Changes to Portugal's Golden Visa 2023-2026: what was abolished and what remains

The main point in 30 seconds: the Golden Visa is alive, but it's a different programme now

If you remember Portugal's Golden Visa as "bought a €500,000 apartment - got a residence permit", keep a correction in mind: that programme no longer exists. Since October 2023, real estate and bank deposit investments have been excluded from the list of qualifying options. This was done by the law under the Mais Habitacao housing package, aiming to curb housing price growth in major cities.

But the visa itself didn't close. Only the most popular routes were closed. As of 2026, the Golden Visa (officially ARI, a residence permit for investment activity) works via capital-intensive but more "economy-friendly" options: investment funds, support for science and cultural heritage, and job creation.

• What was removed:buying residential and most types of commercial real estate, transferring capital to a deposit.
• What remains:funds from €500,000, science from €500,000, culture from €250,000, opening jobs.
• What hasn't changed:a minimal presence requirement (about 7 days a year) and the residence permit - permanent residence - citizenship path.

Below is a detailed "before - now" chronology by year, so you see the full logic of the changes, not a headline pulled out of context. We keep the current programme's basic mechanics inour guide to Portugal's Golden Visa.

How it was before 2023: real estate's golden age

To understand the scale of the changes, let's recall what the programme looked like before the reform. The Golden Visa launched in 2012, and for more than ten years its load-bearing structure was exactly real estate. A foreigner bought a property, got a residence permit almost with no obligation to live in the country, and after five years could apply for permanent residence or citizenship.

The "old" programme's key options looked like this:

• Real estate from €500,000- the base threshold for most properties.
• Real estate from €350,000- for properties for renovation or in regeneration zones.
• Reduced thresholds (€280,000-400,000)- for sparsely populated inland areas with low population density.
• Transferring capital from €1,000,000(later from €1,500,000) - a deposit or other financial assets.
• Job creation, investment funds, science, and culture- existed, but were on the periphery of demand.

It was exactly real estate that generated the main investor flow, and it was exactly this that, in authorities' view, was overheating housing prices in Lisbon, Porto, and the coast. This became the reform's political trigger: the programme was blamed for making housing unaffordable for Portuguese themselves. Those looking at buying real estate as such today (outside the Golden Visa) will find our separate article useful onbuying real estate in Portugal.

October 2023: the Mais Habitacao law removes real estate

The turning point was the Mais Habitacao ("More Housing") package taking effect in autumn 2023. This wasn't a separate Golden Visa law, but a large housing reform, within which the investor visa was seriously reshaped. Authorities' logic: since the programme allegedly pressures the housing market, it needs to be cut off from housing.

What exactly happened as of October 2023:

• Buying residential real estateas a Golden Visa basis - abolished.
• Most commercial real estate deals and funds investing predominantly in real estate, - removed from the qualifying options.
• Transferring capital to a bank deposit- also excluded.
• Previously filed applications and renewals- kept "grandfathering" protection: those who entered under the old rules aren't essentially stripped of status by the new restrictions (exact renewal nuances are best checked individually).

It's important to understand: this was exactly "surgery" on specific routes, not closing the whole programme, as many wrote hastily at the time. Capital-intensive options not directly tied to buying property remained. So the correct phrasing for 2026 is not "the Golden Visa was abolished", but "the Golden Visa was decoupled from real estate".

What remains in 2026: four working routes

Let's move to practice. Here are the options through which the Golden Visa is actually obtained in 2026. All figures are approximate thresholds; current sums and specific funds' conditions are always checked at filing time.

• Investment funds from €500,000.The most sought-after route since 2023. Money is invested in regulated Portuguese venture or private-equity funds (important: not funds investing predominantly in real estate). This is a tool with market risk, but also potential returns.
• Scientific research from €500,000.A contribution to state or private research bodies within the national science and technology system.
• Cultural heritage support from €250,000.The most "accessible" route by sum is a donation to preserving national cultural and artistic heritage.
• Job creation / share capital plus jobs.Opening a company creating a certain number of permanent jobs for Portuguese citizens/residents.

Most private investors in 2026 choose funds specifically - as the clearest, most scalable tool. We've put a detailed breakdown of this route, fund types, and risks into a separate article onPortugal's Golden Visa via investment funds.

A "before - now" table: the chronology of changes by year

Let's put the whole dynamic into one table. This is the fastest way to see exactly what changed and when - no myths, no panic.

The main takeaway from the table: real estate and the deposit were removed, everything else was essentially kept. But two "background" factors - the switch to AIMA and the citizenship reform - changed not the entry rules, but the real timeline to a passport.

Golden Visa conditions and cost in 2026: what to budget for

Let's gather the practical parameters to go by when planning. This is a framework for budget and requirements - specifics are always calculated for your situation.

