Portugal’s Golden Visa Reset
We spoke to Jonathan Ralph, Residency and Citizenship by Investment specialist at Holborn Assets, about how recent changes the Portuguese government has made to the naturalisation process will affect those seeking Residency by Investment opportunities.
Q. Portugal has long been viewed as Europe’s standout residency-by-investment destination. How significant are these latest rule changes in reality?
A. That depends on your viewpoint. For those with a legitimate interest in Portugal, and planning for a future there at some point, these changes are arguably minimal. The timelines to temporary residency and then permanent residency (what is required to live in Portugal, access local services etc.) are entirely unaffected. It is the timeline to naturalisation that is changing; those most affected by this will be investors seeking a relatively quick and easy pathway to a European passport to access benefits across the wider continent.
In my view, it is deeply morally unjust to move the goalposts to citizenship for those already on the Golden Visa programme – these people should have undoubtedly been protected through grandfathering provisions – but it is understandable that Portugal might ask for its future citizens to show greater commitment to the country.
Q. Some commentators are suggesting Portugal may have lost its competitive edge. Do you agree with that assessment?
A. Not at all. While the dust does need to settle, and Portugal’s reputation has certainly taken a hit from those impacted by these changes, Portugal remains the only viable remote pathway to a full European citizenship (when looking at residency by investment programmes). The timeframe is now longer, but that competitive edge remains.
Q. Despite the tighter rules, Portugal still offers a pathway to EU citizenship. How important is that in today’s geopolitical and economic climate?
A. An EU residency is highly valuable, as it gives you a Plan B insurance policy if your home country becomes unliveable. You can move to the country that has given you residency at any time.
An EU citizenship, on the other hand, takes this to the next level. With full citizenship of an EU member state, you can relocate to any one of the Schengen Area countries. It is effectively twenty-nine Plan B options in one.
Q. What are wealthy individuals and families really looking for when considering second residency or relocation opportunities in 2026?
A. Safety is the major theme I am noticing. Given civil unrest in the USA, wars around the world, and the rise of right-wing politics, many wealthy families are seeking to insulate themselves from potentially unfavourable future scenarios. As a result, developed nations with high economic stability, low crime rates and an aspirational quality of life are in-demand. Europe appears to be the primary focus of many.
Q. Have you noticed a change in the type of enquiries you are receiving since the latest announcements?
A. I most certainly have. Where Portugal was a “no-brainer” in the past (who else could offer a powerful citizenship, achieved remotely and within a reasonable timeline?), people are now waiting for the dust to settle before making any major moves. Rather than switch to alternatives, such as Greece, Malta, Italy or others, I have noticed a greater tendency towards a “wait and see” approach. Once the new nationality law finally comes into force and the initial outrage from those affected cools down, I am confident that Portugal’s Golden Visa will remain popular for those planning a long-term future in Europe. That being said, Portugal will need to work extremely hard to rebuild its reputation among the community of international investors before it can expect to see the volume of investors that it previously had.
Q. Dubai and the UAE have become hugely popular with entrepreneurs in recent years. Are current Middle East tensions causing some individuals to reconsider Europe as a longer-term base?
A. That is undeniable, and we have seen this in the property market. Dubai was seen as a desert safe haven – a place to live well, with low exposure to tax and insulated from the political troubles of the wider world. That image has been tarnished. While it will surely recover in time, something we are already seeing in our work with UAE property developers, we have seen many expats in Dubai shifting focus towards building new lives in Europe, Bali and other destinations.
Q. Beyond tax advantages, what are the wider lifestyle and business reasons people continue to choose Portugal?
A. I’m not sure you have enough column space for the full answer to that! A rich history, climate, gastronomy, English-speaking business culture, affordable cost of living, outdoor-focused lifestyle, great healthcare, education, high levels of safety, never living far from the sea… not to mention that the Portuguese people are some of the friendliest and most welcoming that you will ever meet. While bureaucracy remains a problem, as we are seeing with the politics around the Golden Visa programme, Portugal remains a truly remarkable country for those with the patience to see it. Once you’ve spent enough time there, I’m quite confident you’ll understand the appeal!
Q. Looking ahead, do you still believe Portugal will remain one of Europe’s most attractive destinations for internationally mobile investors and business owners?
A. Despite the short-term noise, there is not a single shred of doubt in my mind.
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