Portugal Raises Golden Visa Investment to €500,000 as Property Option Ends
Portugal has tightened its Golden Visa programme, requiring Nigerians and other foreign investors to commit a minimum of €500,000 in qualifying investments, while completely removing the once-popular real estate route.
The policy changes, introduced gradually between 2022 and 2023, with final clarifications in early 2026, mark a major shift in how applicants can secure residency through investment. The new rules significantly reduce easy entry pathways and increase the financial threshold for participation.
Previously, property investment was the most attractive option, accounting for about 75 percent of all approvals since the programme began in 2012. However, as of October 2023, buying residential or commercial property no longer qualifies applicants for the Golden Visa.
In addition, the former €1.5 million capital transfer option, which allowed simple bank deposits, has been scrapped. In its place, the main route now requires a €500,000 investment in approved funds regulated by the Portuguese Securities Market Commission (CMVM). These funds must invest at least 60 percent of their capital in companies based in Portugal and be held for a minimum of five years.
Despite the stricter rules, alternative pathways remain available. Investors can choose to invest €500,000 in scientific research, donate €250,000 to cultural or artistic projects, establish a company with at least €500,000 while creating five jobs, or directly generate a minimum of 10 permanent jobs in the country.
Since the removal of the property option, the investment fund route has become the most common choice among applicants. Data from Agency for Integration Migration and Asylum (AIMA) shows that 44 Nigerians and 77 dependents obtained Golden Visas between 2019 and April 2025, with applications increasing steadily in recent years.
The growing interest from Nigerians has been partly linked to the depreciation of the naira, making euro-based residency options more attractive as a financial hedge. Among African applicants, Nigerians currently rank fifth behind those from South Africa, Angola, Egypt, and Morocco.
The changes also affect tax benefits. Portugal has replaced its broader Non-Habitual Resident scheme with a more limited programme known as the Incentivo Fiscal à Investigação Científica e Inovação (IFICI). This new system mainly targets professionals in research, technology, and innovation, leaving most passive investors without previous tax advantages.
As a result, high-income individuals may now face standard tax rates of up to 48 percent unless they qualify under the new criteria.
On citizenship, proposed reforms could extend the waiting period for naturalisation from five to 10 years for non-EU nationals, including Nigerians. However, the proposal is still under review, meaning the current five-year requirement remains in place for now.
Even with these changes, permanent residency can still be obtained after five years under the Golden Visa, with minimal stay requirements of just seven days in the first year and 14 days every two years for renewal.
The updated policy reflects Portugal’s effort to balance foreign investment with domestic concerns such as housing affordability, while shifting focus toward sectors that support innovation, job creation, and long-term economic growth.
