Is Portugal’s Golden Visa Still Worth It in 2025? A Realistic Look at ROI and Lifestyle

Portugal’s Golden Visa has been a gateway to Europe for global investors since 2012. But after recent reforms, many are asking the same question:

Is it still worth it in 2025?

The short answer: it depends on what you’re looking for.

If your goal is instant returns or fast-track citizenship, the answer may lean one way. If you’re thinking about long-term lifestyle value, diversified investments, and European access, it leans the other.

Let’s break it down properly.

What Changed in Portugal’s Golden Visa?

The biggest shift came in 2023. The Portuguese government removed direct real estate purchases from the list of eligible investments.

Before, you could buy a Lisbon apartment, rent it out, and qualify. Now, you can’t.

Instead, qualifying options include:

• Investment funds (private equity or venture capital)
• Scientific research donations
• Cultural heritage projects
• Job creation

For many, this move raised concerns. But platforms like MovingTo help investors understand the new routes. They make the process less intimidating.

Is Real Estate Investment Completely Out?

Not entirely—but here’s the catch.

You can still invest in real estate indirectly through funds. These are typically regulated Portuguese funds that focus on property development, hospitality, or infrastructure.

What this really means is: you won’t own the property directly. But you can still benefit from the real estate market.

For some, this is a dealbreaker. Others see it as a way to diversify without the hassle of property management.

What’s the Minimum Investment in 2025?

Most Golden Visa applicants now go for the fund investment route.

The minimum is €500,000.

This hasn’t changed since 2022, but the pool of available funds is evolving. Some funds are safer, offering modest returns. Others aim for higher gains with higher risk.

Due diligence is key. You need to review each fund’s track record, management, and exit strategy carefully.

Is Citizenship Still on the Table?

Yes—but patience is part of the package.

Portugal allows Golden Visa holders to apply for citizenship after five years. This timeline stayed the same, even after the 2023 reforms.

You don’t need to live in Portugal full-time. Just maintain an average stay of seven days per year.

After five years, you can apply for a Portuguese passport. This gives you access to the EU, Schengen travel, and visa-free entry to over 180 countries.

That’s a significant perk. But if your goal is quick citizenship, Portugal may not be the fastest option compared to other programs globally.

How Does the ROI Compare Now?

Let’s be real—this isn’t just about passports. Investors also want a return.

So, how does the new system stack up?

For real estate lovers, the loss of direct property ownership feels like a downgrade. You can’t buy and flip a Lisbon flat anymore.

But fund investments can still yield solid returns. Most funds targeting Golden Visa investors offer expected returns between 3% and 8% annually. Some are higher, depending on the sector.

Funds linked to Portugal’s tourism recovery, renewable energy, and tech startups are attracting attention in 2025. But they come with more risk.

If you’re looking for stability, consider funds with a property development angle. They’re often safer but deliver slower growth.

What About Lifestyle Benefits?

Here’s the thing: Portugal is still Portugal.

The Golden Visa lets you enjoy life in one of Europe’s most livable countries. That hasn’t changed.

• Mild climate year-round
• A slower pace of life
• Low cost of living compared to Western Europe
• Excellent healthcare and education
• Safe, family-friendly cities

Whether you choose to live there full-time or just visit, the quality of life is part of the ROI.

Many people choose the Portugal Golden Visa not just for investment, but for lifestyle freedom. It gives you a Plan B, even if you don’t relocate right away.

Are There Any Risks to Know?

Like any investment program, the Golden Visa comes with risks. Here are a few to keep in mind:

• Fund performance isn’t guaranteed. Some investments could underperform or fail altogether.
• Political changes could happen. Portugal has tweaked this program before and may do so again.
• Application backlogs. Processing times can be slow, especially if you don’t have the right legal guidance.

This isn’t a get-rich-quick scheme. It’s a long-term play.

Is It Still Competitive Globally?

Compared to other residency-by-investment programs, Portugal remains competitive in 2025.

Here’s why:

• Low physical residency requirement (seven days per year)
• Path to EU citizenship after five years
• Attractive lifestyle and safety profile
• Diverse investment options beyond real estate

But there are alternatives. Greece, for example, still allows real estate investments at €250,000 minimum in certain areas. Spain has similar rules but hasn’t removed property as an option.

If you care most about direct property ownership, Portugal may not top your list anymore. If you’re focused on long-term flexibility and European access, it stays in the game.

So-Is the Golden Visa Worth It in 2025?

If you’re after fast profits or quick citizenship, maybe not.

But if you value lifestyle options, diversification, and a European foothold, it still makes sense.

The Golden Visa is no longer about buying an apartment in Lisbon and calling it a day. It’s about playing the long game.

And for investors who get that, Portugal remains one of the most appealing options out there.