Portugal Golden Visa Ended for Property — What Are the Alternatives in 2026?

Portugal's Golden Visa (ARI — Autorização de Residência para Atividade de Investimento) was one of Europe's most popular investor residency programs, granting residency (and a path to citizenship) in exchange for qualifying investments. From 2012 to 2023, buying Portuguese property worth €500,000+ was the most common qualifying investment.

In October 2023, the Portuguese government removed residential and commercial real estate from the qualifying investment list. The Golden Visa still exists, but it is now an investment visa rather than a property-buying visa.

What still qualifies for the Golden Visa in 2026?

Remaining qualifying investment routes:

• €500,000 in investment funds — subscriptions to qualifying venture capital or private equity funds investing in Portuguese companies
• €500,000 in research activities — investment in scientific or technological research conducted by public or private entities
• €250,000 in arts or cultural heritage — donations to approved cultural institutions or restoration of classified heritage properties
• 10 job creation — creating or maintaining at least 10 permanent jobs in Portugal
• €500,000 capital transfer — to a Portuguese company with 5+ employees

These routes are significantly more complex and require careful due diligence, typically with the help of a Portuguese investment lawyer.

What happens if I already have a Golden Visa?

Existing Golden Visa holders are not affected. If your visa was granted (or applied for) before the rule changes, it continues normally and can be renewed under the same conditions. The property-based route closure only affects new applications.

Can I still buy property in Portugal and get residency?

Yes — property purchase no longer grants a Golden Visa, but it does not prevent you from using other residency routes. The most common alternatives for property buyers who want residency are:

• D7 Visa — if you have a passive income of €870+/month (rental income from your Portuguese property can count), the D7 is the simplest route
• D8 Digital Nomad Visa — for remote workers earning €3,480+/month
• Self-employment / company registration — registering a business in Portugal and operating from there

Many former Golden Visa applicants now pursue the D7 alongside property purchase — buying the property as an investment/home and qualifying for residency via their existing passive income.

Is the Golden Visa still worth it via the fund route?

The fund route (€500,000 in qualifying funds) works well for high-net-worth investors who want maximum flexibility — minimum stay in Portugal is just 7 days in year 1 and 14 days in subsequent 2-year periods. After 5 years, you qualify for permanent residency and citizenship. The main challenges are: vetting fund managers, capital lock-up periods (typically 5–7 years), and returns that vary widely by fund. Work with a Portugal-specialist investment lawyer and financial adviser.

What other countries offer investor residency programs?

If Portugal's current Golden Visa routes do not suit your situation, comparable programs in Europe include:

• Greece Golden Visa — still includes property (€800,000 in prime areas including Athens)
• Malta Residency Programme — includes property or rent commitment + government contribution
• Spain Golden Visa — property €500,000+ (currently under review for possible closure)
• Italy Investor Visa — various investment routes from €250,000