Portugal's investor visas and tax perks still open despite political calls to end them

Opposition leaders in Portugal demanded on 18 October 2026 that the country scrap its Golden Visa residence-by-investment route and the tax privileges granted to new foreign residents. The calls follow housing protests in Lisbon and Porto over rents, property prices and the difficulty Portuguese households face in finding affordable homes.

Key facts

• 18 October 2026: Socialist Party leader José Luís Carneiro called for an end to Golden Visas and Non-Habitual Resident privileges
• Chega leader André Ventura proposed reviewing tax benefits for wealthy foreign property buyers, but has not formally proposed abolishing the current NHR 2.0 scheme
• Golden Visas have required no direct property purchase since the 2023 reforms
• The NHR 2.0 incentive generally applies a 20% flat tax rate on eligible Portuguese employment income for ten years
• Golden Visas recorded €6.451Bn in investment between October 2012 and September 2023, linked to 12,718 permits

What is being proposed?

Carneiro called for an end to Golden Visas and Non-Habitual Resident (NHR) privileges; earlier communications from the Socialist Party (PS) had advocated suspending the regimes. He also proposed creating a National Housing Service involving central government, municipalities, cooperatives and associations, together with measures to protect landlords against unpaid rents and repair costs.

Chega leader André Ventura announced an emergency housing package that includes a review of tax benefits for wealthy foreign property buyers. The package would raise personal income-tax deductions for housing expenditure by 50%, reconsider municipal property tax and reassess preferential treatment for affluent overseas buyers. Ventura said he would accept the risk of a budget deficit to improve access to housing, but no detailed costings accompanied the announcement. Chega has not formally proposed abolishing the current NHR 2.0 scheme outright.

What do the schemes offer now?

Golden Visas, introduced in 2012, give qualifying non-EU investors a route to residence in Portugal. Since the 2023 reforms, direct property purchases no longer qualify. Eligible routes now include certain non-property investment funds, scientific research, cultural support and job creation.

The original NHR tax regime closed to most new applicants in 2024. Its successor, the Incentive for Scientific Research and Innovation (IFICI), commonly called NHR 2.0, is narrower: it targets qualifying skilled workers, researchers and innovation-related activities, generally offering a 20% flat tax rate on eligible Portuguese employment income for ten years. It is not itself an investment-for-residency programme.

What has the Golden Visa brought in?

Figures formerly published by immigration authority SEF show Golden Visas generated €6.451Bn in recorded investment between October 2012 and September 2023, linked to 12,718 permits. AIMA reports a record 2,685 Golden Visa approvals in 2025, but no longer publishes corresponding investment totals.

For the NHR 2.0 scheme there are no concrete figures for the investment it brings in. Portugal recorded €8.5Bn in total foreign direct investment transactions in 2025, according to the Bank of Portugal — economy-wide investment not attributable to either incentive.

Why are the schemes disputed?

Supporters of reform argue that public policy must prioritise access to housing and that favourable treatment for incoming wealthy residents is hard to justify while local households struggle. Opponents counter that abruptly withdrawing incentives sends an unpredictable message to international investors, particularly funds financing Portuguese companies and specialists considering relocating.

Vasco Pereira Coutinho, CEO of Lince Capital, told the business daily ECO that repeated changes to the Golden Visa regime created instability, saying "stability and clarity are fundamental" for medium and long-term investment plans. Tax partner Tiago Marreiros Moreira, of Vieira de Almeida, warned in 2023 that ending the NHR regime would send investment to other countries. Fiscal experts have also flagged legal uncertainty over eligibility rules for NHR-related incentives.

What this means for travellers

Nothing has changed for applicants yet. The Golden Visa continues to operate on the investment routes listed above, direct property purchase still does not qualify, and the IFICI/NHR 2.0 incentive remains separate from any residence permit. Anyone weighing these schemes should check which investment route or activity category applies to them, since the debate in Parliament could alter the rules.

No vote or start date has been announced. The open question is whether Parliament can reconcile housing affordability with a predictable framework for productive foreign capital, and distinguish the legacy property-driven Golden Visa from the programmes operating today.