Portugal Golden Visa Alternatives After the 2023 Reform: What Actually Still Works in 2026

The residential property route for Portugal's Golden Visa is dead. Law 56/2023, which came into force on October 7, 2023, eliminated all real estate investment options from the program. You cannot buy an apartment in Lisbon, a villa in the Algarve, or a renovation project in Porto and qualify for residency through the Golden Visa anymore. Anyone telling you otherwise is either misinformed or trying to sell you something.

With that settled, here is what actually still works in 2026, and what most foreign buyers should consider instead.

What Remains of the Golden Visa Program

The Golden Visa (formally the Autorização de Residência para Atividade de Investimento, or ARI) still exists. It just no longer includes property. The remaining routes, governed by Decree-Law 14/2021 as amended by Law 56/2023, are:

Investment Funds (€500,000 minimum): This is now the most popular Golden Visa route. You invest at least €500,000 into a qualifying Portuguese investment fund regulated by the CMVM (Comissão do Mercado de Valores Mobiliários). The fund cannot be directly tied to residential real estate. Most approved funds focus on venture capital, private equity, or commercial real estate. Fund lock-up periods typically run 6 to 8 years. Management fees range from 1% to 2.5% annually. You are investing in a managed fund, not buying a house, so returns are not guaranteed and liquidity is limited.

Company Creation (€500,000 + 10 jobs): You can invest €500,000 or more to incorporate or capitalize a Portuguese company that creates at least 10 permanent jobs. This route suits entrepreneurs who want to build a real business in Portugal, not passive investors.

Scientific Research (€500,000): Capital transfers of €500,000 or more directed to public or private research institutions in Portugal.

Cultural Heritage (€250,000): Investment of €250,000 or more into approved cultural or artistic projects supporting Portuguese national heritage.

Company Creation - Reduced (€500,000 + 5 jobs in low-density areas): Job creation requirements drop to 5 positions if the company operates in a designated low-density area of Portugal.

The Golden Visa's Key Advantage: Minimal Physical Presence

The Golden Visa still offers something no other Portuguese residency permit does: you only need to spend 7 days in Portugal during your first year, then 14 days in each subsequent two-year renewal period. That is a total of about 35 days over five years to maintain your residency and qualify for permanent residency or citizenship.

However, one critical update: in October 2025, the Portuguese Parliament approved amendments proposing to extend the residency period required for citizenship from 5 years to 10 years for most applicants (7 years for EU and CPLP nationals). As of mid-2026, the final implementation details are still being clarified. Check the SEF/AIMA website for the latest status.

The D7 Visa: The Real Alternative for Retirees and Passive Income Earners

If you are retired, living off investments, pensions, or rental income, the D7 Passive Income Visa is almost certainly a better fit than the Golden Visa. It requires no large investment. Instead, you need to demonstrate stable passive income.

Requirements:

- Minimum income of approximately €920/month (tied to the Portuguese minimum wage, updated annually) for the main applicant

- Additional 50% for a spouse and 30% per dependent child

- Proof of accommodation in Portugal (rental contract or property ownership)

- Clean criminal record

- Valid health insurance covering Portugal

- No Portuguese tax residency in the previous 5 years (for tax benefits under IFICI)

Timeline: Initial visa issued for 4 months, then converted to a 2-year residence permit, renewable for 3 more years. After 5 years, you can apply for permanent residency or citizenship (subject to the pending citizenship timeline changes).

The catch: You must actually live in Portugal. The D7 requires you to spend the majority of the year in the country. Absences of more than 6 consecutive months or 8 months total in a two-year period can jeopardize your renewal.

The D8 Visa: For Remote Workers and Digital Nomads

Portugal introduced the D8 Digital Nomad Visa under Law 13/2023, targeting remote workers employed by or contracting with companies outside Portugal.

Requirements:

- Proof of employment or freelance contracts with non-Portuguese companies

- Minimum monthly income of approximately 4x the Portuguese minimum wage (roughly €3,680/month in 2026)

- Valid health insurance

- Clean criminal record

- Tax registration in Portugal

Timeline: Similar to the D7: initial visa for 4 months, then a 2-year residence permit, renewable. Path to permanent residency and citizenship follows the same 5-year track (subject to pending changes).

Key difference from D7: The D8 is specifically for active work income earned from foreign sources, while the D7 covers passive income. If you are a software engineer working remotely for a US company, the D8 is your route. If you are living off dividends and pensions, that is the D7.

Side-by-Side Comparison

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The Scam Warning

Golden Visa brokers who lost their real estate commissions after Law 56/2023 did not all pivot to legitimate fund advisory. Some are still marketing "property-based Golden Visa" schemes through creative structuring that does not actually qualify. Others push unregulated funds or overpromise returns. Before committing to any Golden Visa fund, verify that it is registered with the CMVM and check the fund manager's track record independently. Bektu tracks developer and investment fund reputations to help investors avoid these pitfalls.

Which Route Should You Choose?

If you have €500,000+ and want flexibility to live anywhere while holding EU residency: Golden Visa via investment funds.

If you have passive income of €920+/month and plan to actually live in Portugal: D7 Visa.

If you work remotely earning €3,680+/month from foreign clients: D8 Visa.

If you want to start a business in Portugal: Company creation route or a D2 Entrepreneur Visa.

The Golden Visa is no longer the automatic answer for anyone wanting Portuguese residency. For most people who actually plan to live in Portugal, the D7 or D8 is cheaper, faster, and simpler.