Portugal’s parliament is this week set to debate proposed reforms to the country’s nationality and immigration laws — measures that could reshape the path to citizenship for foreign residents.
But experts say it will have little impact on the Golden Visa’s residency-by-investment programme or its attractiveness – simply bringing it more in line with other EU nations.
While no final vote has taken place, the proposals under discussion could lengthen the naturalisation process and tighten integration requirements, prompting close attention from investors.
At present, foreigners may apply for Portuguese nationality after five years of legal residence.
Draft reforms would extend that period to 10 years for most applicants and seven for citizens of Portuguese-speaking nations.
Legal experts expect that any reform will include transitional protections for current residents and pending visa applicants, given the government’s longstanding assurances of programme stability.
Diogo Capela, partner at Portuguese immigration law firm Lamares, Capela & Associados said: “We are closely watching the parliamentary proposals, but our view is that the government is trying to protect Golden Visa investors from certain legislative restrictions, particularly with regard to family reunification, which will remain intact for them.
“As for the deadline for obtaining Portuguese nationality, it is still too early to say whether or not it will actually be changed, as this topic has not even been discussed in parliament yet.
“So far, only legislative changes to the Immigration Law have been debated. Changes to the Nationality Law will be debated in the future.”
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While this potential change would impact Golden Visa holders, it is important to note that the changes are not to the residency-by-investment programme but instead to the citizenship route that the visa opens up to investors.
The Golden Visa programme continues to flourish in 2025, ever evolving since the real estate investment route was removed in October 2023. Applicants now qualify through investment in Portuguese alternative investment funds, business creation or cultural contributions that support Portugal’s future.
Steve Philp, Director at Portugal Pathways, explained: “We’re not seeing any slowdown in interest or motivation for Portugal’s Golden Visa. In reality, the full journey to a second passport and EU citizenship typically takes around seven years right now - five years under the Golden Visa and roughly another 18 months to process the citizenship application.
“If the timeline changes from five to 10 years, this will have little impact on investors and simply bring it more in line with other EU countries.
“Many of our clients, especially from the US, Turkey, Canada, South Africa, Hong Kong and the UK, view this as their ‘Plan B’ and are more than happy to maintain and renew their Golden Visa so they can freely travel across the 29 Schengen countries.
“If anything, we’re seeing more people accelerating their plans, not delaying them.”
Paul Stannard, Chairman and Founder of the Portugal Investment Owners Club, added: “Dollar and euro-denominated private equity funds linked to Portugal’s Golden Visa have consistently outperformed both public and private market benchmarks this year — and there’s nothing in the current trajectory to suggest that will change.
“Investors continue to view Portugal as a stable and strategic pathway for diversification, long-term returns, and EU residency flexibility.”
Lawmakers are also considering new integration standards, including more advanced language and civic testing.
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A version of the broader immigration law, addressing issues such as family reunification and work permits, passed through parliament on September 30, 2025, after revisions prompted by a presidential veto and a Constitutional Court ruling that struck down parts of an earlier draft.
For investors, the immediate message is one of continuity rather than disruption. Golden Visa residency rights and renewals are unaffected, and applications submitted under the existing legal framework should remain valid.
Those who apply before any new law takes effect are likely to benefit from “grandfathering” under current rules, though the precise wording of transitional clauses will be decisive.
The reform process is expected to continue through committee drafting and plenary debate in late 2025, followed by possible presidential or judicial review.
Given past interventions by the Constitutional Court and the country’s economic reliance on foreign investment, it remains likely that any final law will balance tighter controls with investor assurances.
For now, advisers recommend that prospective applicants act promptly and monitor developments as Portugal’s parliament finalises the legislation.
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.
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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