However, recent developments have brought forth proposed changes that could significantly impact wealth management strategies and investment opportunities.

Proposed Changes and Their Significance


The Portuguese Socialist Party (PS) has put forward a proposal to amend the Mais Habitação (More Housing) Bill, aiming to keep the Golden Visa programme open with certain modifications. One of the key changes is the elimination of real estate investments and capital investments through deposits and similar instruments as eligible options for the Golden Visa.

The significance of removing real estate as an investment avenue is twofold. Firstly, it addresses concerns surrounding rising housing prices and their impact on local communities. By reducing reliance on real estate investments, the government aims to promote more sustainable development and prevent speculative practices that may exacerbate housing affordability issues.

Secondly, this change has direct implications for wealth management strategies. Wealth managers who previously relied on real estate investments to help clients obtain residency will need to reassess their approach. Alternative investment avenues must be explored to ensure clients can still meet the revised programme’s criteria and secure residency in Portugal.

Shift in Investment Options


The revised proposal suggests alternative investment options that will remain eligible for the Golden Visa programme. These options include job creation (with or without company creation) for a minimum of 10 jobs, investment in scientific or cultural areas, venture capital funds, and business ventures that maintain or create jobs.

Wealth managers will need to adapt their strategies to align with these revised investment options. Job creation becomes a key focus, as clients can invest in businesses that generate employment opportunities. Wealth managers can guide their clients towards sectors with growth potential, assisting them in identifying viable job creation opportunities that meet the programme’s requirements.

Investment in scientific or cultural areas presents an exciting avenue for wealth managers and their clients. This may involve investing in research institutions, innovation centres, arts organisations, or cultural heritage projects. Wealth managers can help clients navigate these unique investment opportunities, ensuring compliance with the programme’s guidelines while supporting scientific and cultural advancement.

Venture capital funds offer another promising investment option. Wealth managers can explore partnerships with reputable venture capital firms to identify investment opportunities that align with the revised Golden Visa programme’s criteria. This avenue allows clients to support innovation, entrepreneurial ventures, and the growth of start-ups in Portugal.

Business ventures that maintain or create jobs continue to be a viable option for clients seeking residency through investment. Wealth managers can assist in evaluating existing businesses or facilitating the establishment of new ventures that align with the programme’s requirements. By supporting job creation, clients can contribute to the economic growth and development of Portugal while fulfilling the Golden Visa programme’s criteria.

Impact on Wealth Management Strategies


The proposed changes introduce both challenges and opportunities for wealth managers. They will need to closely monitor the upcoming vote on the proposed amendments, as the outcome will shape the investment landscape and determine the viability of different wealth management strategies in Portugal.

For wealth managers with clients who have already submitted their Golden Visa processes before the new law takes effect, the assurance that the conditions of the programme will remain as they were at the time of submission provides stability and continuity in financial planning. However, it also necessitates a thorough review of investment portfolios, as the removal of real estate as an eligible option may require diversification into other asset classes or investment vehicles.

Wealth managers should conduct a comprehensive analysis of their clients’ investment portfolios and identify alternative investment opportunities that align with the revised programme’s criteria. This may involve exploring investments in sectors such as job creation, scientific research, cultural endeavours, and venture capital. By diversifying investment portfolios, wealth managers can help clients adapt to the new requirements while mitigating potential risks and capitalising on emerging opportunities.

Furthermore, wealth managers specialising in cross-border wealth planning and international investment strategies will need to analyse the impact of the proposed changes on their clients’ global wealth management strategies. This evaluation will ensure that the revised Golden Visa programme aligns with their clients’ overall financial objectives and long-term wealth preservation plans.

Final Thoughts


The potential changes to Portugal’s Golden Visa programme reflect a shift in priorities towards job creation, scientific and cultural advancements, and venture capital investments. While the elimination of real estate investments may present challenges for wealth managers and their clients, it also opens up new avenues for exploring alternative investment opportunities in line with the revised programme’s criteria.

Wealth managers should stay informed about the progress of the proposed amendments and be prepared to adapt their strategies accordingly. By closely monitoring the evolving financial landscape and guiding their clients through potential adjustments in investment approaches, wealth managers can navigate the changes to the Golden Visa programme and continue to provide effective wealth management solutions for their clients’ residency and financial goals.

For more information call Blacktower Financial Management: +351 725 566 190.