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The End of Real Estate Golden Visas: Understanding Law 56/2023
Law 56/2023 effectively ended new real estate-based Golden Visas from 7 October 2023, limiting future residence-by-investment applications to productive investments while protecting existing holders.
On 6 October 2023, Law no. 56/2023 was published in the Diário da República, implementing Portugal’s “Mais Habitação” (More Housing) package. Among various housing measures, the law effectively ended new real estate-based Golden Visas.
From 7 October 2023 onwards, no new applications for residence by investment may be submitted based on the purchase of real estate (residential or commercial) or simple capital transfers of EUR 1.5 million. The law limits future ARI (residence by investment) applications to more strictly defined forms of productive investment, such as funding scientific research, cultural projects, or venture capital funds that meet specific criteria.
Crucially, Law 56/2023 protected acquired rights. Existing Golden Visa holders keep their status and can renew their residence permits. Their permits are reclassified as a type of “entrepreneurial immigrant” residence permit, but the practical conditions – including minimum stay requirements – remain broadly similar. Applications already submitted before the law came into force continue to be assessed under the previous rules.
For foreign investors, especially those from the US, UK, Brazil, China, Russia and the Middle East, this marks the end of an era. The simple model of buying a property in Portugal and obtaining residency is no longer available. New investors must be comfortable with more complex and genuinely productive structures, such as regulated investment funds or business projects that create jobs.
For future residents whose main goal is living in Portugal rather than passive investment, the shift may actually be clarifying: they should now look first to visas such as the D7 (passive income), D2 (entrepreneurs), digital nomad visa, or work-based routes.
At the policy level, Law 56/2023 responds to domestic criticism that the Golden Visa pushed up property prices without sufficient social benefit. For prospective applicants, it reinforces the need for specialised legal and tax advice: the landscape has not closed, but it has changed fundamentally.
Official source: Diário da República, Law no. 56/2023, 6 October 2023 (https://dre.pt)