Residency, Updated October 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 four residency routes that still work, plus the IFICI tax regime - 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. The fund route is structured to direct capital away from urban housing and toward Portuguese businesses: at least 60% of the fund must be invested in companies based in Portugal.
2026 Nationality Law amendment
The Nationality Law amendment (Lei Orgânica 1/2026, in force since 19 May 2026) doubled the residency requirement for citizenship from 5 years to 10 (7 for EU / CPLP citizens). 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 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. Counts towards citizenship: 10 years of legal residence, or 7 for EU and CPLP nationals (Nationality Law as amended by Lei Orgânica 1/2026, in force since 19 May 2026).
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 €920/month in 2026 (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
From €3,680/month in 2026 (4 × minimum wage)
Best fit
Remote-employed tech workers; freelance digital service providers; early-stage founders
Requires evidence of average monthly income over the last three months of at least 4× the Portuguese minimum wage. Can be employee or freelance. The residence permit is valid for 2 years, then renewable for 3; a temporary-stay version lasts under a year. Can be paired with an IFICI application if you qualify.
Watch out: Income evidence must predate application - bank statements and employment contracts, not projections.
IFICI (tax-incentive regime)
Capital
No capital minimum
Income
Employment or self-employment in an activity the law lists
Best fit
Researchers, R&D staff, startup employees and listed highly qualified professionals
2024 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
No legal minimum: you show the investment, or the funds and a described plan
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
If you arrived here from a Golden Visa search, start with one of these 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.
- Remote tech worker: D8 + IFICI. The cleanest combination if you qualify - 20% flat rate on qualifying income, Portuguese residency, citizenship pathway.