1. The Golden Visa Landscape Is Changing 🌍
Europe’s Golden Visa landscape is shifting — and fast.
On the 29th April 2025, the European Court of Justice (ECJ) delivered a landmark judgment that could reshape investment migration across the EU. The court found Malta’s “golden passport” program – which granted citizenship in exchange for financial contributions – to be incompatible with EU law.
This decision extends beyond Malta. It sets a wider precedent — one that could place additional scrutiny on remaining investment-based migration schemes across the European Union, Portugal’s golden visa included.
If you’ve been considering Portugal’s golden visa, this could be your final window of opportunity.
2. What Happened in Malta — and Why It Matters ⚖️
According to the ECJ, granting nationality solely in exchange for a financial contribution reduces citizenship to a commercial transaction — a practice that undermines the fundamental concept of EU citizenship. The court emphasised that EU citizenship is not merely a national privilege, but a shared legal status among Member States. As such, it must be grounded in a genuine link between the individual and the country granting nationality.
Malta’s scheme, by offering citizenship without requiring meaningful ties or physical presence, was found to violate core EU principles — specifically, the integrity of Union citizenship and the principle of sincere cooperation between Member States.
This ruling isn’t only about Malta. It sends a strong signal to all EU Member States that citizenship or residency-by-investment schemes must uphold the spirit of EU law. Programs perceived as offering residency or future citizenship without requiring meaningful integration or connection to the issuing country may now face legal or political pressure – and Portugal’s Golden Visa, though more structured, is not immune.
3. Why Portugal Could Be Next 🇵🇹
Portugal’s golden visa program has already undergone significant reform — most notably the removal of real estate from the list of qualifying investments. Today, eligibility is largely limited to approved investment funds, job creation initiatives, and contributions to cultural or scientific institutions. These changes reflect a shift toward more transparent, sustainable forms of investment — and a desire to distance the program from earlier criticisms that led to scrutiny elsewhere in the EU.
But despite these efforts, Portugal’s golden visa remains one of the last active residency-by-investment schemes in the European Union, and that makes it a likely target for further legal or political challenge.
With national elections approaching and momentum building at the EU level following the ECJ’s ruling against Malta, there is growing pressure on Member States to align with evolving standards around migration, transparency, and integration. The political appetite to further restrict or even shut down the program could emerge swiftly — particularly if a new government enters office or existing leadership seeks to pre-empt further EU intervention.
It’s important to note that if Portugal’s golden visa is closed, only existing applicants will benefit from the protections of current legislation. Once the door closes, it won’t reopen — and those who haven’t acted could find themselves locked out for good.
4. What This Means for You in 2025 📅
Portugal’s Golden Visa remains open — though these recent developments suggest its days may be numbered.
If you’re a non-EU national considering relocation to Portugal but want to avoid the lengthy stay requirements tied to other visa types (such as the D2, D7, or D8 visas), the Golden Visa currently offers one of the most flexible and attractive pathways in Europe:
- €250,000 donation to an approved cultural organisation or €500,000 investment in a qualifying venture capital/private equity fund.
- Minimal stay requirements – an average of 7 days per year
- Clear path to permanent residency or citizenship after 5 years
- The right to live, work, and travel within the Schengen Area
- Family reunification – include your spouse, dependent children, and dependent parents in your application
5. Why Now Is the Time to Act 🚨
History shows that when golden visa programs close, they close quickly — and only those already in the process are protected under existing rules. With Portugal under growing EU and political pressure, the window could shut with little warning.
If you’re eligible now and have been considering the move, this may be your final opportunity to benefit from one of Europe’s most flexible residency routes before potential changes take effect.
6. How We Can Help 🤝
We specialise in helping non-EU citizens navigate Portugal’s visa landscape with confidence. Whether you’re exploring the D2, D7, and D8 visas, or looking into the Golden Visa, we can guide you through your options and help you make the right decision.
For Golden Visa applications, we work closely with a seasoned expert who brings over 25 years of experience in international wealth management and investment-based migration.
If you’re ready to take the next step — or simply want to explore what’s possible — we’re here to support you. Book a free consultation by emailing us at lewis@relocationsimplified.com or fill out our online form.