Portugal’s Golden Visa no longer includes a real estate route. The property investment path that drove the program for years was removed under the 2023 “Mais Habitação” law, and buying an apartment in Porto or a villa in the Algarve no longer earns you a residency permit. That change, combined with long processing delays at AIMA (the agency that replaced SEF) and the end of the old NHR tax regime, has pushed most people to look at other ways in.
The good news is that the Golden Visa was never the only option, and the alternatives are often cheaper and faster. If you can spend most of the year in Portugal, the D7 passive income visa and the D8 digital nomad visa get you residency without locking away €500,000. If you can’t relocate yet, a qualifying investment fund is still the route that keeps the five-year clock to citizenship running while you stay put.
This guide breaks down the D7, D8, and fund options, what each one costs and requires, and how Portugal compares to Spain and Greece if you decide to look elsewhere in the EU.
What Changed in Portugal for 2026
The map of European residency has shifted fast. In 2022, the Portuguese path was simple: buy a property, get a visa. That route is gone. The 2023 “Mais Habitação” (More Housing) law removed real estate from the Golden Visa entirely, and the rules remain in force in 2026. This was not a minor adjustment. It reflects a wider shift across investor residency programs, with governments favoring economic contribution over property speculation.
The administrative side is harder than it used to be. The old immigration agency, SEF, was replaced by AIMA, and the transition created a backlog that still affects applicants in 2026. Waits for biometric appointments can run into many months, and that lack of predictability is a large part of why people now look past the Golden Visa. A Portugal immigration lawyer can tell you which tracks are actually moving through the system right now.
Relocating today takes more planning than it did five years ago. Passive investment on its own no longer gets you in. Most applicants now go one of two ways: an income-based visa that makes you a resident, or a qualifying fund investment. Either route means thinking carefully about how your tax residency lines up with the time you actually spend in the country.
What Happened to the Real Estate Option
The Mais Habitação law ended residency through property purchase. You can still buy an apartment in Porto or a house in the Algarve, but the purchase no longer qualifies you for a permit. Buying property in Portugal is now a lifestyle decision, not an immigration one. People still ask whether “non-residential” property, “commercial” units, or low-density areas offer a way around this. They do not. The current rules closed those loopholes.
The Fund Investment Route
For people who don’t want to move right away, the main investment path left is a €500,000 contribution into a qualifying venture capital or private equity fund. That is a very different proposition from owning a building. You avoid tenants and maintenance, but you give up a tangible asset for a financial instrument, and the funds are barred from investing directly or indirectly in real estate. Many US investors are cautious here because of the PFIC tax reporting rules that apply to foreign funds and the lack of a physical asset under their control.
Portugal’s Own Alternatives: The D7 and D8 Visas
The Golden Visa dominated the conversation, but it was never the only way into Portugal. For a lot of people the D7 and D8 visas are the better option, because neither requires locking away €500,000. Both are built around your ability to support yourself with existing income, so the upfront cost is far lower. The trade-off is commitment: these are residency visas, not part-time arrangements.
That trade-off comes down to physical presence. The Golden Visa asked for as little as seven days a year in the country. The D7 and D8 generally require you to spend at least 183 days per year in Portugal to keep your status and qualify as a tax resident. Both offer a path to citizenship, though the timeline is longer than it used to be (see below).
The D7 Visa: Not Only for Retirees
The D7 is often called the “retirement visa,” which undersells it. It is a passive income visa, and it suits anyone with stable recurring income, not just pensioners. As of 2026 the minimum income requirement is €920 per month for the main applicant, tied to the Portuguese minimum wage. You qualify by proving reliable income from sources such as pensions, dividends, or rental property, and you need to show around €11,040 in a Portuguese bank account to cover your first year. If your income is spread across several sources, a Portugal immigration lawyer can confirm which types AIMA will accept.
The D8 Digital Nomad Visa
If you are still working remotely, the D8 is usually the better fit. It sets a higher income bar, currently €3,680 per month, roughly four times the minimum wage. You can apply for a one-year temporary stay, which is a practical way to test living there, or for a two-year renewable residency permit. Only the residency permit counts toward the citizenship clock. For the full document and income-evidence list, see the Digital Nomad Visa Portugal guide.
