Portugal golden visa demand slows after citizenship wait period doubles
Portugal's golden visa program has seen a decline in investor interest following a government decision to double the citizenship waiting period to 10 years. This change has led to investor withdrawals and a slowdown in new investments, impacting t...
By ET Online | Updated:
Agencies
Investor interest in Portugal’s golden visa programme has weakened after the government doubled the waiting period for foreign investors seeking Portuguese citizenship, according to fund managers and immigration lawyers, as cited by Bloomberg.
The change, introduced in May, increased the citizenship qualification period for most golden visa holders from five years to 10 years. The measure forms part of Portugal’s efforts to curb immigration as the country’s foreign-born population reaches record levels.
Pedro Lino, chief executive of Optimize Investment Partners, told Bloomberg that around 40 investors, mainly from the United States and Asia, have withdrawn about €20 million from one of the country’s leading golden visa funds since the beginning of the year. He also said new investment has slowed ahead of the rule change.
Optimize's fund attracted around €50 million in fresh investment during the first five months of 2026, compared with €80 million during the same period last year.
“It’s a significant change that caused investor interest to cool off and triggered some redemptions,” Lino told Bloomberg. “It’s a blow to Portugal’s reputation.”
Under current rules, foreign nationals can qualify through a minimum investment of €500,000 in an investment fund or a donation of at least €200,000 to a cultural non-profit organisation. Applicants are required to spend an average of only seven days a year in Portugal.
Benjamin Trotter, a technology entrepreneur from Austin, Texas, told Bloomberg that he withdrew after learning he would have to wait another decade for citizenship despite being just months away from qualifying under the previous rules.
The longer citizenship timeline has prompted some investors to leave the programme altogether.
Jim Davis, a Texas-based geologist who applied through the donation route, told Bloomberg that the longer wait had not altered his plans.
“I knew things wouldn’t go smoothly, but I still think it’s a good investment and a good plan B for my life,” Davis said. “Portugal is such a great country to live in, you just have to wait longer to become a citizen.”
The change, introduced in May, increased the citizenship qualification period for most golden visa holders from five years to 10 years. The measure forms part of Portugal’s efforts to curb immigration as the country’s foreign-born population reaches record levels.
Pedro Lino, chief executive of Optimize Investment Partners, told Bloomberg that around 40 investors, mainly from the United States and Asia, have withdrawn about €20 million from one of the country’s leading golden visa funds since the beginning of the year. He also said new investment has slowed ahead of the rule change.
Optimize's fund attracted around €50 million in fresh investment during the first five months of 2026, compared with €80 million during the same period last year.
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“It’s a significant change that caused investor interest to cool off and triggered some redemptions,” Lino told Bloomberg. “It’s a blow to Portugal’s reputation.”
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Investors reconsider options
Portugal’s golden visa programme, launched during the 2012 financial crisis, has generated more than €7 billion in investment and become one of Europe’s most popular residency-by-investment schemes.Under current rules, foreign nationals can qualify through a minimum investment of €500,000 in an investment fund or a donation of at least €200,000 to a cultural non-profit organisation. Applicants are required to spend an average of only seven days a year in Portugal.
Benjamin Trotter, a technology entrepreneur from Austin, Texas, told Bloomberg that he withdrew after learning he would have to wait another decade for citizenship despite being just months away from qualifying under the previous rules.
The longer citizenship timeline has prompted some investors to leave the programme altogether.
Some investors remain committed
Despite the changes, not all applicants are abandoning the programme.ADVERTISEMENT
Jim Davis, a Texas-based geologist who applied through the donation route, told Bloomberg that the longer wait had not altered his plans.
“I knew things wouldn’t go smoothly, but I still think it’s a good investment and a good plan B for my life,” Davis said. “Portugal is such a great country to live in, you just have to wait longer to become a citizen.”
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