Is the Portugal Golden Visa Ending? Not Exactly | 2026 Update

You might have read news about Portugal’s Golden Visa being suspended or ended. Is the Portuguese government stopping one of Europe’s most lucrative citizenship-by-investment programs? The short answer is no.

The Portuguese Parliament voted to restructure the program rather than end it, and legislation from 2023 ruled out real estate investment or capital transfers as qualifying criteria for applications. This means the Portugal Golden Visa program continues, and the changes will not affect existing applications.

In this article, you’ll learn everything about the latest Portuguese Golden Visa program announcements and their critical implications for future investors.

Portugal Golden Visa Ending: Key Takeaways

The Portugal Golden Visa program is not ending, but real estate and simple capital transfer options were eliminated in 2023 to curb housing pressures.

Qualifying investment routes now include venture-capital fund (from €500,000), arts/heritage donation (from €250,000), scientific research (from €500,000), or business creation and job creation.

Applicants who submitted before the changes are unaffected and retain their original rights, including family reunification and renewal.

Permanent residence and citizenship remain achievable after five years under the original rules.

Proposed nationality law changes might extend the period to 10 years for new applicants.

No, the Portugal Golden Visa program is not suspended or ending. However, important modifications were made to it. In 2023, legislation came into force that made it no longer possible to invest in real estate to qualify for the program. This included real estate in the Azores and Madeira for the Golden Visa.

This wasn’t the first time the Golden Visa has seen some changes to how it works. In 2022, an amendment to the law restricted the ‘qualifying’ areas for real estate investment within Portugal and made several investment options more expensive.

At the time, the Portuguese government explained that these changes were necessary to spread foreign investment more evenly across Portugal. With the Lisbon and Porto real estate markets thriving, the government focused on developing the property market in Portugal’s interior areas.

After these changes, the government hinted in early 2023 that it would end the Portugal Golden Visa Program. However, later announcements confirmed that there would only be Portugal Golden Visa changes, and it would still be available for foreign investors.

The program remains strong, but legal wrangling in 2025 might bring several indirect Portugal Golden Visa changes in 2026 through the country’s immigration and citizenship rules.

A proposed amendment to Portugal’s Nationality Law could affect the time it takes for Golden Visa holders to apply for citizenship. In December 2025, Portugal’s Constitutional Court ruled that changing the required time of residency from 5 years to 10 years for most citizens was constitutional and valid.

While it still has to be approved by Portugal’s president or sent back to parliament for changes, it means that Golden Visa holders can apply for permanent residency after five years, but only apply for citizenship after ten years.

Removal of real estate for investment

After it became clear that the government wasn’t suspending the scheme, the biggest Portugal Golden Visa news was the introduction of the “Mais Habitação” law in 2023. To address the housing crisis and rising property prices, the Portuguese government removed a handful of Golden Visa investment routes:

• Capital transfer investment options in the amount of €1,500,000 or more are no longer accepted.
• Real estate acquisition with a value of €500,000 or higher is prohibited.
• Property investment for rehabilitation or restoration on listings at least 30 years old, with a total investment of €350,000 or more, is no longer an option.
• Real estate purchases in low-density areas, €400,000 or €280,000, are no longer an option.
• Investing in a real estate-related fund is no longer viable.

Even with recent changes to the rules, Portugal’s Golden Visa program is still available, though with a more limited set of investment options. Here’s what you can choose from:

• Invest at least €500,000 in a qualifying venture capital fund.
• Support the arts or help restore national heritage by making a donation of at least €250,000.
• Contribute at least €500,000 to scientific or technological research in Portugal.
• Create and maintain ten jobs in Portugal for the required period.
• Start a company or increase a company’s share capital with an investment of €500,000, and either create five full-time jobs or maintain ten jobs, with at least five being permanent.

Social Investor Visa Portugal

Another change in the Portugal Golden Visa was the introduction of a new Portugal Solidarity Visa, as part of the country’s “Action Plan for Migration.”

Sometimes called the Social Golden Visa, this new route lets investors support projects that help immigrants settle in Portugal. Investments can go toward building reception centers, funding integration programs, or providing support for vulnerable newcomers.

While the government is still finalizing the details, we already know a few key points about how the Solidarity Visa will work.

The minimum investment is expected to be a €250,000 donation, with funds going directly to social projects that create affordable housing.

Investments need to support the government’s Migration Action Plan, especially projects that tackle housing shortages and encourage inclusivity. Unlike other visa routes, you won’t need to manage property or run a business, which makes this option simpler for many investors.

The government hasn’t confirmed how long the investment must be held, but it will likely match the five-year residency requirement for permanent residency.

The program changes do not impact Portugal Golden Visa applications made before the law change. If you’ve initiated or finalized your investment, you can still maintain your visa under the terms you initially applied for. There will be no retroactive impact on your investment or your residency status.

Existing Golden Visa holders also won’t be affected by the changes. In addition to the specified investment avenues, the main consequences of this legislation encompass:

• Pending applications with AIMA will be evaluated according to the laws at the time of submission.
• The minimum residency requirement to maintain residence permits remains unchanged, at an average of seven days annually.
• The renewal process for residence permits will continue to adhere to the original regulations, such as having health insurance, passing a background check, and maintaining fund investments.
• Family reunification conditions for dependents remain consistent with primary application requirements.
• Investment routes tied to real estate and capital transfers are no longer considered qualifying investments.
• The law took effect on 7th October 2023, following its official publication in the Diário da República.

As of 2026, Portugal continues to process Golden Visa applications from around the world, offering residency by investment through several other investment options.

The scheme remains one of the most popular options, and while there are fewer options now, they are more targeted. Recent changes have shifted the focus of the Golden Visa toward investments in business, innovation, and culture, instead of real estate.

It is clear that from the government’s continued development of how the Golden Visa works, that it isn’t being suspended or ending any time soon.

However, in addition to the possible extention of the residency period before applying for citizenship, the future of the Portugal Golden Visa could also introduce other changes that could affect applicants.

One of these proposals, which were included in the discussions for the updated citizenship rules, is that citizenship applicants (including Golden Visa holders) will have to prove more than just a proficiency in the Portuguese language.

According to the amendments, citizenship applicants will also need to pass a Portuguese civic knowledge test on the culture, history, and rights of Portugal. This is in addition to proving an A2-level Portuguese language proficiency and no criminal record for crimes that resulted in imprisonment.