Portugal’s Parliament did pass a new nationality law, which took effect on May 19, 2026. For most non-EU investors, it did roughly double the timeline to get a Portuguese passport. That part is true, and anyone telling you otherwise is misinformed.
What most people overlook, however, is that the Golden Visa program itself wasn’t touched. The investment amounts, the minimal seven-day annual stay requirement, family inclusion, Schengen travel, and the pathway to permanent residency after five years all survived intact.
Immigration law and nationality law are two totally separate pieces of legislation in Portugal, and Parliament only changed one of them. That single distinction changes the whole conversation.
What Actually Changed in May 2026 (And What Didn’t)
The updated law is Lei Orgânica n.º 1/2026. Three main things shifted when it came into force:
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The citizenship timeline got longer. The old five-year rule for naturalization is gone. EU citizens and people from Portuguese-speaking (CPLP) countries now need seven years of legal residence. Everyone else needs ten years.
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The clock starts later. Previously, your residency years counted from the day you submitted your application. Now, the clock only starts ticking when your physical residence card is actually issued. Given the massive backlogs at AIMA (the immigration agency), this delay adds extra time in practice.
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Integration rules tightened up. You now have to pass a basic A2 Portuguese language test, show an understanding of Portuguese culture and history, and sign a declaration supporting the constitution.
What didn’t change:
If you filed your nationality application on or before May 18, 2026, you’re grandfathered under the old five-year rule.
More importantly, the Golden Visa rules were left completely alone. Permanent residency after five years remains on the books. The low presence requirement—just one week a year—is unchanged.
What It Actually Costs in 2026
When Portugal pulled real estate out of the program in late 2023, it eliminated the path most buyers used to take. Today, the core option almost everyone uses is the fund route.
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Regulated Investment Fund: €500,000 minimum
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Scientific Research: €500,000
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Cultural Heritage Donation: €250,000 (or €200,000 in low-density areas)
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Business Capitalization: €500,000 plus creating 5 jobs
Outside of the investment itself, you need to budget for extra costs:
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Government and permit fees: Around €6,000 to €8,000 for the main applicant, plus about €3,000 per dependent (payable again at renewals).
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Legal fees: Usually between €8,000 and €20,000 depending on family size.
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Fund fees: Subscription fees, annual management fees, and performance fees on exit.
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Paperwork: Translation, apostilles, and legalizations (roughly €1,000–€2,500).
All in, a single applicant picking a fund should plan for roughly €530,000 to €545,000. A family of four usually lands somewhere between €560,000 and €580,000.
Keep in mind: that €500,000 core investment isn’t a fee. Unlike a donation, it’s capital you expect to get back when the fund matures.
How the €500,000 Fund Route Works
You aren’t giving your money to the government. You’re buying units in a Portuguese venture capital or private equity fund regulated by the CMVM (Portugal’s financial market authority).
To qualify for the Golden Visa, the fund has to follow a few strict rules:
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It must be registered with the CMVM.
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It must have a maturity of at least five years when you buy in.
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At least 60% of its capital must go into companies based in Portugal.
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It cannot have any real estate exposure.
That last point is critical. Some managers try to market property developments wrapped as operational companies. If AIMA looks under the hood and sees real estate, they will reject your application after your money is already locked up. Stick to legitimate private equity, tech, energy, or industrial funds.
Why People Are Still Buying It
If your main goal is getting a European passport in hand as fast as humanly possible, Portugal isn’t the quick fix it used to be. But for most investors, getting a passport in 5 years was never the sole objective.
Most people buying into European residency want a “Plan B”—a legal right to live, work, and travel in the EU whenever they want, without forcing them to pack up their current life and move right now.
For that specific goal, Portugal is still hard to beat:
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Unbeatable stay rules: You only need to spend 7 days in Portugal during your first year, and 14 days over each two-year renewal block. You don’t have to move your home, your business, or your tax residency.
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Permanent Residency at year five: You can still get permanent residency in five years. For a lot of families, PR gives them all the day-to-day freedom in Europe they actually need.
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A non-domiciled passport path: Even at ten years, Portugal remains the only country in Europe where you can eventually qualify for citizenship without having lived there full-time. Every other EU country requires actual, physical relocation.
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Family coverage: Your spouse, dependent kids, and dependent parents can all be added under your single €500,000 investment.
The Real Risks to Keep in Mind
If you’re considering this path, you need to be realistic about a few hurdles:
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AIMA processing backlogs: It can take 12 to 18 months just to get your first physical card. Because the new citizenship clock only starts when you hold the physical card in your hand, bureaucratic delays directly extend your overall timeline.
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Fund risk: Putting €500,000 into private equity or venture capital carries market risk. Funds can underperform, lose money, or extend their payout dates. Don’t just pick the fund your agent recommends; look closely at the manager’s track record.
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Changing politics: Rules around European golden visas shift constantly. What’s open today might close in a few years, so sitting on the fence usually doesn’t pay off.
How Greece and Malta Compare
If Portugal doesn’t fit your plans, the two main alternatives offer very different trade-offs.
Greece is the place to look if you want real estate and a lower entry price. Depending on the location, property thresholds run from €250,000 (for commercial-to-residential conversions) up to €400,000 or €800,000 in hot spots like Athens or Mykonos. There is zero stay requirement. However, getting a Greek passport requires seven years of actual, full-time living in Greece plus speaking fluent Greek. It’s a residency and property play, not a shortcut to a passport.
Malta offers a Permanent Residence Programme that costs roughly €99,000 in non-refundable government fees and contributions, alongside a property purchase or a multi-year lease. You get permanent residence right away with no stay requirements. But following court rulings in Europe, Malta no longer offers a direct investment route to a passport.
Is It Still Worth It?
If you need a passport in five years flat, no—Portugal isn’t the right fit anymore.
For everyone else, the core value hasn’t really changed. The investment amount is the same, the minimal presence rule is the same, permanent residency at five years is still there, and the money you put into a fund is an asset rather than a sunk cost. It takes longer to get the passport, but it remains the only program in Europe that leaves that door open while allowing you to stay living at home.
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