When to Look Beyond Portugal
If Portugal’s backlogs or the loss of the real estate route are dealbreakers, other EU programs are worth comparing. Each strikes a different balance of speed, cost, and how much time you have to spend on the ground. The right one depends on whether you want a second home, a faster passport, or a place to live full-time.
One point up front, because it reshapes this comparison: Portugal changed its nationality law in May 2026. Citizenship now takes 10 years of residency for most applicants, or 7 years for citizens of EU and Portuguese-speaking countries. The old five-year route no longer applies to new arrivals. Portugal used to be the clear winner on citizenship speed, and that is no longer true, so weigh these options on cost and lifestyle rather than assuming Portugal gets you a passport fastest.
Spain
Spain closed its Golden Visa on April 3, 2025, so property investment no longer earns residency there. You can still buy a home in Spain, but the purchase gives you no immigration status. Most Americans looking at Spain now apply for the Spanish Digital Nomad Visa, which can process faster than Portugal’s D8 and pairs with the Beckham Law, a flat 24% tax rate on Spanish employment income up to €600,000 for six years, with most foreign income exempt. Immigration Lawyers Spain can compare the paths for your situation.
Greece
Greece still allows residency through real estate, but no longer at one flat price. Since 2026 it uses a tiered system. In high-demand areas such as Athens, Thessaloniki, and popular islands, the minimum is €800,000. In other regions it is €400,000. A separate €250,000 tier applies only to restoring historic buildings or converting commercial property to residential use. Greek Golden Visa property cannot be used for short-term Airbnb-style lettings. On citizenship, Greece requires seven years of residency and Greek language proficiency, which now puts it on par with Portugal’s seven-year route for EU and Portuguese-speaking nationals and ahead of the ten-year route most Americans would face in Portugal.
For faster permanent residency without living in the country, Malta and Cyprus are worth a look. Malta’s Permanent Residence Programme grants permanent residency through a combination of commitments: a qualifying property (rent from €14,000 a year or buy from €375,000, held five years), a €37,000 government contribution, a €60,000 administration fee, a €2,000 donation to a Maltese charity, and proof of €500,000 in assets. It is not a light or cheap option, but there is no minimum stay requirement. Cyprus offers a faster route, with permanent residency in roughly two to three months for a €300,000 property investment plus proof of €50,000 in annual income from outside the country. Both let you avoid the year-by-year renewal cycle common elsewhere.
Tax After NHR: What IFICI Means for You
For years the Non-Habitual Resident (NHR) regime was the main financial draw for moving to Portugal, offering a decade of broad tax relief. NHR closed to new applicants and was replaced by IFICI, the Tax Incentive for Scientific Research and Innovation. IFICI is far narrower. Where NHR was open to almost anyone who moved to Portugal, IFICI is tied to your profession, not your visa.
Your tax exposure depends on your income and activity, not on which visa you hold. IFICI gives a flat 20% rate on qualifying Portuguese employment and self-employment income for 10 years, but only if your work falls in an eligible field such as scientific research, technology, or other high-value sectors, and only if you hold the required qualifications and were not a Portuguese tax resident in the prior five years. Holding a D8 or a Golden Visa does not by itself grant IFICI access. If you do not qualify, your Portuguese income is taxed on the progressive scale, which in 2026 runs from 12.5% to 48%, with a 2.5% solidarity surcharge on income above €80,000.
Who Qualifies for IFICI
IFICI is limited to new residents working in designated sectors: scientific research, technology, healthcare, and similar high-value fields, generally requiring a relevant degree or PhD. The benefit is the 20% flat rate on qualifying Portuguese-source income for a non-renewable 10-year period. If you are moving as a retiree, prepare for a different reality. The old NHR treatment of foreign pensions is gone: under IFICI, pension income is taxed at standard progressive rates, not the reduced rate retirees once relied on.
US Expat Considerations
For American readers the picture is more complex, because the US taxes based on citizenship, not just residency. You will need to manage the interaction between Portuguese tax and the US Foreign Earned Income Exclusion or Foreign Tax Credits, and factor in the 2.5% solidarity surcharge on Portuguese income over €80,000. Every situation differs, so get advice from a cross-border tax professional before you move rather than after.
