Summary
The Portugal Golden Visa is one of Europe’s leading residency-by-investment programs, offering minimal stay requirements, EU mobility, and a path to citizenship. Yet in 2025, confusion persists — from outdated real estate routes to myths about automatic citizenship. These misconceptions cost investors time, money, and opportunities. This article debunks the 12 most common myths, clarifies the rules after recent reforms, and shows why Portugal remains one of the most stable and credible residency-by-investment programs in Europe, especially when compared with Greece and Italy.
Main Insights
- No real estate route → Since 2023, eligibility is limited to regulated funds, research, and cultural support.
- Five-year track → Portugal offers one of the shortest timelines in Europe for citizenship.
- Flexible residency → The Golden Visa requires only minimal physical presence, allowing investors to maintain their global lifestyle.
- Full EU rights → Naturalised citizens receive the same passport, protections, and mobility as Portuguese by birth.
Misconception 1: Obtaining citizenship by buying real estate
Many investors still believe that buying property in Lisbon or Porto qualifies them for the Golden Visa. This has not been the case since October 2023, when the Portuguese government enacted the Mais Habitação reform (Law 56/2023), which eliminated all real estate and capital transfer options.
The Reality:
- Portugal eliminated all real estate-based options from the Golden Visa.
- Current eligible options, as clarified in legal commentary on Law 56/2023, include:
- €500,000 in regulated private equity or venture capital funds (non-real-estate funds, ≥5-year maturity, 60% invested in Portuguese companies).
- €250,000 transfer of capital to support artistic production or the restoration of cultural heritage (generally non-refundable cultural support).
- €500,000 in research and development (R&D) activities.
- Business and job creation: incorporation of a company with at least 10 new full-time jobs (or, in specific cases, €500,000 company capitalization combined with the creation or maintenance of at least 5–10 permanent jobs).
Why the Change?
The European Commission has repeatedly criticized real-estate-linked residency programs for fueling property speculation. By moving to funds, innovation, and culture, Portugal aligned its program with EU priorities and improved long-term credibility.
Misconception 2: Investors can apply without a local lawyer or representative
Because application forms are available online, some believe they can apply independently.
The Reality:
- Applications involve apostilled documents, certified translations, and direct communication with AIMA (Agência para a Integração, Migrações e Asilo).
- Errors — even small — can lead to significant delays in the process.
- A local lawyer makes sure you follow Portuguese law and talks to the authorities on your behalf.