Lisbon, Portugal’s capital, has once again been recognised for its irresistible charm, being named the second most desired luxury destination for 2025 by Condé Nast Johansens.
This resounding vote of confidence, with 28% of over 1,700 respondents choosing Lisbon, places it just behind the iconic allure of Paris.
Lisbon's appeal, and indeed Portugal's as a whole, extends far beyond its picturesque beauty. The report found that gastronomy remains a cornerstone of its charm, with 76% of luxury tourists valuing Portuguese food and wine—an increase from 73% in 2024.
The nation's rich culinary heritage, from fresh seafood to world-class wines, offers an unparalleled sensory experience.
Beyond the plate, Portugal’s vibrant cultural and artistic scene is drawing increasing admiration. The study highlights that 48% of respondents are now choosing destinations specifically for cultural experiences, a clear upward trend.
Lisbon exemplifies this, boasting a dynamic artistic life brimming with music festivals, international exhibitions, thriving galleries, historic theatres, and an expanding urban art movement.
The city also offers a profound connection to its roots, evident in its charming traditional neighbourhoods, the soulful melodies of live fado, intricate azulejo tiles, bustling markets, and breathtaking architectural heritage.
As urban destinations increasingly assert themselves as epicentres of luxury tourism, Portugal is perfectly positioned. This year, 69% of luxury travellers are gravitating towards cities, a notable rise from 65% in 2024, demonstrating Portugal's growing prominence in this sphere.
Portugal's Enduring Appeal for Relocation and Investment
Portugal's appeal transcends tourism, proving an exceptionally attractive destination for relocation and strategic investment.
The country offers a stable political and social environment, excellent infrastructure, and a superb quality of life, often at a lower cost than many other European nations.
Paul Stannard, chairman and founder of Portugal Pathways and the Portugal Investment Owners Club, highlights the enduring allure:
"Portugal has long proved an irresistible blend of lifestyle, culture, excellent medical and education provision, and a buoyant real estate market.
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“Portugal is also a very safe country with a lower cost of living compared to the UK and much of the rest of Europe. We're seeing significant interest from affluent families keen to make the move."
For those considering relocating or investing in Portugal, the country offers a range of attractive visa options.
The Portugal Golden Visa residency-by-investment programme, in particular, continues to be a magnet for non-EU/EEA/Swiss nationals seeking residency and a pathway to citizenship.
While real estate purchases and capital transfers no longer qualify, the programme remains robust with several appealing investment routes.
As of 2025, qualifying Golden Visa investments include:
Investment Funds: A minimum investment of €500,000 into qualifying Portuguese investment funds.
Arts and Culture: A minimum investment of €250,000 in artistic production or support for the arts, or for the reconstruction or refurbishment of national heritage.
Scientific Research: A minimum investment of €500,000 in research activities conducted by public or private scientific research institutions.
Job Creation: The creation of at least 10 new full-time jobs.
Company Incorporation/Capital Increase: Incorporating a company in Portugal with a share capital of €500,000 and creating five permanent jobs, or increasing the share capital of an existing Portuguese company by €500,000 and fulfilling job requirements.
Portugal’s Golden Visa residency-by-investment programme offers expats or investors visa-free travel across the EU's Schengen Zone, the right to live, work, and study in Portugal, and dual residency for you and your qualifying family.
Crucially, it requires only a minimal physical presence in Portugal – typically seven days in the first year, followed by 14 days every two years.
After five years, Golden Visa holders are eligible to apply for Portuguese citizenship, providing access to a Portuguese passport and greater global mobility.
Beyond the Golden Visa, options like the D2 Visa for entrepreneurs and the D7 Visa for those with passive income further underscore Portugal's welcoming stance towards international talent and capital.
Paul Sheedy, special advisor at the Portugal Future Fund, also notes the strategic investment potential: "A multi-sector approach to investment—spanning sectors such as luxury hospitality and tourism, renewable energy, media and international events, healthcare, and technology—not only aligns with Portugal's dynamic economic landscape but also creates a resilient portfolio that thrives across sectors.
Portugal's growing reputation for tourism and hospitality, for example, presents a vital and stable opportunity for those looking to invest in Golden Visa-approved alternative investment funds."
Furthermore, new residents can potentially benefit from favourable tax regimes.
While the original Non-Habitual Residency (NHR) tax regime ceased for new applicants from January 1, 2024, it was replaced by the new Tax Incentive for Scientific Research and Innovation (IFICI) tax regime, often known as NHR 2.0.
IFICI (NHR 2.0) offers a special 20% flat tax rate on certain Portuguese-source incomes for highly qualified professionals for a consecutive period of 10 years, alongside 0% tax on various foreign income sources, including capital gains and dividends.
Interested in Portugal’s IFICI (NHR 2.0) tax regime? Speak with an expert advisor today.
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.
Disclaimer: The information on the Portugal Pathways and Portugal Investment Owners Club (P Club for short) websites and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice. Golden Visa investments need to be held for 6 to 7 years to allow for permanent citizenship/passport in the EU.
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