Portugal Golden Visa Alternatives: The Best Options For 2025

Portugal’s popular golden visa programme just became a lot less lustrous. The government recently voted to increase the naturalisation period to ten years. 

So, with the timeline now doubled and the backlog well beyond its bursting point, we reappraise the viability of the programme, looking at how it’s changed, the consequences of those changes and what the best Portugal Golden Visa Alternatives are in 2025. 

Portuguese Golden Visa Status In 2025

Once upon a time, Portugal’s Golden Visa programme was one of the best in the business, but it’s since become a victim of its own success.  

Rising prices, increased backlogs and added restrictions have all combined to make the programme far less appealing than it once was. 

And now the government has voted to raise the naturalisation period to ten years – doubling the amount of time you need to live in Portugal before applying for citizenship. 

If you have already made your citizenship application, this won’t be an issue, as the old rules will still be respected in this case. So, no problem there. 

The problem, though – and it’s a major one – is that anyone with a golden visa (or indeed any other type of visa for that matter) patiently waiting until the end of their five-year residency to apply for citizenship will now have to wait another five years to apply. 

In other words, Portugal just scored a massive own goal. 

And given how backlogged the process is already, sorting this mess out is only going to add to the time. 

As it stands, applications for residency are taking too long. Realistically, you’re looking at anything up to two or three years to process the residency request.

Add to that an additional decade before applying for citizenship, and you’re looking at up to 13 years before being eligible to apply for citizenship. 

So what’s going to happen? People are going to start looking elsewhere. 

In fact, from our vantage point, we can see that’s what’s already starting to happen. 

Portugal’s Costly Decision

So, how much is this latest change going to cost Portugal long term? 

We estimate a loss of approximately €4.6 billion to the Portuguese economy. 

This is based on a survey of current golden visa investors, over 70% of whom are reconsidering their applications, at a cost of €500,000 per person to the Portuguese economy. 

If we take just the US applicants, we’re looking at a potential loss of up to €455 million, which would have otherwise helped to stimulate growth and job creation. 

Portugal Golden Visa Changes

When Portugal first launched its golden visa back in 2012, the rules were far more favourable for investors. 

Simply put, the country took a battering during the 2008 crash and so was keen to stimulate its ailing property market.  

The gambit worked, injecting billions of euros of investment directly into the Portuguese economy. 

Meanwhile, word began to spread, and the programme became ever more popular. 

In fact, the popularity of the Portuguese golden visa ultimately proved to be its own undoing. 

On the one hand, a growing backlog of applicants, on the other, mounting political pressure to end the programme completely to secure votes.

At one point, it looked as though Portugal was going to completely close their golden visa programme, much like Spain did. 

Instead, the government began tinkering with the real estate investment option – the most appealing option for investors – before eliminating it completely in October 2023. 

They also increased the minimum fund investment threshold from €350,000 to €500,000, yet this still did not discourage applicants. 

Around the same time, the Portuguese government also announced the closure of the Non-Habitual Resident (NHR) tax regime, which had been running since 2009. 

The programme officially ended in 2024 and was replaced by the IFICI, which, while still providing clear tax benefits, is much narrower in scope. 

Current Portuguese Golden Visa Rules

So here we now are, in 2025, the popular NHR tax regime has been replaced with something far more restrictive, and Portugal’s golden visa programme is less enticing and considerably more expensive than it once was.

With the real estate option eliminated, the €500,000 fund investment option is now the best option for investors looking to secure a Portuguese golden visa.

Except now you’re looking at more than a decade before you can secure your citizenship. 

The only exceptions to these new rules are EU citizens (who already have EU citizenship, so are unlikely to care) or fellow members of the CPLP, whose citizenship timeline has increased to seven years instead of ten. 

Incidentally, the CPLP (Community of Portuguese Language Countries) is a community of Portuguese-speaking countries such as Brazil, Angola and Mozambique, as well as the tiny African island nation of São Tomé and Príncipe. 

Worth mentioning here as an aside: São Tomé and Príncipe offers a super-fast citizenship by investment programme from just $90,000, so if you want a cheap, fast passport now, and a shorter wait for a Portuguese passport later, this could be worth investigating. (You can read more about this programme in our article on African citizenship by investment.) 

In the meantime, the Portuguese government has vowed to make clearing the golden visa backlog a priority for 2026. But how big of a priority will it be really?

