What Portugal’s Centre-Right Win Means for Golden Visa Investors

• Posted on May 22, 2025
• In Industry News, Portugal

New Government, Same Opportunity

In recent years, Portugal has become one of Europe’s top destinations for global investors pursuing residency and citizenship through strategic investment. From Lisbon’s dynamic tech scene to the Algarve’s luxury appeal, the Golden Visa has opened a door to EU access while fueling national growth.

But as political winds shift across Europe, many are wondering: could Portugal’s approach to investment migration change too?

Overview of Portugal’s 2025 Election Results

Portugal just held snap legislative elections on May 18, 2025 – and while the political scene is shifting, one thing remains clear: Portugal’s Golden Visa program is stable.

The center-right Democratic Alliance (AD), led by Prime Minister Luís Montenegro, came out ahead and won the most votes, but didn’t win a full majority.

That means we will likely see a coalition government – but not one that is expected to disrupt foreign investment programs.

A Changing Political Landscape, With Familiar Signals

The PSD’s return to power signals a renewed focus on fiscal discipline, market liberalization, and strengthening Portugal’s global competitiveness. While lacking an absolute majority, the new government is pro-business and hasn’t signaled any changes to these rules.

One of the most interesting surprises in this election was how well the far-right performed, coming in third, close behind the Socialist Party. Chega, the far-right party, was founded in 2019 and has rapidly grown to become the third-largest political force in Portugal.

Chega has been a vocal supporter of the Golden Visa and has even proposed expanding it. This presents an interesting paradox in the European political landscape. At the same time, it highlights that Portugal’s Golden Visa program remains stable, regardless of the country’s shifting political dynamics.

Golden Visa Stability Under the New Government

Despite the political shake-up, no changes to Portugal’s Golden Visa (ARI) program are currently expected. The PSD has historically supported policies that attract and retain international capital and is unlikely to reverse course.

While real estate is no longer an option (as of 2023), the program now prioritizes more sustainable routes such as:

• Job creation and business development.
• Investment in regulated funds.
• Investment in scientific research.
• Support for cultural and artistic production.

These reforms are still being implemented, and the new government appears committed to ensuring their effectiveness before considering any further adjustments.

Carolina Figueiredo, Portugal Program Director at Arton Capital, notes, “The Golden Visa program is stable, and the new government has shown no indication of reversing course. However, as always in a dynamic political environment, we advise clients to stay informed and act strategically.”

Citizenship Law Reform:  A Discussion Worth Keeping an Eye on

While the Golden Visa framework appears stable, there is another conversation happening quietly in the background: potential changes to Portugal’s citizenship laws.

This conversation around citizenship reform is not specifically aimed at Golden Visa holders – it is part of a wider reflection on immigration and integration policies across the EU.

Today, Portugal applies a unified rule: any legal resident, regardless of visa category, may apply for citizenship after five years. This includes Golden Visa holders, whose flexible stay requirements still qualify them for naturalization.

That said, if any legislative changes do happen, they would take time. Portugal’s legal process is methodical, typically requiring at least six months from application to implementation. With the new government still forming its legislative agenda, we likely won’t see any major updates until late 2025 or beyond.

What Global Investors Should Take Away

If you are considering Portugal for residency or eventually citizenship, the outlook is still very positive:
Continuity prevails: The new government supports international investment and will continue to support an environment that welcomes global capital and economic growth.

The Golden Visa remains secure: No short-term changes are being considered. Figueiredo emphasizes, “The likelihood of sudden program suspension is very low, particularly under a pro-business government. But it is prudent to stay informed – rules can always evolve down the line.”

Citizenship pathway remains unchanged: At the present, you can still apply after five years of legal residency through the Golden Visa option.

A Positive Outlook for Investors

Portugal’s recent election results send a clear signal to global investors: the rules stay stable, and the country remains one of the top destinations in Europe for strategic investment. The Golden Visa is not only intact, but also evolving to reflect global trends, with a stronger focus on purposeful and sustainable investment.

While broader immigration policy may remain a topic of public debate, changes to citizenship law are still conceptual. For now, investors entering the program can move forward with confidence – backed by a clear legal pathway, time-tested processes, and the credibility that comes with residency in one of Europe’s most open and globally connected countries.

How Arton Capital Can Help

At Arton Capital, we are dedicated to guiding you through every step of the residency or citizenship by investment process. From personalized consultations tailored to your specific goals to complete application management, we ensure a smooth and compliant journey. With our expert legal support, you can confidently navigate the process, and even after approval, we provide ongoing assistance to help you maintain your new status.

Connect with us today to take the next step toward global citizenship.

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