Portugal’s Golden Visa program has seen constant changes since it was introduced in 2012. But the updates in 2025 strike our experts as the most significant yet.
Changes to the Program at a Glance
The headline to the changes? Residential real estate no longer qualifies, a reaction to the spiking foreign spending in the market that shot up prices and ate up housing stock for people living in Portugal.
That’s the biggest takeaway from the overhaul, which shifts the focus of foreign investment. The hope here is that this spreads the love out from Porto and Lisbon (those real estate markets are red hot) and gets money flowing elsewhere.
You also can’t qualify through the capital transfer investment (a one-time shift of €1,500,000) or by restoring old buildings. Even real estate funds are off the table.
But that doesn’t mean investment isn’t still the best avenue to Portuguese citizenship. There are still plenty of viable options. They just look a bit different now.
Commercial property is still very much in play, starting at €500,000. Tourism properties haven’t been eliminated either, though you’ll need to jump through more hoops to prove they qualify.
Investment Funds: The New Golden Child?
Investment funds are possibly the easiest and most flexible way to qualify for the Golden Visa in 2025.
The minimum buy-in has jumped to €750,000—not cheap, but it’s becoming a favorite among my savvier clients.
Why?
Because these funds must now keep 60% of their investments in Portuguese companies. It’s a longer game (seven-year holding period) but potentially a smarter one.
Emphasis on Entrepreneurs
This is where the Golden Visa’s focus really seems to be: bringing in entrepreneurs who will create jobs for Portuguese people.
The latest requirements allow Golden Visas for those investing at least €500,000 in a company that creates 10 jobs (five permanent).
You’ll need to maintain these jobs throughout the visa period. But with that kind of initial investment and that size of team, many people who take this path could come out the other side with a successful business. And, really, that’s the whole point of this new qualifying investment type.
Qualifying Investments for Portugal Golden Visas in 2025
In short, these are the qualifying investments (from our full guide to the Golden Visa here):
- Investment Funds: A €500,000 investment in qualifying Portuguese funds provides a fairly simple pathway. You’ll need to pick a private equity or venture capital fund that matches your needs and commit to the substantial investment minimum.
- Job Creation: You can qualify by creating 10 full-time jobs during the required period, thanks to a business investment you make. (Must lead to 5 permanent jobs.)
- Scientific Research: A minimum of €500,000 is required to fund scientific or technological research conducted by public or private institutions.
- Arts and National Heritage: This category requires a €250,000 investment in cultural preservation or support of the arts
What This Means for You
Buying a vacation house is no longer going to get you Golden Visa. But while the simplicity and convenience of that is gone, new investments have taken their place. In particular, science and art funding is a way to contribute to Portuguese society in a meaningful and alternative way.
You’ll also need to spend more time in Portugal—14 days a year, split into at least two visits. Honestly? That’s still pretty manageable, and it’s hard to complain about “having” to spend two weeks in Portugal.
Looking Ahead
The 2025 changes give us a good idea of where the program is moving. Stewarding the Portuguese real estate and financial markets towards sustainability, the Golden Visa continues to channel investment more effectively to what the country needs.
As those markets change in the coming years, we can expect still more changes to the program. But it should be noted that once you qualify for the Golden Visa, that investment will be grandfathered in (and you can eventually naturalize).
For clients who are serious about making Portugal part of their future, this is still a great option.
2025 and Beyond for the Golden Visa
Don’t believe the headlines. The program is here to stay.
The costs have crept up, and the rules are a bit more complex. But for the right investor, it might actually be better. And it certainly matches the priorities of Portugal’s economy better than it once did.
Would you like help making sure your investment lands you a Golden Visa? Then, get on the phone with one of our experts for a free 45-minute consultation call.