Because even if it becomes the government’s number one top priority (hardly) this mess is unlikely to be solved any time soon.

Is Portugal Played out?

So, we have increased restrictions, rising prices, growing backlogs and vague government promises, all begging the question, is Portugal played out?

Well, yes and no. 

Ultimately, the answer to that question depends on your specific circumstances. 

Yes, in terms of easy access and a swift and predictable path to citizenship. 

No in terms of long-term value for those who can afford to play the long game and wait it out. 

At Millionaire Migrant, we have long been advocates of Portugal, but, at the same time, our entire business is based on the core principles of careful preparation and contingencies. 

Portugal Golden Visa Alternatives

The fact that Portugal’s golden visa programme still exists, while other similar programmes were shut down, is a good thing. 

More importantly, though, investors need to understand that it’s hardly the only game in town. 

With all that’s going on right now with Portugal’s golden visa programme, it makes sense to look for alternatives. 

So here are some of the more attractive options for 2025. 

Spain 

Directly next door, we have Spain, one of the largest and most vibrant EU members, with many cultural similarities to Portugal.

Straight off the bat, though, let’s just clarify the fact that Spain no longer has a golden visa programme. 

Its closure was announced in April 2024 and subsequently closed completely in April 2025. 

So why are we talking about Spain? 

Well, firstly, because the climate and lifestyle are similar, secondly, because there are other residency and tax programmes worth investigating, and thirdly, because there are some residency hacks you can potentially take advantage of to make your path to citizenship easier. 

So, the lifestyle in Spain is amazing, it’s a warm, affordable and safe EU member state with good infrastructure and quality healthcare. 

While English fluency on the whole is nowhere near as good as in Portugal, that doesn’t matter so much if you live in one of the busier cities or more popular expat areas. 

As for visas, Spain offers a digital nomad visa and a specialist entrepreneur visa. 

Both of these options are attractive since, as of 2023, they are eligible for use with Spain’s Special Expatriate Tax Regime, better known as the Beckham Law. 

(It was named after the English soccer star David Beckham, the first high-profile celebrity to take advantage of the scheme.)

The Beckham Law provides an exemption on foreign income plus a 24% flat tax on locally sourced income under the maximum threshold of €600,000.

This arrangement lasts for six years, after which point Spain’s (rather hefty) progressive tax system takes hold. 

If your aim is EU citizenship, that means you have a further four years to wait while the Spanish taxman takes a considerable bite out of your income at rates that can go as high as 50%, depending on where you live. 

For most people, that’s a huge dealbreaker, but depending on where you’re from, you may be able to take advantage of a much shorter naturalisation period. 

If you (or your spouse) were born in a Latin American country or the Philippines, for example, the naturalisation period drops to around two years, or three years maximum. 

This, in turn, means you can continue to enjoy the tax advantages the Beckham Law bestows for a further three to four years before being free to reside anywhere in Europe you desire. 

Which all sounds well and good if you’re eligible, but if you’re not and still want a golden visa, we need to move further afield, though remaining in the Mediterranean for now. 

Italy

Italy retains its golden visa, and the pricing is similar to that of the Portuguese programme. Thankfully though, its processing times are not that long.

Still, that could soon change if investors continue to jump ship and look at Italy’s offering instead.

From a cost perspective, this makes sense; a €500,000 investment in a business, or just €250,000 if you invest in an “innovative start-up”. (Half the cost of Portugal’s fund investment option.)

Processing times are fast, and family members can also be added, though the visa and your ability to renew it, remain contingent on you maintaining your investment for the duration. 

Once again, you’re looking at a ten-year timeline for citizenship, but nothing close to the backlog Portugal has when it comes to visa applications.

Secondly, you can use that time to take full advantage of Italy’s flat tax regime.

Under this regime you can opt to pay an annual flat tax rate of €200,000 on all foreign income for a period of up to 15 years. (Local-sourced income is still taxed at regular rates.) 

Family members can be added to this system also for an additional €25,000 per person, extending the tax benefits while also enjoying EU residency and all the best that Italy has to offer.  

Those offerings are considerable, but if value’s a key motivating factor, our next suggestion might be more suitable. 

Greece

With a real estate option starting at €250,000, Greece’s golden visa is another attractive option for investors looking to secure EU residency. 

