Residency · Updated April 2026
Golden Visa is dead - what actually works in 2026
Law 56/2023 (Mais Habitação), in force since 7 October 2023, terminated the real-estate route for the Portuguese Golden Visa. Residency via property investment is no longer possible anywhere in Portugal, including Madeira. If you landed here searching for the Madeira Golden Visa, your capital needs a new home. Here are the five residency routes that still work - with the numbers.
Why the property route closed
Portugal terminated the Golden Visa real-estate route to cool urban housing markets (primarily Lisbon and Porto), not Madeira specifically. Roughly 78% of 2025–2026 Golden Visa approvals are now flowing through the €500k fund route. The fund route is structured to direct capital away from urban housing and toward Portuguese growth businesses.
October 2025 amendment
The Nationality Law amendment approved by Parliament on 28 October 2025 doubled the residency requirement for citizenship from 5 years to 10 (7 for EU / CPLP citizens). The amendment is pending presidential review. This materially extends the citizenship timeline for any new Golden Visa application - something to weigh against the capital commitment.
CINM / IBC Madeira - extended to 2033
The Madeira International Business Centre regime was extended in November 2025 to 2033, with the licensing deadline of 31 December 2026. Qualifying entities get a 5% corporate tax rate, an 80% stamp-duty exemption and 0% non-resident dividend withholding. Relevant if you are structuring a business rather than relying on passive residency income.
The five residency routes that still work
€500k funds investment
Capital
€500,000+
Income
Passive
Best fit
HNW investors who want Portuguese residency without operating a business or tying capital to property
Qualifying Portuguese investment funds (often private-equity or venture-capital structure) with a minimum 5-year hold. No real-estate component. Maintains eligibility for citizenship after 7 years (EU/CPLP) or 10 years (post-Oct-2025 amendment) residency.
Watch out: Fund fees and drawdown terms vary materially - hire an independent investment advisor, not a fund salesperson.
D7 (passive-income visa)
Capital
No capital minimum
Income
From ~€820/month (minimum wage × 1)
Best fit
Retirees with pension income; passive-income holders; not-wealthy relocators
Requires evidence of stable passive income (pension, rental, dividends). Annual income threshold indexed to Portuguese minimum wage × household-size multiplier. Initial residency 2 years then renewable.
Watch out: IFICI does NOT cover D7 pensioners. Standard IRS applies to foreign pension income. Model tax bill before committing.
D8 (digital nomad visa)
Capital
No capital minimum
Income
€3,280/month active earnings
Best fit
Remote-employed tech workers; freelance digital service providers; early-stage founders
Requires evidence of active work-from-anywhere income ≥ 4× Portuguese minimum wage. Can be employee or freelance. Initial residency 1 year then renewable. Frequently paired with IFICI application.
Watch out: Income evidence must predate application - bank statements and employment contracts, not projections.
IFICI (tax-incentive regime)
Capital
No capital minimum
Income
Qualifying-CAE employment or self-employment
Best fit
Tech / R&D / high-value-services professionals; EQF-6+ qualified
2025 successor to NHR. 20% flat Portuguese tax rate on qualifying Portuguese-source income, plus exemption on most foreign-source income. Not a residency visa per se - pairs with D7/D8.
Watch out: Foreign pensions are EXCLUDED (major change from old NHR). Take our eligibility quiz before counting on this.
Take the IFICI quizD2 (entrepreneur visa)
Capital
Business capital requirement (case-by-case, often €50k+)
Income
From Portuguese-based business
Best fit
Founders willing to incorporate and operate a genuinely active Portuguese business
Requires a business plan, company formation, and demonstrable economic activity in Portugal. Pairs well with CINM (Madeira IBC) 5% corporate rate for qualifying holding or service structures.
Watch out: AIMA scrutinises "paper" businesses. The business must actually operate.
Choosing between them
Most buyers who arrive via a Golden-Visa search end up on one of three paths:
- HNW with capital, not income: €500k funds route. Citizenship timeline is long; visa renewal is predictable.
- Retiree with pension income: D7. Accept that IFICI will not cover pension income and model standard IRS. Still usually beats mainland European tax rates.
- Remote tech worker: D8 + IFICI. The cleanest combination if you qualify - 20% flat rate on qualifying income, Portuguese residency, citizenship pathway.