Portugal Golden Visa 2025: New Options

Published on 7th July, 2025

What Happened to Real Estate and the Golden Visa?

As of October 2023, direct or indirect real estate investment no longer qualifies for the Portugal Golden Visa. This major policy shift was part of the government’s "Mais Habitação" (More Housing) initiative. This means new applicants cannot use property purchase to obtain the visa. Those who secured their Golden Visa via real estate before this change are generally covered by the rules active at their application time.

What Golden Visa Investment Options Remain in 2025?

Several attractive investment pathways are still available:

1. Investment Fund Subscription: This is now the most popular route. A minimum capital transfer of €500,000 is required for units in non-real estate collective investment entities (like investment funds or venture capital funds) under Portuguese law. These funds must mature in at least five years, with 60% of the portfolio in Portuguese-registered companies.
   • Pros: Diversification, potential returns, professional management, relatively passive.
   • Cons: Investment risk, management fees, requires careful fund selection.
2. Job Creation:
   • Option A (10+ Jobs): Create and maintain at least ten full-time jobs for Portuguese workers. No minimum investment is specified, but operational costs are a factor.
   • Option B (€500k + 5+ Jobs): Invest €500,000 in a Portuguese company (new or existing) and create/maintain at least five permanent full-time jobs for a minimum of three years.
   • Pros: Direct economic contribution, potentially more investment control (Option B).
   • Cons: Significant operational involvement, higher risk and complexity.
3. Donation/Investment in Arts, Culture, or Research:
   • Cultural Heritage: A €250,000+ capital transfer for artistic output, supporting arts, or maintaining national cultural heritage via approved entities.
   • Research & Development: A €500,000+ capital transfer for research by public or private scientific institutions in the national system.
   • Pros: Lower threshold for cultural heritage, supports Portuguese culture/science.
   • Cons: No financial return on donations; requires vetting eligible projects.

Does the Golden Visa Still Lead to Residency and Citizenship?

Yes, the core benefits remain. The Golden Visa grants the holder and eligible family members rights to live, work, and study in Portugal, plus visa-free Schengen travel. A key advantage is the minimal stay requirement: an average of only 7 days per year in Portugal over 5 years.

After five years of holding the Golden Visa residency permit, individuals can apply for Portuguese permanent residency or citizenship. A recent positive change means the five-year countdown often starts from the initial Golden Visa application submission date, not final approval, potentially shortening the timeline.

Citizenship requirements after five years generally include:

• Continuous legal residency.
• No outstanding Portuguese tax obligations.
• A clean criminal record.
• Basic A2-level Portuguese language proficiency (proven by the CIPLE exam).

How Have the Changes Affected Investors?

The shift from real estate means the Golden Visa now attracts investors interested in financial markets, business creation, or philanthropy, rather than direct property ownership for visa purposes.

• Financial Due Diligence: Fund investors must carefully assess fund managers, strategies, risks, and fees.
• Business Commitment: Job creation options require significant entrepreneurial effort or capital.
• Philanthropic Focus: Donation routes suit those prioritising cultural or scientific contributions.

Is the Golden Visa Still Worth It in 2025?

Absolutely. While the investment strategy has evolved, the Golden Visa remains a valuable route to EU residency with minimal physical presence, leading to potential citizenship. Prospective applicants must carefully evaluate the current pathways and seek professional advice. Berkshire Hathaway HomeServices Portugal Property can connect you with trusted legal and financial partners to explore these options.

Conclusion: A Reshaped but Relevant Programme

The Portugal Golden Visa programme, though changed, is far from over. It continues to offer a compelling pathway to European residency and citizenship through alternative investments. The core benefits, including minimal stay requirements and a five-year route to potential citizenship, persist, making it a relevant option for many investors in 2025.

For more information, contact us at info@portugalproperty.com

Published in: Guide to Portugal