After the reform of the regime, many investors assumed that the Portuguese Golden Visa had ceased to be an option. It has not — but the rules of the game have changed, and choosing the right investment vehicle now requires a more careful reading.
What changed
The revision of the regime, approved under the Mais Habitação programme, removed from the list of eligible investments the acquisition of real estate and investments in funds with real estate exposure. With that, two of the pathways that had dominated the programme since its creation in 2012 were eliminated. The Golden Visa, however, was maintained as a residence permit for investment activity — only with the universe of eligible investments redesigned.
The pathways that remain open
Still eligible, among other options, are investment in venture capital or qualified investment funds (without real estate exposure), capital injection into commercial companies with job creation, capital transfer to scientific research activities in public or private entities integrated into the national scientific and technological system, and support for artistic production or the recovery of cultural heritage.
In all cases, the investment must be made individually or through a sole-member company and maintained for a minimum period of five years.
What continues to make the Golden Visa attractive
Three factors. First, the minimum stay requirements, which remain very low — seven days in the first year and fourteen in subsequent periods — preserving the regime’s flexibility compared to other residence permits. Second, family reunification, which covers spouses, dependent descendants and ascendants. Third, the pathway to Portuguese citizenship, which can be applied for after five years of legal residence, subject to the general requirements.
D7, D8 or Golden Visa?
For many families, the Golden Visa is no longer the natural answer. The D7 Visa (passive income), the D8 Visa (remote professional activity) and the D2 and D3 visas now cover scenarios that, before the reform, gravitated by default towards the Golden Visa. The choice depends on the income profile, the desired level of physical presence in Portugal and the intended tax framework.
What to consider before moving forward
- Compatibility of the investment with the investor’s asset management objectives and time horizon.
- Tax framework — both in Portugal and in the current country of tax residence.
- Documentary evidence of the origin of funds, which has been one of the critical points of review by AIMA.
- Estimated processing time — currently influenced by the institutional transition from SEF to AIMA.
- Family reunification strategy and its impact on the citizenship application timeline.
IMOLEGAL supports investors and families throughout all stages of the immigration process — from choosing the right regime to ongoing monitoring of immigration status. For an individual analysis of your case, contact our team.