Since its launch in 2012, the Portuguese Golden Visa has been one of Europe’s most popular residency-by-investment programs. It has brought billions of euros into the Portuguese economy and attracted thousands of investors worldwide. However, ongoing reforms, political debates, and EU scrutiny have led many to wonder: Is the Portuguese Golden Visa ending?
As of 2025, the Golden Visa remains active, though with major reforms in place. This article explores the latest updates, government positions, and the future outlook for prospective applicants who want to secure Portuguese residency and EU citizenship through investment.
The 2022–2023 Reforms: Real Estate Removal
A turning point came when the Portuguese government removed real estate as a qualifying option in 2022–2023. Previously, buying property in Portugal was the most widely used pathway for Golden Visa applicants, especially in Lisbon, Porto, and the Algarve.
Due to rising concerns about housing affordability and local pressure from both the Portuguese public and the EU, the government shifted the program’s focus from property investment to economic development initiatives.
Current Golden Visa investment options in 2025:
- €500,000 fund investment (venture capital/private equity funds).
- €250,000 cultural donation (€200,000 in low-density areas).
- €500,000 scientific or technological research.
- Job creation route with 10 jobs (8 in low-density areas).
Why the Rumors About the Golden Visa Ending?
Several factors fuel ongoing speculation:
- Housing Crisis: Critics argue the old real estate route contributed to soaring property prices.
- EU Pressure: The European Commission has expressed concerns about residency and citizenship by investment programs across the EU.
- Political Debate: Some Portuguese parties push for stricter immigration policies.
These generate headlines suggesting the program might end, but the reality is more nuanced.
The Government’s Current Position (2025)
In 2023, the Portuguese government announced that:
- The Golden Visa would not end, but would be restructured.
- Real estate investment routes were terminated.
- Future focus would be on innovation, job creation, and cultural sustainability.
By 2025, government officials continue to support the revised program, highlighting its contribution to:
- Funding start-ups and innovative businesses.
- Preserving Portuguese culture and heritage.
- Strengthening research and development.
These changes aligned the program with Portugal’s global economic ambitions while reducing criticism around housing inflation.
Is It Still Worth Applying in 2025?
Yes — and here’s why:
- Low Residency Requirement: Only 7 days per year are needed.
- Fast Citizenship Track: 5 years to Portuguese citizenship, one of the shortest in the EU.
- Schengen Mobility & EU Rights: Residency unlocks visa-free travel and future EU citizenship benefits.
- Still Attractive Investment Routes: Venture capital funds with ROI potential remain particularly appealing.
While real estate investors have shifted focus, fund investment demand has surged, making Portugal’s Golden Visa one of the most flexible EU residency options.
Risks and Considerations
Despite its continuation, investors should weigh risks carefully:
- Political Volatility: Future governments could impose further restrictions.
- Processing Delays: Applications can take 8–12 months due to high demand at AIMA (immigration authority).
- Investment Compliance: Not all funds or projects qualify, requiring due diligence.
For those wanting certainty, applying sooner rather than later secures your entry under current laws.
Future Outlook for Portugal’s Golden Visa
Experts predict the program is here to stay but in a redefined form:
- Greater Emphasis on Sustainable Investments: Green energy, healthcare, and climate-focused funds are expected priorities.
- Digitalization of Application Processes: Faster, online-friendly systems will reduce bureaucratic slowdowns.
- Possible EU-Wide Alignment: Brussels may push all Golden Visa countries toward standard criteria for transparency and safety.
- Stable Citizenship Route: There are no indications that Portugal will revoke the five-year path to citizenship, which continues to distinguish it from other countries.
Comparison with Other Golden Visa Programs
| Country | Program Status (2025) | Path to Citizenship |
| Portugal | Active, reformed | 5 years |
| Spain | Active (real estate still eligible) | 10 years |
| Greece | Active (real estate eligible) | 7 years |
| Ireland | Closed (2023) | N/A |
| Malta | Citizenship by investment (expensive) | 12–18 months |
Portugal remains unique for balancing flexibility and security, while avoiding the excessive costs of Malta or the long timelines of Spain.
Conclusion
The Portuguese Golden Visa is not ending. Instead, it has evolved into a more sustainable and politically acceptable form, shifting focus away from real estate and toward funds, culture, research, and job creation. As of 2025, it continues to offer residency rights, Schengen mobility, and EU citizenship in just five years, making it one of the most valuable residency-by-investment programs in the world.
However, given potential political changes, investors who want to lock in eligibility should act sooner rather than later.
Next Step
Do you want to secure Portuguese residency before further changes are announced? Our expert advisors guide you from investment selection to successful application. Contact us today for a free strategy consultation and secure your place in Portugal’s Golden Visa future.