How Portugal’s Golden Visa Is Evolving Into a Global Investment Model

Why Portugal’s Golden Visa Still Attracts

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Twelve years after its creation, Portugal’s Golden Visa continues to stand out among Europe’s residency-by-investment programs. While many countries have closed or restricted their schemes, Portugal’s framework has evolved rather than disappeared, adapting to global standards and reinforcing its credibility among investors seeking long-term legal stability and access to the European Union.

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1. A Reliable Framework for Investors

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Amid tightening immigration policies across Europe, Portugal remains one of the few EU nations maintaining a transparent and well-regulated residency-by-investment programme.

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According to AIMA data compiled by IMI Daily (2025), the programme has approved more than 15,600 main applicants and 20,400 family members since its launch in 2012, a steady trayectory that reflects stability and credibility, reflecting investor confidence in its modernised, regulated investment structure.

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This continuity contrasts with markets such as Ireland, which ended its investor visa in 2023, and Spain, where the programme was formally suspended in 2025, positioning Portugal as one of the most accessible and secure pathways to EU residency for non-European investors.

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2. From Real Estate to Regulated Hospitality Funds

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The decisive shift that kept the programme active came in October 2023, when Portugal ended the real-estate route to focus on investments aligned with national productivity goals.

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Since then, AIMA data show that fund-based applications have significantly increased, becoming the main qualifying route by late 2024. As a result, investment has been redirected toward regulated funds, many of which allocate capital to hospitality and tourism projects.

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This evolution reflects a broader repositioning of the Golden Visa, from a property-driven model to a regulated, CMVM-supervised framework that supports Portugal’s real economy and long-term sustainability objectives.

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3. Economic Fundamentals Reinforce Investor Confidence

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The program’s appeal is reinforced by Portugal’s macroeconomic resilience.

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According to the Banco de Portugal and Eurostat (2025), the country recorded 2.3 % GDP growth in 2025, outperforming the EU-27 average of 1.5 %. Inflation stabilized at 2.4 %, and the national budget closed with a 0.2 % surplus, demonstrating fiscal discipline uncommon in Southern Europe.

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For global investors, these indicators matter: a Golden Visa is not only a legal instrument, but also a confidence signal in the host country’s governance and financial health.

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4. Tax Efficiency Without Relocation

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As the program evolved toward fund-based structures, investors also benefited from a clearer and more efficient tax environment.

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Investors are not taxed in Portugal if they live abroad and stay under 183 days per year.  For those who relocate, Portugal offers no wealth or inheritance tax and favourable newcomer regimes. This clarity makes the programme attractive for globally mobile investors, especially Americans.

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5. Low Physical Presence, High Mobility

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Golden Visa holders are required to spend only 14 days every two years in Portugal.

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Although the parliament approved in October 2025 a reform to the Portuguese Nationality Law, proposing to extend the timeline to apply for citizenship from five to ten years (or seven years for CPLP and EU nationals), the reform has not yet entered into force and is still pending presidential review and possible constitutional assessment.

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This update does not affect the Golden Visa framework. Investors can still apply for Permanent Residency after five years, which remains valid for five years without the need to relocate to Portugal.

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Portugal also offers exceptional global mobility. The Portuguese passport ranks 3rd worldwide in the Passport Index 2025, granting visa-free access to 188 countries and reaffirming the nation’s position as a trusted and strategic European gateway.

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Portugal’s Global Investment Landscape

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Portugal’s Golden Visa has evolved into one of the world’s most diversified and resilient residency programmes. Recent AIMA statistics (October 2025) confirm that Portugal issued 386,463 residence permits, a 60 % increase compared with the same period in 2024. This steady growth reflects how the programme has transitioned from a regional initiative into a global mobility and investment platform.

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Changing Investor Geography

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The nationality mix of applicants has evolved considerably, reflecting new geopolitical and economic realities.

• Brazil remains among the top three nationalities of Golden Visa investors, confirming its long-standing presence since 2012 (IMI Daily, 2024).
• The United States climbed to become the second-largest nationality group in 2024, reflecting a surge in fund-based applications and growing demand for EU residency (IMI Daily, 2024).
• Russia, meanwhile, returned to the top three with 248 approvals in 2024, its highest number on record (Essential Business, Oct 2025).
• Chinese nationals continue to represent the largest cumulative group since the programme’s launch, although annual approvals have stabilised in recent years (IMI Daily, 2025).
• Finally, Turkey and South Africa maintained steady application volumes throughout 2024, underscoring the programme’s global reach (IMI Daily, 2024).

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From Global Capital to National Growth

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The Golden Visa has been central to Portugal’s economic transformation, generating nearly €9 billion in direct investment and supporting strategic industries such as hospitality, renewable energy, healthcare, and technology (The Portugal News, 2025).

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Within this broader context, tourism remains a key driver of employment and regional development. According to INE (2024), it represents over 20 % of Portugal’s GDP, with 31 million visitors generating €27 billion in annual revenue. The country’s international recognition was reinforced when Portugal won 15 awards at the 2025 World Travel Awards, including Europe’s Leading Destination and Lisbon as Best City Break.

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By aligning foreign capital with productive and sustainable sectors, the 2023 reform ensured that investment now fuels job creation, regional revitalisation, and innovation, strengthening Portugal’s reputation as one of Europe’s most credible and forward-looking investment gateways.

Conclusion — Investing with Purpose through VIDA Capital

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At VIDA Capital, we specialise exclusively in hospitality investment, acquiring and transforming underperforming hotel assets into sustainable, high-value destinations.

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This model not only meets Golden Visa eligibility but also supports job creation and the regeneration of Portugal’s tourism infrastructure. Each project is carefully selected, regulated, and audited to guarantee transparency and stable performance.

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A Gateway to Europe — and to Impact

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Even with the upcoming Nationality Law reform, Portugal’s Golden Visa remains the only programme in Europe that allows investors to secure residency, and later citizenship, without the need to relocate.

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With no tax residency obligations unless relocating, the program continues to be a flexible, secure, and family-inclusive strategy, enabling global investors to plan confidently for the future while benefiting from Portugal’s strong governance and transparent regulation.

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Interested in learning more?

Contact us at rita@vida-cap.com or schedule a consultation here to explore eligibility and next steps.