Weekly update on June 29, 2026: Golden Visa Complaints & Fund Redemptions
PublishedBy Laura Ferreira · Editorial policy
Golden Visa investors filed a formal complaint with Portugal's Ombudsman over the new Nationality Law. Meanwhile, investment funds see massive redemptions, and the government declares immigration under control.
Key takeaways
- Nine law firms representing 1,260 Golden Visa investors filed a complaint with Portugal's Ombudsman on June 26, 2026.
- Golden Visa investment funds experienced €94.7 million in redemptions between January and May 2026.
- The new Nationality Law, effective May 19, 2026, increases the standard naturalisation residency requirement to ten years.
- Portugal's foreign national population reached a record 1,597,539 in 2025, accounting for 14% of the total population.
- Minister António Leitão Amaro stated on June 22, 2026, that immigration is now under control following the end of the manifestation of interest mechanism.
Ombudsman Complaint: The Legal Front
On June 26, 2026, a consortium of nine Portuguese law firms representing 1,260 Golden Visa investors filed a formal complaint with Portugal's Ombudsman (Provedoria de Justiça). The legal action alleges that the revised Nationality Law, Lei Orgânica n.º 1/2026, leaves investors without adequate protection, a situation further exacerbated by ongoing processing delays.
The new legislation, which took effect on May 19, 2026, doubles the standard residency requirement for naturalisation to ten years. It also alters how residency time is calculated, now starting from the date of permit issuance.
This complaint to the Ombudsman is part of a broader legal campaign by investors. Previous actions include an amicus curiae brief filed with the Constitutional Court in December 2025, and representatives have indicated a potential escalation to the European Court of Human Rights.
Market Reaction: Golden Visa Fund Redemptions
The recent changes to the Nationality Law have triggered a significant market reaction among international investors. Between January and May 2026, Portuguese investment funds linked to the Golden Visa program experienced €94.7 million in redemptions.
This five-month withdrawal figure is more than double the €45.3 million recorded throughout the entirety of 2025. Analysts attribute this surge in capital outflows to a crisis of confidence stemming from the stricter citizenship requirements, which investors perceive as reducing the long-term appeal of the program.
In addition to the massive redemptions, new subscriptions to these Golden Visa-linked investment funds have contracted sharply during the first five months of 2026, directly coinciding with the entry into force of the new legal framework.
Government Position: Immigration Controls and Demographics
On June 22, 2026, Minister of the Presidency António Leitão Amaro announced that immigration in Portugal is now under control following recent government reforms. He criticized the previous Socialist government's manifestation of interest mechanism, attributing an exponential leap in migration to an almost complete lack of controls under that system.
The demographic impact of previous policies was highlighted by 2025 data, which showed Portugal's resident population reaching 11,424,031. Of this total, a record 1,597,539 were foreign nationals, representing 14% of the population and more than doubling from 748,155 just four years prior.
Continuing to outline the government's stance, Leitão Amaro spoke at the Ibero-American Forum on Migration and Development on June 26, 2026. During the event, he emphasized Portugal's role as a voice of reason and advocated for regulated and orderly entry flows.
Sources
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