Latest Golden Visa News (Portugal & Comparative Programs) - August 2025
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Here are the most current and material developments as of late September 2025 in the Golden Visa / residency‑by‑investment space, with emphasis on Portugal and context abroad.
Proposed citizenship (naturalization) timeline has doubled
In mid‑2025, the Portuguese government published a draft law that would extend the residency requirement for naturalisation from 5 years to 10 years for most foreign nationals (with a possible 7‑year rule for CPLP nationals).
The proposal raises constitutional and legal debates around rights, fairness, and transition rules.Golden Visa program shifts & stricter enforcement
The core route changes enacted earlier (notably, removal of real estate and capital transfer routes) remain in effect; the 2025 updates reinforce focus on funds, research, job creation, and cultural contributions as valid pathways.
The 2025 policy narrative describes the 2025 rules as “the biggest change since 2012,” with investors urged to adapt accordingly.
AIMA (the immigration authority) is reportedly enforcing a “strict complete‑file” review: missing documents or minor omissions may lead to rejections.
Backlog & processing delays remain a critical issue
Golden Visa cases are reportedly low priority amid Portugal’s huge immigration case backlog. Some sources say the backlog of Golden Visa / related cases is measured in tens of thousands.
Delays in residence permit / biometric appointments for foreigners (including investors) have extended significantly.
News reports highlight that many foreign nationals are stuck in limbo after their D visa expires, while waiting for permit appointments (delays up to six months).
“Solidarity visa” concept & social housing investment tie‑in
As an adjunct to the Golden Visa, Portugal is exploring a “solidarity visa” that would allow investors to contribute to affordable housing or migrant accommodation projects. The required investment is expected to be lower than mainstream routes.Constitutional & legal scrutiny
The draft nationality law has sparked constitutional debates, especially concerning retroactivity, rights of current residents, and how transitional provisions should be handled.
Spain Golden Visa terminated
Spain’s Residence by Investment / Golden Visa program formally concluded on 4 April 2025. No new applicants under the old regime are being accepted.
Malta citizenship by investment ruled illegal; program abolished
On 29 April 2025, the European Court of Justice ruled that Malta’s “golden passport” / investor citizenship scheme violated EU law, and must be terminated.
Malta’s government has since moved to align national law and cancel pending applications.
However, Malta’s residency by investment / permanent residence program remains active and is being adjusted (e.g. in early 2025, more flexible rules, lower fees for dependents, expanded subletting rights).
Global landscape rebalancing
With the shuttering of Spain’s and Malta’s citizenship routes, Portugal’s program (especially the non‑real estate version) becomes a more attractive differentiator in Europe.
Investors are watching shifts in Greece, Cyprus, the Caribbean, etc., but the dramatic policy headwinds in major EU jurisdictions are reshaping the competitive map.
Citizenship timing shift is a potential game-changer — if the draft becomes law, many future investors will face double the wait time to naturalise.
Backlog & admin capacity matter more than capital — even qualified investors may be stalled for years if AIMA / immigration authorities can’t keep up.
Focus on non‑real estate routes is no longer optional — investors who preferred property will have to pivot.
Legal uncertainty and retroactivity risk — the transition from old to new rules could create disputes, especially for those in the pipeline.
Tariq El-Asad
Founder at goldenvisafundsportugal.com
Tariq El-Asad has worked with the Golden Visa program since 2014 and launched GoldennVisaFundsPortugal.com in 2021.
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