This article was written by Emma Marshall — Community Manager
We believe this article is accurate at the time of writing, but regulations evolve. We'd welcome you to contact us for a quick, up-to-date confirmation—we're always glad to help.
Concerns about Portugal's new nationality law have dominated recent headlines, but the fund data tells a different story.
New subscriptions to golden visa-eligible investment funds outpaced redemptions by nearly three to one in the first five months of 2026.
What this article covers:
- Why redemptions have accelerated and how significant they actually are
- What the £283 million in new subscriptions signals about investor confidence
- How the nationality law change affects the citizenship timeline
- What this means for existing and prospective Marlow Bray clients
What the Fund Data Actually Shows
Portugal's golden visa investment funds recorded €94.7 million in redemptions in the first five months of 2026, more than double the full-year total for 2025.
Over the same period, new subscriptions reached €283 million. Fund managers report that redemptions represent a small fraction of their overall investor bases and expect activity to normalise from Q4 2026.
The programme's seven-day-per-year physical presence requirement remains unchanged, and continues to be one of the most competitive terms available through any European residency by investment programme.
The Nationality Law Change in Context
The accelerated redemptions followed Portugal's new nationality law entering into force on 19 May 2026, which extended the citizenship residency requirement from five to ten years for most third-country nationals.
For clients focused solely on residency rights, this change has no bearing on their position. For those with citizenship as a long-term objective, Portugal remains a credible route, particularly given its low physical presence threshold. Prospective investors should consider this against alternatives such as Italy and Greece, where terms and timelines differ materially.
Clients with questions about how this development affects their existing position, or who are considering a European residency programme, are welcome to speak with the Marlow Bray advisory team for a considered assessment.
