Portugal Golden Visa: Important Update May 2026

Published on: 27th May 2026

Recent changes to Portugal’s nationality law have created uncertainty for current and future Golden Visa investors.

For years, one of the biggest advantages of the Portuguese Golden Visa (PGV) was the ability to apply for citizenship after five years of legal residency with minimal physical stay requirements.

The Golden Visa programme itself has not changed, but the path to citizenship has.

Overview of the Portugal Golden Visa

Portugal's Autorização de Residência para Investimento, better known as the Golden Visa, has been Europe's leading residency-by-investment programme since it started in 2012.

Nearly 5,000 Portugal Golden Visas were issued in 2024, the highest number of approvals since the programme launched 14 years ago.

For most of the programme's history, real estate was the main choice for investors. This changed in 2023.

The Mais Habitação, or "More Housing," reform was introduced to address a housing affordability crisis in Portugal. As a result, real estate is no longer a qualifying investment.

The Golden Visa continued after this change, but its focus shifted. Now, there are fewer investment options and more requirements:

• A capital transfer of €500,000

• Investing €500,000 in a qualifying fund

• Creating at least five jobs

What kept the programme attractive after 2023 was the end goal: Portuguese citizenship. That is why changes to the Portuguese Nationality Law are so consequential.

What’s changed

The Portuguese government has approved changes to the country’s nationality law that make the wait for citizenship longer for many foreign residents.

Under the new rules, the time needed to apply for Portuguese citizenship through naturalisation will increase:

• From 5 years to 10 years for most non-EU nationals

• From 5 years to 7 years for EU citizens and nationals of CPLP (Portuguese-speaking) countries

Another big change is how residency time is counted.

Before, residency time started from the date you submitted your residence permit application. This mattered because processing delays at AIMA, Portugal’s immigration authority, could be long.

Under the new law, your residency time starts when your first residence permit card is officially issued.

What does this mean for the Portugal Golden Visa?

The Portugal Golden Visa programme itself has not changed. Investors can still apply for residency by investing in Portuguese funds, supporting research, or starting a business.

However, it may now take much longer to get citizenship.

Now, the countdown for citizenship starts when your residency card is issued, not when you apply. For many Golden Visa applicants, this could add several years to the process.

Current Golden Visa holders who have not yet applied for citizenship may also face a 10-year timeline.

What about current PGV holders?

A major concern is whether the new rules will apply to people who have already applied.

Right now, the situation is still legally and politically complicated.

If you already submitted a citizenship application before the new law came into force, your case is expected to be treated under the five-year rule.

Portuguese President António José Seguro has reportedly acknowledged concerns that administrative delays should not unfairly penalise applicants.

Since the rules and details may keep changing, investors should watch for official updates and get legal advice for their situation.

Is the Portugal Golden Visa still a good choice?

Even though the requirements for citizenship have changed, you can still get permanent residency after five years of legal residence.

Despite these changes, Portugal is still expected to attract international investors. The Golden Visa programme continues to offer several important benefits, such as:

• Access to the Schengen Area

• Lifestyle and safety benefits

• Flexible residency requirements

• Access to strong healthcare and education systems

For many investors, the Portugal Golden Visa will remain a valuable backup plan, even if it now takes longer to obtain citizenship.

Final thoughts

The changes to Portugal’s nationality law are among the biggest updates to the country’s immigration and citizenship rules in recent years.

Although the Portuguese Golden Visa programme remains largely the same, it will now take longer to progress from residency to citizenship.

The key points investors should understand are:

• The Portugal Golden Visa programme still exists

• Permanent residency after five years is still possible

• Citizenship timelines have increased from 5 years to 10 years for most non-EU nationals

• Citizenship timelines now start when your first residence card is issued instead of the date of your initial application

Even with these changes, Portugal will probably stay the top choice for investors. Other European options include the Latvian Golden Visa.

If you want to learn more about these changes and how they might affect you, talk to one of our experts for professional advice.