Golden Visas in Portugal: What changed under the new Nationality Law?

Recent changes to Portugal’s Nationality Law have once again put Golden Visas at the center of the debate. But what, exactly, has changed?

Does the longer period required to obtain Portuguese nationality affect foreign investors? Which investment options remain available? And why is Portugal still considered an alternative for those seeking to establish ties with Europe?

Did the Golden Visa law increase the time required to obtain Portuguese nationality?

It can be said that it did, but it is important to clarify that this change did not result from changes to the Golden Visa program.

The longer period stems from the amendment to the Nationality Law, which took effect on May 19, 2026, and applies to new applications for naturalization by residence, regardless of the route through which the foreign national obtained a residence permit in Portugal.

Whether through a residence permit by investment, work or another legal route, the new time frames for applying for Portuguese nationality are seven or 10 years of legal residence, depending on the applicant’s nationality and the criteria established by law.

For citizens of Portuguese-speaking countries, such as Brazil, and European Union member states, the period is seven years. For citizens of all other countries, the requirement is 10 years.

It is important to note that administrative nationality applications already pending on the date the new law took effect remain subject to the previous legislation.

In addition to the period of residence, naturalization depends on meeting the other legal requirements.

What was the last major change to the Golden Visa program?

The last structural change occurred in 2023.

Law No. 56/2023, of Oct. 6, eliminated new applications based on the purchase of real estate, including properties intended for rehabilitation.

The same legislative reform also ended the possibility of obtaining a residence permit through the simple transfer of capital worth €1.5 million.

The changes did not eliminate the program, but they modified the available investment options. Permits previously granted under the eliminated categories remain subject to the legal renewal and transition rules.

Which investments still allow applicants to obtain residence in Portugal?

Despite the end of real estate investment, several options remain eligible for the program.

Currently, investors can access the program through:

A minimum investment of €500,000 in units of non-real-estate investment funds established under Portuguese law and meeting the requirements set out by law;

A minimum investment of €500,000 in scientific research activities carried out by public or private institutions that are part of the national scientific and technological system;

A minimum investment of €250,000 in support of artistic production or the restoration and maintenance of national cultural heritage, through eligible entities;

A minimum investment of €500,000 in the formation or capital increase of Portuguese companies, linked to the creation or maintenance of jobs, in accordance with legal requirements;

The creation of at least 10 jobs in Portugal.

Certain options allow for a reduction in the minimum investment amount when carried out in low-population-density areas, provided the conditions established by law are met.

Why does Portugal remain competitive compared with other European programs?

Portugal’s main advantage remains its low physical-presence requirement in the country.

A Golden Visa holder must remain in Portugal for a minimum of seven days in the first year and 14 days in subsequent two-year periods, under the applicable rules.

This feature allows many investors to maintain their center of life and business in other countries without having to establish habitual residence in Portugal.

The low physical-presence requirement may also be relevant to tax planning, although tax-resident status depends on separate criteria and an individual assessment.

Another factor that sets the program apart is the possibility of extending the residence permit to family members.

The program allows family reunification for spouses, domestic partners, parents, minor children and adult children who meet the legal dependency requirements and other applicable conditions.

Does the residence permit allow holders to live in any European country?

No. Through an investment made in Portugal, the residence permit is granted exclusively by Portuguese authorities and therefore confers the right to reside in Portugal.

However, the status offers significant advantages for international mobility.

Although the residence permit is Portuguese, the holder may travel within the Schengen Area, subject to applicable rules, and stay in other participating countries for up to 90 days in each 180-day period.

This right of movement does not amount to authorization to establish residence or work freely in another European country.

Is Portugal still an option for investors?

Despite the end of the real estate option, Portugal continues to offer a residence-by-investment program with competitive features in the European context.

The low physical-presence requirement, the possibility of family reunification and access to the Schengen Area remain important arguments for investors seeking a long-term strategy for mobility and a European presence.

The changes to the Nationality Law have made the path to naturalization longer, but they have not eliminated the Golden Visa program or the investment options that remain provided for under Portuguese law.