For American families in particular, the ruling has provided clarity and reassurance at a time when many other EU schemes have closed.

A Growing Attraction for U.S. Applicants

The Golden Visa programme has seen a surge of applications in 2025, with U.S. nationals now making up one of the largest applicant groups. According to Portugal’s Agency for Integration, Migration and Asylum (AIMA), approvals rose by 72% in the first half of the year compared to the same period in 2024.

The attraction is clear: residency requires an average stay of just seven days per year, while offering visa-free travel across the Schengen Zone and eligibility for citizenship after five years — one of the fastest routes to an EU passport.

Since its launch in 2012, the programme has generated more than €7 billion in investment. And with Spain closing its Golden Visa in April 2025, Portugal, alongside Greece, now stands out as one of the few remaining options, with Portugal often viewed as the more stable long-term pathway.

Legal Reforms and Court Intervention

Earlier this summer, proposed government reforms created uncertainty, particularly around extending the citizenship timeline from five to ten years and restricting the scope of family reunification.

Portugal’s constitutional court, however, stepped in and blocked several of the proposals. Crucially, it upheld the rights of Golden Visa applicants to bring family members under the existing rules, ensuring continuity for those applying in 2025.

The ruling is widely viewed as a turning point, providing investors with a renewed sense of confidence that the programme will continue to hold favourable conditions, even as broader immigration policies evolve. At the same time, debate continues, with some policy groups suggesting a six-year compromise on citizenship. For now, however, the current framework remains unchanged, with Golden Visa applicants still eligible to apply after five years.

Readers interested in exploring these changes further can join a free webinar hosted by Holborn Assets on 17th September 2025 at 17:00 Lisbon/UK time. Register here to learn about the new legal landscape, updated investment routes, and what applicants should know before changes take effect — with a live Q&A at the end.

Divisive but Enduring

Golden Visas remain controversial across Europe. Supporters highlight the economic benefits they bring through fund investments and job creation, while critics argue they give wealthy applicants an advantage over standard residency routes.

Portugal addressed some of these concerns by ending real estate as a qualifying investment in 2023, focusing instead on regulated funds and alternative structures. This move has shifted the market toward options that support innovation, infrastructure, and long-term economic development.

Despite the debate, demand is expected to remain strong. With fewer alternatives available across the EU, the Golden Visa continues to provide an attractive “Plan B” for families looking to combine global mobility with a route to European citizenship.

Free Webinar: Portugal Golden Visa 2025 – Everything You Need to Know

Holborn Assets are hosting an exclusive webinar on 17th September 2025 at 17:00 (Lisbon/UK time) to explain the new legal landscape and what applicants should consider before changes take effect.

This live session will cover:

  • Golden Visa basics – who qualifies and how it works
  • Citizenship timeline changes – potential impacts of the proposed 10-year rule
  • Updated qualifying investment routes, including fixed-return structures
  • AIMA processing updates and timelines
  • Family inclusion requirements and planning strategies
  • NHR 2.0 – Portugal’s new tax regime and who can benefit

The webinar will conclude with a live Q&A, giving attendees the chance to put their questions directly to Golden Visa experts.

Places are limited – register here to secure your place.