The Portugal Golden Visa 2025: What You Need to Know – Update for Investors
For years, Portugal has been one of the most attractive countries in Europe for foreign investors, expats and digital nomads. In addition to the pleasant climate, high quality of life and political stability, the Golden Visa program has been a significant magnet for international capital inflows.
But since 2023, the legal situation has changed noticeably - the real estate path is excluded.
As real estate agents in the Algarve, we are often asked: "Is the Golden Visa still worth it?" or "What are the alternatives to real estate investment?" In this article you will find all the current information, benefits and possibilities of the Golden Visa Program 2025 in a compact, well-founded and understandable way.
Why buying real estate no longer counts for the Golden Visa
Until 2023, property acquisition was considered the most attractive and most chosen option under the Portuguese Golden Visa, especially in sought-after regions such as Lisbon, Porto and along the Algarve. But in view of increasing challenges on the housing market, the Portuguese government felt compelled to take countermeasures.
The reasons for this political realignment were manifold:
- Overheating of real estate markets in urban centres
- Lack of affordable housing for the local population
- Increasing pressure from EU institutions and civil society organisations
The aim of this measure is to direct foreign investment more specifically to future-oriented and more productive sectors of the economy, such as research, technology, sustainable energy or business start-ups. The aim is not to create a purely short-term inflow of capital, but above all to create sustainable economic added value and innovation for Portugal.
Current developments
Since the legislative changes to the Golden Visa program, there has been a significant shift in investment patterns. Until the abolition of the real estate option in 2023, real estate investments clearly dominated the application process. With the discontinuation of this path, interest initially collapsed noticeably, with a significant decline in the number of applications, especially in 2024. But the first signs of stabilization are already evident in 2025. Alternative forms of investment such as investments in funds or projects in the field of research and development are now particularly in demand. The programme also remains broadly positioned internationally in terms of the applicants' origins – they continue to come from countries such as the USA, China or Brazil in particular.
Who can apply for the Golden Visa in 2025?
In 2025, the Golden Visa will remain an attractive option for many international investors – provided that certain requirements are met. Applications are open to persons who:
- Not be a citizen of an EU/EEA country or Switzerland
- Are at least 18 years old
- Have an impeccable police clearance certificate from Portugal and the country of origin
- Prove that their investment funds come from legal sources
- Meet the applicable minimum requirements for the selected form of investment.
Current Golden Visa Investment Options
1. Fund participation (from €500,000)
A popular substitute for real estate. There are over 40 approved investment funds that invest in start-ups, sustainable energy, tech, tourism or health. Many offer vetted track records and dividend payments.
2. Investment in research and development (from €500,000)
Those who want to promote innovation can invest in R&D projects that promote Portugal as a centre of knowledge.
Typical projects:
- Cooperation with state research institutes or technology parks
- Funding for biotech initiatives, medical research or AI development
- Participation in university projects with marketable potential
3. Cultural Heritage Funding (from €250,000)
This option is aimed at investors with a cultural or social commitment and allows the promotion of Portuguese heritage.
Eligible areas:
- Restoration of monuments, churches, castles or monasteries
- Support for museums, art institutions, music and theatre projects
- Financing of archaeological excavations or historical exhibitions
4. Business Start-ups & Job Creation
This investment option is primarily aimed at active entrepreneurs and investors who want to participate operationally or strategically in the development of a business in Portugal. The prerequisite is the creation or participation in a company based in Portugal, combined with the obligation to create at least 10 jobs. In certain cases, 5 is sufficient, for example in the case of investments in structurally weak regions or particularly innovative projects.
Possible business models:
- Participation in existing Portuguese companies
- Establishment of start-ups or subsidiaries
- Establishment of service companies, tech hubs, production sites, etc.
The great advantage of this variant lies in the direct economic impact on the ground: they combine entrepreneurial activity with the creation of jobs and actively contribute to the development of the Portuguese market. In addition, this model allows for a high level of entrepreneurial control and can often be combined with local funding programs, for example for digitization or international expansion.
Important: The jobs created must be subject to social security contributions and remain in place for at least three years to meet the requirements for the Golden Visa.
