It’s a question a lot of our potential clients are asking.
Rumors and concerns have circulated since major changes were announced early this year, leading to worries from potential investors that their chance to join the Golden Visa program has vanished.
But there’s good news. Portugal has not ended its residency by investment.
There are, however, a lot of new rules. These are aimed at modernizing the system and keeping investment sustainable for the country—especially as it becomes an international hotspot.
If you are interested in becoming a Portuguese citizen, this is still a great program. But it is a changing program.
A Quick Overview of Portugal’s Golden Visa
The Portugal Golden Visa Permit Program (commonly referred to as the Golden Visa) was launched in 2012 to boost foreign investment in Portugal. By offering residency (and eventually citizenship) in exchange for qualifying investments—the big one being real estate—the Golden Visa became one of Europe’s most popular residency-by-investment programs.
The Golden Visa, while not giving you citizenship outright, gets so a lot of benefits, like:
- Live, work, and study in Portugal
- Move freely across 27 European countries in the Schengen Zone
- Apply for citizenship after 5 years of residency (if you meet the minimum residency requirements)
- Pay reduced taxes through the Non-Habitual Resident (NHR)
What investments qualify for the Portugal Golden Visa?
In recent years, Portugal has removed real estate options, leaving investors with these four categories:
- 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.
- 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
Is It Really Ending?
Short answer: No.
Long answer: still no, but significant changes have been implemented.
The Portuguese Agency for Integration, Migration and Asylum (AIMA) held a meeting in January 2025 with legal representatives to confirm new procedures and further digitize the application process.
Here’s what’s driving the latest round of changes:
- Urban real estate markets (like Lisbon and Porto) are overheated due to both the success of the Golden Visa program and the rise in Portugal’s popularity as a vacation destination.
- Previously, a lack of digital processing combined with rising popularity to create massive backlogs, abandoned applications, and long wait times.
With these pressures, AIMA wanted to make changes to its program. That should come as no surprise to those who follow European Golden Visa programs. These are often subject to tweaks every couple of years.
Key Changes and Updates for 2025
According to the AIMA meeting in January 2025, here are the major processing changes for the Golden Visa going forward:
Residency Clock Starts with Application Fee Payment
In a big win for applicants, the five-year residency period (required before you can apply for citizenship) will now begin on the date you pay the initial application fee—rather than from the time your biometric data is submitted or the permit is issued. This means no “lost” months during the waiting or document-preparation stag. The clock is ticking from the moment you pay that fee.
Digital Transition
AIMA plans to go fully digital, allowing applicants to submit and update documentation online through the ARI portal—making for a faster, more transparent process.
Pending cases and applications awaiting initial biometric appointments will receive priority in the transition.
Document Validity Upon Re-Submission
All documents, from personal IDs to property deeds, will now be submitted digitally. But that also means that, for current applications, those documents need to be re-submitted in the new system.
Flexibility Around Document Language
In another pro-applicant move, documents in English, Spanish, or French no longer require official translations into Portuguese. This one is big, because translating documents for Portuguese citizenship is often a major hurdle for our clients.
Fees and Refunds
Final government fees are to be paid at your biometric appointment—and if the application is ultimately rejected, you may receive a partial reimbursement.
Biometric Appointments
Scheduling starts from 15 January 2025, in chronological order of when you upload your documents. You can book 30–90 days ahead.
Card Validity and Renewals
Existing cards remain valid until June 2025. Renewals still require in-person visits to AIMA offices (a separate online appointment platform is in the works).
Card validity periods differ based on investment type: typically two years for fund-based investments and three years for property-based investments.
Government fees and renewal costs may change later in the year, so it’s wise to stay updated.
What We’ve Learned
So, is Portugal’s Golden Visa ending in 2025? Far from it. The program is undergoing long overdue digitization and modernizing the application pipeline to cut red tape. For investors, these updates are probably only going to lead to an improved experience and shorter wait times all around—both directly with the residency window starting sooner and indirectly with more efficient processing.
Have questions about your application, the updated 2025 rules, or the best investment strategy for your goals? We’re here to help you navigate this next chapter of Portugal’s Golden Visa with confidence. Contact us at your convenience.
