Portugal Golden Visa: Why Portugal’s Plan to Sweeten the Deal Could Be a Game-Changer

Portugal Golden Visa: Why Portugal’s Plan to Sweeten the Deal Could Be a Game-Changer

You know what’s rare these days? A government that wants to make life easier for wealthy foreigners. But that’s exactly what Portugal seems to be doing. With most of Europe either shutting the door or bolting it tighter, Portugal’s Golden Visa is not just still standing — it’s welcoming you in with a glass of vinho verde.

Let’s Talk Numbers First

According to Portugal’s immigration agency, AIMA, Golden Visa approvals jumped a whopping 72% last year. That’s not a typo. Nearly 5,000 more approvals than the year before. And while that might sound like a bureaucratic nightmare, the government is doubling down, not backing off.

Antonio Leitao Amaro, Portugal’s Minister of the Presidency, told Bloomberg that they’re cooking up plans to make the program even more attractive. We’re talking tax perks. Think: a 20% flat tax on local income and a 10-year exemption on most foreign income. That’s not just competitive. It’s almost provocative.

No official decree yet, but the tone is clear. Portugal wants to be the EU’s residency darling.

Still Open for Business (Unlike the Rest of Europe)

Portugal’s Golden Visa is fast becoming one of the last true players in a shrinking market. Since Russia invaded Ukraine, we’ve seen a domino effect:

• The UK shut down its Tier 1 Investor Visa in 2022.
• Ireland followed suit in 2023.
• The Netherlands ended theirs quietly in 2024.
• And most recently, Spain pulled the plug in April 2025.

Spain’s move is a big one. It was a major competitor. But after months of protests over housing affordability and EU pressure, the Spanish government said, “Enough.”

Portugal? They’re not just staying in the game. They’re upgrading the stadium.

Spain’s Exit, Portugal’s Opportunity

When Spain axed its program, it wasn’t just symbolic. It was seismic. The reasons were a cocktail of politics, economics, and street protests. Locals were fed up with skyrocketing house prices, Airbnbs taking over neighborhoods, and a sense that the country was up for sale.

Spain’s response?

• Ban most short-term lets.
• Impose a 100% tax on foreign property buyers in tourist zones.
• Regularize undocumented workers instead of attracting high-net-worth investors.

It’s a clear pivot, but one that creates a vacuum. And Portugal is stepping in.

What’s Actually on the Table?

Back to Portugal. Here’s what’s being discussed (note: none of it’s final yet, but the signals are loud):

• Flat 20% tax on local income, attractive for entrepreneurs and professionals who plan to earn in Portugal.
• Ten-year foreign income exemption, similar to Portugal’s previous Non-Habitual Resident (NHR) scheme.
• No plan to cancel the Golden Visa, unlike pretty much every other major EU country.

If you’re comparing global residency programs, that’s a heavyweight combination. Especially if you’re American or from a high-tax jurisdiction.

But Let’s Not Pretend There Aren’t Criticisms

Look, these programs don’t come without baggage. Critics argue they let the ultra-wealthy buy their way in while locals get priced out. There’s talk of unfairness, inequality, even corruption.

Malta’s Golden Visa scheme was recently declared illegal by its own High Court. The UK and Ireland stopped theirs partly due to fears around money laundering and ties to Russian oligarchs.

Portugal’s not immune to these critiques. Housing prices in Lisbon and Porto have soared. Locals have protested. And AIMA still has a backlog of around 45,000 Golden Visa applications to work through.

But here’s the thing: no program is perfect. And for now, Portugal seems intent on fixing rather than fleeing.

Why People Still Flock to Portugal

It’s not just about the taxes or the visas. Portugal sells something money can’t quite buy: lifestyle.

You get cities like Lisbon and Porto with history, tech scenes, and walkable charm. You get beach towns with Michelin-starred seafood and locals who still wave when you pass by. And yes, you get the kind of geopolitical stability that’s in short supply globally.

The climate’s good. The cost of living is decent (for now). The quality of life rankings are high. And the residency scheme, if these changes go through, might become the best value-for-money proposition in the EU.

Final Word (for Now)

Will these reforms actually happen? That’s politics. But the momentum is there. The appetite is clear. And if Portugal delivers, the Golden Visa won’t just be surviving. It’ll be thriving.

For investors, entrepreneurs, or families looking for a secure European base, this might be the moment. Not next year. Not once everyone else figures it out. Now.

So, should you wait and see? Maybe. But don’t wait too long. Because if Portugal sweetens the deal the way it’s hinting, it won’t stay a secret for much longer.

This article was written by Citizenship360, a strategic advisory firm helping clients gain second citizenship or strategic residency through tailored investment migration solutions.