At Next Generation Equity, we’ve closely followed shifts in the Portugal RBI (Residency by Investment), often called the Golden Visa program. In 2025, significant policy changes have reshaped Portugal’s offering, maintaining its appeal through a strategic shift towards indirect investment methods. Below, we’ll guide you through the key updates and their implications.
Quick Look At Portugal RBI Updates in 2025
- Real Estate Investment Option Ended: As of October 2023, property purchases no longer qualify for the Golden Visa program.
- New Investment Routes: Applicants now primarily choose between investing $543,000 in approved venture capital or private equity funds or making a $543,000 bank deposit.
- Record Demand: Increased popularity, particularly among U.S. investors, with applications from Americans surging 250% after November 2024.
- Clarified Citizenship Timeline: The 5-year residency clock starts immediately upon investment, not from the issuance of the residency permit.
- Faster Application Processing: The previous body (SEF) has been replaced by a new immigration agency (AIMA), significantly speeding up application processing times.
- Sustained Global Mobility: Portuguese residency offers visa-free access throughout the Schengen Zone, maintaining strong appeal for global travelers and business professionals.
- Residency and Citizenship Pathway: After five years of residency, applicants become eligible for permanent residency or Portuguese (EU) citizenship, provided they meet the basic requirements.
The Shift Away from Real Estate
The most significant change for 2025 is the complete removal of real estate investments from Portugal’s Golden Visa eligibility criteria. Previously the most popular route, property purchases were no longer accepted, directing investors towards fund investments and bank deposits. This change reflects the Portuguese government’s strategy to tackle housing affordability and redirect investments toward productive sectors of the economy.
Rise in Alternative Investments
With real estate out of the picture, the primary path is to invest $543,000 in Portuguese-approved venture capital or private equity funds. Alternatively, a $543,000 deposit into a Portuguese bank remains an option. These investment funds typically focus on innovative businesses and sustainable growth projects within Portugal, offering potential returns alongside residency benefits.
Increased North American Interest
We’ve observed a sharp rise in demand from U.S. investors, particularly following geopolitical shifts in late 2024. ​Recent data supports the observation of increased interest from U.S. investors in Portugal’s Golden Visa program, particularly following geopolitical shifts in late 2024. In 2023, the United States led the number of Golden Visa applicants with 567 visas issued, surpassing China (306), the United Kingdom (234), Brazil (219), and India (199).
Furthermore, in 2024, the program experienced an 83% increase in applications from families, totaling 2,091, with U.S. citizens being among the primary beneficiaries. These statistics indicate a significant rise in demand from U.S. investors seeking European residency through Portugal’s Golden Visa program.​
Portugal’s political stability, high living standards, and clear citizenship pathway have made it increasingly attractive to North American applicants seeking European residency.
Accelerated Processing and Clarity on Citizenship Eligibility
The establishment of the Agência para a Imigração e Mobilidade de Portugal (AIMA) has significantly streamlined application processes, aiming to clear backlogs and dramatically reduce wait times. Additionally, a key policy clarification confirms that the residency clock counting towards citizenship begins at the time of investment rather than residency card issuance, providing reassurance and predictability to applicants.
Continuing Benefits of Portuguese Residency
Residency in Portugal remains highly appealing. It grants visa-free travel across the Schengen Zone and the right to live, work, and study in Portugal. After five years, investors can apply for permanent residency or EU citizenship, offering lifelong benefits and unparalleled mobility throughout Europe.
Why Work with Next Generation Equity
At Next Generation Equity, our specialists ensure your journey through Portugal’s RBI program is seamless.
We offer guidance on:
- Selecting appropriate venture capital or private equity investment opportunities.
- Navigating documentation and streamlined processes under the new AIMA system.
- Understanding the timeline and requirements for permanent residency or citizenship.
Are you considering Portugal’s residency program? Contact us today. Our expert team at Next Generation Equity is ready to provide personalized support and ensure your investment journey is smooth, efficient, and successful.
