The New Portuguese Golden Visa - All You Need to Know

Three years after the 2023 reform, we now have a clear picture of the future of the Portuguese Golden Visa programme. The major change in 2026 does not concern the investment routes, but rather access to Portuguese nationality, which now requires a longer period of residence.

Golden Visa: the current situation in 2026

Obtaining a Golden Visa through real estate investment ceased to be possible in October 2023. However, several other highly attractive options remain available.

Ultimately, the more apocalyptic predictions that anticipated the end of the Golden Visa in Portugal have not materialised.

The benefits of obtaining a Golden Visa

Investors may continue to apply for a Golden Visa with the possibility of:

• Obtaining a residence permit and applying for family reunification, provided that they remain in Portugal for at least 7 days during the first year and 14 days during each subsequent two-year period
• Travelling within the Schengen Area without requiring a visa (for periods of up to 90 days in any 180-day period)
• Applying for permanent residence after 5 years and for Portuguese nationality after 7 or 10 years, depending on the applicant’s nationality (see below)
• Accessing the Tax Incentive for Scientific Research and Innovation (IFICI or NHR 2.0), the regime that replaced the Non-Habitual Resident regime, provided that the individual becomes tax resident in Portugal and carries out one of the qualifying activities provided for by law

Regarding this final point, it should be emphasised that the minimum stay requirements for maintaining the Golden Visa do not, in themselves, imply tax residence in Portugal. Access to IFICI requires effective tax residence under the general rules of the Portuguese PIT Code and that the individual has not been resident in Portugal during the previous five years.

For expatriates intending to relocate to Portugal, we would also note that several other residence permits are available, including the D2, D3, D7 and D8 (remote work/digital nomad visa).

The main difference between these permits and the Golden Visa is that there is no mandatory minimum investment requirement to apply for them, although applicants must demonstrate income or an activity in Portugal. They do, however, require effective presence in the country: a residence permit may be cancelled if its holder is absent from Portugal, without valid justification, for 6 consecutive months or 8 non-consecutive months during the validity period of the permit.

Golden Visa options that are no longer available

Since 7 October 2023, the date on which Law No. 56/2023 of 6 October (the Mais Habitação programme) entered into force, it has no longer been possible to submit Golden Visa applications through the following investments:

• Acquisition of real estate with a minimum value of € 500,000;
• Acquisition of real estate whose construction was completed at least 30 years ago or which is located in an urban rehabilitation area, together with rehabilitation works on the acquired properties, for a total amount of at least € 350,000;
• Capital transfers of € 1.5 million or more.

It should be noted that foreign nationals and non-residents in Portugal may continue to acquire Portuguese real estate. The only change concerns the possibility of using such transactions as a route to the Golden Visa. Residence permits already granted on the basis of these investments were not affected and may continue to be renewed.

Golden Visa and citizenship: what has changed in 2026

The period of legal residence required for naturalisation has been extended from 5 to 7 years for nationals of Portuguese-speaking countries and Member States of the European Union, and to 10 years for all others. The relevant period now also begins from the date the residence permit is issued, rather than from the date of application, and integration requirements, such as knowledge of the Portuguese language and culture, have been strengthened.

For those primarily seeking a second residence in the European Union, the Golden Visa remains an attractive solution. Those whose main objective is Portuguese nationality should, however, take this timeframe into account, although Portugal continues to have one of the European Union’s more open regimes for acquiring nationality, both in terms of the applicable timeframes and the possibility of holding dual nationality.

How NEWCO can help you

Since the 2023 amendments, eligible investments have ceased to include the real estate sector and demand has shifted towards the alternatives that remain available, with the acquisition of units in non-real-estate investment funds standing out in particular.

In addition to its track record in residence permit procedures, NEWCO has extensive expertise in incorporating Portuguese companies, both in Madeira and mainland Portugal, as well as a broad network of trusted partners in the investment fund and private equity sectors and experience in the tax structuring of individuals relocating to Portugal, including under IFICI.