04 Sep Why Real Estate Is No Longer a Golden Visa Investment Option in Portugal?
For years, the Portuguese Golden Visa was almost synonymous with real estate investment. Thousands of international buyers acquired properties in Lisbon, Porto, and the Algarve to secure residency in Portugal. This route helped boost the country’s economy and generated significant foreign capital. However, as of 2023, real estate ceased to be an eligible investment option for the Golden Visa, a shift that continues to define the program in 2025.
The decision to remove property investments stemmed from several domestic and social considerations. Portugal’s housing market had seen rapid price increases in major cities, creating affordability challenges for local residents. By eliminating real estate as a qualifying investment, the government aimed to cool housing demand and redirect international capital into sectors that generate broader economic and social benefits.
In 2025, the exclusion of real estate remains firmly in place. Instead, investors must choose from other routes such as private equity and venture capital funds, scientific and technological research, cultural heritage contributions, or business investments that create jobs. These alternatives reflect Portugal’s focus on long-term growth, innovation, and sustainability.
For potential applicants, this shift means careful planning is essential. Real estate, once considered a straightforward and tangible route, has been replaced by more specialized investment pathways that require due diligence and professional evaluation. While some investors regret the closure of the property option, others see value in the diversification it has brought to the program, particularly in areas that align with Portugal’s economic development goals.
The removal of real estate as an eligible route has not diminished the Golden Visa’s importance. Instead, it has reshaped the program into a tool that supports cultural and scientific projects while still providing applicants with residency rights, Schengen mobility, and a path to citizenship after five years. For those considering the Golden Visa in 2025, the key lies in understanding the government’s policy objectives and aligning their investment strategy accordingly.
With the property option no longer available, applicants are encouraged to conduct thorough research or seek professional advice before committing to one of the alternative routes. By doing so, they can ensure compliance with legal requirements and make an informed choice that benefits both their personal objectives and Portugal’s long-term development priorities.
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