Portugal Golden Visa Real Estate: What Changed After 2023?
Investment Guides
Tariq El-Asad
Dec 16, 2024
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4 minute read
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Portugal’s Golden Visa no longer includes real estate investments. Learn what changed in 2023, why the fund route replaced property, and what options investors have now.
Intro
Portugal’s Golden Visa program underwent one of its biggest transformations in 2023. The government officially removed real estate investments as a qualifying route to residency, reshaping the landscape for international investors.
This change has led many investors to explore new paths, especially regulated investment funds, which now represent the dominant route to obtaining residency and eventual citizenship in Portugal.
At Golden Visa Funds Portugal (GVFP), we help investors understand what changed, why the fund model took its place, and how to navigate the new system confidently.
Explore the full overview on our Golden Visa Hub.
Key Point | Details |
|---|---|
Program Status | Active in 2025 |
Real Estate Route | Discontinued (October 2023) |
Current Investment Minimum | €500,000 via regulated funds |
Stay Requirement | 7 days first year, 14 days every two years |
Citizenship Eligibility | 5 years of legal residency |
Fund Route Growth | Now accounts for 80%+ of new applications (2025) |
In October 2023, Portugal implemented a reform under the Mais Habitação (More Housing) Law, which officially ended all real estate-related Golden Visa options.
Before the change, investors could qualify through:
Purchasing residential or commercial property worth €500,000 or more
Buying older buildings and renovating them under €350,000 schemes
These routes drove most of the program’s popularity between 2012 and 2022, contributing billions to Portugal’s economy.
However, due to housing affordability pressures in Lisbon, Porto, and the Algarve, the government restructured the program to redirect foreign capital toward more productive sectors of the economy.
Despite the removal of property purchases, the Golden Visa program remains active with a focus on innovation, business, and cultural investment.
Eligible routes now include:
Investment Funds:
Minimum €500,000 in a CMVM-regulated Portuguese investment or venture capital fund.Job Creation:
Incorporating a Portuguese company that employs at least 10 people.Scientific Research:
Funding research activities with a minimum contribution of €500,000.Cultural Heritage Support:
Donating at least €250,000 to arts or heritage preservation.
The investment fund route has quickly become the preferred option, offering a combination of simplicity, compliance, and diversification without the management burden of real estate.
The move away from real estate was intended to balance Portugal’s housing market and attract more strategic investment capital.
The fund model offers several advantages:
Transparency and oversight: All funds are regulated by the Portuguese Securities Market Commission (CMVM).
Lower maintenance: No property management or renovation responsibilities.
Portfolio diversification: Exposure across multiple sectors, from technology to renewable energy.
Capital return potential: Many funds target 6–10% annualized returns over a 5–7 year cycle.
This shift has brought Portugal’s program in line with other European investor visa models, such as those in Ireland and Greece, where fund-based options are now common.
If you invested in real estate and applied before the October 2023 law took effect, your residency and renewal rights remain valid. The new rules only apply to future applicants.
This means:
You can still renew your existing permit under the same investment.
Your path to permanent residency or citizenship is unchanged.
You may continue renting or managing your property normally.
However, if you sell your qualifying property before five years of legal residency, your eligibility for citizenship could be affected. Always confirm with your legal representative before making changes to your portfolio.
After the reform, Portugal’s real estate sector cooled temporarily, particularly in the luxury and short-term rental segments.
But the investment fund market expanded rapidly.
According to CMVM data, the number of regulated Golden Visa funds grew from 28 in early 2023 to more than 70 by late 2024, representing over €600 million in total subscribed capital.
At the same time, many fund managers adapted their strategies to attract investors who once preferred tangible assets. Some funds now include indirect exposure to real estate through structured investments, development finance, or hospitality projects — all fully compliant with the updated regulations.
Feature | Real Estate (Before 2023) | Investment Funds (Now) |
|---|---|---|
Minimum Investment | €500,000 (€350,000 with renovation) | €500,000 |
Type of Asset | Tangible property | Financial securities |
Oversight | Local notaries and registries | CMVM-regulated fund managers |
Annual Costs | IMI tax, maintenance, property management | Annual management fee (1–2%) |
Liquidity | Low, resale dependent | Moderate, structured exit windows |
Residency Rights | Yes | Yes |
Citizenship Path | Yes | Yes |
The reform has not weakened the Golden Visa — it has redirected it toward professional investment. The program still provides:
Legal EU residency for the investor and family
Access to Portugal’s healthcare and education systems
Freedom to travel within the Schengen Area
Eligibility for citizenship after five years
For many, this transition has simplified the process, removing the complexities of property ownership while preserving Portugal’s long-term appeal as an investment destination.
Q1: Can I still buy property in Portugal as a foreigner?
Yes. You can freely buy property, but it no longer qualifies for the Golden Visa.
Q2: Do existing Golden Visa property holders lose their permits?
No. The new law protects all previous investors under the old rules.
Q3: What’s the minimum fund investment now?
€500,000 in a CMVM-regulated fund.
Q4: Can funds invest in real estate indirectly?
Yes. Some eligible funds allocate part of their portfolios to property development or hospitality, as long as the fund structure itself is compliant.
Q5: Does the reform affect citizenship timelines?
No. Residency to citizenship still takes five years of legal residence.
Portugal’s decision to end the real estate route has not diminished the strength of its Golden Visa program. Instead, it has refined it into a more transparent, professionally managed system focused on innovation and long-term economic value.
GVFP helps investors evaluate the best fund opportunities now available under the new framework, ensuring full compliance and strategic alignment with personal goals.
Contact us today to:
Understand how the 2023 changes affect your strategy
Begin your application with expert guidance
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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