• Minimum investment:from €250,000 (culture) or from €500,000 (funds/science) - depending on the chosen route.
• Government and legal fees:fees for filing, issuing, and renewing residence permit cards, legal support, and fund/administrator costs.
• Presence in the country:about 7 days in the first year and about 14 days for every subsequent two years - one of the mildest thresholds in Europe.
• Family:a spouse, minor and dependent adult children, and dependent parents are included in the application - under the general reunification rules.
• The investment holding period:generally, for the entire period until getting permanent residence/citizenship (roughly 5 years, adjusted for the citizenship reform - see below).
• Compliance:for applicants from Russia and the CIS - enhanced source-of-funds checks, everything strictly within the law, with no circumvention of sanctions.

The Golden Visa remains an "investment" residence permit: it doesn't require relocating and living in the country, unlike visa routes for those genuinely relocating. If your goal is specifically living in Portugal on passive income or remote work, it's more logical to look not at the Golden Visa, but atthe D7 visa for rentiers and pensioners.

The citizenship reform: the path to a passport lengthens

The third, and for many the most painful, shift is in citizenship legislation. For many years the Golden Visa's key advantage was that after just five years of legal residence you could apply for Portuguese citizenship - an EU passport with minimal presence requirements.

In 2025-2026 the government initiated a naturalization reform that hits exactly this advantage. The key idea - increasing the residence requirement. Under the discussed parameters (approximate, the exact version and effective date need checking at filing time):

• The base requirementis rising from 5 years - toward a substantially longer term (a figure of up to 10 years came up in public discussion).
• For citizens of CPLP countries(the Portuguese-speaking community), a shorter term than the general one is expected.
• Language and integration requirements(Portuguese level, basic knowledge) remain and may strengthen.
• Protection for already-filed applications- the "grandfathering" question (from which point to count the term) is fundamental and also checked individually.

What this means in practice: the Golden Visa still grants a residence permit and then permanent residence, but the timeline to the passport itself lengthens. For some, the final goal remains specifically residency and freedom of movement across the EU/Schengen - and then the reform isn't critical. But those aiming specifically for citizenship should recalculate the timelines. We cover this topic in detail in our article onPortuguese citizenship.

The status ladder: residence permit - permanent residence - citizenship in the new reality

To avoid getting confused by the changes, it's useful to lay out the path by stages and note what changed at each one.

• A residence permit (Golden Visa / ARI).The initial card for the investor and family. Entry - via funds/science/culture/jobs (no more real estate). Renewable; presence - about 7 days a year.
• Permanent residency.Permanent residence after the required legal residence period. Grants stable status and more freedom of residence.
• Citizenship.The final goal is an EU passport. This is exactly where the reform hits: the residence requirement lengthens, language requirements remain.

Portugal's strong side, which hasn't gone anywhere: it's a member of both the EU and the Schengen Area. That is, even at the residence permit stage, the investor and family get freedom of movement across Schengen - unlike, say, Cyprus, which is in the EU but not yet in Schengen. This plus the reforms don't cancel.

The ladder's practical meaning is simple: enter the programme with a clear understanding of which rung is your real goal. If the goal is EU residency with Schengen mobility, the programme in 2026 remains strong. If the goal is strictly a passport and faster, the timeline needs recalculating factoring in the reform.

Golden Visa alternatives: D7 and D8 for those ready to live in the country

After real estate's abolition, some investors on a smaller budget seek other routes into Portugal. And often not the Golden Visa but visa routes for those genuinely ready to relocate turn out more sensible. They're cheaper to enter, but require relocating and residing.

• D7 (the passive income visa).For rentiers and pensioners with stable passive income - a pension, rent, dividends. The income benchmark - from the minimum wage level (around €870 a month as the lower bar) plus housing in Portugal. Leads to permanent residence and citizenship on general grounds.
• D8 (the digital nomad visa).For those working remotely for a foreign employer or as a freelancer. The income requirement is higher - roughly about 4 minimum wages (around €3,480 a month).

The fundamental difference from the Golden Visa: D7 and D8 require genuine residence in the country - not an "investment" status with a week's presence a year, but a full relocation. But entering them is measured not in hundreds of thousands of euros of investment, but in income confirmation. Details of the rentier route are in our article onPortugal's D7 visa.

Who the Golden Visa suits in 2026, and who it no longer does

After all the changes, it's important to soberly assess who the programme still makes sense for. There's no universal answer - it all depends on the goal and budget.

Suits you if you:

• want EU residency with Schengen mobility with no obligation to relocate and live in the country;
• are ready to invest from €250,000 (culture) or from €500,000 (funds/science);
• view a fund investment as an investment, not just a "ticket" to status;
• value a backup base for the family and a plan B, rather than chasing a passport at any cost and urgently.

