 2026. In this guide, we explain what changed, what didn’t, how the Golden Visa process works today, and what it means for Golden Visa applicants, including families and international investors.

What is the Golden Visa?

The Portugal Golden Visa, often referred to as the Portugal Investment Visa or Portugal Golden Passport, is a residency-by-investment program that allows non-EU nationals to obtain Portuguese residency through qualifying investment activity.

Introduced in 2012, the Portuguese Golden Visa program was designed to attract foreign investment, support Portugal’s economy, and promote long-term economic growth. It forms part of Portugal’s broader investment migration strategy within the European Union.

Under the program, the main applicant and eligible family members—including spouses, dependent children, dependent parents, and other financially dependent relatives—can obtain residency rights in Portugal. This includes the right to live, work, and study in Portugal, as well as access to public and private services, including healthcare and education.

Since its launch, the program has granted residency to investors worldwide, generating over €4 billion in foreign investment and supporting steady growth across productive sectors. After five years of legal residence (under current rules), holders may apply for permanent residency or Portuguese citizenship, subject to eligibility criteria in force at the time.

Did Portugal end the Golden Visa?

No. Golden Visa Portugal is not suspended, nor did the program end in 2023.

Instead, the Portuguese government restructured the Golden Visa scheme as part of the Mais Habitação housing reform package. Early headlines caused confusion, but the Portuguese Parliament approved reforms that removed certain investment routes—most notably real estate purchases—while keeping the residency program intact.

The Golden Visa program remains one of the most flexible residency programs among Western European countries, offering EU residency, visa-free mobility, and long-term settlement options.

What changed: Real estate, capital transfer, and the new investment focus

The most significant Portugal Golden Visa changes involved the removal of:

• Residential real estate investment
• Property investment and real estate acquisition
• Passive income–based capital transfer options

This includes all real estate purchases, whether direct or indirect, including residential real estate in major cities such as Lisbon, Porto, and parts of the Algarve region.

The government’s objective was to curb rising prices and redirect capital away from housing markets and toward productive sectors. As a result, real estate options and capital transfer options no longer apply to new applicants.

Importantly, these reforms do not affect existing Golden Visa holders who applied under previous rules. The changes apply only to new applications, and transitional protections were included for pending applications submitted before the cut-off date.

Available Portugal Golden Visa Investment Options

In 2026, the Portugal Golden Visa program continues through the following investment options:

Investment in eligible funds: The most popular route is a €500,000 minimum investment into approved investment funds, often structured as venture capital funds or private equity funds. A Golden Visa investment fund allows investors to participate in diversified investment vehicles designed to channel private capital into Portuguese companies and innovation-driven sectors.

Scientific research contribution: Applicants may invest at least €500,000 in research activities conducted by public or private research institutions, contributing to innovation and international talent development.

Cultural heritage and artistic production contribution: A donation route of €250,000 supports national heritage, artistic production, or cultural preservation projects, often located in low-density areas.

Job or business creation routes: Applicants may qualify by creating 10 jobs, or investing €500,000 in an existing Portuguese company or existing Portuguese business, while creating at least five permanent jobs

Social Investor Visa Portugal

One of the lesser-known developments tied to the reform of the Golden Visa framework is the Portugal Solidarity Visa, introduced within the government’s broader Action Plan for Migration.

Often referred to as a Social Golden Visa, this initiative is intended to redirect private capital toward social-impact projects, particularly those linked to immigrant integration. The focus is on funding reception infrastructure, integration initiatives, and programs supporting vulnerable migrant communities in Portugal.

While the government has not yet finalized all operational details, several core elements of the Solidarity Visa have already been outlined. The expected minimum contribution is a €250,000 donation, with funds earmarked for approved social projects—most notably those connected to the development of affordable housing infrastructure.

To qualify, investments must align with the objectives of Portugal’s Migration Action Plan, which prioritizes easing housing pressure and promoting social inclusion. Unlike previous Golden Visa routes, this model does not involve managing real estate assets or operating a business, making it a more passive and administratively streamlined option for investors.

Changes Affecting the Portugal Golden Visa

In June 2025, the Portuguese Government proposed amendments to the Nationality Law and immigration framework. These proposals were Portuguese Parliament approved at plenary level but are not yet law, as they remain subject to Presidential review and potential Constitutional Court assessment.

