Portuguese Golden Visa: Are There Alternatives for Expat Investors?

For over a decade, Portugal’s Golden Visa program attracted global property investors with its enticing mix of real estate opportunities, residency rights, and a path to EU citizenship. However, as of 2024, Portugal has shifted the rules — removing real estate from the list of eligible investment categories for new Golden Visa applications.

So, what does this mean for property investors? Is Portugal still worth considering? And how can investors adapt to the new framework while staying aligned with long-term goals like residency, tax planning, and EU access?

What is the Portuguese Golden Visa?

Launched in 2012, the Portuguese Golden Visa — officially called the Residence Permit for Investment Activity (ARI) — was designed to bring foreign capital into Portugal. It allowed non-EU/EEA/Swiss citizens to gain residency by making qualifying investments, including property purchases.

Until recently, buying real estate worth €500,000 (or €350,000 in some renovation areas) was the most popular route to securing a Golden Visa. The program helped transform Portugal’s real estate market, especially in Lisbon, Porto, and parts of the Algarve. But starting in January 2024, real estate investment is no longer a qualifying route for new Golden Visa applications.

Why Did Portugal Remove Real Estate from the Program?

The decision stemmed from growing concerns about housing affordability and speculation in urban centers. Critics argued that the influx of Golden Visa property investments inflated prices and limited housing availability for locals.

In response, the Portuguese government redirected the program’s focus toward sectors that generate broader economic or social value — such as innovation, culture, job creation, and research.

Current Golden Visa Alternatives (Post-Real Estate)

Although real estate is no longer on the list, property investors can still engage with Portugal — just not through the traditional Golden Visa route. Here are the updated qualifying options:

1. Investment Funds

Invest €500,000 or more in qualifying Portuguese venture capital or private equity funds. These funds often include real estate exposure (indirectly), tourism, renewable energy, or tech startups — offering diversification and professional management.

2. Business and Job Creation

Create at least 10 jobs in a Portuguese business or invest €500,000 in existing Portuguese companies.

3. Scientific or Technological Research

Donate or invest €500,000 toward public or private research institutions.

4. Cultural and Artistic Contributions

Support national heritage or arts with a minimum contribution of €250,000.

5. Capital Transfer

Transfer €1.5 million into a Portuguese bank or enterprise (less common due to high threshold).

What About Property Investment in Portugal Without a Golden Visa?

You can absolutely still buy property in Portugal — many investors continue to do so for rental income, lifestyle reasons, or long-term capital growth. Here’s why it’s still appealing:

• Attractive real estate market Portugal offers a wide range of properties, from Lisbon apartments to Algarve villas.
  

• Stable long-term returns Demand for short- and long-term rentals remains strong in coastal and tourist-heavy regions.
  

• Favorable tax regime Portugal’s Non-Habitual Resident (NHR) tax status offers major benefits for foreign residents — including reduced or zero tax on certain foreign-sourced income.
  

While property no longer qualifies for a Portuguese Golden Visa, it can still support a D7 visa or digital nomad visa application if paired with passive income or remote work — an option increasingly popular among retirees, freelancers, and location-independent professionals.

Residency Without the Golden Visa: Alternative Visas

If your primary goal is Portuguese residency and you don’t want to invest in a fund, consider these alternatives:

1. D7 Visa Ideal for retirees or those with passive income (e.g., from rentals, dividends, or pensions). Requires proof of income (~€820+/month for an individual).
   

2. Digital Nomad Visa

   Targeted at remote workers and freelancers earning foreign income. Requires proof of monthly income (~€3,280 as of 2024).
   

Both visas allow you to buy property and live in Portugal, with the potential to apply for permanent residency or citizenship after 5 years — just like the Golden Visa path.

Should Property Investors Still Consider Portugal?

While real estate can no longer unlock a Golden Visa on its own, Portugal remains one of Europe’s most desirable places for investment:

• Steady capital appreciation in property

• Strong tourism and rental yield potential

• High quality of life and low cost of living

• EU access and tax incentives for residents
  

For investors seeking the residency and mobility perks once associated with the Golden Visa, diversifying into a compliant investment fund — many of which have ties to real estate — may be the smartest path forward.

Should you invest in Portugal?

Portugal’s Golden Visa program has evolved, and property investors need to adapt accordingly. Though the direct route through real estate is closed, opportunities remain — both through alternative investment routes and other visa options.

If your goal is to invest, live part-time in Portugal, or work toward EU citizenship, speak with legal and financial advisors who specialize in Portuguese immigration and property law. With the right structure, Portugal can still offer you both a solid investment and a European lifestyle.

Exploring Investment Opportunities in Portugal

If you want to explore Portugal investment properties, we can help you. APW Group was founded by expats, for expats; building upon over 30 years of experience in property and fixed income investments.

Our team brings real, on-the-ground experience in the Portuguese property market—guiding you through everything from discovering the perfect home to securing visas and navigating local laws with confidence. We have helped over 6,000 expats progress their property portfolio in cities all over the world, including Portugal, Spain, Bali, Dubai and the UK, just to name a few.

Please get in touch to discuss your property goals with one of our experts.