Portugal has officially confirmed that its Golden Visa Program—a flagship residency-by-investment scheme—will not be discontinued, despite recent speculation and reform discussions. Instead, the Portuguese government has announced plans to revamp and strengthen the program, aiming to enhance its appeal among high-net-worth individuals while aligning it more closely with national economic priorities.
This decision was reaffirmed by António Leitão Amaro, the country’s Minister of the Presidency, who emphasized that terminating the program is not under consideration. “There is no plan to end it. It is not on the agenda,” Amaro stated during a recent cabinet briefing.
Continued Commitment to Investment-Led Immigration
Launched in 2012, Portugal’s Golden Visa scheme has become one of Europe’s most popular residency programs, offering foreign investors a pathway to Portuguese residency—and potentially EU citizenship—in exchange for qualifying investments. Over the years, the program has attracted thousands of applicants, particularly from China, the United States, Brazil, and Turkey.
In 2024 alone, nearly 5,000 Golden Visas were issued, according to government figures, marking a record year despite ongoing structural changes to the scheme. However, a large backlog of pending applications still remains, a challenge the government says it is actively working to address.
Reforms Aim to Improve Efficiency and Economic Impact
Rather than scrapping the program, Portugal is pursuing structural reforms that aim to make the scheme more economically and socially beneficial. The government has initiated a comprehensive review to optimize the program’s effectiveness, ensuring that investor contributions yield tangible benefits for local communities and national development.
Minister Amaro said the objective is to restructure the Golden Visa framework into a model that is both economically sustainable and socially responsible. “We are studying how to organise golden visas in a more efficient and economically fair way,” he explained.
Shift Away from Real Estate to Productive Investment
One of the most notable changes to the program came in 2023, when the government removed the real estate investment option, citing mounting pressure from a worsening housing affordability crisis. Until then, property purchases had been the most popular route under the Golden Visa program, contributing significantly to rising urban housing costs in Lisbon, Porto, and other metropolitan areas.
While the removal of the real estate pathway initially prompted uncertainty among investors, the government insists that alternative routes remain available and active. These include:
- Investment in Portuguese venture capital or private equity funds
- Capital transfers for scientific research or cultural support
- Job creation in local businesses
- Establishing or expanding companies that create local employment
These alternatives are now the primary focus for both new applicants and immigration advisors guiding clients through the evolving application landscape.
Legal Concerns and Delays Persist
Despite continued government support, legal experts and immigration advisors have voiced concern about administrative delays and unclear policy execution, especially in light of the high volume of applications filed before the 2023 real estate investment ban.
Attorney Tatiana Kazan noted that many investors had assumed the transition to new rules would be smooth and fast, only to be met with bureaucratic inertia. “Before this ban, many people believed the government’s promises that residency permits would be issued quickly, which did not happen. The money came into the country, but there was no counterpart,” Kazan explained.
Such critiques reflect broader concerns about government transparency and responsiveness, especially among applicants who have invested significant capital under the promise of timely visa issuance.
AIMA Resumes Application Processing
Earlier this month, Pedro Portugal Gaspar, President of the Agency for Integration, Migration and Asylum (AIMA), confirmed that the agency had resumed processing Golden Visa applications, though at a pace still considered slow by many stakeholders.
“Some of these processes are being conducted. They are not at a standstill,” Gaspar stated. “Now, naturally, there is a capacity to respond, given the various process flows.”
The government has acknowledged the processing delays and is reportedly considering increasing staffing at AIMA, as well as digitising parts of the application system to reduce bottlenecks and improve investor confidence.
Portugal Remains a Prime Destination for Global Investors
Despite these challenges, Portugal continues to offer an attractive investment climate, buoyed by political stability, a high quality of life, a favorable tax regime, and access to the European Union. The Golden Visa program is seen by many investors as a strategic tool to gain EU residency rights, expand international mobility, and diversify wealth across multiple geographies.
Regions like Lisbon, the Algarve, Cascais, and Madeira continue to draw significant investor attention, particularly in industries such as green energy, biotechnology, tourism, and innovation hubs.
With renewed government backing and reforms in motion, Portugal’s Golden Visa program appears poised to remain a key pillar of the country’s international investment strategy—adapted to meet both domestic needs and global investor expectations.
Outlook for 2025 and Beyond
As the Portuguese government prepares to roll out updates to the Golden Visa program over the second half of 2025, industry observers expect the changes to create more targeted, sustainable investment opportunities while safeguarding local interests.
Wealthy individuals considering residency in Portugal are encouraged to explore alternative investment categories beyond real estate and consult with certified legal advisors to ensure compliance under the new regime.
Portugal’s message is clear: the Golden Visa is here to stay, but it’s evolving—smarter, fairer, and more future-proof than ever before.
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