Among the most consequential measures currently under consideration are:

• An extension of the residence period required for nationality, from five years to ten years with a reduced threshold of seven years for nationals of CPLP countries and EU member states.
• A change in how residence time is calculated, so that the nationality “clock” would begin when the residence permit is issued, rather than when the application is submitted.

It is important to stress that these proposals may affect Golden Visa holders, D7 Visa holders, and others, but until promulgated, the current law remains in effect.

Portugal Golden Visa Requirements are Unchanged

Since the removal of certain investment routes and the continuation of the scheme, the Golden Visa requirements remain largely unchanged.

Minimum residence requirement

Applicants are required to spend at least seven days per year in Portugal for the first two years, and 14 days for the subsequent years.

Maintain the qualified investment for the duration of the visa

Applicants must maintain the minimum investment amount throughout the validity of the visa.

Required documents for the Portugal Golden Visa

The following supporting documents are required for the initial application and each renewal:

• Portugal Golden Visa application form
• Copy of a valid passport and travel documents
• A declaration from your bank in Portugal confirming the transfer of funds from abroad
• Proof of health insurance in Portugal (Enrollment in SNS is required if the investor resides in Portugal)
• A background check or a police clearance letter from your country of origin, issued no more than 90 days before submitting your application.
• A declaration of honor promising to maintain the investment for five years.
• Documents showing a good standing with the relevant tax authorities
• Document showing non-enrollment or good standing with the Social Security
• A receipt showing that you have already paid the application processing fee

All documents issued by a non-Portuguese entity must be legalized, with an apostille required if the issuing country is part of the Hague Convention. Additionally, any document not in Portuguese must be translated and certified, typically by a notary.

Getting a Portuguese NIF number

The NIF (Número de Identificação Fiscal) is the tax identification number in Portugal. This unique identifier is assigned by the Portuguese tax authorities and is essential for various transactions, such as opening a bank account, purchasing property, signing contracts, and paying taxes.

You can apply for an NIF at your local tax office, appoint a legal representative, or use a third-party service that manages the entire application process on your behalf. However, securing an appointment to obtain your NIF can be challenging, as most tax offices experience long queues for these services, often starting early in the morning before the offices officially open. Additionally, it is required to maintain fiscal representation throughout the application process.

Opening a Portuguese bank account

To apply for your Golden Visa, you will need to open a bank account in Portugal. It's essential to have a local account because the investment funds required for the visa must be transferred from there. Additionally, Portuguese authorities need to verify that the funds come from your account and that all transactions adhere to anti-money laundering regulations.

Portugal Golden Visa for Citizenship

The Golden Visa does not guarantee citizenship. It provides legal residence, which may lead to permanent residency or citizenship if requirements are met.

Applicants must pass a Portuguese language test at the A2 level, maintain residency, and meet integration and criminal record requirements. Citizenship remains governed by nationality law in force at the time of application.

What to expect in 2026 for the Portugal Golden Visa

Despite widespread speculation that the Portugal Golden Visa program would end, it did not close in 2023 and remains active in 2026. In fact, interest in the Portuguese Golden Visa has continued to grow as investors adapt to the new real estate framework.

However, prospective Golden Visa applicants should be aware that potential policy changes at the national and immigration levels may impact long-term outcomes, especially for those planning to apply for citizenship.

In 2025, the Council of Ministers introduced a series of proposals aimed at amending Portugal’s Nationality Law, as part of a broader reform of the country’s immigration system. If enacted, these changes would significantly alter how residency and citizenship timelines are calculated.

Proposed changes to the nationality law include:

1. Extension of the general residence requirement for Portuguese citizenship from five years to ten years for most applicants.
2. Revised timeline for nationals of CPLP countries, increasing the requirement from five to seven years.
3. A change in how residence time is calculated, with the qualifying period starting from the date the first residence permit is issued, rather than from the date the application is submitted.

Additionally, the proposals introduce new substantive requirements for citizenship applications. While current rules mainly focus on Portuguese language proficiency, the revised framework would require applicants to demonstrate:

• A2-level proficiency in the Portuguese language.
• Knowledge of Portuguese civic life, including culture, history, and constitutional rights.
• A clean criminal record, with no convictions resulting in imprisonment.

These measures are not yet law and will require final approval, including presidential review and potential constitutional scrutiny. Until the legislation is enacted, current rules remain in effect. Nonetheless, these proposals highlight the importance of viewing the Golden Visa as a residency-first strategy, rather than a guaranteed or fixed-timeline route to citizenship.