The Portuguese Golden Visa program is the gateway for non-EU nationals to obtain residency in Portugal through investment. As of 2025, significant changes have reshaped the initial program that has made Portugal an attractive destination for expats, prompting these, especially those eyeing to relocate to the Autonomous Region of Madeira, to reassess its benefits and viability.
Overview of the Portuguese Golden Visa Program
Established in 2012, the Portuguese Golden Visa program aimed to attract foreign investment by offering residency permits in exchange for qualifying investments. Over the years, it has been one of Europe’s most popular residency-by-investment schemes, granting investors and their families the right to live, work, and study in Portugal and visa-free travel within the Schengen Area. After five years, Portuguese Golden Visa holders became eligible to apply for permanent residency or citizenship, provided they met specific requirements – namely, basic knowledge of the Portuguese language (A2 level).
Recent Changes to the Golden Visa Program
In late 2023, the Portuguese Government, led by the centre-left Portuguese Socialist Party (PS), implemented significant amendments to the Golden Visa program.
Among the abovementioned changes, the real estate investment route, previously the most popular option, was discontinued as part of broader efforts to address housing affordability and supply.
As of 2025, the eligible investment options include:
- Investment Funds: A minimum investment of €500,000 in qualified Portuguese investment or venture capital funds focusing on sectors like technology, industry, or scientific research.
- Job Creation: Establishing a business that creates at least ten full-time jobs in Portugal.
- Scientific or Technological Research: A capital transfer of €500,000 or more into public or private research institutions engaged in scientific or technological research.
- Cultural or Heritage Preservation: A minimum contribution of €250,000 towards preserving national heritage or supporting artistic production.
Implications for Expats Considering Madeira
Madeira, an Autonomous Region of Portugal, has been an attractive destination for expats since the 19th century due to its mild climate, natural beauty, and favourable corporate tax incentives.
- Real Estate Investments: With the removal of the real estate investment option from the Golden Visa program, investors can no longer obtain residency through property purchases in Madeira. However, Madeira’s real estate market remains appealing for personal or commercial investments outside the scope of the Golden Visa.
- Alternative Investment or Philanthropic Opportunities: Expats can explore other qualifying investment routes, such as contributing to investment funds or supporting cultural projects specific to Madeira. These alternatives align with the Region’s development goals, namely the preservation of its renowned historical heritage, which under Portuguese tax law could potentially qualify as philanthropy and subject to personal income tax benefits if the applicant decided to take up tax residency in Portuguese territory.
Benefits of the Golden Visa in 2025
Despite the changes, the Portuguese Golden Visa continues to offer several benefits:
- Residency and Mobility: Holders can reside anywhere in Portugal and benefit from visa-free travel within the Schengen Area, subject to the applicable conditions.
- Path to Citizenship: After five years of maintaining the investment and meeting residency requirements and Portuguese language knowledge, investors can apply for Portuguese citizenship.
- Family Reunification: The program allows the inclusion of family members, providing them with the same residency rights.
Considerations and Challenges
Prospective applicants should be aware of specific considerations:
- Processing Delays: The program has experienced backlogs, leading to extended processing times due to COVID-19, the Russo-Ukrainian War, understaffing and administrative reform of the government services responsible for visa processing. Applicants should plan accordingly and stay informed about timelines.
- Policy Changes: The program may evolve, especially in light of the political changes that may affect the Portuguese parliament; staying updated on policy shifts is crucial to ensure compliance, alignment with investment goals and compliance.
Conclusion
In 2025, the Portuguese Golden Visa, including Madeira, remains viable for expats seeking residency in Portugal; notwithstanding this, prospective applicants must conduct thorough research, seek professional advice, and carefully evaluate the available investment or philanthropic options to align with their personal objectives when it comes to finding a safe harbour or acquiring a second nationality.
The founding of Madeira Corporate Services dates back to 1995. MCS started as a corporate service provider in the Madeira International Business Center and rapidly became a leading management company… Read more
