Portugal Golden Visa 2025: Law No. 56/2023 – Key Changes & New Investment Rules

Portugal’s Golden Visa remains one of the world’s most prominent residency-by-investment programmes. But as of 2025, the legal framework has evolved significantly.

For years, Portugal’s Golden Visa programme has served as a gateway for non-EU nationals to secure residence — and eventually citizenship — through investment. However, with the enactment of Law No. 56/2023, substantial changes have been introduced. Whether you’re considering your first application or seeking clarity on the validity of a prior real estate investment, this article will guide you through the updated Golden Visa landscape in 2025.

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The most significant reform came with the entry into force of Law No. 56/2023 in October 2023. This legislation redefined the types of qualifying investments and marked a policy shift, prioritising long-term economic and social impact over passive capital inflows.

The following popular investment routes were removed from the programme:

• Real estate acquisitions of €500,000 or more.
• Purchases and renovations of properties over 30 years old or located in designated urban rehabilitation areas, with a minimum combined investment of €350,000.
• Capital transfers of €1.5 million or more.

These exclusions represent a fundamental shift in the scheme’s orientation, prompting many to ask:

Yes. Law No. 56/2023 confirms that the amendments are not retroactive; residence permits already issued, as well as pending applications or family reunification requests made under the previous framework, remain valid.

Applications submitted before the legal changes, including those pending municipal approval, will continue to be processed under the former regime. However, renewals of these permits will now fall under a new category: the Immigrant Entrepreneur Residence Permit.

Introduced by Law No. 56/2023 under Article 89, this permit applies to applicants who invested under the former Golden Visa routes but whose renewals now follow a distinct regime. 

Key differences include:

• Validity: Renewals are valid for 3 years (as opposed to the 2-year term under Article 90-A).
• Investment Maintenance: There is no requirement to maintain the original investment over time.
• Fees: Issuance fees are significantly reduced (€181.50 per applicant).
• Minimum Stay: Holders must spend a minimum of 21 days in Portugal over each 3 years (i.e., approximately 7 days per year).

Please note: Renewals must be carried out in person with the Portuguese authorities. This mechanism protects the acquired rights of good-faith investors while aligning their residency status with the government’s current immigration policy.

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Following the legislative reforms, the current Golden Visa investment routes focus on innovation, culture, and job creation. Eligible options now include:

• €500,000 in scientific research conducted by institutions within the national science or technology system.
• €250,000 in support of artistic production or preservation of cultural heritage, through qualified public or private institutions.
• €500,000 in collective investment or venture capital funds regulated under Portuguese law, provided that at least 60% of investments are made in Portuguese companies, with a minimum maturity of five years.
• Incorporation or expansion of a company that creates and maintains at least ten full-time jobs.
• €500,000 capital transfer to establish or reinforce a company’s share capital, combined with the creation or maintenance of jobs for at least three years.



Investments in low-density areas may benefit from reduced thresholds. These are defined as regions with fewer than 100 inhabitants per km² or a GDP per capita under 75% of the national average, covering much of mainland Portugal, excluding most coastal regions and the islands of Madeira and the Azores.

Administrative fees are updated annually, most recently in March 2025. These are payable to AIMA (Agência para a Integração, Migrações e Asilo):

• Initial residence permit:

1. Processing: €618.60
2. Issuance: €6,179.40

• Renewals (current investment routes):

1. Processing: €618.60
2. Issuance: €3,089.70

• Renewals (former routes converted to Immigrant Entrepreneur):

1. Processing: €618.80
2. Issuance: €181.50



• CPLP nationals (Portuguese-speaking countries): Issuance fee reduced to €58.10

All fees apply to each applicant, including dependents under family reunification.

Yes. However, the timing differs:

• Permanent Residency: The five-year qualifying period begins from the date of the initial residence permit.
• Citizenship: The five years is calculated from the day after payment of the application analysis fee, assuming the permit is subsequently granted.

Pending Legislation: A proposal under discussion (expected by September 2025) may extend the citizenship timeline:

• 7 years for CPLP nationals.
• 10 years for all other applicants.

In either case, applicants must fulfil general eligibility criteria, including proof of A2-level proficiency in Portuguese.

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Portugal’s Golden Visa remains an active and strategic route to Portuguese residence and, ultimately, citizenship. The 2023 reforms under Law No. 56/2023 recalibrated the scheme, shifting focus from real estate to investments aligned with national development goals: science, culture, innovation, and employment.

Despite the removal of older routes, investor rights have been preserved, and a clear framework now supports both legacy applicants and new investors committed to Portugal’s long-term economic and social priorities.

Yes. Although real estate and capital transfer options were eliminated, new routes remain available, focusing on science, culture, and employment.

Yes. Your permit remains valid, but it will be reclassified under the Immigrant Entrepreneur category upon renewal.

As of March 2025, fees range from €181.50 to €6,179.40, depending on the type of permit and the stage of the application.

Yes, currently after five years. However, the law may soon require a longer period, depending on nationality.

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