Planned reforms to Portugal’s Golden Visa scheme could soon become entangled in legal and constitutional disputes, prompting experts to urge potential applicants to act swiftly to secure their position.
The Portuguese government’s announcement on 24 October, supporting an extension of the path to citizenship from five to ten years for many applicants, has sparked significant debate and uncertainty.
Despite this, the Golden Visa residency-by-investment programme remains one of the most sought-after of its kind. A Portuguese passport, ranked the fourth most powerful and desirable in the world according to the Global Passport Power and Appeal Index 2025, continues to be a major draw for global investors.
Open to non-EU, EEA, and Swiss citizens, the programme allows participation through a €500,000 investment in one or more eligible alternative investment funds. It has been instrumental in fuelling Portugal’s economic development by attracting high-net-worth investors, entrepreneurs, and individuals seeking the many lifestyle advantages the country offers.
By 2026, total direct investment through the Golden Visa is projected to reach €9 billion. Experts note that this figure represents only the beginning, with thousands of participants expected to contribute further business and capital to Portugal’s economy.
Paul Stannard, founder and CEO of Portugal Pathways, a company that assists high-net-worth individuals in relocating to Portugal, explained:
“There has been a lot of concern about the discussions in parliament last Friday and the constitutional issues it throws up.
“However, many legal experts we have spoken to in the last few days are anticipating a number of challenges over the citizenship timeline before anything becomes law.
“If this moves forward it has to go to the President who will then decide if this is a constitutional issue - our legal partners believe it is a significant one - before it can come back, rejected, amended or signed into law.
“It is widely expected it will be referred to Portugal’s Constitutional Court. All of this will take a little bit of time.
“Meanwhile, none of the other benefits of the Golden Visa are being altered. The programme continues to be hugely popular for a number of key reasons – and none of those are changing should the proposals eventually become law.
“All those applying will obtain a Golden Visa residency card – renewable every two years - which provides them with unfettered access to the 29 countries in the European Schengen region.
“They still only need to spend seven days a year in the country – which is particularly ideal for investors who see the nation’s huge potential – and the entry requirement, a €500,000 investment in a government-regulated investment fund is not increasing. Under the Golden Visa they can choose to continue their tax status in their current tax domicile or migrate to Portugal’s in the future.
“That route remains, as do all the benefits Portugal brings – its quality of life, excellent healthcare and education options, cost-of-living, luxury real estate, culture and, of course, the 300 days of sunshine it delivers every year.
“Our advice is not to delay while this is all taking place.
“If you already have a Golden Visa and have completed the five years of legal residency and are eligible, we’d strongly advise you to file the citizenship request as soon as possible.
“We have already seen, recently, the Constitutional Court throw out government plans to change the family reunification proposal and, according to legal experts we have spoken to, breaking a contract many applicants have already bought into by applying retrospective changes is likely to go the same way.”
Further weight has been added to these concerns by Jorge Miranda, the constitutional law professor widely regarded as the “father” of Portugal’s democratic constitution. Miranda, who helped draft the constitution in 1976, has publicly warned that any retrospective application of the proposed changes would be “unconstitutional.”
