Portugal presidential elections: What it means for the Golden Visa

The presidential elections in Portugal will go to a runoff on February 8 for the first time in 40 years.

After voters went to the polls on Sunday, moderate Socialist Party candidate Antonio Jose Seguro emerged on top, having garnered 31.1% of the vote.

His nearest rival, the far-right leader of Chega, Andre Ventura, polled 23.5%.

Joao Cotrim de Figueiredo of the right-wing, pro-business Liberal Initiative party came third with around 16% of the vote. There were a total of 11 contenders on the ballot.

Opinion polls suggest Seguro will ultimately emerge triumphant.

The role of president is largely ceremonial, yet the position does still wield some key powers – notably the ability to veto legislation.

This is particularly relevant in the recent debate over changes to the Nationality Law, which included potential changes to the permanent citizenship pathway offered by Portugal’s popular residency-by-investment Golden Visa programme and its less flexible D Visas.

A parliamentary vote, which included agreeing to extend the permanent citizenship timeline for from five to 10 years, was referred to the Constitutional Court by the Socialist Party (PS) and various elements ruled unconstitutional. As a consequence, it will return for further debate in the Portuguese parliament in due course, following the presidential runoff.

That timeline mainly concerns people who had not received their residency cards due to delays in immigration processing prior to 2024. They are waiting to hear if the government will look to put forward ‘grandfathering’ provisions for them and their families.

But it also highlights the different approaches taken by the political leanings of the two presidential frontrunners.

Chega is seen as far more restrictive on immigration – following a trend seen across western Europe.

The Socialist Party, however, is seen as more welcoming and, given its challenges to the Nationality Law, more likely to stick with the approach taken in recent years.

Paul Stannard is chairman and founder of Portugal Pathways, which assists affluent families and UHNWIs (ultra-high-net-worth-individuals) navigate Portugal’s Golden Visa residency-by-investment scheme as well as other D Visa options, plus other lifestyle tax and investment considerations.

He explains: “The political landscape in Portugal has become – as we have seen elsewhere – more fragmented in recent years, so we are monitoring the outcome of the presidential election runoff with interest.

“Portugal is punching above its weight, having recently been named economy of the year for 2025 by The Economist magazine. It is one of the safest and most secure places in the world, with the third-best healthcare infrastructure in the world, and away from a lot of the geopolitical issues we are seeing.

“The likes of the Golden Visa have attracted tens of billions of euros into its economy, creating jobs and playing no small part in the nation becoming a hugely attractive place to many UHNWIs.

“It is, obviously, up to the people of Portugal as to which direction they wish to go, but there is no denying the very clear economic benefits of the path it has taken so far.

“Its ability to attract talent and investment has been built on trust and stability. Any president or government will need to balance out politics with economic reality.”

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To find out more about investing in Portugal's Golden Visa, contact Portugal Pathways today.

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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 estate planning, wealth management, Golden Visa and tax optimisation, including post-NHR / IFICI tax regime planning, as well as private healthcare, money transfers and bespoke relocation and luxury real estate solutions to enhance life and investment in Portugal

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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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