Effective Oct 7, 2023, The Portuguese government has gazetted the law removing investments in real estate (including funds investing in real estate) as well as capital transfers (bonds, bank deposits) no longer qualify for the Golden Visa. President Marcelo Rebelo de Sousa signed into law the “Mais Habitação” (More Housing) bill which terminates the option for Golden Visa applicants to invest in real estate or real estate-focused investment funds.
Measures were taken to address housing shortages and redirect capital, though the overall golden visa program continues with new investment avenues like funds, job creation, and research. Property prices in the country had skyrocketed due to the number of expats buying real estate for second or holiday homes – thus leaving many local residents struggling to find adequate accommodation in big cities like Porto and Lisbon.
Foreigners can still buy properties in Portugal but no golden visa.
GV Qualifying Investments (As of 2026)
To fulfill the quantitative requirement, investors who make the investment in one of the possibilities foreseen in the Law may request the ARI (Authorization for Investment ):
- Job creation – The creation of at least 10 jobs – subparagraph ii );
- Research & Technology – Capital transfers in the amount of 500,000 euros or more, applied to research activities carried out by public or private scientific research institutions integrated into the national scientific and technological system – subparagraph v );
- Artistic / Cultural – Capital transfers in the amount of €250,000 or more, applied to investment in or support of artistic production, recovery or maintenance of national cultural heritage, through services of the central and peripheral direct administration, public institutes, entities that are part of the public business sector, public foundations, private foundations with public utility status, intermunicipal entities, entities that are part of the local business sector, municipal associative entities and public cultural associations, which pursue activities in the area of artistic production, recovery or maintenance of national cultural heritage – subparagraph vi );
- Private Equity or Venture Capital Investment Funds – Capital transfers of €500,000 or more, intended for the acquisition of shares in non-real estate collective investment undertakings constituted under Portuguese law, whose maturity at the time of investment is at least five years and at least 60% of the investment value is made in commercial companies based in Portugal – subparagraph vii );
- Commercial Companies – Capital transfer in the amount of 500,000 euros or more, intended for the incorporation of a commercial company with its registered office in Portugal, combined with the creation of five permanent jobs, or for increasing the share capital of a commercial company with its registered office in Portugal, already incorporated, with the creation of at least five permanent jobs or the maintenance of at least ten jobs, with a minimum of five permanent jobs, and for a minimum period of three years – subparagraph viii );
- Family Reunification – Family members
