Since 2023, the real estate route of the Portugal Golden Visa has been closed. However, the program itself has not disappeared it remains in force through alternative investment options that provide access to European residency and, after five years, Portuguese citizenship. In a context where Golden Visa programs in other countries including Spain are being phased out or restricted, Portugal continues to offer an active program with conditions that remain competitive for the right investor profile.
Why was the real estate route removed from the Portugal Golden Visa?
The elimination of real estate investment as a qualifying route for the Portuguese Golden Visa took place in October 2023, with the approval of Law no. 56/2023 commonly referred to as “Mais Habitação” (More Housing). This measure responded to increasing pressure on the housing market in Lisbon, Porto, and the Algarve, where the program had contributed, alongside other factors, to rising property prices that made access to housing more difficult for local residents.
The decision was controversial and created a period of uncertainty within the legal and foreign investment sectors. However, the residency by investment program as a whole was maintained, redirecting capital toward vehicles with greater real economic impact: investment funds, business projects that generate employment, and research and development initiatives.
Valid investment routes for the Portugal Golden Visa in 2026
As of 2026, the active pathways to obtain the Portuguese Golden Visa are as follows:
Investment or venture capital funds (€500,000).
This has become the most widely used option since the 2023 reform. Investors subscribe to funds registered with the CMVM (Portuguese Securities Market Commission), which must allocate at least 60% of their capital to companies based in Portugal. Fund selection is critical, as profiles vary in terms of risk, sector focus, liquidity, and track record.
Business investment with job creation (€500,000 + minimum of 10 jobs).
This route is designed for investors seeking greater control over how their capital is deployed. It requires the creation or maintenance of at least ten full-time jobs for a minimum of five years within a company established in Portugal.
Scientific or technological research (€500,000).
Capital transfers directed toward R&D activities in accredited institutions within the national scientific system also qualify. Although less well known, this option is gaining traction among investors in the technology sector.
Cultural or artistic heritage (€250,000).
With the lowest investment threshold in the program, this option supports projects related to the preservation or restoration of national heritage. While distinctive, the number of qualifying projects is more limited.
From investment to residence permit: step-by-step
Once the investment route has been selected, the process follows clearly defined stages. The investment must be completed before submitting the application and must be maintained throughout the validity of the residence permit.
Applications are processed by AIMA (Agency for Integration, Migration and Asylum), which replaced SEF in 2023. The application includes documentation proving the investment, apostilled criminal records, a valid passport, and, where applicable, documents for family members included under family reunification.
Once approved, the applicant must travel to Portugal to provide biometric data. The initial residence permit is valid for two years and can be renewed for successive periods. The minimum stay requirement is fourteen days during the first two years and fourteen days in each subsequent two-year renewal period, making this one of the most flexible residency by investment programs in Europe.
The total timeline from the start of the process to obtaining the residence permit typically ranges from twelve to eighteen months, depending on AIMA’s workload at the time of application.
Is the Portugal Golden Visa still worth it in 2026?
The answer is yes with some nuances. For investors seeking European residency with low physical presence requirements, access to citizenship after five years, and a predictable fiscal environment, Portugal remains one of the most solid options in Europe.
The removal of the traditional NHR tax regime replaced by IFICI as of 2024 has sparked debate regarding the country’s fiscal attractiveness, although the new regime still offers advantages for certain profiles. There is also an ongoing proposal to extend the residency requirement for citizenship from five to ten years, although this has not been approved at the time of writing.
In any case, the Portugal Golden Visa remains a valid and operational pathway for investors who value mobility within the Schengen Area, the legal certainty of an EU Member State, and a route to European citizenship.
At Carbray, we assess each case individually to identify the most suitable investment route and guide our clients throughout the entire process from fund selection to obtaining the final residence permit.
Contact our team and tell us about your case. The first consultation is free of charge and without obligation.
Article prepared by the legal team at Carbray International. The information provided is for general guidance only and does not constitute individualized legal advice. For a tailored assessment of your specific situation, we recommend contacting our lawyers specialized in international mobility.