Property stopped qualifying in 2023, and the nationality law in force since May 2026 doubled the standard wait for a passport. What the Portuguese golden visa still offers, and a tax trap for property buyers.
Portugal's golden visa is still alive, but it is no longer the product most people picture. Buying a flat or a house stopped qualifying in 2023, and in 2026 the road to a Portuguese passport got much longer. Here is the current picture.
What closed
Under the Mais Habitação package, the real-estate routes closed in October 2023, as did the €1.5 million capital-transfer route. Buying residential or commercial property no longer earns a golden visa, whatever a listing says.
What is still open
Advisory summaries of the current investment residence permit (ARI) list the routes below. Amounts are as reported by advisers, so confirm exact conditions with a Portuguese immigration lawyer:
- investment fund: at least €500,000 in a regulated fund with a minimum five-year maturity, at least 60% invested in Portuguese companies and no real-estate exposure
- scientific research: at least €500,000 contributed to accredited research
- culture and heritage: at least €250,000, or €200,000 in low-density areas, as a non-refundable contribution to an approved project
- company: at least €500,000 to create or reinforce a Portuguese company and create or maintain at least five jobs
- job creation: ten full-time jobs, or eight in low-density areas, with no minimum capital
Stay requirements and timing
The visa requires an average of only seven days in Portugal in the first year and fourteen days in each following two-year period. Permits are issued for two years and renewed if the investment and stays are maintained. Processing is slow: advisers report 18 to 36 months for a first card because of a backlog at AIMA, the immigration agency, and reported card fees are €5,325 for the first issue and €2,663 for each renewal, before legal and fund costs.
Permanent residence and citizenship
Permanent residence is available after five years if the qualifying investment has been maintained. Citizenship is where the rules changed. The nationality law in force from 19 May 2026 raised the standard residence period from five to ten years (seven for citizens of Portuguese-speaking CPLP countries) and counts it from the issue of the first residence card rather than from the date of application. It also adds integration requirements such as knowledge of Portuguese culture, history and civic duties. Reports say that pending nationality applications continue under the earlier rules and that the government has said administrative delays should not penalise golden visa holders, but how these transition rules apply to a given file is a question for a lawyer, not a guess.
A tax point that now matters for property buyers
A golden visa is an immigration status, not tax residency. Since 25 May 2026, buying housing as a person who is not tax resident in Portugal attracts a flat 7.5% IMT rate with no exemptions or reductions. Exceptions exist for buyers who are already tax resident, who become tax resident within two years, or who commit the property to moderate-rent leasing. Tax residency turns on physical presence of more than 183 days in a 12-month period or having a dwelling that suggests you intend to live there habitually, so a golden visa holder who spends a week a year in Portugal may not qualify. Take tax advice before you buy a home in Portugal on the assumption that your visa changes your tax position.
Questions to ask before you invest
- Is the fund, project or company genuinely regulated and independently audited, and can you get your capital out at maturity?
- What are the total fees, including the fund manager, legal fees and AIMA charges?
- How long are applications currently taking, and what is my status while I wait?
- How would the 10-year citizenship clock work for my specific start date?
FAQ
Can I still get a Portuguese golden visa by buying property? No, not since October 2023. Which routes remain? The fund, research, culture, company and job-creation routes listed above. Do I have to live in Portugal? Only a few days a year are required for the visa, but tax residency is a separate test. How long until a passport? Ten years from the first card for most nationalities under the law in force from 19 May 2026, subject to the transition rules. Is the investment guaranteed? No. Investments carry risk, and a visa decision is not guaranteed.
How we help
We map your goals to current, realistic routes, flag programme and tax risk honestly, and coordinate any property purchase with your residence plan. This is general information only, not legal, tax, investment or immigration advice. Portuguese rules have changed repeatedly, so confirm the position in force on the day you apply.