Home Affairs Minister Léon Gloden has introduced draft legislation aimed at repealing the programme, which, since its 2017 launch, has granted just nine approvals. Investments under the scheme ranged from €500,000 to €20 million.

By comparison, Portugal issued almost 5,000 Golden Visas in 2024 alone.

Minister Gloden explained the decision by pointing to "very low added value" and "disproportionate administrative burdens."

This move highlights a broader shift across Europe, where several countries are re-evaluating their residency-by-investment offerings.

Luxembourg’s plan follows a wider pattern of consolidation in the European investment migration market. Spain most recently closed its own Golden Visa programme, with the decision taking effect in April 2025.

In Luxembourg, the need to navigate separate administrative tracks through the economy and finance ministries added complexity to the scheme, which proved hard to justify given the limited uptake.

Portugal maintains momentum

In contrast, Portugal’s Golden Visa residency-by-investment programme continues to perform strongly. In 2024, 4,987 applications were approved—the highest annual figure since 2017.

Since its introduction, Portugal’s programme has generated over €7 billion in foreign investment, issuing more than 12,700 residence permits to main applicants and over 20,400 to accompanying family members.

Government statements in 2025 have reaffirmed Portugal’s commitment to the Golden Visa, signalling both stability and long-term viability.

Competitive positioning for investors

As other European countries scale back their programmes, Portugal now stands out as one of the few EU jurisdictions still actively offering a Golden Visa route.

The scheme provides a pathway to permanent residency and Portuguese citizenship within five years. Investors may also take advantage of the IFICI tax regime, which offers a 20% flat rate on Portugal-sourced income and a 0% rate on certain foreign-sourced income, such as dividends and capital gains.

Family reunification is a key element of the programme, with spouses and dependent children eligible for residence permits—making it a comprehensive solution for high-net-worth individuals seeking a European base.

Credits: Supplied Image; Author: Client;

Who can apply?

The Portugal Golden Visa is open to non-EU, non-EEA, and non-Swiss nationals aged 18 or over who have a clean criminal record and can demonstrate lawful sources of funding. Applicants must also show proof of health insurance and comply with standard immigration requirements.

A minimum investment of €500,000 is required, typically into regulated alternative investment funds. Since the 2023 reforms, real estate is no longer an eligible option. The investment must be held for five years, during which applicants are required to spend only seven days per year in Portugal.

The Portugal Future Fund, an alternative investment fund eligible for Portugal’s Golden Visa, invests across the country’s key growth sectors.

Stability and trust in Portugal’s programme

Luxembourg’s withdrawal underscores the importance of predictability and government backing in investment migration. With its proven track record, strong official support, and efficient operational framework, Portugal remains one of the most reliable choices within the evolving European Golden Visa landscape.

Credits: Supplied Image; Author: Client;

To learn more, arrange a no-obligation discovery call with one of Portugal Pathways’ Golden Visa experts.

About Portugal Pathways

Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on luxury property, wealth management, and tax optimisation, including post-NHR tax regime planning, as well as private healthcare, IFICI tax incentive applications, money transfers and bespoke relocation solutions to enhance life and investments in Portugal.

About Portugal Investment Owners Club

The Portugal Investment Owners Club, or P Club for short, is a unique investor membership community designed for discerning individuals, families, and organisations committed to exploring and capitalising on life in Portugal and enjoying money-can't-buy experiences and exclusive events.

About Portugal Future Fund

The Portugal Future Fund strategically invests in key sectors, driving growth and innovation across Portugal. Approved for Portugal’s Golden Visa residency-by-investment, it offers a unique opportunity for impactful and rewarding participation.