Authored by the expert who managed and guided the team behind the Portugal Property Pack
Everything you need to know before buying real estate is included in our Portugal Property Pack
Property investment is no longer an eligible route for the Portugal Golden Visa as of October 2023.
The Portuguese government eliminated all real estate investment options from the Golden Visa program, including residential properties, commercial properties, and rehabilitation projects, regardless of location or property type. This means investors can no longer use property purchases in any region of Portugal to qualify for the Golden Visa program.
If you want to go deeper, you can check our pack of documents related to the real estate market in Portugal, based on reliable facts and data, not opinions or rumors.
As of September 2025, property investment is completely excluded from Portugal's Golden Visa program following rule changes in October 2023.
All real estate types—residential, commercial, and rehabilitation projects—are ineligible regardless of location, investment amount, or property age.
| Investment Type | Previous Status | Current Status (2025) |
|---|---|---|
| Residential Property (General) | €500,000 minimum | Not Eligible |
| Residential Property (Low-density areas) | €400,000 minimum | Not Eligible |
| Rehabilitation Projects | €350,000 minimum | Not Eligible |
| Commercial Property | €500,000 minimum | Not Eligible |
| Investment Funds | €500,000 minimum | Still Eligible |
| Job Creation | 5-10 jobs | Still Eligible |
| Research Donation | €500,000 minimum | Still Eligible |
Fact-checked and reviewed by our local expert
João Morais 🇵🇹
Founder | Real Estate Advisor, at Wilderness Investments
What types of real estate investments still qualify for the Portugal Golden Visa after the 2023 rule changes?
No real estate investments qualify for the Portugal Golden Visa as of October 2023.
The Portuguese government completely eliminated property investment as an eligible route for the Golden Visa program. This includes all types of real estate: residential properties, commercial properties, office buildings, retail spaces, hotels, and even rehabilitation projects.
The exclusion applies universally across Portugal, meaning there are no regional exceptions or property types that can still qualify for the Golden Visa through real estate investment. All previous real estate investment routes that existed before October 2023 have been permanently removed from the program.
It's something we develop in our Portugal property pack.
As of September 2025, investors must pursue alternative investment routes such as qualifying investment funds, job creation, research donations, or cultural heritage contributions to obtain the Portugal Golden Visa.
How much is the minimum investment required for property now, and does it differ by region?
There is no minimum property investment threshold for the Portugal Golden Visa because real estate investment is no longer eligible.
The previous minimum investment amounts—€500,000 for standard properties, €400,000 for low-density areas, and €350,000 for rehabilitation projects—are now obsolete for Golden Visa purposes. These thresholds became irrelevant when the Portuguese government excluded all property investment from the program in October 2023.
Regional differences in investment requirements no longer exist for Golden Visa purposes since no area of Portugal allows property investment to qualify for the visa. Whether you're looking at Lisbon, Porto, the Algarve, or rural interior regions, property purchases cannot be used to obtain a Golden Visa.
The minimum investment amounts that matter now are for the remaining eligible routes: €500,000 for qualifying investment funds, €500,000 for company investment or job creation, €500,000 for research donations, and €250,000 for cultural heritage projects.
Are residential properties in Lisbon, Porto, or coastal areas still eligible, or are they completely excluded?
Residential properties in Lisbon, Porto, and coastal areas are completely excluded from the Portugal Golden Visa program.
This exclusion is absolute and applies to all residential real estate in these high-demand areas, regardless of the investment amount or property characteristics. The October 2023 rule changes specifically targeted these regions due to concerns about housing affordability for local residents.
Coastal areas including the Algarve, which were popular destinations for Golden Visa investors, are now entirely off-limits for visa qualification purposes. Similarly, Portugal's two largest cities—Lisbon and Porto—cannot be used for residential property investment under the Golden Visa program.
The exclusion covers apartments, houses, villas, condominiums, and any other form of residential real estate in these areas. Even luxury properties or those exceeding the previous investment thresholds cannot qualify for the Golden Visa.
Is commercial property, such as offices, hotels, or retail spaces, still an eligible route for the visa?
Commercial properties including offices, hotels, and retail spaces are not eligible for the Portugal Golden Visa.
