What does the presidential election mean for Portugal's Nationality Law?

Left-wing candidate António José Seguro has secured a decisive victory in Portugal’s presidential election, winning by a substantial margin.

The former leader of Portugal’s Socialist Party (PS) received more than 66% of the vote, underlining the country’s current political direction. He defeated nationalist rival André Ventura, the leader of the Chega party.

Although the presidency in Portugal is largely ceremonial, the office still holds important constitutional powers, including the authority to veto legislation.

That authority is especially relevant amid ongoing debate over changes to the Nationality Law. Proposed amendments included potential adjustments to the pathway to permanent citizenship linked to Portugal’s popular residency-by-investment Golden Visa programme, as well as its less flexible D Visas.

A parliamentary vote that agreed to extend the timeline for permanent citizenship from five to 10 years was referred to the Constitutional Court by the Socialist Party. Several elements of the proposal were subsequently ruled unconstitutional.

As a result, the matter will return to the Portuguese parliament for further discussion at a later stage.

The proposed timeline change mainly affects applicants who had not received their residency cards due to immigration processing delays before 2024. Many of these individuals are now waiting to see whether the government will introduce ‘grandfathering’ provisions for them and their families.

The defeated Chega candidate had been viewed as taking a far more restrictive stance on immigration, reflecting a wider trend seen across parts of Western Europe.

By contrast, the Socialist Party is regarded as more open to foreign investment and, given its challenge to the Nationality Law proposals, is seen as more likely to continue with the approach adopted in recent years.

It remains unclear how the legislation will evolve when it returns to parliament. However, the economic impact of the Golden Visa scheme has been widely acknowledged.

Under the residency-by-investment programme, applicants must invest €500,000 in approved and regulated alternative investment funds, helping to support the domestic economy.

According to a recent independent report by the World Digital Foundation, the programme has attracted more than €9 billion in direct investment since its launch in 2012. This has generated an estimated €54.3 billion in wider economic impact across real estate, regulated investment funds, innovation sectors, sustainable development, and job creation nationwide.

In practical terms, this equates to every euro invested producing six euros of broader economic activity.

Furthermore, after the Portuguese government removed the real estate investment option from the Golden Visa programme in 2023, amid concerns over rising property prices for local residents, the fund-based route is continuing to deliver measurable results.

One recent report indicated that it accounted for close to €1 billion in investment in 2025 across Portugal’s public and private fund markets.

With demand for the Golden Visa remaining strong, Portugal’s stock market rose by 29.6% during 2025, and early indicators suggest this momentum is continuing into 2026.

Paul Sheedy, special advisor at the Portugal Future Fund, an alternative investment fund eligible for Portugal’s Golden Visa programme, said: “We’ve seen consistent high levels of demand from investors looking to invest in Portugal’s key growth sectors, including renewable energy, media and international events, tourism and hospitality, technology, and healthcare.

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“This has continued into 2026 and is showing no signs of slowing down.”

Says Paul Stannard, chairman and founder of Portugal Pathways which supports high-net-worth individuals navigate their Golden Visa journey: "We congratulate António José Seguro on his success in the presidential election.

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“While we await further debate on the Nationality Law, it is clear how significant the economic benefits of the Golden Visa programme are.
“Foreign investment brings jobs, wealth and prosperity to the nation and long may that continue.”

To find out how to invest in Portugal’s Golden Visa programme, 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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