The EU has escalated scrutiny of "golden" immigration schemes, recently clashing with Malta over its citizenship by investment policy. The EU’s top court struck down Malta’s scheme, calling it a “commercialisation” of EU citizenship. The ruling has prompted questions: is Portugal’s Golden Visa next?

EU Targets 'Golden' Schemes After Malta Clash

Malta allowed individuals to obtain EU citizenship in exchange for investments, without requiring a meaningful connection to the country. The European Court of Justice ruled this violated EU principles. Now, attention is turning to residency-by-investment schemes like Portugal’s, which offer temporary residence (not immediate citizenship) in exchange for investment.

While Portugal’s scheme is currently compliant, the EU is pushing for tighter controls: enhanced due diligence, meaningful physical residence, and alignment with EU values. Portugal's Golden Visa, which requires only ~7 days/year in-country, could soon come under pressure.

Portugal vs Malta: Key Differences

Portugal's Golden Visa differs from Malta’s now-defunct passport-for-sale model. Investors in Portugal must hold residency for five years, pass background checks, and demonstrate a basic link to the country before applying for citizenship. This makes Portugal’s offering currently safe under EU law.

However, because Portugal’s stay requirement is so low and citizenship can be applied for in just five years, it remains one of the most generous in Europe. Critics argue it could become the next target if further EU harmonisation efforts succeed.

Domestic Reform: 5-Year Path at Risk

Even without EU pressure, Portugal is potentially tightening the rules. In June, the government proposed extending the citizenship eligibility period from 5 to 10 years. A 7-year option may apply to applicants from Portuguese-speaking countries.

The proposed law also includes tougher language and civic requirements. If passed, Golden Visa holders could see their timeline to EU citizenship double, significantly weakening the program’s appeal.

The good news: Portugal has a history of "grandfathering" rules, meaning current applicants may be protected if they apply before the law changes.

Portugal is Now the Last Door Open

Portugal remains the only EU country offering:

  • A 5-year path to citizenship
  • With minimal stay (~7 days/year)
  • And access to the entire Schengen Area

Spain and Malta have shut their Golden Visa programs. Italy and Greece require full-time residency with long citizenship timelines (7-10+ years). Portugal now stands alone in offering a low-residency, low-commitment path to an EU passport.

But this could change fast.

Credits: Supplied Image; Author: Client;

Why Act Now

With domestic reforms likely and Brussels watching closely, the window to secure a Portuguese Golden Visa under today’s favourable conditions may soon close. By acting now, investors can benefit from:

  • 5-Year Citizenship Track – The fastest in the EU with minimal relocation.
  • Family Inclusion – Bring spouse, children (including dependents), and even parents.
  • Schengen Mobility – Visa-free travel across 26 countries.
  • Grandfathering Protection – Likely exemption from future rule changes.
  • Tax and Investment Benefits – Flexible qualifying options and access to Portugal’s attractive tax regime.

Final Thoughts

Portugal’s Golden Visa has become the last accessible, investor-friendly route to EU citizenship. However, recent developments, both in Lisbon and Brussels, make clear that this opportunity may not last.

Those considering the program are encouraged to act now and lock in current benefits.

Join Our Free Webinar

Holborn Assets are hosting an exclusive webinar to explain the new legal landscape and how to apply before the rules change. Hear from Golden Visa expert Jason Swan.

📅 Date: 13th August 2025

🕒 Time: 5:00pm (Lisbon time)

Register for the webinar here

The webinar will cover:

  • Golden Visa Basics – how to qualify, who can be included
  • Application timeline and process, latest updates with AIMA
  • Latest investment criteria – August 2025
  • How to qualify with 325,000 EUR – this exclusive offer includes an upfront return and an exclusive loan offering to bridge the gap to reach the 500k minimum investment.
  • Tax Breaks / NHR 2.0
  • Most Popular Investment Picks – June 2025
  • Live Q&A for all questions

Spots are limited – click to claim yours today!