I heard the Portugal Golden Visa rules changed recently. What are the big differences now?

Yes, there have been significant changes approved in 2023. The biggest change is that real estate investments (both direct purchases and rehabilitation projects) and large capital transfers to bank accounts are no longer eligible options for the Golden Visa. The program now focuses on investments in research, cultural heritage, job creation, and most notably, investment funds.

Can I still get a Golden Visa by buying property in Portugal?

No, as of Law 56/2023, direct real estate acquisition and real estate rehabilitation are no longer valid investment options for the Portugal Golden Visa. The program has shifted away from property-based investments.

What about investing a large sum of money into a Portuguese bank account? Is that still an option?

No, the option of making a large capital transfer (formerly €1,500,000) directly into a Portuguese bank account has also been revoked by Law 56/2023.

If I want to apply for the Golden Visa now, what are my main investment choices?

Your main investment choices are: investing at least €500,000 into eligible investment funds (excluding real estate), creating at least 10 jobs, investing €500,000 in scientific research activities, contributing €250,000 to artistic production or cultural heritage, or investing €500,000 to incorporate or increase the capital of a Portuguese company while creating or maintaining at least five permanent jobs.

I'm interested in investment funds. What are the specific rules for funds to qualify for the Golden Visa now?

For investment funds, you need to transfer at least €500,000 into collective investment organizations that are *not* focused on real estate. The fund must have a maturity of at least 5 years at the time of your investment, and at least 60% of its capital must be invested in commercial companies based in Portugal. The new rules also clarify that these funds can invest in both equity and debt instruments.

Can I still invest in a company and get the Golden Visa?

Yes, you can. You need to transfer at least €500,000 to establish or increase the capital of a Portuguese commercial company. In addition to this investment, you must also create at least five permanent jobs or maintain at least ten jobs (with a minimum of five being permanent) for at least three years.

If I started my Golden Visa application under the old rules, am I affected by these new changes?

Law 56/2023 does not apply retroactively to applications already submitted or approved under the previous rules.

Why did Portugal make these changes to the Golden Visa program?

These changes were part of broader housing measures aimed at addressing housing availability and affordability in Portugal. The government wanted to redirect foreign investment towards sectors that generate long-term value for the Portuguese economy and society, such as innovation, cultural contributions, and job creation, rather than relying heavily on real estate investments.

Is the Portugal Golden Visa program still worth pursuing despite these changes?

We consider the Portugal Golden Visa one of the best programs globally. It continues to offer a viable pathway to residency and ultimately citizenship in an EU country, without requiring full-time relocation. While the real estate option is gone, the remaining investment routes, particularly investment funds, offer diverse opportunities to contribute to the Portuguese economy.

Portugal Golden Visa Law Update | Golden Visa

Updates to Portugal's Golden Visa Program

The enactment of Law 56/2023 — a comprehensive statute focusing on housing measures and implementing various legislative modifications — has introduced significant revisions to the Portuguese Immigration Law. This detailed review aims to dissect and clarify the adjustments made to the investment eligibility within the Golden Visa program, ensuring stakeholders are informed about the current legal landscape for residency permits in Portugal.

Chronological Overview of Critical Amendments to the Portugal Golden Visa Program

Option	08/10/2012	30/06/2015	28/08/2017	12/02/2021	06/10/2023
1. Capital transfer	€ 1,000,000	€ 1,000,000	€ 1,000,000	€ 1,500,000	n/a
2. Job creation	30 jobs	10 jobs	10 jobs	10 jobs	10 jobs
3. Real Estate	€ 500,000	€ 500,000	€ 500,000	€ 500,000	n/a
4. Real Estate Rehabilitation	n/a	€ 350,000	€ 350,000	€ 350,000	n/a
5. Research Activities	n/a	€ 350,000	€ 350,000	€ 500,000	€ 500,000
6. Cultural Investment	n/a	€ 250,000	€ 250,000	€ 250,000	€ 250,000
7. Investment Funds	n/a	€ 500,000 (restricted to companies with viable restructuring plan)	€ 500,000 (equity)	€ 500,000 (equity)	€ 500,000 (equity & debt)
8. Company Incorporation	n/a	n/a	€ 350,000 (+ 5 job posts)	€ 500,000 (+ 5 job posts)	€ 500,000 (+ 5 job posts)

Initial Investment Options Before Law 56/2023

The Golden Visa program initially offered a range of investment options for applicants:

Capital transfer: capital transfer of an amount equal to or greater than €1,500,000.
Job creation: creation of at least 10 jobs.
Real Estate: acquisition of real estate valued at €500,000 or more.
Real Estate rehabilitation: acquisition of real estate (at least 30 years old or in an urban rehabilitation area) plus rehabilitation work costing at least €350,000.
Research activities: capital transfer of at least €500,000 to public or private research institutions integrated into the national scientific and technological system.
Cultural investment: capital transfer of at least €250,000 for artistic production, recovery, or maintenance of national cultural heritage, through eligible public or private entities.
Investment funds: capital transfer of at least €500,000 for units in investment or venture capital funds established under Portuguese law (maturity ≥ 5 years; ≥ 60% invested in Portuguese companies).
Company incorporation: capital transfer of at least €500,000 to establish or increase capital of a Portuguese commercial company, plus creation or maintenance of at least five permanent jobs for ≥ 3 years.

Current Investment Options After Law 56/2023

Following the enactment of Law 56/2023 (Article 3), the Golden Visa program’s investment options have been updated:

Capital transfer: Revoked.
Job creation: creation of at least 10 jobs.
Real Estate: Revoked.
Real Estate rehabilitation: Revoked.
Research activities: capital transfer of at least €500,000 to research institutions integrated into the national scientific and technological system.
Cultural investment: capital transfer of at least €250,000 for artistic production, recovery, or maintenance of the national cultural heritage, through eligible public or private entities.
Investment funds: capital transfer of at least €500,000 into non-real-estate collective investment organizations (maturity ≥ 5 years; ≥ 60% invested in Portuguese companies). The capitalization requirement has been removed, allowing investment in both equity and debt instruments—real estate investments are excluded.
Company incorporation: capital transfer of at least €500,000 to establish or increase capital of a Portuguese commercial company, combined with creation of at least five permanent jobs or maintenance of at least ten jobs (minimum five permanent) for ≥ 3 years.

References

Housing Measures Act 2023: Law 56/2023 (consolidated version in PT) – https://data.dre.pt/eli/lei/56/2023/p/cons/20231229/pt/html
Immigration Law: Law 23/2007 (consolidated version in PT) – https://data.dre.pt/eli/lei/23/2007/p/cons/20231006/pt/html