What now for Nationality Law after Portugal's presidential election result?

Left-wing candidate António José Seguro has won the Portuguese presidential election in a decisive landslide.

The former leader of the Socialist Party (PS) secured more than 66% of the vote, defeating nationalist rival André Ventura, leader of the Chega party, in what is being seen as a clear signal of the country’s political direction.

Although the role of president in Portugal is largely ceremonial, the office retains important constitutional powers, including the ability to veto legislation. This is particularly relevant amid the ongoing debate over proposed changes to the Nationality Law.

Recent parliamentary discussions included plans to extend the timeline for permanent citizenship from five to ten years. However, the Socialist Party referred the measure to the Constitutional Court, which ruled elements of it unconstitutional.

As a result, the legislation will return to parliament for further debate in due course.

The proposed timeline changes mainly affect applicants who had not yet received their residency cards because of immigration processing delays prior to 2024. Many are now waiting to see whether the government will introduce ‘grandfathering’ provisions to protect them and their families.

Ventura’s Chega party had been widely viewed as taking a more restrictive stance on immigration, reflecting trends seen across parts of Western Europe. By contrast, the Socialist Party is generally regarded as more open to foreign investment and, given its legal challenge to the Nationality Law changes, more likely to maintain the approach taken in recent years.

While the future of the law remains uncertain, the economic impact of Portugal’s Golden Visa programme is clear.

The residency-by-investment scheme requires applicants to invest €500,000 into approved and regulated alternative investment funds, channeling capital into the domestic economy.

An independent report by the World Digital Foundation found that since the programme’s launch in 2012, it has attracted more than €9 billion in direct investment. This has generated an estimated €54.3 billion in wider economic impact across sectors such as real estate, regulated funds, innovation, sustainable development and job creation.

That equates to every €1 invested producing around €6 in broader economic activity.

Since the Portuguese government removed real estate purchases as a qualifying investment in 2023, the fund-based route has continued to deliver measurable results. One recent report suggested it accounted for close to €1 billion in 2025 across Portugal’s public and private fund markets.

Investor appetite has remained strong. Portugal’s stock market rose by 29.6% during 2025, with that momentum continuing into 2026.

Paul Sheedy, special advisor at the Portugal Future Fund, an alternative investment fund eligible for Portugal’s Golden Visa programme, said: “We’ve seen consistent high levels of demand from investors looking to invest in Portugal’s key growth sectors, including renewable energy, media and international events, tourism and hospitality, technology, and healthcare.
“This has continued into 2026 and is showing no signs of slowing down.”

Says Paul Stannard, chairman and founder of Portugal Pathways which supports high-net-worth individuals navigate their Golden Visa journey: "We congratulate António José Seguro on his success in the presidential election.
“While we await further debate on the Nationality Law, it is clear how significant the economic benefits of the Golden Visa programme are.
“Foreign investment brings jobs, wealth and prosperity to the nation and long may that continue.”

‍

Contact Portugal Future Fund to invest in Portugal's Golden Visa residency-by-investment programme

‍

About Portugal Future Fund

The Portugal Future Fund strategically invests in key sectors, driving growth and innovation across Portugal. Approved for Portugal’s Golden Visa residency-by-investment, it offers a unique opportunity for impactful and rewarding participation.

‍

Disclaimer: The information on the Portugal Future Fund website and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice. Portugal Future Fund operates under CMVM regulations but is not directly endorsed by the CMVM or any governmental entity.

‍