Portugal abolishes golden visas for real estate

Portugal’s Golden Visa: Opportunities and Challenges for Investors in 2025

Portugal has long attracted foreign investors with its Golden Visa program, which offers permanent residence in exchange for significant investment in the country’s economy. However, in 2025, the Portuguese government made significant changes to the program, which has far-reaching consequences for investors and the country itself.

• Perhaps the most significant change to the program was the abolition of the option to obtain a residence permit through real estate investment. Previously, this was the most popular option for investors looking to settle in Portugal. However, rising house prices and concerns about a property bubble have prompted the government to reconsider this option. While the abolition of the Golden Visa may seem radical, it reflects Portugal’s desire to address the housing crisis and make housing more affordable for locals. In addition, this decision is intended to attract more diversified and long-term investment in other sectors of the economy.
• Instead of traditional real estate investments, Portugal offers foreign investors a number of new Golden Visa options. These include:

1. Art and Culture Investment — the minimum amount is €250,000 (or €200,000 in less populated areas). These funds will be used to support artistic projects, the restoration of monuments and the development of cultural infrastructure.
2. Research Funding — Investors can invest €500,000 in public or private research institutes in Portugal. This will help attract talented scientists and accelerate the country's innovative development.
3. Venture Capital Investment — Invest €500,000 in Portuguese venture capital funds that finance promising start-ups and tech companies. This could be a lucrative opportunity for investors looking to support Portugal's vibrant start-up ecosystem.
4. Job Creation — Investors who are willing to create at least 10 jobs in Portugal may also be eligible for a Golden Visa. This change is aimed at stimulating entrepreneurial activity and reducing unemployment in the country.

• In addition to changes in investment options, the new Golden Visa rules tighten the requirements for the physical presence of investors in Portugal. Now, in order to renew a residence permit, the applicant must be present in person in the country. This innovation is intended to encourage investors to become more involved in Portuguese society and establish closer ties with the country. In addition, it can help weed out “fictitious” investors who obtain a residence permit solely for visa-free travel in Europe.

The procedure for obtaining and renewing the Golden Visa

• Digitalization of the application process — in 2025, the application process for the Golden Visa has become completely digital. Investors can submit all the necessary documents through a special online portal, which significantly simplifies and speeds up the procedure. Digitalization also reduces the time it takes to process applications, making the program more attractive to investors who value speed and efficiency.
• Requirements for renewing a residence permit — in order to renew a Golden Visa, investors are no longer required to simply meet the minimum stay in Portugal. They must demonstrate active integration into Portuguese society, including language skills and a stable financial position. These requirements reflect Portugal's desire to attract investors who are not simply «buying a passport», but are willing to make a real contribution to the country's development and become part of its socio-economic life.

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Impact of the new rules on investors and the Portuguese economy

• Reorientation of investment flows — the abolition of the «golden property» will inevitably lead to a redistribution of investment flows in Portugal. It is expected that a significant part of the funds previously directed to the housing sector will now be invested in cultural, scientific and innovative projects. This could give impetus to the development of creative industries, high-tech industries and research activities in Portugal. In the long term, such a reorientation of investments could increase the competitiveness of the Portuguese economy and reduce its dependence on tourism and real estate.
• Cooling of the real estate market — the changes to the Golden Visa program could have a significant impact on the Portuguese real estate market, especially in popular tourist areas such as Lisbon and Porto. Without an influx of investment from «golden» investors, a slowdown in the growth of housing and commercial property prices is expected. On the one hand, this could negatively affect the construction sector and related industries. On the other hand, a cooling of the real estate market could make housing more affordable for locals and reduce the risk of a «bubble» in the market.
• New opportunities for entrepreneurs — changes to the Golden Visa program open up new opportunities for entrepreneurs willing to invest in job creation or innovative projects in Portugal. State support for such initiatives can stimulate the development of small and medium-sized businesses in the country. In addition, the influx of foreign investors into venture funds and research institutes can facilitate the transfer of knowledge and technology, which will have a positive impact on Portugal's innovative potential.

The future of the Golden Visa and investment immigration in Portugal

• The program's prospects — despite the tightening of conditions, Portugal's Golden Visa program remains attractive to many foreign investors. The new rules can even increase the program's prestige, attracting more «quality» investors interested in the long-term development of the country. At the same time, some potential participants in the program may switch their attention to other European countries with more flexible conditions for obtaining a residence permit. Therefore, it is important for Portugal to continue to improve its investment and immigration policies in order to remain competitive in the international arena.
• Contribution to sustainable economic development — in the long term, the changes to the Golden Visa program may have a positive impact on the Portuguese economy. The influx of investment in innovative sectors, cultural projects and job creation will contribute to more balanced and sustainable economic growth. In addition, the active involvement of foreign investors in the life of Portuguese society can lead to the exchange of knowledge, ideas and best practices, which will help the country adapt faster to the challenges of the global economy.
• Adaptation of investors to new realities — changes to the Golden Visa program will require investors to be more flexible and willing to adapt to new conditions. Some will have to reconsider their investment strategies and, perhaps, seek professional advice to choose the best path to obtaining a residence permit in Portugal. At the same time, the new rules may attract investors who previously did not consider Portugal due to the high entry threshold to the real estate market. The opportunity to invest in cultural, scientific or innovative projects may interest those who are looking not only for an opportunity to obtain a residence permit, but also to make a significant contribution to the development of the country.

In conclusion, the changes to Portugal’s Golden Visa program in 2025 mark the beginning of a new era in the country’s investment immigration. The abolition of the “golden property” and the introduction of new investment options reflect Portugal’s commitment to a more sustainable and innovative economic development, as well as to addressing social issues such as the housing crisis. Although some traditional routes to residence are now closed, foreign investors have new opportunities to invest in promising sectors of the Portuguese economy. Investments in culture, science, innovation and job creation can not only provide investors with a Golden Visa, but also bring real benefits to the country. Ultimately, the success of the updated Golden Visa program will depend on Portugal’s ability to attract and retain foreign investors who share the country’s values ​​​​and are willing to contribute to its long-term development. If Portugal manages to find a balance between economic, social and immigration priorities, it can continue to be one of the most attractive investment immigration destinations in Europe.