There is significant confusion regarding Portugal’s “Golden Visa” with “Citizenship by investment program”. Both terms often used interchangeably, but there is a distinct legal and practical difference between them. Many people still believe they can buy a house to get a passport, but that is no longer the case.
To clear this up, here is the current reality of the program as of 2026.
The most important takeaway is this: Portugal does not have a “Citizenship by Investment” program in the literal sense. Instead, it has a “Residency by Investment” program (the Golden Visa) that provides a pathway to citizenship over time.
The confusion usually stems from how quickly you get a passport.
Why People Use Term – Portugal “Citizenship by Investment” Instead of “Golden Visa”
Even though it’s a residency program, many people (and agencies) call it a “Citizenship by Investment” program because it is one of the only ways to get an EU passport without actually moving to Europe.
- The “Paper” Residency: Unlike a standard work or retirement visa (like the D7), the Golden Visa only requires you to spend 7 days per year in Portugal.
- The 5-Year Clock: After 5 years of holding this “part-time” residency, you are legally eligible to apply for full Portuguese citizenship and a passport.
- Recent Law Change (2024): A major update now allows the 5-year clock to start the moment you submit your application, rather than when the card is approved. This significantly speeds up the total time to citizenship
| Feature | Golden Visa (Portugal) | Citizenship by Investment (CBI) |
| Immediate Status | You become a Resident. | You become a Citizen. |
| Passport | Issued after ~5–6 years. | Issued within ~3–6 months. |
| Stay Requirement | Minimal (7 days/year). | Usually zero (no need to visit). |
| Examples | Portugal, Greece, Spain. | St. Kitts, Turkey. |
1. The “Real Estate” Myth
The most important thing to know: You can no longer get a Golden Visa by purchasing residential or commercial real estate. * The Change: In October 2023, the Portuguese government eliminated all real estate pathways to curb rising housing costs.
- The Trap: If an agent tells you that you can still buy a house to qualify, they are either referring to an old law or a different, non-investment visa (like the D7).
2. Current Investment Options
Since property is off the table, the program has shifted toward “productive” capital.5 The current eligible routes are:
| Investment Type | Minimum Amount | Key Requirement |
| Investment Funds | €500,000 | Must be a VC or Private Equity fund (CMVM regulated). No real estate exposure allowed. |
| Cultural Donation | €250,000 | Reduced to €200,000 in low-density areas. This is a non-refundable donation. |
| Scientific Research | €500,000 | Supporting public or private scientific research institutions. |
| Job Creation | No min. cash | Create 10 permanent jobs (or 8 in low-density areas). |
| Business Setup | €500,000 | Create/invest in a company + create/maintain 5 permanent jobs for 3 years. |
3. The Path to Citizenship (The “5-Year Clock”)
The Golden Visa is technically a residency program, but it is a “bridge” to citizenship.6 There was a major legal update recently that helps investors:
- The Timeline: You can apply for citizenship after 5 years of legal residency.7
- The New “Clock” Rule: Previously, the 5-year countdown only started when your physical residency card was issued (which could take years of waiting). Now, the 5-year clock starts the day you submit your application.
- Language Requirement: To get the passport, you must eventually pass a basic A2-level Portuguese language test.8
4. Why People Still Choose It
Despite the removal of real estate, Portugal remains the most popular “Plan B” for three reasons:
- Low Stay Requirement: You only need to spend 7 days per year in Portugal to keep the visa active.9 Most other countries require you to actually move there.
- Schengen Access: You get immediate visa-free travel throughout the 29 Schengen Area countries.10
- Family Inclusion: One investment covers your spouse, dependent children, and even dependent parents.11
5. The Final Step to Citizenship
To actually “convert” your Golden Visa into a passport after 5 years, you must meet three final criteria:
- Clean Record: No criminal convictions.
- Language: Pass a basic A2-level Portuguese language test (roughly the level of a 10-year-old).
- Ties to Community: Maintain your investment for the full 5-year duration.
