Portugal’s Golden Visa After the Citizenship Rule Change: Is It Still Worth It?

The short answer is that Portugal’s Golden Visa is still relevant, but it now serves a different audience. The recent nationality-law reform has made the route to citizenship longer, yet the underlying residence programme remains in place. For investors who want a flexible Plan B in Portugal, especially those focused on residence, lifestyle and long-term optionality rather than a fast passport, the programme can still make sense. For anyone whose main objective was a short route to an EU passport, the case is now weaker.

That is the central argument of Jonathan’s video. The citizenship timetable has changed, but the Golden Visa itself has not been abolished. The practical question is therefore not whether Portugal still offers a pathway, but what kind of pathway it now offers, who benefits most, and whether the trade-off between residence and citizenship still works for your objectives.

What changed in Portugal’s nationality rules

Portugal’s 2026 nationality-law reform raises the residence period required for naturalisation to seven years for citizens of Portuguese-speaking countries and EU member states, and ten years for other nationals. The law was also amended so that pending administrative procedures remain subject to the previous version of the law in certain circumstances, which is important for anyone already in the pipeline. (Source: Diário da República)

Jonathan’s key point is that this change affects the citizenship timeline, not the residence programme itself. In other words, the legal basis for obtaining and renewing residence through the Golden Visa remains separate from the nationality rules. The result is a longer road to a passport, but not the end of the route altogether.

He is also clear that the backlash is strongest among investors who entered on the expectation of a five-year citizenship pathway and then found themselves caught in administrative delay before the law changed. That group, in his view, has the strongest grievance. New applicants, by contrast, now enter the scheme with more realistic expectations, even if those expectations are less attractive than they were a few years ago.

Why the Golden Visa still has value

Jonathan argues that Portugal remains distinctive in Europe because the Golden Visa still allows a non-relocating investor to work towards EU citizenship from abroad. That combination of low physical presence, a route to permanent residence, and eventual naturalisation is unusual. The official AIMA material continues to describe the ARI regime as a temporary residence-by-investment route, with a simplified process and a single in-person appointment as part of the procedure. (Source: AIMA)

In the video, he stresses several benefits that continue to matter even after the legal change:

• the ability to maintain residence with limited time spent in Portugal;
• the option to live, work, study or retire in Portugal if desired;
• Schengen travel access during the residence period;
• the possibility of progressing from temporary residence to permanent residence, and later citizenship;
• the fact that citizenship is still available without an obligation to relocate permanently to Portugal.

That last point is central to his analysis. He believes many people overstate the importance of citizenship in the early stages of a move. For some families, permanent residence is enough for the medium term, especially if the real aim is to build a long-term base in Portugal rather than to move freely across the EU immediately.

Residence, permanent residence and citizenship

A large part of Jonathan’s explanation is devoted to separating three different statuses, because he thinks they are often confused online.

Temporary residence

The Golden Visa first grants temporary residence. In the video, this is described as the status that lets the holder remain outside Portugal most of the time while still keeping the pathway alive. It can be renewed, and it gives a practical base from which to plan the next stage.

Permanent residence

After five years, Jonathan says the investor can move to permanent residence. His argument is that this stage is often underappreciated, because it preserves much of the day-to-day value of the programme even if citizenship is now further away. He also says that once permanent residence is reached, the underlying investment may no longer need to be held, although he notes that laws can change and current rules should always be checked at the time of application.

Citizenship

Citizenship is the final objective for many investors because it provides the full rights of an EU national, including the ability to live and work in any EU member state. Jonathan’s view is that Portugal’s citizenship route remains special precisely because it can still be pursued without relocation, but the longer timetable makes it more suitable for those with patience and a genuine connection to Portugal.

He also points out that Portugal continues to support dual nationality, which is one reason why citizenship has been so attractive in the first place. That remains a powerful family-planning consideration for long-term investors.

Who is most affected by the change?

Jonathan draws a clear distinction between different groups of applicants. Those most affected are people who applied between 2022 and 2024 and were already trapped in processing backlogs. For them, the delay to the residence card and the longer citizenship timeline combine to create a much less favourable outcome than the one they expected when they invested.

He is more optimistic about applicants entering the programme from 2025 onwards. In his view, they now have more predictable processing and a clearer understanding of the timeframes involved. That does not make the programme more generous, but it does make it more legible.

He also argues that the political reaction in Portugal reflects a broader shift in public sentiment. In his telling, many Portuguese citizens welcomed a tougher nationality framework, while investors felt the state had moved the goalposts. His criticism is strongest on the issue of fairness to existing participants, especially where no grandfathering has been provided.

The official government position, however, has been that the nationality rules should be tightened to ensure a stronger effective link to the national community. That is the policy context in which the reform has been justified. (Source: Portuguese Government)

Should investors still apply?

Jonathan’s conclusion is not that the Golden Visa has lost all value. Rather, he says the programme now fits a narrower set of goals. If your plan is to build a future centred on Portugal, the longer route to citizenship may be acceptable, because residence and long-term optionality are still there. If your sole objective is a fast route to an EU passport with little or no connection to Portugal, he believes the scheme is now much less compelling.

That distinction drives his final recommendation. The programme still looks viable for investors who genuinely want a Portuguese base, especially those thinking about retirement, family life or a long-term relocation option. It looks less attractive for opportunistic buyers of mobility rights.

He also suggests that the recent shock may reduce demand in the short term, but that the programme’s core appeal should endure. Portugal still combines a relatively accessible residence route, a high quality of life and a long-term path to citizenship. What has changed is not the existence of the route, but the patience and commitment now required to complete it.

For readers considering the Golden Visa in 2026, the practical lesson is simple: focus on your end goal before treating citizenship as the only meaningful outcome. If you want a country to live in, return to, or build around, Portugal may still offer a strong case. If you want only a passport, you may now need to look elsewhere.

Important information: This article is provided for general information only and does not constitute legal, tax or investment advice. Programme rules, legislation and investment conditions may change, and readers should obtain appropriate professional advice before making any decision.