Portugal’s Golden Visa Program has been quite popular among US investors since its initial release. According to the latest official statistics from AIMA, around 567 Americans applied in 2023, corresponding to 12.73% of the total applicants. While Portugal's Golden Visa remains popular among American investors, the landscape is evolving amid potential key policy shifts.
Rising Concerns due to Proposed Citizenship Law Change
In June 2025, the Portuguese government introduced a proposal to change the country’s citizenship law. The main idea is to count the five-year residency period toward citizenship only after someone's residence permit is approved, not from the time they applied. Plus, the citizenship timeline is expected to extend from 5 years to 10 years (7 years for CPLP). While not enacted, this proposed change could affect Portugal Golden Visa holders.
Some legal experts say the proposal might violate Portugal’s Constitution, arguing that it could lead to unfair treatment and uncertainty for people who followed the rules under the current law. While there is uncertainty in the air, the program still protects its value.
After several months of debate, the Portuguese Parliament approved the new Citizenship Law on October 28, 2025, and sent it to the President for review. On November 13, the Socialist Party (PS) requested a preventive review of the law by the Constitutional Court, bypassing the President’s approval.
On December 15, the Constitutional Court ruled that four sections of the proposed Nationality Law changes were unconstitutional. To date, the law cannot move forward as initially drafted and must return to the legislative process for revision.
Proposed Citizenship Law: Is It Against the Constitution?
Portugal’s proposed citizenship law change raised critical concerns about its compatibility with the constitution. According to Jorge Miranda, the Father of the Constitution, this draft law violates the proportionality, universality, and equality principles, which are the main principles of the Portuguese Constitution.
One of the critical points of the new draft citizenship law is that it will apply to citizenship requests filed after June 19, 2025, claiming that any last-minute attempt would be considered “abuse” or “bleated”. Jorge Miranda argues that it is the exercise of a fundamental legislative act.
The Portuguese government also wants to count the naturalization process from the issuance of a residency card, not from the initial application date. This situation creates a dependence on bureaucratic efficiency and gives the state too much power in deciding who gets citizenship and when. In the meantime, if enacted, the proposed changes lack any transitional period, raising many questions for those who trusted the Portuguese legislation.
Family Reunification Timeline: Will It Affect the Golden Visa Holders?
The Portuguese Government approved changes to the immigration law regarding family reunification. According to this, immigrants can bring their family members only after two years of living in Portugal. Some exceptions will shorten this timeline; these are:
- You can apply after 1 year if you can show that you lived with your spouse in your home country during that time.
- You can apply right away if your spouse cares for a child or a child who cannot look after themselves.
- In exceptional cases, the government can reduce the 2-year rule, based on how strong your family ties are and how well you have settled in Portugal.
- Your marriage or partnership must be legal in Portugal and entered into freely; polygamy or marriages with minors are not allowed.
Golden Visa applicants will not be affected by the new regulations. Their family reunification process is entirely different from that of other applicants under Portugal's Golden Visa legislation.
What Makes the Portugal Golden Visa Program Unique for US Citizens?
Launched in 2012, the Portugal Golden Visa allows non-EU citizens to gain residency in the European Union. Since then, it has raised over €7.5 billion, making it one of the most popular Golden Visa programs. So, what makes it unique for US citizens?
The program offers American investors the opportunity to obtain residency in exchange for a €500,000 investment, approximately $584,475 for capital preservation, and a potential return. Another outstanding option is cultural heritage donation, which requires €250,000 (reduced to €200,000 in low-density areas), roughly $291,900.
Once the process is completed, you can benefit from visa-free movement within the Schengen Area while having the opportunity to live, work, and get access to healthcare and social services in Portugal. Under the current law, you can still apply for permanent residency after 5 years of holding your investment and complying with the minimum residency requirements.
Why Does Portugal Golden Visa Still Keep Its Popularity for Americans?
In 2024, Portugal issued 4,987 Golden Visas, representing a significant increase from the previous year, up 72%. Around 19.5% of these applicants are Americans. As the numbers keep increasing, you may ask yourself: Why does this program still keep its popularity among Americans? Why do they not prefer Italy, Greece, or Hungary?
The reasons are straightforward: the program offers applicants trustworthiness and long-term benefits. Mostly, American investors look for a stable foundation that can provide benefits such as capital preservation and potential returns. It is, in a way, a “Plan B” for them. They mostly do not want to move there, but keep it as the exit door in case of emergency.
Through Portugal’s Golden Visa program, Americans can benefit from the right to apply for citizenship after meeting the legal requirements, simply by spending 7 days per year (like a short holiday). The other Golden Visa programs in Europe do not provide a clear path for it. They only offer residency, and if you want citizenship, they require you to live there full-time for a couple of years.
Additionally, the lifestyle perks are charming for many, as the cost of living in Portugal is much lower than in the US, according to the Get Golden Visa’s American Exodus Report. By spending only $2,852, a family of four can cover their basic expenses, excluding rent. At the same time, they can benefit from a higher quality of life. Once you get your residency, you can enroll in the healthcare system (SNS) and enjoy public healthcare with low costs.
Closing Remarks for the Golden Visa Landscape
Recent legal arguments have also brought attention to how constitutional safeguards shape Portugal's citizenship laws. The current system remains in place, providing investors with consistency and security, even as discussions about reform may continue.
While the uncertainties raised by the proposed law are on the table, it is clear to many that Portugal's Golden Visa program’s reputation will remain strong among investors. Following the critical comments, the Portuguese government is expected to provide a legislative transition period for Golden Visa holders, even if the draft law is enacted. As a result, the Golden Visa will likely continue to be a key driver for foreign investment in the country.
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