Portugal’s Citizenship Debate – What Golden Visa Investors and Prospects Need to Know

You may have heard about the recently proposed law regarding Portugal’s citizenship and immigration that could impact the Golden Visa program. This topic was discussed in the Portuguese Parliament on July 4, 2025, but no final decisions have been made. As a result, there is no need for alarm – current Visa investors and applicants are not affected by these discussions.  

At Optylon Krea, we believe in keeping our clients and prospects informed with accurate, timely, and non-alarmist information. In this article, we outline what’s happening in Portugal’s legislative process, what changes might occur, and the potential impact for international investors.  ‍

What Has Actually Already Happened in Parliament?

• On July 4, the Portuguese Parliament held its first plenary debate on four government bills covering nationality, foreigners, border policing, and tax measures.
• After a heated discussion – including objections from the Socialist Party and smaller left-wing parties – the government asked that the nationality and immigration bills be sent to committee for detailed scrutiny, so no article-by-article vote took place.
• President Marcelo Rebelo de Sousa has already warned he will request a constitutional review if doubts persist.

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Renowned constitutional law professor Jorge Miranda has however branded several provisions (particularly the retroactive change to residence counting and the revocation clause) as “constitutionally inadmissible”, citing violations of legal certainty and equality.  

Planned Tightening of Immigration Rules

A companion bill amending the 2007 Foreigners Law would:  

• Restrict family reunification – applications only after a two years’ legal residence period, and limited to underaged children; spouses and parents would need their own visas.
• Revoke the open job-seeker visa – making it available solely to highly-qualified professionals.  
• Require CPLP nationals to obtain a residence visa before entry, and meet language and accommodation tests.  

Golden Visa Views from the current government

Minister of the Presidency, António Leitão Amaro, has confirmed that “there’s no plan to end” the Golden Visa and that the government aims to make it “more effective and economically efficient” during a separate discussion.

Key points for investors:

• Residency status, renewals and the 14-day stay requirement keep their current rules.  
• Family reunification is also possible through main investor application doctrine of acquired rights.  

Passport applications should be safeguarded, as these individuals have already completed their applications under the current legal framework.

However, there are differing opinions regarding how the proposed changes might affect existing Golden Visa applicants, those who have already made their investment and submitted their applications, particularly considering that citizenship eligibility under this route typically occurs after five years. These issues are expected to be part of the ongoing constitutional debate.

It’s important to highlight that the proposed legislative change primarily targets immigrants who entered Portugal with a Schengen tourist visa, overstayed its validity, then began contributing to social security while working in the service sector, later applying for citizenship along with their families.

According to official data, this group exceeds 1 million people, a significant figure considering Portugal's population of just 10 million. In contrast, Golden Visa applicants represent a much smaller portion of the total. Therefore, it is anticipated that the government will take a differentiated approach for Golden Visa investors and work to safeguard their existing rights.

Golden Visa Program Performance and Market Context

• Record year – AIMA approved 4,987 Golden Visas in 2024, a 72% jump over 2023, as per data from the Portuguese Idealista portal.  
• Total impact – since its launch in 2012, the scheme has channelled over €7.3 billion in foreign investment into Portugal, according to SEF/AIMA’s statistical data.  
• Scale – more than 12,700 main applicants and about 20,400 family members have gained residence permits through this program, as per SEF/AIMA’s statistical data.  
• Shifting demand – Americans overtook Chinese nationals as the top applicant group since 2022, according to data from the Portuguese Idealista portal.

Moving Forward – Legislative Timeline and Likely Outcomes

1. Committee hearings and amendments (summer-autumn 2025);
2. Plenary vote needing an absolute majority of 116 MPs; the minority government must secure opposition support;
3. Presidential review (up to 20 days);  
4. Possible Constitutional Court referral.

Given the political arithmetic and serious constitutional objections, substantial revisions (or even outright rejection) of the most restrictive clauses are seen as ‘probable’ by most political analysts.  

Practical Take-Aways for Investors

• No immediate action required – Golden Visa residency applications, renewals and family reunification under current rules continue without disruption.  ‍
• Citizenship Pathway Safeguarded – Golden Visa applicants who submit their applications before any changes to the nationality law are expected to be protected under the current framework, although it is still too early to provide absolute certainty. Regardless, it remains possible to apply for permanent residency after five years, at which point investors may also have the option to exit their investment. ‍
• Window of opportunity – with Spain, Ireland and the Netherlands having closed their investor programs, Portugal’s confirmed commitment – and record approval pace – make early application prudent for prospects targeting an EU foothold.  

Optylon Krea is committed to keeping you informed and supported at every step. We will continue to monitor developments closely and provide timely updates, ensuring you always have the most accurate and relevant information to guide your investment decisions.  

If you are considering the Portuguese Golden Visa or have questions about your current status, our team is here to assist you with expert, up-to-date advice.