Portugal has long been a favored destination for global investors, entrepreneurs, and retirees seeking opportunities in Europe. In 2012, the country introduced its Golden Visa program, which granted residency rights to non-EU citizens in exchange for specific investments.
However, recent legislative changes under the “Mais Habitação” (More Housing) law have significantly modified the program’s qualifying criteria, especially regarding real estate.
Meanwhile, the D7 Visa — designed for individuals with stable passive incomes — remains unchanged.
This report examines the updated Golden Visa landscape, explores alternative investment routes, and highlights how these shifts may influence business expansion and relocation plans in Portugal.
1. Overview of Portugal’s Golden Visa Changes
The Portuguese government recently enacted the “Mais Habitação” law, a measure that aims to address housing affordability by removing real estate investments as a qualifying criterion for the Golden Visa. This move reflects growing concerns about rising property prices and diminished housing availability for local residents.
- Key Objective: Direct foreign investment away from housing markets and into other sectors.
- Effective Date: As of October 2023, property acquisitions no longer qualify for Golden Visa applications.
- Remaining Options: Alternative routes, such as capital transfers (minimum of €1.5 million) and job creation, continue to offer pathways for residency.
According to local reports, these adjustments seek to balance the benefits of foreign investment with the need to maintain housing accessibility for Portuguese citizens.
2. Implications for Potential Investors
- Capital Transfers and Financial Assets
Although real estate is no longer part of the program, individuals interested in Portugal’s Golden Visa may invest a minimum of €1.5 million in approved capital transfers or financial assets. This option can include bank deposits, government bonds, or other regulated instruments. - Job Creation
Another investment route focuses on establishing or supporting ventures that create full-time jobs for Portuguese residents. By contributing directly to the local workforce, investors can fulfill Golden Visa requirements while bolstering economic growth. - Venture Capital and Business Expansion
Portugal’s Golden Visa has historically provided additional channels for entrepreneurs. For instance, investing in a venture capital fund geared towards local startups or small- and medium-sized enterprises can qualify for residency. This approach aligns with the country’s strategic emphasis on innovation and entrepreneurship.
In a previously documented case study, a foreign fintech startup successfully expanded into Lisbon by investing in a Portuguese venture capital fund. This initiative helped the company secure Golden Visa status while accessing Europe’s broader financial markets.
3. Ongoing Appeal for Entrepreneurs
Despite the removal of real estate as an investment option, Portugal continues to attract business-minded professionals:
- Strategic Location: Situated on the western edge of Europe, Portugal serves as a gateway for companies seeking to tap into the European Union’s single market.
- Supportive Ecosystem: The country hosts renowned events like the annual Web Summit, reflecting its rising prominence in the tech and innovation sectors.
- Skilled Workforce: Proficiency in English and strong technical education programs give businesses access to a diverse talent pool.
- Quality of Life: With its pleasant climate and comparatively low cost of living, Portugal offers an appealing environment for relocating teams and their families.
Multiple investors have cited these factors when choosing Portugal as their European base. Under the updated Golden Visa framework, entrepreneurs are encouraged to consider capital allocations or job-creation models aligned with Portuguese economic objectives.
4. Stability of the D7 Visa
While the Golden Visa program undergoes reconfiguration, the D7 Visa remains unaffected. This particular residency pathway is intended for individuals who can demonstrate consistent passive income, such as pensions or rental earnings. Key highlights of the D7 Visa include:
- Lower Financial Threshold: Applicants must prove sufficient monthly income to support themselves (and any dependents) while residing in Portugal.
- Straightforward Requirements: Unlike the Golden Visa, D7 applicants do not need to invest large sums in local projects or businesses.
- Popularity with Retirees and Freelancers: Individuals seeking a tranquil environment with robust healthcare services often favor the D7 for its more accessible terms.
By leaving the D7 Visa unchanged, Portuguese authorities continue to welcome a broad demographic of expats — from remote workers to retirees — who aim to integrate into the local community without extensive financial commitments.
5. Navigating the Application Process
Obtaining residency through Portugal’s Golden Visa or D7 Visa typically involves several key steps:
- Select the Appropriate Path
- Golden Visa: Evaluate investment options such as capital transfers, job creation, or venture capital contributions.
- D7 Visa: Compile proof of stable passive income.
- Gather Essential Documentation
- Valid passport(s)
- Clean criminal record certificate(s)
- Proof of health insurance coverage
- Evidence of financial means or relevant investments
- Submit Application
Applicants file through Portugal’s immigration authority (SEF), adhering to specific deadlines and procedural requirements. - Fulfill Residency Obligations
- Golden Visa: Typically requires staying in Portugal for a minimum of seven days in the first year and 14 days in subsequent two-year periods.
- D7 Visa: Mandates sufficient physical presence, aligning with typical residency laws.
- Maintain Compliance and Renew
Residency permits require periodic renewals, wherein authorities check ongoing eligibility and compliance with all regulations.
6. Conclusion and Considerations
Portugal’s decision to remove real estate from its Golden Visa qualifications reflects a policy shift aimed at addressing housing challenges. While this change may influence certain types of investors, alternative pathways for securing Portuguese residency remain open. Entrepreneurs, in particular, can leverage capital transfers or job creation to establish a foothold in Europe’s rapidly growing markets.
Meanwhile, the D7 Visa program stands untouched, continuing to offer a stable route for retirees, freelancers, and others relying on passive income streams. Both programs ultimately position Portugal as an attractive destination — combining a pro-business climate with a high standard of living.
Actionable Steps:
- Prospective investors should reassess their strategies in light of Portugal’s revised regulations, focusing on non-real estate avenues.
- Individuals reliant on passive income may find the unchanged D7 Visa a suitable, less capital-intensive solution.
- Consulting legal and financial experts familiar with Portuguese immigration can ensure compliance and optimize the benefits of residency.
By staying informed of these regulatory developments, foreign nationals can make strategic choices that align with both Portugal’s evolving policies and their own long-term goals.
This report is based on information available as of January 2025 and may be subject to further legislative changes. Viewers and interested parties are encouraged to seek professional advice to remain compliant with all legal requirements.