It’s fair to say that the Greeks have been watching their Portuguese counterparts closely, learning from their mistakes while adjusting their own program to help position it better. 

It’s certainly a more business-friendly approach, though Greece still suffers from the same Mediterranean bureaucracy as the other countries on our list. 

No surprise to hear, then, that there’s a backlog, but it’s nowhere near as problematic as Portugal right now.  

And unlike Portugal, or Spain and Italy for that matter, the naturalisation period in Greece is just seven years, instead of ten. But, as you might have guessed, there’s a catch.

When applying for citizenship you will be required to prove you have established genuine ties to the country and made considerable efforts to integrate – which includes passing a Greek language test. 

Learning the lingo is trickier than most languages for English speakers as it entails learning a whole new alphabet. But at least you can enjoy some tax relief while doing so.

Greece’s own flat tax regime is closely modelled on the Italian model, but is half the cost at a rate of €100,000 annually, versus Italy’s €200,000. 

Combined with a seven-year wait for EU citizenship and the benefits could more than justify the cost of some Greek language lessons.

So, to recap, unlike Portugal, you can still invest in real estate and, at $250,000, that sum costs half of Portugal’s fund investment cost. 

The naturalisation period is three years less than in Spain, Portugal or Italy, and the flat tax regime costs half as much as Italy’s does. 

In terms of value, therefore, Greece scores quite high. It just doesn’t score high in every category.

Malta

Traditionally, Malta’s biggest draw was its now-cancelled golden passport programme.

That was Europe’s last remaining citizenship by investment programme until the European Union forced its closure earlier this year. 

With all the media hubbub surrounding it, people seem to have forgotten the fact that the country’s residence by investment programme is still operating as normal.

The Malta Permanent Residence Programme (MPRP) has a real estate investment option beginning at €375,000. 

With government fees (€37,000) and administrative fees (€60,000), however, that minimum amount comes to €472,000.

It’s also a requirement that applicants have a net worth of at least half a million euros. 

This requirement, and the higher costs overall, reflect Malta’s status as a desirable location for high-net-worth individuals. (The country is also one of the leading countries for citizenship by exception.)

In addition to its golden visa, you may also wish to avail of Malta’s special Global Residence Programme, or GRP. 

This is a special tax regime allowing you to pay a flat tax of 15% on foreign-sourced income remitted to Malta, or 35% on local-sourced income. 

So, while obtaining your residency is pricey, it can potentially be offset by the long-term tax savings Malta provides while you naturalise. 

To become a citizen, you need to be:

• Resident in Malta for 12 months before making your application AND 

• Have lived in Malta for a minimum of four of the six years BEFORE that 12-month period. 

In other words, you are looking at a naturalisation window of between five and seven years, which is notably less time than Portugal and Italy and potentially less than Greece also. 

Also, because Malta is a native English-speaking country, you don’t need to worry about learning a new language like you have to in Greece. 

Put it all together, and Malta has plenty of potential, though if price is a concern, our next option might be more suitable. 

Latvia

Here’s one you rarely hear about, and we can’t understand why, since it currently offers one of the cheapest paths to EU citizenship. 

Latvia introduced its own golden visa programme in 2010, and it continues to enjoy moderate success, particularly with Americans. 

The main draw here is the price, which starts at just €50,000 for the company investment option – ten times less than the equivalent option in Portugal.  

And, unlike Portugal, Latvia also allows you to invest in real estate starting at €250,000. 

Another key difference is that your time to residency is around two to three months, versus the two/three year backlogs in Portugal. 

So right now you’re thinking, “sounds great, what’s the catch?” 

Well, first off, let’s state the obvious. Latvia’s the odd one out in this list as it’s not a Mediterranean country. In geographic terms, it’s closer to being Scandinavian than Mediterranean, and its winters reflect this. 

Sure, Portugal’s Atlantic winds can be quite bracing, but temperatures rarely get into the minuses except in the highest, most mountainous regions. 

So, unless you’re moving from someplace like Winnipeg, Latvia’s not going to tick all those warm, sunny Mediterranean boxes. 

And if you want to get away from those Latvian winters, you’ll discover you don’t have quite the same flexibility found in other programmes, as the physical presence requirements are higher. 

Temporary residency is renewable on an annual basis for five years, after which time you can obtain permanent residency. 

You’re then looking at another five years for citizenship, with a requirement that four of those five years are spent within Latvia. 

