However, according to experts, the impact on Portugal’s popular Golden Visa programme is expected to be minimal. The reforms are instead seen as aligning the country’s residency-by-investment offering more closely with broader European standards.

Although a final vote has yet to take place, the draft measures under review could extend the naturalisation timeline and raise integration requirements, prompting careful attention from international investors.

Currently, foreign nationals may apply for Portuguese citizenship after five years of legal residence. The proposed legislation would lengthen this period to ten years for most applicants and seven for those from Portuguese-speaking nations.

Legal specialists believe any final reform will likely include transitional protections for current residents and visa applicants, in line with the government’s longstanding commitment to maintaining programme stability.

Diogo Capela, partner at the immigration law firm Lamares, Capela & Associados, said:

“We are closely watching the parliamentary proposals, but our view is that the government is trying to protect Golden Visa investors from certain legislative restrictions, particularly with regard to family reunification, which will remain intact for them.

“As for the deadline for obtaining Portuguese nationality, it is still too early to say whether or not it will actually be changed, as this topic has not even been discussed in parliament yet.

“So far, only legislative changes to the Immigration Law have been debated. Changes to the Nationality Law will be debated in the future.”

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While these adjustments could affect the timeline for Golden Visa investors seeking citizenship, the reforms do not directly alter the residency-by-investment programme itself. Instead, they concern the citizenship route that follows from long-term residence.

Credits: Supplied Image; Author: Client; Portugal’s parliament is set to debate proposed reforms to the country’s nationality and immigration framework

Despite ongoing discussions, Portugal’s Golden Visa programme continues to thrive in 2025. Since the real estate investment option was discontinued in October 2023, investors have increasingly turned to alternative routes — such as investment in Portuguese funds, business creation, or cultural initiatives that contribute to the nation’s development.

Steve Philp, Director at Portugal Pathways, which supports private wealth coming to Portugal and investing in the Golden Visa programme, noted:

“We’re not seeing any slowdown in interest or motivation for Portugal’s Golden Visa.

In reality, the full journey to a second passport and EU citizenship typically takes around seven years right now - five years under the Golden Visa and roughly another 18 months to process the citizenship application.

“If the timeline changes from five to 10 years, this will have little impact on investors and simply bring it more in line with other EU countries.

“Many of our clients, especially from the US, Turkey, Canada, South Africa, Hong Kong and the UK, view this as their ‘Plan B’ and are more than happy to maintain and renew their Golden Visa so they can freely travel across the 29 Schengen countries.

“If anything, we’re seeing more people accelerating their plans, not delaying them.”

Paul Stannard, Chairman and Founder of the Portugal Investment Owners Club, added:

“Dollar and euro-denominated private equity funds linked to Portugal’s Golden Visa have consistently outperformed both public and private market benchmarks this year — and there’s nothing in the current trajectory to suggest that will change.

“Investors continue to view Portugal as a stable and strategic pathway for diversification, long-term returns, and EU residency flexibility.”

Credits: Supplied Image; Author: Client; Portugal's Golden Visa continues to see record levels of demand in 2025

Among other measures, lawmakers are weighing new integration requirements, including more advanced language proficiency and civic knowledge assessments.

A revised version of the broader immigration law — covering matters such as family reunification and work permits — successfully passed through parliament on 30 September 2025, following amendments prompted by a presidential veto and a Constitutional Court ruling that invalidated parts of an earlier draft.

For investors, the message remains one of continuity rather than disruption. Golden Visa residency rights and renewals are unaffected, and applications already submitted under current law should continue to be valid.

Those applying before any new rules take effect are also expected to benefit from “grandfathering” provisions, though the precise details will depend on the final legislative wording.

The reform process will continue through committee drafting and further debate in late 2025, potentially followed by presidential or judicial review. Given Portugal’s reliance on foreign investment and the Constitutional Court’s past involvement, analysts expect the eventual law to balance stricter controls with reassurances for investors.

For now, advisers recommend that potential applicants remain alert and consider acting swiftly as the parliamentary process advances.

Portugal Pathways is hosting an upcoming webinar titled “Latest Updates on Portugal’s Golden Visa”. Click here to register