Golden Visa
Portugal’s Golden Visa Set for Strategic Enhancements: What Investors Need to Know
Portugal’s Golden Visa program, one of Europe’s most sought-after residency-by-investment schemes, is undergoing a new phase of development. While recent reforms (in 2023) removed the real estate investment route, the program has seen record-breaking inflows - nearly 5,000 Golden Visas were issued in 2024, a 72% increase year-over-year. Now, the Portuguese government is signaling its intent to further enhance the regime, making it more economically efficient, attractive, and aligned with Portugal’s long-term strategic goals.
This message comes at a time when several other European countries - including Spain, Ireland, the Netherlands, and Greece - have either ended or restricted their Golden Visa programs, primarily due to concerns over housing affordability. Portugal’s decision to maintain and improve its offering is positioning the country as a leading European destination for capital, entrepreneurs, and digital nomads alike.
At 3 Comma Capital, we welcome the government’s continued support of a program that has brought both capital and talent to Portugal over the past decade. We look forward to the upcoming policy enhancements and remain committed to offering our investors best-in-class fund solutions for Golden Visa eligibility and long-term wealth preservation.
To explore 3 Comma Capital investment solutions or learn more about our Golden Visa elligible fund, visit www.3commacapital.com or contact our Investor Relations Team.
A Program Under Transformation - Not Termination
In a recent interview, António Leitão Amaro, Portugal’s Minister of the Presidency, confirmed that there are no plans to discontinue the Golden Visa. Instead, the government is studying how to "organize [the program] in a more effective and economically efficient way,” with proposed reforms expected after the summer of 2025. Leitão Amaro emphasized that all adjustments would be “economically and socially fair,” reinforcing Portugal’s image as a destination for qualified foreign investment and global talent.This message comes at a time when several other European countries - including Spain, Ireland, the Netherlands, and Greece - have either ended or restricted their Golden Visa programs, primarily due to concerns over housing affordability. Portugal’s decision to maintain and improve its offering is positioning the country as a leading European destination for capital, entrepreneurs, and digital nomads alike.
Incentives Under Consideration
Although final measures have yet to be announced, reports suggest the government is considering:- Additional tax incentives for Golden Visa applicants, such as a flat 20% tax rate on domestic income and a 10-year exemption on most foreign income, mirroring elements of Portugal’s former Non-Habitual Resident (NHR) regime.
- Higher investment thresholds for certain options, potentially increasing the minimum contribution for Golden Visa eligibility from €500,000 to €1 million in selected categories.
- A streamlined application process to address the backlog of nearly 45,000 pending applications at AIMA (Agency for Integration, Migration, and Asylum), with the goal of significant clearance by year-end.
From Real Estate to Strategic Investment
The 2023 reform eliminated direct real estate investments as an eligible Golden Visa path. Today, the most popular route is a minimum €500,000 investment in regulated investment funds, such as the Portugal Golden Income Fund. Managed by 3 Comma Capital, the PGI Fund offers exposure to investment-grade Portuguese bonds, global equities, and digital assets, while maintaining daily liquidity, tax efficiency, and full compliance with Golden Visa requirements.The Portugal Golden Income Fund
- 70% allocation to Investment-Grade Portuguese Corporate Bonds (stable income, low volatility)
- 15-20% - World equities + 10-15% - Alternative Assets (Bitcoin and Gold)
- No exposure to real estate
- Foreign exchange diversification into Euro denominated assets, hedging potential USD downside exposure
- Distribution share class available (targeting 2%–3% p.a.)
- Fund is fully compliant with the Portuguese Golden Visa program eligibility
- No entry and competitive management fees (1.5–1.75% p.a.)
What This Means for Investors
For international investors considering Portugal as a gateway to Europe, the message is clear: the Golden Visa Program is not only here to stay - it is evolving in a way that prioritizes capital productivity, economic alignment, and long-term value creation. Funds like the Portugal Golden Income Fund are uniquely positioned to benefit from this next phase, offering access to stable income streams, euro diversification, and a compliant route to European residency.At 3 Comma Capital, we welcome the government’s continued support of a program that has brought both capital and talent to Portugal over the past decade. We look forward to the upcoming policy enhancements and remain committed to offering our investors best-in-class fund solutions for Golden Visa eligibility and long-term wealth preservation.
To explore 3 Comma Capital investment solutions or learn more about our Golden Visa elligible fund, visit www.3commacapital.com or contact our Investor Relations Team.
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Duarte Caldas
Investments Principal
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With more than 20 years of experience in financial markets, Duarte specialized in the energy area in the last decade, where he had the opportunity to work with the main European Power and Gas institutions at CIMD Group. Previously, he worked as Market Strategist at IG Markets Iberia.
