Portugal’s decision to double the residency requirement for citizenship from five to ten years has significantly impacted Indian high-net-worth individuals seeking European passports through investment programmes. The change marks a notable tightening of Europe’s stance on commercialised migration at a time of increased political scrutiny and public pressure.
For years, Portugal’s Golden Visa scheme was considered one of the most attractive pathways to EU residency, offering flexible stay requirements and the possibility of citizenship within five years. Industry estimates suggest that hundreds of Indian families structured long-term mobility, education, and wealth strategies around this route, with investments exceeding €250 million.
However, the revised ten-year naturalisation period has prompted many prospective applicants to reconsider their plans, with inquiries reportedly falling by 30–40 percent. The shift aligns with a broader European trend: in April, the European Court of Justice ruled against Malta’s “citizenship-for-sale” model, reinforcing the political argument that citizenship must reflect cultural and social integration rather than solely financial contribution.
As a result, Indian investors are increasingly exploring alternative residency pathways. The UAE’s 10-year Golden Visa, Caribbean citizenship-by-investment programmes, and the U.S. EB-5 investor visa are seeing renewed interest. At the same time, EU countries such as Greece, Italy, and France are attracting attention for their clearer residency frameworks, even if they do not promise rapid citizenship.
Within Portugal, the policy shift reflects domestic concerns over housing affordability, urban speculation, and rising anti-immigration sentiment. Analysts note that future investment migration models are likely to prioritize social impact and economic sustainability. Many Indian investors currently in Portugal’s pipeline are now reassessing their plans, weighing regulatory stability and long-term certainty more heavily than before.
The message from Europe is increasingly consistent: capital alone is no longer enough—meaningful integration will be central to citizenship pathways going forward.
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