For years, Portugal’s “Golden Visa” program has been one of the most popular ways for foreign investors to obtain residency in the country – through real estate investment. But is this still the case? What has changed in recent years? And can real estate investment still lead to Portuguese resident status?
What is a Golden Visa?
The Golden Visa is a program launched in Portugal in 2012, with the aim of attracting foreign capital to the country. Under its original terms, residency in Portugal – with the possibility of citizenship in the future – could be obtained by investing at least €500,000 in Portuguese real estate, or €350,000 in an asset preservation project.
Policy changes since 2023
Following political and public pressure, the Portuguese government has made significant updates to the program:
- Investing in residential real estate in Lisbon, Porto, or popular coastal areas – no longer qualifies for a golden visa.
- It is still possible to obtain a visa through investment in rural areas or in non-residential business developments (e.g. hotels or tourism projects).
- There are alternatives through investment funds, business start-ups, and research and development.
What are the options today?
As of 2024, real estate investors can consider:
- Investing in areas not defined as dense (Inland Portugal), subject to meeting the criteria.
- Joining government-supervised investment funds, with a minimum investment of €500,000.
- Alternative business routes, such as starting a business or financing a technological activity.
What does this mean for you as an investor?
If your goal is residency or citizenship – it is important to understand that investing in an apartment in Porto or Lisbon will no longer be enough to obtain a golden visa. On the other hand, the investment itself can be very profitable – even regardless of residency – so it is worth separating the economic considerations from the legal considerations.
How can we help?
At I-Portugal, we do not claim to guarantee a visa or citizenship – but we can direct you to investments that correspond to the requirements, or alternatively offer quality real estate investments for the sake of return only. If necessary, we can connect you with local lawyers who specialize in the field.
In conclusion
The golden visa is no longer available for every real estate investment – but it still exists, mainly in other channels. A smart investor will know how to distinguish between an investment that yields a return and an investment that grants legal status – and sometimes, the two can be combined in a smart and calculated way.