The October 2023 rule changes specifically included commercial real estate in the exclusion alongside residential properties. This means office buildings, hotels, retail shops, restaurants, warehouses, and other commercial assets cannot be used to qualify for the Golden Visa program.
Student residences, co-working spaces, and mixed-use developments are also excluded from the program. The Portuguese government made a comprehensive decision to remove all direct property ownership routes from the Golden Visa program.
However, investors may still access commercial real estate exposure through qualifying investment funds that do not result in direct property ownership by the Golden Visa applicant. These funds must meet specific criteria and be approved by Portuguese authorities.
Don't lose money on your property in Portugal
100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.
Can I still buy residential property in low-density or rural regions to qualify, and if so, which areas?
No, you cannot buy residential property in low-density or rural regions to qualify for the Portugal Golden Visa.
The October 2023 rule changes eliminated all residential property investment from the Golden Visa program, including properties in rural areas, interior regions, and low-density municipalities. Previously, these areas offered reduced investment thresholds of €400,000, but this option no longer exists.
Areas that were previously classified as low-density for Golden Visa purposes—such as municipalities in the interior regions of Alentejo, Beiras, and northern Portugal—are now completely excluded from the program. This includes small towns, agricultural areas, and mountainous regions.
The exclusion is comprehensive and covers all residential property types in these areas: traditional houses, rural estates, vineyard properties, and agricultural land with residential components. No area of Portugal currently allows residential property purchase to qualify for the Golden Visa.
It's something we develop in our Portugal property pack.
Are rehabilitation or renovation projects still eligible, and what specific conditions must they meet?
Rehabilitation and renovation projects are no longer eligible for the Portugal Golden Visa program.
The October 2023 rule changes specifically excluded rehabilitation projects from the Golden Visa program, ending what was previously one of the most popular investment routes. These projects previously required a minimum investment of €350,000 and involved restoring properties over 30 years old or located in urban rehabilitation areas.
Historic building restoration, urban regeneration projects, and cultural heritage rehabilitation—all previously eligible—can no longer be used to qualify for the Golden Visa. This applies regardless of the property's age, historical significance, or location within designated rehabilitation zones.
The conditions that previously governed rehabilitation projects—such as architectural approval, heritage preservation requirements, and completion timelines—are no longer relevant for Golden Visa purposes, though they may still apply for other permits or local regulations.
Does the minimum property investment threshold change if the property is over 30 years old or in a rehabilitation zone?
Property investment thresholds are irrelevant for the Portugal Golden Visa because all real estate investment has been excluded from the program.
Previously, properties over 30 years old or located in designated urban rehabilitation areas qualified for reduced investment thresholds of €350,000 instead of the standard €500,000. However, these distinctions became meaningless when the Portuguese government eliminated all property investment routes from the Golden Visa program in October 2023.
Age-based and location-based investment threshold reductions no longer exist for Golden Visa purposes. Whether a property is 5 years old, 50 years old, or located in a rehabilitation zone, it cannot be used to qualify for the Portugal Golden Visa.
These historical thresholds may still be relevant for other Portuguese residence permits or investment programs, but they have no bearing on Golden Visa eligibility as of September 2025.
Can I combine multiple properties to reach the required investment threshold, or does it need to be a single unit?
Combining multiple properties is not possible for the Portugal Golden Visa because property investment is no longer an eligible route.
Previously, investors could combine multiple properties to reach the minimum investment thresholds, allowing for portfolio diversification across different regions or property types. This flexibility was eliminated when the Portuguese government excluded all real estate investment from the Golden Visa program in October 2023.
The concept of reaching investment thresholds through property combinations is now obsolete for Golden Visa purposes. Whether you purchase one property worth €2 million or ten properties worth €100,000 each, none of these investments will qualify for the Golden Visa program.
For current Golden Visa routes, combination strategies only apply to qualifying investment funds, where investors might diversify across multiple approved funds to reach the €500,000 minimum requirement.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Portugal versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.
Is it possible to finance part of the property purchase with a mortgage, or must the entire qualifying amount be paid in cash?
Financing questions are irrelevant for the Portugal Golden Visa since property investment no longer qualifies for the program.
