Portugal residency remains an attractive and stable option for international investors following the country’s May 18th national election. The results have been positively received by the global investment community, reinforcing confidence in Portugal’s political and economic direction.
Although the center-right Democratic Alliance (AD)[1], led by Prime Minister Luís Montenegro, did not achieve an outright majority, the anticipated formation of a centrist coalition suggests policy continuity rather than major disruption. As a result, the Golden Visa Portugal program is expected to continue as a key pathway to Portugal residency, with potential refinements rather than significant changes.
What Were Portugal’s Leading Political Parties Proposing?
Center-right Coalition
The Democratic Alliance, or the center-right coalition, led by the Social Democratic Party (PSD), has historically backed the Golden Visa program, but it is advocating tighter regulations[2] in the current political environment:
- Extended Path to Citizenship: The current eligibility period for Golden Visa holders to apply for Portuguese citizenship is five years. AD supports the extension of this period but has not yet established a particular timeframe.
- Increased Physical Presence Requirements: Currently, investors are required to spend only seven days per year in the country to qualify for Portugal residency. AD plans to increase the threshold for citizenship eligibility by requiring investors to spend more time in the country.
- Social Investment Visa: AD is also exploring alternative pathways to Portugal residency through a new “social investment visa,” which would allow individuals to gain Portugal residency by funding projects in areas like affordable housing or education, rather than through traditional real estate investments.
Hence, under the Democratic Alliance, the Golden Visa is expected to remain in place, but with stricter requirements, particularly concerning citizenship eligibility and a stronger emphasis on investments that benefit Portuguese society and the economy.
Center-Left Coalition
On the other hand, the Socialist Party (Center-Left), which led the government from 2015 until 2024, passed the 2023 legislation that removed the real estate investment route. Their recent suggestion was taking an even more restrictive stance:
- Full Closure of the Golden Visa: They have indicated their intention to close the program entirely for new applicants.
- Focus on the Housing Crisis: Their priority remains addressing the national housing shortage and minimizing speculative foreign investments that, in their view, contribute to rising property prices.
Hence, regaining power meant that the Golden Visa program could be fully phased out within a year, mirroring recent decisions by other EU nations such as Spain to end similar schemes.
Read also: Portugal Golden Visa: Misconceptions 2025
Portugal Residency through Golden Visa Stability Under New Government
Portugal residency through Golden Visa program will not experience any immediate modifications. The PSD is expected to preserve the policies that draw international capital and keep it in the country. The program remains active through more sustainable and socially beneficial channels, even though the real estate route was closed in 2023, including:
- Job creation and entrepreneurship
- Investment in regulated venture capital or private equity funds
- Funding scientific research initiatives
- Support for cultural and artistic projects
These pathways reflect a shift toward long-term value and social impact. The new government continues to focus on the successful implementation of reforms before making any further changes to Portugal residency options.
How Soon Could Changes Take Effect?
The process of modifying Portugal’s Golden Visa rules requires a complete legislative framework. The program revision process initiated by the AD government would follow this sequence based on historical patterns and current political conditions:
The legislative process would start during late 2025 and early 2026 after a stable government establishes itself. The proposed changes must obtain parliamentary approval through a process that takes 3–6 months of debate and consensus formation. The President would sign the legislation after parliamentary approval, and a transition period of 3–6 months would follow for implementation.
Therefore, the entire process from proposal to full implementation would require 12–18 months until reaching completion in 2027–2028.
It is worth noting that Golden Visa holders will be protected by the existing rules applied at the time of issuance. However, future changes to naturalization or Portugal residency requirements could apply when applicants apply for citizenship later.
What This Means for Global Investors
For those considering Portugal as a route to residency or eventual citizenship, the overall outlook remains highly favorable:
- Stability and continuity: The newly elected government maintains a pro-investment stance, committed to fostering an environment that welcomes international capital and drives economic growth.
- Golden Visa remains intact: No immediate changes to the program are on the table.
- Citizenship pathway still accessible: The current legal framework allows Golden Visa holders to apply for Portuguese citizenship after five years of legal Portugal residency. This provision remains unchanged.
Therefore, Portugal continues to offer a secure and attractive pathway for investors seeking long-term opportunities in the European Union.
A Promising Outlook for Global Investors
The recent election results in Portugal confirm that foreign investors can expect a stable investment environment while the country maintains its position as one of Europe’s top destinations for strategic capital. The Golden Visa program continues to operate as planned while following worldwide investment patterns by focusing on sustainable investments that drive innovation, cultural growth, and employment opportunities.
Although broader immigration policies may continue to spark public debate, proposed changes to citizenship laws are still in the early discussion phase. Investors can move forward with certainty because the legal framework remains solid and the application process is established while obtaining Portugal residency in one of Europe’s most transparent and internationally connected states.
Act Now While There Is Certainty
Now is a strategic time to move forward for eligible applicants considering Portugal’s Golden Visa. Investors can benefit from established rules and political stability because the current legal framework is intact, and no immediate changes are anticipated. Acting now means applicants can secure Portugal residency under present requirements before any potential policy shifts occur in the coming years. The government’s evaluation process for future modifications will likely protect early applicants through existing laws. The present clarity provides an opportunity to act before new conditions and extended timelines become effective.
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[1] https://www.eunews.it/en/2025/05/19/prime-minister-montenegro-wins-portugals-election/
[2] https://www.ifcreview.com/news/2025/april/portugal-portugal-might-make-golden-visa-citizenship-harder