Recent Policy & Legal Developments

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The Portugal Golden Visa program has undergone transformative changes over the last two years, redefining its investment migration framework and shifting the country’s strategic approach to attracting foreign capital. The most pivotal reform came with the ratification of Law no. 56/2023, part of the broader “Mais Habitação” housing initiative, which took effect on October 7, 2023. This legislative shift eliminated popular routes such as residential real estate acquisition and capital transfers, reflecting mounting domestic and EU pressure to address housing inflation and better align with sustainable economic development goals.

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Under this reform, only “productive” investments remain valid, such as regulated venture capital funds, research and development contributions, cultural preservation, and company formation linked to job creation. While these changes reduced superficial inflows into speculative real estate markets, they simultaneously elevated the program's complexity and increased the importance of legal structuring and due diligence.

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Transitional arrangements were offered to investors who had initiated applications under the old regime prior to October 7, 2023, granting them the right to proceed under previously valid categories. However, from that date forward, all new applications must conform to the new, streamlined investment routes.

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Alongside structural reforms, Portugal has also made significant administrative changes. The dissolution of SEF (Serviço de Estrangeiros e Fronteiras) and the creation of AIMA (Agência para a Imigração e Mobilidade) marked a critical institutional shift. AIMA is now responsible for processing Golden Visa and other immigration applications. Although the transition created temporary delays in biometric scheduling and application reviews, the agency has introduced new digital tools to manage application intake and status tracking more efficiently.

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Finally, a new citizenship law proposal was introduced in 2025 that could increase the minimum legal residence period from five to ten years for naturalization. Although still under debate, this proposal—if passed—could impact the long-term migration strategy of new investors entering the program post-reform.

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