Since it began, Portugal’s Golden Visa (Residency by Investment) program has long been synonymous with real estate investment. And it’s been able to attract global investors very successfully (a little too successfully according to some critics).
If you’d like the benefits of living in Portugal, getting your Golden Visa is a great way to do it. So, all you need to do is find a great piece of real estate, right?
Wrong.
A massive change to the law in recent years has cut out real estate entirely from the list of qualifying investments.
Learn about the why behind this change, how it happened, and what investments you can make in 2025 to get a Portuguese Golden Visa.
Residential Property No Longer Qualifies
Historically, residential properties formed the backbone of the Golden Visa program. It required a minimum investment of €500,000, and prime locations like Lisbon and Porto offered investors significant capital appreciation and strong rental markets. Plus, once you bought a residential property, you had a place to stay in the country.
Many investors chose prime locations like Lisbon and Porto, which offered strong rental demand and capital appreciation potential. For example, the municipality of Lisbon continues to command the highest prices in the country (averaging around €4,167 per square meter in 2023).
Those kinds of prices meant a €500,000 budget in Lisbon might buy a ~120 m² apartment in central areas.
In an effort to spread investment beyond the big cities, Portugal introduced new rules in 2022 restricting where Golden Visa residential purchases can be made. Since January 1, 2022, residential properties in Lisbon, Porto, most of the Algarve coast, and other coastal urban areas no longer qualify for Golden Visas.
Then, in response to a housing affordability crisis, the government passed the “Mais Habitação” (“More Housing”) law, which eliminated real estate purchases as a qualifying investment for new Golden Visa applications altogether. That went into effect in October 2023. (We’ll look into the law a bit more below.)
Despite these changes, international buyers still make up a huge slice of the pie—around 12% of all purchases. But those investments aren’t leading to Golden Visas.
Commercial Properties Are Out, Too
Commercial real estate used to be one way to make a qualifying investment category for the Golden Visa, and it naturally appealed to those who prefer income-generating assets or who wanted to invest in prime locations barred to residential buyers.
Hotels, tourist resorts, office buildings, retail spaces, and even warehouses all fell under this umbrella. The investment threshold for commercial properties was the same as residential: generally €500,000 minimum, or €350,000 if investing in a commercial rehabilitation project.
These, too, got the axe in 2023.
What Is the 2023 “Mais Habitação” Law
In October 2023, Portugal implemented significant regulatory changes affecting Golden Visa investments. And the biggest change? Real estate purchases (residential or commercial) no longer qualify you for the Golden Visa.
Instead, new applicants must pursue investments that can be proven to create jobs and local wealth.
The “Mais Habitação” law addresses housing affordability by shifting investments away from direct real estate. Over €6.5 billion flowed into Portuguese real estate via Golden Visas (2012-2023), influencing property prices significantly. But those days are now over.
Investors must now explore alternative strategies like getting their Golden Visa through business or fund investments.
And remember, you can still invest in real estate for lifestyle and market returns.
What Investments Do Qualify?
The new rules lay out four qualifying investments.
- Investment Funds: Invest a minimum of €500,000 in qualified Portuguese investment or venture capital funds. These funds typically focus on sectors like technology and industry.
- Job Creation: Establish a business in Portugal that creates at least 10 full-time jobs, directly benefiting the local economy.
- Scientific or Technological Research: Transfer capital of €500,000 or more to public or private research institutions in Portugal, promoting scientific and technological advancements.
- Cultural or Heritage Preservation: Contribute a minimum of €250,000 towards projects aimed at preserving Portugal’s cultural heritage, such as maintaining or restoring national heritage sites.
The Golden Visa in 2025 and Beyond
Yes, the Golden Visa has changed. But two things remain true: Portugal has a great real estate market to get into and the Golden Visa is a great opportunity.
If you are interested in the fate of this law, then you are likely curious about becoming a dual citizen of Portugal. We have a complete guide to how to get Portuguese citizenship here.
