Portugal Golden Visa: Americans Benefit From Key Court Ruling In 2025
The Portugal golden visa program has become a top choice for Americans seeking residency abroad, and recent constitutional rulings have further strengthened the program.
In 2024, Forbes named Portugal the best golden visa program for investors because of the speed towards citizenship, coupled with the minimum requirement of spending two weeks in the country every year.
Like every other EU golden visa, holders have access to free movement in all 27 EU countries and the Schengen area beyond, but Portugal also offers a great healthcare and education system, and social services.
When Spain closed its program, both Portugal and Greece were big winners. For example, Greek government figures highlighted a monthly increase in American applications from 302 to 383 by November 2024. (Greece has one of the fastest golden visa processes, granting residency within 60 days.) By June 2025, the Portuguese government had seen a 72% increase in approvals, with Americans being the main recipients, according to information from the country's Agency for Integration, Migration, and Asylum, AIMA. The government approved a record number of applicants, 4,987 more than the previous year.
Portugal's golden visa program has raised more than $7.2 billion (€7 billion) since it was created in 2012, and most participants have been Chinese, Brazilian, and U.S. nationals.
Non-Europeans can apply for fast-track residency through various options in Portugal, including a minimum $525,000 (€500,000) investment in eligible funds. The program allowed people to apply for citizenship five years after enrolling in the golden visa program.
Vida Capital is a Lisbon-based golden visa fund that has seen an immense increase in American interest in gaining Portuguese citizenship over the past year—a 571% increase in traffic from the U.S. in the first half of 2025 compared to the first half of 2024.
Since 2019, the foreign population in Portugal has almost tripled to 1.6 million, which accounts for about 15% of the total population, as per Portugal's Agency for Integration, Migration and Asylum.
In June 2025, the government announced plans to toughen up on how people gain residency, and it was unclear how that would impact the golden visa program. For example, the government voted to extend the period required for a foreigner to obtain citizenship to as many as 10 years from the current five (reduced to seven years for individuals hailing from the so-called Community of Portuguese Speaking Countries, such as Brazil). The government also voted on introducing a need to really understand the Portuguese language and culture before acquiring a passport.
Vida Capital has seen a 116% bump in U.S. traffic since the government announced citizenship these changes in June. The Constitutional Ruling Favours The Portugal Golden Visa Program
The Portuguese constitutional courts this week blocked several proposals of the upcoming Foreigner's Law that the government was planning to introduce namely that all immigrants to the country would have to undergo a two-year waiting period before bringing family members to Portugal and limiting reunification to spouses and minor children.
The court upheld the rights of golden visa applicants and added that AIMA must continue processing golden visa family reunification applications under the existing favorable rules.
Alex Ohnona, co-founder of Vida Capital said, "the constitutional court's ruling this week actually strengthens the case to move forward now. It signals that golden visa investors will maintain their special status, including family benefits, regardless of broader immigration reforms."
Tomás Assis Teixeira, a partner at CCA Law in Porto, agreed that the ruling reinforced the golden visa status. "The Court notably didn't challenge the privileged treatment of golden visa holders compared to other visa types, and specifically preserved full family reunification rights for golden visa investors, including spouses, children, and dependent parents. This demonstrates Portugal's commitment to maintaining the programme's competitive advantages."
Joana Mendonça, General Counsel of Global Citizen Solutions, a consultancy specializing in residency and citizenship by investment, added that "by upholding differential treatment for investors and skilled professionals, the court has confirmed that strategic economic policy objectives can coexist with constitutional equality principles when properly structured." The Arguments For And Against A Golden Visa Program
Golden visa programs allow non-nationals to gain citizenship or residency in a country through investment. Critics argue that golden visas allow applicants to bypass residency requirements that apply to the rest of the population, such as language proficiency and the need to be in a country for a specific duration before applying.
Many EU countries have closed their programs because critics also argue that they sometimes enable corruption, money laundering, and tax evasion. Advocates argue they bring in outside investment, injecting much needed foreign capital into a country's economy.
Another reason golden visas are seen as divisive is that one of the ways that many golden visa programs offer residency is in exchange for investment in real estate. Analysts and incensed locals see these as one of the main contributing drivers of increased property prices.
In 2023, Portugal removed the part of the program that offered golden visas through real estate purchases, and it was a contributing factor as to why Spain closed its program entirely in April 2025. Spanish Prime Minister Pedro Sánchez said that the vast majority of these visas, 94%, were granted in connection with real estate investments in already strained housing markets.
The current surge in American interest stems from many affluent families looking for a Plan B in respect of residency. However, as Forbes noted in 2025, U.S. applicants need to consider the additional cost of application fees, biometrics, and residence card issuance fees, due diligence costs, and renewal fees (every 2 years). Americans would also be liable for double taxation if they were to stay in Portugal for more than 183 days a year. Plus, to obtain actual citizenship, a language level of A2 in Portuguese would be required, as would a clean criminal record.
One thing is clear, however. With European programs few and far between, interest in the Portugal golden visa will endure. Indeed, some industry insiders would go further, believing that the ruling might allow for the introduction of more favorable elements that would make it even more attractive. MORE FROM FORBES Forbes Here's How Retirement Visas For U.S. Expats Compare, Based On New Data By Alex Ledsom Forbes What It Means To Be Wealthy In Panama By Alex Ledsom Forbes The Prettiest Village In France, Voted By The French—In Pictures By Alex Ledsom
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