Golden Visa vs. Alternative Residency Programs
Those who want to emigrate to or invest in Portugal now have several options, but each program has its own advantages and disadvantages. Despite reforms, the Golden Visa remains attractive for investors who want to keep the path to EU citizenship open in the long term and with a comparatively low residence obligation.
The D7 visa is especially popular among retirees and people with passive income. However, it requires you to stay in Portugal for at least 183 days per year and make Portugal your primary country of residence, which is not ideal for every lifestyle.
For digital nomads or freelancers, the Digital Nomad Visa is a good choice. Among other things, a monthly income of at least approx. €3,480 is required. This visa allows for flexible living in Portugal.
Tax benefits for Golden Visa holders
Golden Visa holders are not automatically tax residents, unless they live in Portugal for more than 183 days per year. However, if you decide to become a tax resident, you may benefit from NHR (Non-Habitual Tax Residence) status – which offers:
- Partial tax exemptions and benefits on many foreign income (e.g. dividends, pensions, capital gains) for up to 10 years
- Flat tax of 20% on qualifying Portuguese income
Be sure to seek tax advice, as tax residency can be complex from person to person.
FAQ – Frequently Asked Questions about Portugal Golden Visa 2025
1. How long does it take to process the Golden Visa application in Portugal?
The processing time is typically between 6 and 12 months, depending on the chosen form of investment and the responsible region. Early application and complete documents speed up the process.
2. Can I bring my family to Portugal with the Golden Visa?
Yes. The Golden Visa allows for family reunification. Spouses, minor children and dependent parents (usually aged 65 and over) may be included in the application.
3. How often do I have to stay in Portugal to keep the Golden Visa?
A minimum stay of 7 days per year in the first year and 14 days every two subsequent years is sufficient. The Golden Visa is therefore ideal for frequent travelers and people who live outside Portugal.
4. Does the Golden Visa automatically lead to Portuguese citizenship?
Not automatically – but after 5 years of legal residence (even with only minimal physical presence), an application for naturalization can be submitted. Among other things, knowledge of Portuguese at A2 level and an impeccable reputation are required.
5. What types of investments are allowed for the Golden Visa in 2025?
In 2025, there will be no more real estate purchases to choose from. Instead, applicants can invest in investment funds, research and development, cultural projects, or by setting up businesses. The minimum amounts are between €250,000 and €500,000, depending on the category.
6. Is there a way to take advantage of tax benefits with a Golden Visa?
Yes. Anyone who decides to become a tax resident can apply for NHR status (non-habitual tax residence) under certain conditions – with sometimes considerable tax advantages for up to 10 years. Individual tax advice is strongly recommended.
7. What happens to my Golden Visa if the laws change again?
All visas that have already been issued are subject to grandfathering (legal certainty). New regulations usually only apply to future applicants. Nevertheless, changes should be followed closely and professional advice should be obtained in good time.
8. Can I get a Golden Visa as an entrepreneur?
Yes. Starting or participating in a company that creates at least 5 to 10 jobs in Portugal also qualifies for the Golden Visa. This option is particularly attractive for international business people and start-up investors.
9. Which is better: Golden Visa or D7 visa?
It depends on your goals: The Golden Visa is suitable for investors with little time in Portugal and a desire to naturalize later. The D7 visa is for retirees or people with passive income, but requires actual residency in Portugal (at least 183 days per year).
Conclusion: The Golden Visa 2025 remains attractive – with a new focus
Even though the path via real estate investments is no longer open, the Portugal Golden Visa 2025 remains a valuable opportunity for investors to position themselves in Europe for the long term. The new investment pathways reflect Portugal's economic and social priorities with a focus on innovation, sustainability and cultural promotion.
For investors with strategic vision, the program continues to offer many advantages: low residency requirements, access to the Schengen area, option for Portuguese citizenship and potential tax benefits through NHR status.
In addition, the real estate market in the Algarve remains an independent, worthwhile investment. If you are looking for quality of life, value stability and a Mediterranean attitude to life, you will still find convincing arguments for buying real estate here.
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