We know many of you have been following Portugal’s recent developments around its Golden Visa and citizenship pathways. With proposed reforms making headlines and clients eager to understand what’s changing — and what isn’t — we’ve put together this clear, timely update to help you navigate the latest news and make informed decisions about your next steps.

1. The Golden Visa — Still Going Strong

Good news: Portugal’s Golden Visa remains very much alive and well. While real estate investments were removed as an option in October 2023, the program continues to offer several compelling pathways:

• €500,000 in a qualifying investment fund, with at least 60% invested in Portuguese projects.
• €250,000 donation toward cultural or heritage initiatives.
• Job-creation or scientific research contributions.

The essentials — including minimal stay requirements (just ~7 days per year) and the ability to include family members — remain unchanged.

2. Citizenship — What’s on the Horizon?

Portugal is considering changes to its nationality law that could make the journey to citizenship more demanding. A draft bill introduced in June 2025 proposes:

• Extending the residency requirement from 5 to 10 years (or 7 years for CPLP nationals).
• Adding a cultural/civic knowledge test, in addition to the current A2 Portuguese language requirement.
• Measuring the residency “clock” from the date your residency card is issued, rather than when you applied — potentially adding delays.
• Closing the Sephardic ancestry route to citizenship.

These proposed changes don’t impact your right to live in Portugal under the Golden Visa, but they could affect the citizenship timeline for future applicants.

3. Where Do Things Stand?

• The broader immigration reform package (excluding nationality laws) passed Parliament on 16 July 2025.
• The proposed Nationality Law reforms have been postponed for further hearings, now expected to resume in September 2025.
• In the meantime, the current 5‑year rule remains in effect, and applications submitted before 19 June 2025 are expected to be processed under the existing criteria.

4. Why Acting Now Still Makes Sense

We’ve seen a similar situation before — during the 2023 “Mais Habitação” debates — when concerns about retroactive laws arose. At that time, it was confirmed that applying new rules to past applications would likely violate Portugal’s constitution.

This precedent suggests there is a strong legal argument that the proposed nationality changes (which remain proposals at this stage) would apply only to applications submitted after the law formally takes effect. While we cannot completely rule out the possibility of different interpretations or unexpected developments, the current legal and constitutional framework seems to support this expectation, but again, we do NOT know for certain.

If citizenship is your ultimate goal, moving forward now could help you secure the current, more favorable terms before any changes take hold.

What This Means for You

The Golden Visa remains open and attractive.

For those pursuing citizenship, acting sooner allows you to benefit from the current 5‑year pathway and avoid stricter future requirements.

Family inclusion, minimal stay requirements, and Schengen access are unchanged.

The proposed reforms are still under discussion — today’s rules still apply.

At Nomad Advisory Group, we take pride in guiding you through these changes with clarity and confidence. Based in beautiful Beverly Hills, California and part of the prestigious Holborn Assets Group, we work alongside you and your clients to explore, evaluate, and navigate these evolving programs — so you can make informed decisions about the opportunities ahead.

We’ll continue to monitor these developments closely and share updates as they unfold. If you have any questions about how these changes could affect you or your clients — or if you’re ready to take the next step — we’re here to help you navigate the process with confidence and clarity.

Let us know how we can support you.

Important Disclaimer / Please Read

The information contained in this communication is provided for general informational and educational purposes only and does not constitute, and should not be relied upon as, legal, tax, investment, financial, or other professional advice. Neither Nomad Advisory Group LLC nor Holborn Pass provide professional advice unless and until a formal written engagement agreement is executed. No recipient should act, or refrain from acting, based solely on the content herein without seeking advice from qualified legal, tax, and financial professionals who are familiar with their particular circumstances and applicable laws. While efforts are made to ensure the accuracy and timeliness of the information provided, Nomad Advisory Group LLC makes no representations or warranties, express or implied, regarding its completeness, reliability, or suitability for any purpose, and expressly disclaims any liability for actions taken or not taken based on this content.

‍