In recent years, Portugal has emerged as one of the most attractive destinations for international investors, entrepreneurs, and high-net-worth individuals seeking access to the European Union. Its Golden Visa program, first introduced in 2012, played a pivotal role in this surge, historically driven by real estate investment.
However, as of late 2023, significant reforms have changed the landscape. The Portuguese government officially removed real estate investment as a qualifying option for the Golden Visa. Despite this, Portugal remains firmly on the radar of global investors in 2025 — and for good reason.
Real Estate Is Out, But the Visa Program Lives On
The removal of real estate from the program was a major shift, designed to redirect investment into more sustainable sectors of the economy. But far from weakening Portugal’s Golden Visa offering, this change has encouraged a more diversified, innovation-focused investor base.
Today, foreign nationals still have multiple qualifying options to obtain residency through the Golden Visa, including:
- Venture Capital or Private Equity Funds:
Investors can contribute a minimum of €500,000 to regulated investment funds focused on sectors like tech, green energy, biotech, and more. These funds are supervised by the Portuguese Securities Market Commission (CMVM), offering transparency and compliance. - Scientific Research:
A contribution of €500,000 or more toward public or private scientific research institutions qualifies as a valid investment path. - Cultural Heritage & Arts Support:
Investing €250,000 in the preservation of Portuguese cultural heritage or artistic production also counts toward Golden Visa eligibility. - Business & Job Creation:
Setting up or investing in Portuguese companies that create and maintain local jobs remains a viable route.
These alternative options align with Portugal’s broader economic goals and give investors more socially impactful and innovative ways to gain residency.
Why Portugal Still Stands Out in 2025
Even without real estate as an option, Portugal continues to outshine many other residency-by-investment programs. Here’s why:
✅ EU Residency with Global Mobility
The Portugal Golden Visa still grants the right to live, work, and study in Portugal, along with visa-free travel across the Schengen Area. After five years of holding residency, investors may apply for permanent residency or citizenship, without the need to live in Portugal full-time.
✅ Low Physical Stay Requirements
Applicants only need to spend an average of 7 days per year in Portugal to maintain their residency status, making it one of the most flexible programs in Europe for global citizens who travel frequently.
✅ Favorable Tax Regime
Portugal’s Non-Habitual Resident (NHR) tax regime (though recently revised) still offers competitive tax benefits for new residents, including potential exemptions or reduced rates on foreign income for a period of 10 years.
✅ Quality of Life
Portugal ranks high on global quality-of-life indexes due to its climate, safety, healthcare system, cost of living, and welcoming culture. Cities like Lisbon, Porto, and even smaller towns like Évora or Braga offer a blend of modernity and tradition that appeals to both families and retirees.
The Shift Toward Smart Investment
As the program evolves, the type of investor it attracts is changing. Real estate once brought in speculative buyers; now, Portugal is seeing increased interest from those looking to fund startups, research initiatives, or social impact projects.
For forward-thinking investors, these new avenues offer something more than a residency card: they provide a way to participate in the future of Portugal’s innovation economy, while securing a foothold in the EU.
Final Thoughts
Portugal’s Golden Visa may no longer offer a property-based path, but the fundamentals remain strong. With a mix of flexible options, political stability, and global access, the country continues to appeal to those looking for more than just a second residency, but a strategic investment in their future.
If you’re exploring Portugal residency by investment, now is the time to act. The program continues to evolve, and with demand growing, early movers stand to benefit the most.
