Portugal’s Golden Visa: Court Upholds Investor Privileges

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Portugal continues to revise its Golden Visa program and migration legislation. The Constitutional Court has rejected new amendments that sought to restrict family reunification for most immigrants, while confirming the state’s right to maintain preferential treatment for investors, IMI Daily reports.

Court ruling and political context

The proposed reforms came from a coalition of PSD and CDS-PP, backed by CHEGA, which became the second-largest party after the May elections. The amendments included a two-year waiting period for most immigrants before family reunification and limited eligible relatives to spouses and minor children. Changes were also planned for citizens of CPLP (Community of Portuguese Language Countries), including Brazil, Angola, Mozambique, and São Tomé and Príncipe, who would have been required to apply for long-term visas abroad instead of converting tourist status into residency in Portugal.

These restrictions would have applied to all groups except investors and highly skilled professionals, who would have retained the right to bring family members immediately. Left-wing parties criticized the draft as inhumane, while immigrant associations denounced the lack of consultation.

The Constitutional Court ruled that the amendments violated Article 36 of the Constitution, which guarantees the right of parents and children to live together, and would have led to family separation. The decision preserves Golden Visa holders’ right to reunite with a broad circle of relatives listed in Articles 99 and 100 of the Immigration Law. No proof of cohabitation abroad is required. Privileges extend to spouses, adult children, parents, and other relatives.

The Court argued that there are “legal, objective, sufficient and reasonable grounds” for a special regime for investors, and that this differentiation does not constitute discrimination based on wealth. Such treatment aligns with the national interest in attracting investment, creating jobs, and boosting tax revenues. Highly skilled professionals enjoy similar protection.

Presidential veto and immigration agency response

President Marcelo Rebelo de Sousa vetoed the entire bill, sending it back to parliament. He noted that the law was passed in haste and violated principles of equality, proportionality, and legal certainty. Until new changes are introduced, the immigration agency AIMA will continue processing applications under the existing rules, while cases rejected after the July amendments may be reconsidered.

Prime Minister Luís Montenegro stated that the government would seek a “legal solution” that ensures migration control within constitutional boundaries. Sara Souza Rebelo, partner at Prime Legal, called the ruling “a good day for investment migration”, stressing that the verdict reinforces the Golden Visa’s legal stability and paves the way for reform. However, the government is also discussing changes to the Citizenship Law that would increase the minimum residency period for naturalization from five to ten years. Rebelo noted that while the two issues are not directly linked, the Court’s ruling could influence future compromise with the Socialist Party.

Golden Visa demand remains strong

Portugal’s Golden Visa was once highly popular due to its real estate investment option, which has since been excluded, yet the program continues to break records. In 2024, 4,987 visas were issued — 72% more than in 2023, driven largely by U.S. investors, according to AIMA.

However, the backlog remains enormous: more than 50,000 applications from investors and family members are still pending, some for over three years. Lawyer Tatiana Kazan highlighted investor frustration with lengthy delays: “Before the restrictions, many believed the government’s promises of fast-track residence permits. The money came into the country, but nothing followed in return.”

Currently, available investment routes include funds, business creation and job generation, and support for scientific or cultural projects. The Portuguese government has announced plans to enhance the program’s economic impact, such as introducing a 20% flat tax and exempting income from abroad. Meanwhile, the European Commission continues to recommend phasing out golden visa schemes, most of which have already been closed across the EU.