With real estate restrictions tightening across Europe, U.S. investors seeking stability, transparency, and long-term EU mobility are increasingly choosing Portugal. In 2025, CMVM-regulated investment funds became the most trusted Golden Visa route — especially for American high-net-worth families navigating geopolitical uncertainty, inflation, and the need for multijurisdictional diversification.
Greece and Spain entered 2025 with aggressive real estate restrictions aimed at cooling overheated housing markets. Greece raised investment thresholds up to €800,000 in Athens and introduced strict zoning limitations — causing applications to collapse by more than 52.5%.
Spain followed a similar path, tightening its property pathways and signalling potential elimination of real estate options entirely by 2026. These reforms, while politically popular, created uncertainty for foreign investors — especially Americans seeking predictable residency timelines and stable real-asset exposure.
This collapse provides a clear signal to the global investment community: Greece’s real estate-based residency model is no longer stable or predictable.
Portugal’s pivot away from real estate in 2023 created a more transparent and regulated investment environment. Unlike Greece and Spain, Portugal didn’t kill the program — it professionalized it.
The result: U.S. investors now represent one of the fastest-growing Golden Visa applicant groups.
For wealth managers in New York, Miami, and Los Angeles, Portugal’s Golden Visa now resembles a low-risk private equity diversification tool rather than a real estate bet.
Golden Visa-eligible Portuguese funds are regulated under CMVM — Portugal’s equivalent of the U.S. SEC. This level of oversight is unique among European Golden Visa programs and is one of the key reasons U.S. investors view Portugal as the safest residency strategy.
Portugal also allows citizenship without language fluency at the time of the Golden Visa — another advantage over Greece.
| Program | Real Estate | Funds Option | Stability 2025 |
|---|---|---|---|
| Portugal | ❌ Removed | ✔ CMVM-regulated | ⭐⭐⭐⭐⭐ |
| Greece | ⚠ Very restricted | Limited | ⭐⭐ |
| Spain | ⚠ Under political pressure | Unclear | ⭐⭐ |
Portugal offers three pathways ideal for Americans:
All pathways allow citizenship in 5 years.
With Greece and Spain restricting real estate, and political uncertainty rising across Europe, Portugal is now viewed as the most stable, transparent, and structured Golden Visa program in the EU.
For American families, regulated CMVM funds provide the exact combination they seek:
As the global mobility landscape evolves, Portugal remains the only EU residency option offering security without political volatility — a true “safe asset” for U.S. investors.
Get personalized guidance on the fund process. Our Investor Relations team can clarify the steps, discuss Explorer's fund options, and connect you with trusted legal experts. Schedule your confidential, no-obligation consultation today.
André Bandeira
ab@explorerinvestments.com
Maria Campos Silva
mcs@explorerinvestments.com
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Get your complete, free guide to the Portuguese Golden Visa. Learn how to invest with confidence through Explorer Investments, the country's largest private equity fund.
André Bandeira
ab@explorerinvestments.comMaria Campos Silva
mcs@explorerinvestments.comCopyright © 2025 Explorer Investments
It is recommended to consult Chapter V of Decree-Law nº 162/2014, of October 31st, published in the Official Gazette, as well as its revision by Law nº 2/2020, of March 31st. The information included here is of a general nature, and therefore each potential investor should seek independent advice (e.g., legal, financial, tax, etc.)