Data from the Portuguese Association of Investment Funds, Pensions and Assets (APFIPP) reveals that investors withdrew €94,7 million from Portugal Golden Visa funds between January and May 2026, and there was an injection of €283 million by May, nearly three times the redemptions.

Record for the Golden Visa

In 2025, foreign investment reached record levels for the Golden Visa in Portugal. Last year, foreign investment in Portugal Golden Visa funds reached a record €732 million. This performance may be explained by the fact that the Nationality Law was already being discussed, which led to greater investment from those who chose Portugal not only to live but also to invest in the national economy.

Given the data, the redemptions presented may not reflect a loss of interest in investing in Portugal, but rather a late arrival at beating the rule, which was applied on 19 May 2026.

Portugal still attracts foreign investors

To The Portugal News, Paul Stannard, CEO of Portugal Pathways, a company that supports international investors and families looking at life, residency and investment in Portugal, stated that “there was a slowdown early this year, and some families rightly wanted the original promise honoured for those who had waited due to AIMA delays in biometric appointments.” Nevertheless, according to Paul, the Portuguese Golden Visa is still attracting “strong investor interest, because it offers international families real flexibility and a minimal physical-stay requirement of just 7days a year, and no need to change tax jurisdiction.”

Stannard even describes the Portugal Golden Visa as “Europe’s most flexible residency-by-investment route.” When compared to countries such as Italy, “the comparable flat-tax route means €300,000 a year plus becoming a tax resident — 183 days in-country.” In the case of Greece, the country, “the comparable flat-tax route means €300,000 a year plus becoming a tax resident — 183 days in-country.”

However, in Portugal, according to the CEO of Portugal Pathways, it is still possible “to apply for permanent residency after five years, and under the new nationality law, citizenship after ten years (seven for EU and CPLP nationals), subject to qualifying criteria.”