Probably not a fit if you:

• counted specifically on buying real estate as a way to get the visa - this route no longer exists;
• are aiming strictly for a passport in the shortest possible time - the citizenship reform lengthens the horizon;
• aren't ready to hold the investment for several years and go through enhanced source-of-funds compliance;
• on a smaller budget, are genuinely ready to relocate - then D7 or D8 is more logical.

The programme stopped being "a real estate investment with a bonus visa" and became specifically an investment residence permit for capital. This isn't worse or better - it's different, and you need to enter it with the right expectations.

Common misconceptions after the 2023-2026 reform

The changes gave rise to a wave of myths, on which investors lose time and money. Let's break down the most common.

• "They closed the Golden Visa."No. Only real estate and the deposit were closed. Funds, science, culture, and jobs still work.
• "You can still buy a €500,000 apartment the old way."No. Since October 2023 buying property doesn't qualify under the Golden Visa. You can still buy real estate as such, but it no longer grants the visa.
• "After 5 years there'll definitely be a passport."No longer a given. The citizenship reform lengthens the requirement; the final term needs calculating against the law's current version.
• "The card will be issued quickly."Because of the SEF-to-AIMA transition and accumulated queues, timelines grew. You need to be ready for biometrics and card-issuance delays.
• "It's off-limits for Russians anyway."Yes, within the law, but with enhanced compliance and a thorough source-of-funds check; circumventing sanctions is out of the question.

The main point: rely only on current 2026 data and check specifics at filing time. Too much has changed to trust old guides.

An expert's view: how to enter the programme in 2026 without mistakes

Let's sum up with practical recommendations that the correct strategy in the new reality is built on.

• Goal first, then route.Determine what you need - EU residency or specifically a passport. Whether the citizenship reform is critical for you depends on this.
• Treat the fund as an investment.Since the main route now is funds, choose them with the same attention as any financial product: strategy, manager, risks, liquidity.
• Prepare the source of funds in advance.For applicants from Russia and the CIS this is a bottleneck: compliance is enhanced, documents on the origin of capital are gathered well in advance.
• Budget for AIMA timelines.Queues and biometrics delays are a fact of 2026, not force majeure. The real timeline needs planning with a margin.
• Check the current version of the laws.Thresholds, the option list, and the citizenship requirement are in flux - everything is rechecked before filing.

The programme still gives a strong result - legal status in an EU and Schengen member with minimal presence. But the entry price and the timeline to a passport have changed, and you need to enter it in 2026 with a cool head and current figures.

The SEF - AIMA transition: why queues and biometrics delays grew

The second most important change isn't about money, but about timelines. At the end of 2023, Portugal disbanded the SEF (Serviço de Estrangeiros e Fronteiras) border service and transferred its migration functions to the new AIMA (Agência para a Integração, Migrações e Asilo) agency. On paper - an administrative reform, in practice - a source of multi-month, sometimes multi-year delays.

What this means for a Golden Visa applicant:

• A huge accumulated backlog.AIMA inherited hundreds of thousands of unprocessed cases across all migrant categories, and investor visas ended up in the general queue.
• Biometrics delays.Booking a slot to submit fingerprints and photos is one of the tightest bottlenecks. Waiting for a slot stretches to months.
• Slow card issuance and renewal.Even with approved status, physically getting the residence permit card can be delayed.
• Measures to clear the queues.Authorities introduced special structures and automatic status renewals so applicants wouldn't lose legality due to the agency's delays.

The conclusion: entering the programme itself hasn't become harder, but the path from filing to card in hand is noticeably longer and less predictable than in SEF's days. This needs to be factored into expectations in advance. The current process status should always be checked on the official government services portalgov.pt.

Bottom line: Portugal's Golden Visa in 2026 - who and why

Let's bring it all together. Over 2023-2026, the programme went through three waves of change. First - the Mais Habitacao law (October 2023), which removed real estate and the deposit, leaving funds, science, culture, and jobs. Second - the SEF-to-AIMA transition, which grew queues and biometrics delays. Third - the 2025-2026 citizenship reform, lengthening the path to a passport.

What follows from this:

• The Golden Visa is alive, but it's an investment residence permit for capital, not an "apartment visa".
• The minimum entry - from €250,000 (culture) or from €500,000 (funds/science).
• A strong plus - EU and Schengen membership and a mild presence requirement.
• The weak points are AIMA timelines and the lengthened citizenship requirement.

If your goal is reliable EU residency with Schengen freedom and a plan B for the family, the programme in 2026 remains strong. But if you need specifically a passport and faster, recalculate the timeline factoring in the reform or consider alternatives. The full current mechanics are inour guide to Portugal's Golden Visa, and we keep the fund specifics in our article onThe Golden Visa via investment funds. Official government services and process statuses - on the portalgov.pt.