So, while the initial costs are considerably lower, you’re looking at a ten-year citizenship window with a more prominent physical presence requirement. 

Lastly, there’s the language test to consider. We would assume that by the time you are eligible for citizenship, you would have picked up the requisite amount of Latvian to pass, but then some people pick up languages quicker than others. 

Compared to our previous alternative, Malta, with more lax physical presence requirements and English as standard, you can begin to see why residency strategy is less about cost and more about comparing comparative value. 

Then again, perhaps you speak Latvian already. Maybe you learned it from your parents growing up. In which case, you need not worry about investment costs at all, as you can apply for citizenship by descent.

Alternative Option 1: Citizenship by Descent

As the great bard once said, all that glitters is not gold. 

So why spend anything from fifty to five hundred thousand euros, and up to 13 years of your life, on something you could already be eligible to get for free? 

For example, more than half of Americans (58.8%) and Canadians (52.5%) are of European ancestry. 

That doesn’t mean you’re automatically eligible for citizenship by descent (CBD), but, given the odds, it’s certainly worth investigating.

All six of the countries mentioned so far offer citizenship by descent, with Italy and Latvia being especially popular with Americans and Canadians. 

Also popular with Americans and Canadians is Irish citizenship, again a no-brainer given it’s an English language country with one of the world’s top-rated passports. 

Other popular EU countries with North American expats include France, Germany and Poland. 

While specific rules and eligibility criteria vary from one country to the next, the main benefits common to all citizenship by descent programmes are cost and speed. 

Unlike citizenship by investment, or residency by investment, there are no fees, no donations, no naturalisation periods – you need only meet the country’s criteria and citizenship becomes yours by right.

Having the right support and advice makes the whole process even easier. 

With detailed knowledge of every country’s specific CBD programme, Millionaire Migrant has helped clients from all over the world successfully navigate the process and obtain citizenship based on their ancestry. 

Get in touch today to discover how citizenship by descent can work for you. 

Alternative Option 2: United Arab Emirates

Then again, perhaps you’re fed up with Europe entirely and want nothing to do with it. 

A sentiment which, given its constantly changing goalposts and Kafkaesque backlogs, is totally understandable. 

So, if you’re looking for a country that’s pro-business, pro-wealth and anti-bureaucracy, then you ought to move to the United Arab Emirates, specifically, Dubai. 

Sure, we are somewhat biased – our main offices are in Dubai – but there’s a reason for that. 

Unlike Europe, which requires you to carefully weigh up all the pros and cons of various elaborate tax regimes and fully comprehend their workings, the UAE comes with zero income tax right out of the box. 

As for second citizenship, while Europe has shuttered its citizenship by investment programmes, other countries are stepping in to fill the void. 

The ever-popular Caribbean programmes remain some of the easiest second citizenships to attain, but, as of 2025, they now face growing competition from a growing number of African citizenship by investment programmes. 

São Tomé and Príncipe, for example, has its citizenship by investment team based here in Dubai, offering second citizenship at a base price of $90,000 plus a $5,000 processing fee. 

And the timeline? Six weeks.

That’s right, six weeks compared with up to 13 years for Portugal. 

(Of course, if you did own a passport from São Tomé and Príncipe – a Portuguese-speaking CPLP nation – your naturalisation period for Portugal drops from ten to seven years.)

Portugal’s Own Goal

On the one hand, we understand the why Portugal decided to update the rules.

A five-year naturalisation window is not that long a wait really, but ten years?

That’s a serious commitment. 

And that’s precisely what the Portuguese government wants, a long-term commitment. 

Rather than grab the passport and run, they want people who are willing to put down roots, appreciate the culture, integrate into society and provide long-term value to the nation.  

Which is a perfectly reasonable position to have. 

Though the Portuguese government also need to understand that such a long-term commitment is a two-way street – and doubling the naturalisation time is a huge ask.

For example, Portugal has long been one of the most popular countries for those looking to leave the US and start a new life in Europe. 

If you have your heart set on Portugal, you are forced to reconsider that timeline, especially if you have young children. 

First, we have the waiting period for a residency permit – up to three years, which is a long time in a child’s development. 

Add another decade for citizenship, and your child is not a child anymore. 

Let’s say you apply when your child is five, but with the current backlog, you don’t secure your residency until the child is eight. 

