In October 2023, Portugal introduced significant changes to its Golden Visa program following the approval of the “More Housing” bill by President Marcelo Rebelo de Sousa. These changes, aimed at addressing the ongoing housing crisis, saw the elimination of two popular routes that had previously allowed wealthy foreign nationals to obtain residency.
Effective from October 9, 2023, the option to acquire Portuguese residency through real estate investment or by transferring €1.5 million into a Portuguese bank account has been abolished. These routes were widely used but are now no longer available under the updated Golden Visa regulations.
Despite these changes, foreign investors still have several avenues to gain residency in Portugal. The revised program offers the following investment options:
- Business Investment: Investors can contribute a minimum of €500,000 into an existing Portuguese business or company.
- Cultural Donation: A donation of at least €250,000 can be made towards the preservation of art or the reconstruction of national heritage sites.
- Scientific Contribution: A donation of at least €500,000 can be directed towards scientific research institutes.
These options provide alternative pathways for affluent individuals seeking to establish residency in Portugal while supporting the country’s economic, cultural, and scientific development.