This guide is based on information provided by the independent residency and citizenship advisory firm Get Golden Visa.

Despite the changes to Portugal’s nationality law in 2026, the Portugal Golden Visa programme, also known as the Investment Visa, remains a popular option for many international investors. It continues to stand out as the only European Union residency-by-investment programme that may lead to Portuguese citizenship without requiring full-time residence in the country.

Applicants are required to spend a minimum of seven days per year in Portugal and make a qualifying investment, including a €200,000 cultural or artistic donation or €500,000 in fund investments.

While the Golden Visa programme itself remains unchanged, the timeline for Portuguese citizenship has been extended from five years to ten years, with the qualifying period beginning from the first issuance of the residence permit. Although implementation details and transitional rules may continue to evolve, the programme remains an attractive long-term option for investors seeking a second residency without relocating full time.

Understanding Portugal’s Golden Visa

The Portugal Golden Visa, officially known as the Residence Permit for Investment Activity (ARI), is a residency-by-investment programme available to non-EU citizens.

Launched in October 2012, the initiative was introduced to attract foreign investment following the 2008 financial crisis. Since then, the programme has raised more than €7.5 billion.

Portugal continues to attract international investors thanks to its coastline, climate, quality of life, welcoming culture and internationally recognised cuisine. Combined with a comparatively affordable cost of living when measured against many Western European countries, these factors have helped make Portugal an appealing destination for those seeking the right to live, work and study in the country.

The Portugal Golden Residence Permit may also allow eligible applicants to apply for permanent residency and, subject to the nationality laws in force at the time, Portuguese citizenship.

Portuguese Citizenship Changes in 2026

In 2026, Portugal approved revisions to its nationality law that may affect Golden Visa holders seeking Portuguese citizenship through naturalisation.

The approved changes include:

  • Extending the general citizenship eligibility period from five years to ten years for most applicants (or seven years for EU and CPLP nationals).
  • Beginning the residence counting period from the issuance of the residence permit.

On May 3, 2026, President António José Seguro signed the revised nationality law approved by Parliament following the April 1 vote. The law entered into force on May 19.

At this stage, the legislation relates only to citizenship eligibility timelines and does not alter the residency rights granted under the Portugal Golden Visa programme. The Golden Visa framework and minimum stay requirements remain unchanged.

Despite the nationality law reform, Portugal remains one of the few EU residency-by-investment programmes that may provide a long-term pathway to Portuguese citizenship without requiring full-time physical residence, in accordance with the nationality laws in force at the time of application.

Six Key Benefits of Portugal’s Golden Visa

The Portugal Golden Visa offers a range of benefits beyond residency rights. Below are six of the programme’s main advantages for eligible applicants.

1. Visa-free travel

The Portugal Golden Visa provides access to the Schengen Area, allowing holders to travel throughout participating European countries without requiring an additional visa.

Those who later become eligible for Portuguese citizenship may apply for a Portuguese passport, which currently offers visa-free or visa-on-arrival access to numerous destinations worldwide.

2. Living, working and studying in Portugal

The programme allows holders to live, work and study in Portugal.

Applicants who choose to live in Portugal full time will be required to have medical insurance. They will also have access to public services, including healthcare and education.

State schools follow the Portuguese curriculum, while numerous private British and American international schools are also available.

The residence permit also allows holders to work anywhere in Portugal or establish and operate their own business.

3. Family reunification

The Portugal Golden Visa can be extended to eligible family members, and the applications for the main applicant and dependants are submitted simultaneously.

4. Permanent residency and citizenship

Historically, Golden Visa holders have generally become eligible to apply for permanent residency after five years of legal residence in Portugal, in accordance with the immigration laws in force at the time. Once permanent residency is granted, investors may no longer need to maintain their qualifying investment.

Applicants have also generally become eligible to apply for Portuguese citizenship after ten years of legal residence, provided they meet the following conditions:

  • Compliance with Portuguese legal and tax obligations.
  • A clean criminal record in both Portugal and their home country.
  • Proof of A2-level Portuguese language proficiency.

Important note: In 2026, Portugal approved revisions to its nationality law extending the general citizenship eligibility period from five years to ten years for most applicants, or seven years for EU and CPLP nationals.

As implementation details and transitional rules may continue to evolve, applicants are advised to verify the latest requirements with the relevant Portuguese authorities and their legal advisers before applying.

5. Tax considerations

Holding a Portugal Golden Visa does not automatically make an individual a Portuguese tax resident.

In many cases, tax residency may arise if an individual spends more than 183 days in Portugal during a 12-month period or otherwise establishes habitual residence in the country.

Portugal continues to attract international residents through its lifestyle, accessibility and evolving tax framework. Although the original Non-Habitual Resident (NHR) regime is no longer available to new applicants, alternative tax incentives and special regimes may still apply in certain circumstances.

As tax treatment depends on each individual’s circumstances, applicants should seek independent tax advice before relocating or making investment decisions.

6. Overall advantages

Golden Visa holders have the right to live and work in Portugal, although there is no obligation to relocate.

The programme also provides visa-free travel throughout the Schengen Area. After five years of holding a Golden Visa, applicants may become eligible to apply for permanent residency. Once the required number of years has been completed, they may then become eligible to apply for Portuguese citizenship, which may ultimately lead to obtaining a Portuguese passport.

Who can apply for Portugal’s Golden Visa?

Main applicant requirements

Applicants must meet the following requirements:

  • Be a non-EU, EEA or Swiss national.
  • Be at least 18 years of age.
  • Hold a clean criminal record in both their home country and Portugal.
  • Ensure investment funds originate from lawful sources and comply with applicable due diligence and anti-money laundering requirements.
  • Make a qualifying investment. Eligible categories include venture capital funds, company formation with employer responsibilities and donations.

Portugal’s Golden Visa for US applicants

The Portugal Golden Visa has become a popular option for Americans seeking EU residency through investment.

According to Get Golden Visa’s investment figures, Americans were the largest nationality investing in Portugal in 2025.

While real estate was previously a popular route for many nationalities, American applicants have traditionally favoured qualifying private equity or venture capital funds.

The United States also recognises dual citizenship, meaning applicants may obtain Portuguese citizenship without jeopardising their US citizenship.

Portugal’s Golden Visa for UK applicants

Following Brexit, many British citizens have looked to Portugal as a way to regain easier access to Europe. Since 2021, UK passport holders have no longer benefited from freedom of movement within the Schengen Area.

Portugal continues to appeal to British applicants for three main reasons: travel throughout Europe, lifestyle, and a potential long-term pathway to Portuguese citizenship eligibility, according to Get Golden Visa.

Since 1 January 2021, UK citizens have been eligible to apply for Portugal’s Golden Visa programme, and once residency cards are issued, applicants are able to travel throughout the Schengen Area.

For more information about investment options, read the section ‘Portugal Golden Visa Investment Options’ at Get Golden Visa.