Previously, investors could use mortgage financing for a portion of their Golden Visa property investment, as long as their personal contribution met the minimum threshold requirements. This flexibility allowed investors to leverage their capital while still qualifying for the visa program.
The elimination of property investment from the Golden Visa program in October 2023 made financing arrangements irrelevant for visa qualification purposes. Whether you pay cash or use a mortgage for property purchases in Portugal, these transactions cannot contribute to Golden Visa eligibility.
For current Golden Visa routes, financing requirements vary: investment fund contributions typically require full cash investment, while job creation investments may allow for structured financing arrangements through business loans.
What additional taxes, fees, and legal costs should I realistically budget for on top of the property price?
Property purchase costs in Portugal are no longer relevant for Golden Visa qualification, but typical transaction costs range from 7% to 10% of the property price.
Legal fees, notary costs, property transfer tax (IMT), and stamp duty typically add €35,000 to €50,000 to a €500,000 property purchase. Registration fees, property valuation costs, and legal representation can add another €5,000 to €10,000 to the total transaction cost.
Property transfer tax (IMT) varies based on property value and type, while stamp duty is typically 0.8% of the property value. Notary fees are regulated and range from €200 to €600 depending on the property value and complexity of the transaction.
These costs remain relevant for property purchases made for personal use, rental investment, or other residence permit applications, but they cannot be included in Golden Visa investment calculations since property investment is excluded from the program.
It's something we develop in our Portugal property pack.
How long must I keep the property to maintain Golden Visa eligibility, and can I rent it out during that period?
Property holding requirements are no longer applicable to the Portugal Golden Visa since real estate investment has been excluded from the program.
Previously, Golden Visa holders were required to maintain their property investment for at least five years to preserve their visa status, and they were permitted to rent out their properties during this period. These rules became obsolete when property investment was eliminated from the program in October 2023.
Current Golden Visa holders who obtained their visas through property investment before October 2023 must still comply with the original five-year holding requirement. However, new applicants cannot use property investment to qualify for the visa, regardless of their intended holding period.
For alternative Golden Visa routes available as of September 2025, holding periods vary: investment fund commitments typically require five-year minimum holding periods, while job creation investments must maintain employment levels for the duration of the visa validity.
What are the main alternatives to property investment for obtaining the Portugal Golden Visa now?
| Investment Route | Minimum Amount | Key Requirements |
|---|---|---|
| Investment Funds | €500,000 | Approved private equity or venture capital funds |
| Job Creation | €500,000 or 5-10 jobs | Create employment for Portuguese citizens/residents |
| Research Activity | €500,000 | Donation to approved research institutions |
| Cultural Heritage | €250,000 | Support arts, culture, or national heritage projects |
| Agricultural Funds | €500,000 | Investment in sustainable farming initiatives |
Investment funds represent the most popular alternative to property investment for the Portugal Golden Visa. These funds must be approved by Portuguese authorities and typically focus on Portuguese companies, infrastructure projects, or economic development initiatives.
Job creation offers flexibility for entrepreneurs who want to establish businesses in Portugal while qualifying for the Golden Visa. You can either invest €500,000 in a Portuguese company or create 5-10 permanent jobs for Portuguese citizens or legal residents.
Research and cultural heritage donations provide options for investors who want to contribute to Portuguese society while obtaining residency. These routes require smaller financial commitments but involve donations rather than investments with potential returns.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
The Portugal Golden Visa program underwent significant changes in October 2023, completely eliminating property investment as a qualification route.
Investors interested in Portuguese residency must now pursue alternative routes such as investment funds, job creation, or cultural donations, each with specific requirements and minimum investment thresholds starting at €250,000.
Sources
- The Blue Portugal - Portugal Golden Visa Guide
- Get Golden Visa - Portugal Golden Visa Program
- Portugal Pathways - Golden Visa Guide 2025
- The Golden Portugal - Golden Visa Information
- Imin Portugal - Golden Visa Real Estate
- Mercan Group - Portugal Golden Visa 2025 Guide
- Pelaterra - Portugal Golden Visa Rules
- Global Citizen Solutions - Golden Visa Portugal