Your child subsequently spends ten years growing up in Portugal until the naturalisation period has elapsed.

Sure, EU citizenship is one hell of an 18th birthday present, but shouldn’t your child’s formative years be spent on something more than simply waiting on a passport?

Ok, so right now you might be thinking, “I’m not a parent, so that’s not an issue.” 

Alright, let’s put it in different terms. Taking that same timeline, let’s instead rewind 13 years to 2012. 

2012, incidentally, was the year that Portugal’s golden visa launched, actively encouraging real estate investment in exchange for a naturalisation timeline of just five years. 

Meanwhile, Britain was still in the EU and London was hosting the Olympics, while Mayor (not PM) Boris Johnson famously dangled from a zipline. 

Since then, we’ve had Brexit, a global pandemic, and an endless stream of superhero movies. Influencer culture is everywhere, electric vehicles are everywhere, the world’s maps have been redrawn, and entire industries have disappeared.

Think of all the things that have changed in the past 13 years and how that rate of change is increasing as artificial intelligence dominates the headlines.

And now I want you to try to imagine how much society and the world will have changed by 2038. Because that’s the level of commitment the Portuguese government is asking for.

Portugal Golden Visa Alternatives: Conclusion

Changing the timeline from five to ten years is a big ask. And while the Portuguese government wants you to commit long-term, they’re still locked into short-term thinking, unable to see beyond the next election cycle. 

So they enact policies focused on securing votes, while the wealthy vote with their feet, leaving Europe’s bureaucracies behind in favour of less restrictive jurisdictions. 

Portugal’s golden visa programme was once the poster child for all that was best about Europe. 

Now, with its constant delays and government meddling, it represents the EU at its worst.  

If the last few years have taught us anything, it’s that governments tend to move slowly yet amend legislation on a whim.  

And that’s a problem. 

Global mobility has increasingly become a race against time, as programmes get shut down, prices rise, or an incumbent government decides to meddle with a perfectly functional piece of legislation to try to secure a few votes.  

Europe, for all its benefits, is the worst offender.

When other companies tell you “get in touch NOW!” they’re simply following tried and trusted call to action methods which have been around since before the days of radio. 

But when we say it, we really do mean now because the more you wait, the greater the risk of disappointment.

One phrase we hear a lot at Millionaire Migrant is, “I wish I’d talked to you guys sooner.”

Please don’t let that be you. If you’re looking to secure the best residency solution for you and your family, talk to Millionaire Migrant today. 

Portugal Golden Visa Alternatives FAQ

Is Portugal’s golden visa still active?

Yes, as of the time of writing, Portugal’s golden visa programme is still active however, the government just raised the naturalisation period from five to ten years. 

The only exceptions are for citizens of the EU or CPLP (Community of Portuguese Language Countries) countries, whose naturalisation period has gone from five years to seven.

What happened to Portugal’s golden visa?

Portugal’s golden visa has seen many changes since it launched in 2012. Initially, the government began tweaking the real estate investment option before removing it entirely in 2023. 

The government also raised prices, for examples, they increased the fund investment amount from €350,000 to €500,000. 

In October 2025, following much debate and speculation, the government opted to increase the naturalisation period from five years to ten, doubling the amount of time it takes to become a citizen overnight.

The only exceptions to the rule are citizens from either the EU or CPLP (e.g. Angola, Brazil) countries.

The Portuguese government has also pledged to make clearing the backlog a major priority for 2026, though current golden visa wait times remain at around 2-3 years, in addition to the ten-year naturalisation period.

Does Spain have a golden visa?

No, Spain’s golden visa closed officially in April 2025, though other European countries continue to operate similar programmes, including Portugal, Greece, Italy, Malta, and Latvia. 

What are the best Portugal golden visa alternatives in 2025?

As of 2025, the best Portugal golden visa alternatives include Greece, Italy, Malta, and Latvia. 

Was Malta’s golden visa shut down? 

No, Malta’s golden visa (residency) programme still exists. Its golden passport (citizenship) programme, however, was shut down by the EU courts in 2025. It was the last such citizenship programme of its kind in operation in Europe. 

Malta’s residency by investment programme, the Malta Permanent Residence Programme (MPRP), is still in operation, offering EU residency and other benefits. 

Unlike Portugal’s golden visa, the MPRP continues to provide a real estate investment option with prices beginning at €375,000.