Luxembourg to scrap Golden Visa as Portugal stands strong

Luxembourg is set to terminate its Golden Visa programme following seven years of limited success and uptake.

Home Affairs Minister Léon Gloden is now submitting draft legislation to repeal the scheme.

The programme, which requires investments ranging from €500,000 to €20 million, has managed to issue only nine successful approvals since its 2017 launch.

By way of contrast, Portugal issued almost 5,000 Golden Visas in 2024 alone.

Minister Gloden cited "very low added value" and "disproportionate administrative burdens" as primary factors in the proposed discontinuation.

This development reflects broader changes across European investment migration programmes, with multiple jurisdictions reassessing their approaches to residency-by-investment offerings.

European investment migration landscape consolidates

The proposed Luxembourg termination follows similar decisions across Europe. Most recently, Spain discontinued its Golden Visa programme, with the closure taking effect in April 2025.

Luxembourg's programme structure requires separate administrative tracks through the economy and finance ministries, creating operational complexities that have proven challenging given the limited uptake.

Portugal's Golden Visa residency-by-investment programme demonstrates sustained performance

In contrast to Luxembourg's experience, Portugal's Golden Visa residency-by-investment programme continues to demonstrate robust performance.

Portugal approved 4,987 applications in 2024 alone, representing the highest annual total since 2017.

Since the programme's launch, Portugal has attracted over €7.3 billion in foreign investment, with more than 12,700 residence permits awarded to principal applicants and in excess of 20,400 family members benefiting from the programme.

Portugal's government has confirmed its continued commitment to the Golden Visa programme, with ministerial statements in 2025 reinforcing its stability and long-term viability.

Market positioning and investment considerations

The consolidation of European investment migration options positions Portugal among a select group of EU jurisdictions maintaining active programmes.

Portugal's programme provides pathways to permanent residency and Portuguese citizenship within five years. Eligible individuals can also benefit from the IFICI tax regime, which offers competitive fiscal advantages, such as flat 20% tax rates on Portugal-sourced income and a 0% tax on foreign-sourced income, such as capital gains and dividends.

The Golden Visa programme's family reunification provisions enable spouses and dependent children to obtain residence permits, addressing comprehensive relocation requirements for high-net-worth individuals seeking European residency solutions.

Eligibility for Portugal’s Golden Visa

The Portugal Golden Visa is available to non-EU, non-EEA, and non-Swiss nationals who are at least 18 years old, hold a clean criminal record, and can demonstrate lawful funding for their investment.

Applicants must also meet standard requirements such as proof of health insurance and compliance with Portuguese immigration regulations.

To qualify, applicants must make a minimum investment of €500,000 into approved routes, such as eligible alternative investment funds. It is important to note that real estate is no longer eligible following reforms in 2023.

The investment must be maintained for at least five years, during which applicants need to spend just seven days per year in Portugal.

Alternative investment funds, like the Portugal Future Fund, may invest across key sectors driving Portugal's economic growth

Programme stability and due diligence considerations

Luxembourg's proposed programme termination underscores the importance of stability and government commitment in investment migration decisions.

Portugal's sustained performance, government support, and established operational framework position the programme as a reliable option within the evolving European investment migration landscape.

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To learn more about Portugal's Golden Visa residency-by-investment programme, contact Portugal Pathways.

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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.

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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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