Which Alternative Fits Your Situation
The best path is rarely the most famous one. It is the one that matches your finances and how much time you can spend in Europe. Work through four questions.
Time on the ground. Can you live in Portugal at least 183 days a year? If yes, the D7 or D8 are far more cost-effective. If you need to stay in the US full-time, the €500,000 fund is your only Portuguese option.
Liquidity. Do you have €500,000 to lock into a fund for five years or more? If that capital is better kept in your own portfolio, the monthly income thresholds of the D7 and D8 are much easier to meet.
End goal. Is this a backup plan or a route to a passport? The 2026 citizenship change matters here: Portugal now takes 10 years for most applicants, or 7 for EU and Portuguese-speaking nationals, so it no longer offers the fast track it once did. If a passport is the priority, weigh Portugal’s revised timeline against Greece’s seven years before deciding.
Speed to approval. If you need to move within a few months, Spain’s Digital Nomad Visa is currently more predictable than Portugal’s AIMA-led process.
Backup Plan or Full Relocation
If you are not ready to leave the US but want a secure foothold in Europe, the fund route fits best. It keeps a residency path open while you stay put. If you are actually moving to Portugal this year, the D7 or D8 are better: they get you into the local system faster and avoid the management fees that come with private equity funds.
The Bottom Line
The real estate route into Portugal is gone, but the alternatives are cheaper and, for anyone planning to actually live there, often better. If you can spend most of the year in the country, the D7 or D8 gets you in without locking up €500,000. If you can’t relocate yet, the fund route keeps a residency path open. Before committing to any option, confirm the specific fund or visa meets current AIMA requirements, secure your NIF and a Portuguese bank account (both can be done remotely), and check how the choice interacts with your tax situation, especially if you are American. Given how much has changed in the last two years, work from current official requirements rather than older guides, and get advice specific to your circumstances before you file.
Get Expert Global Immigration Advice
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Frequently Asked Questions
Is the Portugal Golden Visa still available in 2026?
Yes, but not through real estate. You can no longer qualify by buying property. The main route now is a €500,000 investment in a qualifying venture capital or private equity fund that does not invest in real estate. It remains a common choice for people who want a foothold in Europe without relocating right away.
Can I still buy property to get a visa in Portugal?
No. The government ended the real estate route to ease housing pressure. Buying a home in Portugal is now a lifestyle choice with no residency attached. If property-linked residency is your goal, Greece still offers it, though at higher thresholds than before.
What is the cheapest alternative to the Portugal Golden Visa?
The D7 passive income visa. It requires no large upfront investment: you prove stable monthly income of at least €920 and show around €11,040 in a Portuguese bank account. It suits retirees and anyone with recurring income from pensions, dividends, or rentals.
How much passive income is required for the Portugal D7 visa in 2026?
€920 per month for the main applicant, tied to the national minimum wage. Add 50% (€460) for a spouse and 30% (€276) per dependent child. You also show roughly €11,040, a full year of income, in a Portuguese bank account before applying.
Does the Portugal Digital Nomad Visa (D8) lead to citizenship?
The residency version can, but the timeline changed in 2026. You now need 10 years of legal residency to apply for citizenship, or 7 years if you are a citizen of an EU or Portuguese-speaking country. You will also pass an A2-level Portuguese language exam. The temporary-stay version of the D8 does not count toward citizenship; only the residence permit does.
Is Greece or Portugal better for 2026?
It depends on your goal. Greece is better if you want property-linked residency, starting at €400,000 in most regions. On citizenship, the two are now closer than they used to be: Greece takes seven years, and Portugal takes ten for most applicants or seven for EU and Portuguese-speaking nationals. Portugal no longer holds the clear speed advantage it once did.
How long are AIMA processing delays for new applicants?
Waits vary widely and depend on your visa type and consulate. Reports in 2026 range from a few months to secure an in-country appointment up to the better part of a year for some routes. Plan for a slow, unpredictable process rather than a fixed timeline, and confirm current waits with a lawyer before you commit.
Can Americans still apply for the Portugal alternatives?
Yes, and Americans make up a large share of applicants. You will need an FBI background check and proof of health insurance. US citizens are generally treated as low-risk applicants, which can ease parts of the process.
