Portugal's Golden Visa programme has been one of the most popular residency-by-investment schemes in Europe. In October 2023, Law 56/2023 (the "Mais Habitação" package) changed the rules significantly: real estate and the €1.5 million capital transfer route were both removed. Here's what you need to know if you're considering Portugal as an investment destination.
What Changed in 2023
Since Law 56/2023 came into force in October 2023, real estate purchases — residential or commercial, new or existing, anywhere in Portugal — no longer qualify for the Golden Visa, and neither does the €1.5 million capital transfer. The change was introduced to ease housing pressure in major urban centres.
What Still Qualifies
- Investment funds (minimum €500,000) supporting Portuguese companies or projects
- Job creation (minimum 10 full-time jobs)
- Cultural heritage donations (minimum €250,000)
- Scientific research investment (minimum €500,000)
Can You Still Buy Property?
Absolutely. Buying property in Portugal is still fully legal and financially sensible for many buyers. It simply no longer qualifies as the investment vehicle for Golden Visa residency. Many expats buy property independently of any visa strategy — for lifestyle, retirement, or rental yield purposes.
What If You Want Both?
Some clients pursue both paths: buying property for personal or rental use, while separately making a fund investment to qualify for the Golden Visa. This requires careful financial planning and legal advice.
The Golden Visa landscape has shifted, but Portugal remains an exceptional destination for property buyers. Understanding the rules clearly helps you make the right financial decisions.