The political landscape in Portugal is shifting once again, and this time it may bring significant changes for international investors. The center-right Aliança Democrática (AD) coalition has proposed a major reform to the Portugal Golden Visa program, specifically targeting the naturalization requirements for residency-by-investment applicants.
As part of their 2025 electoral platform, the AD coalition seeks to increase the minimum physical presence in the country for Golden Visa holders seeking citizenship. If implemented, this proposal would mark a major departure from the current policy, which is widely considered one of the most flexible in Europe.
What’s Changing for Portugal Golden Visa Applicants?
Currently, Portugal offers one of the most lenient residency requirements among all Golden Visa programs. Under existing rules, Golden Visa holders can qualify for Portuguese citizenship after five years of residency — even if they spend as little as 14 days in the country every two years.
However, the AD coalition’s proposal aims to:
•Extend the minimum residency period for citizenship eligibility
•Enforce stricter physical presence rules, meaning more time spent actually living in Portugal
These changes could directly impact the attractiveness of the Portugal Golden Visa, which has gained popularity due to its low stay requirements and clear path to EU citizenship.
Political Context Behind the Reform
The proposal comes ahead of Portugal’s general elections on May 18, 2025, and has not yet been formally introduced as draft legislation. Critics argue that the move is politically motivated, designed to appeal to conservative voters concerned about immigration.
According to Pedro Catão Pinheiro, a partner at Next Lawyers, the AD coalition wants to “strengthen the link between Golden Visa investors and Portuguese society” while avoiding the perception that citizenship is being handed out with minimal local integration.
Madalena Monteiro, founder of Liberty Legal, countered that the initiative might be more of an “electoral bluff,” especially since it contradicts recent reforms intended to simplify access to Portuguese nationality amid demographic decline. She also noted the current complexity of Portugal’s immigration processes, suggesting that additional residency hurdles would only make things worse for legitimate applicants.
A Blow to Portugal’s Golden Visa Attractiveness?
If passed, the reform could make Portugal a less attractive destination for global investors. Many applicants from countries like the United States, China, Brazil, and Turkey choose Portugal precisely because it offers a practical pathway to citizenship without requiring full relocation.
Processing delays for new applications currently exceed 36 months, meaning some applicants spend little to no time in Portugal before becoming eligible for naturalization — a loophole that the AD coalition is seeking to close.
Moreover, the proposed reforms arrive at a time when Portugal’s government has already made sweeping changes to the program, eliminating the real estate investment route and focusing instead on fund-based options and cultural preservation contributions.
How Would the Reform Be Enforced?
Changing nationality law in Portugal is no simple task. According to Pinheiro, such legislation must pass as an organic law — requiring an absolute majority in Parliament. That means at least 116 MPs must vote in favor of the change.
Should the AD coalition win the election and follow through with its proposal, the next steps would include:
•Drafting legislative amendments through the Ministry of Justice
•Review and approval by the Council of Ministers
•Public consultation and parliamentary debate
•Final vote in the Assembly of the Republic
•Publication in the official Diário da República and implementation
The entire process is expected to take 12 to 18 months if pursued.
Investor Outlook: What Should You Do Now?
While no changes have yet taken effect, the AD coalition’s platform has sparked debate within Portugal’s legal and immigration circles. For current or prospective investors, this could be the time to act.
Experts advise:
•Applying under the current rules before any reforms are enacted
•Considering alternative programs in Europe, such as Greece, which despite raising its own investment thresholds, still offers a clear path to residency and travel benefits
•Working with local immigration professionals to navigate Portugal’s evolving policy landscape
Yusuf Boz, founder of NotteGlobal, commented on the proposal:
“Portugal has long been the go-to destination for Golden Visa investors who want European access without needing to move full-time. These proposed changes, if passed, would change that dynamic significantly. Investors should consider acting quickly before the rules tighten.”
Portugal’s Golden Visa program has become one of the world’s most successful investment migration models due to its simplicity, flexibility, and pathway to EU citizenship. But with elections looming and political momentum building, the future of the program may be more demanding for investors.
Whether the reforms are a genuine shift or political posturing, one thing is clear — those interested in the Portugal Golden Visa should stay informed and act decisively.
