Monthly update on June 2026: Over 1,200 Golden Visa Investors Challenge New Nationality Law Amid AIMA Delays

Investors Launch Legal Challenge Over New Nationality Law

The central development in June was a major legal challenge from the Golden Visa investor community. On June 26, a consortium of nine Portuguese law firms filed a formal complaint with the Provedoria de Justiça (Ombudsman) on behalf of 1,260 investors. The action targets recent amendments to Portugal's Nationality Law that came into effect on May 19, 2026.

The core grievance is a change in how the residency period for naturalization is calculated. Under the new rules, the clock starts only upon the issuance of the first residence permit, not from the date of the application submission. With the immigration agency, AIMA, facing processing delays of three to five years for Golden Visa applications, this change retroactively penalizes thousands of applicants who initiated their investment under the previous, more favorable law. Investors argue this violates their 'legitimate expectations'.

The consortium's immediate goal is to persuade the Ombudsman to refer the law to Portugal's Constitutional Court for a review of its constitutionality. This coordinated action represents the most significant pushback to date against the legislative changes and administrative failures affecting the Golden Visa program.

AIMA Reports Backlog Progress Amidst Persistent Delays

Early in June, the Portuguese government released figures indicating significant progress in clearing the country's vast immigration backlog. According to the report, AIMA and a special task force have processed over 525,000 pending immigration cases, resulting in approximately 473,000 positive outcomes. The agency also completed 763,000 appointments, signaling a large-scale effort to stabilize the system after the transition from its predecessor, SEF.

While these numbers suggest AIMA's overall operational capacity is improving, the benefits have not extended to Golden Visa (ARI) applicants. These applications are handled through a separate portal and continue to face severe delays. Sources confirmed that some applications submitted as far back as 2021 are still awaiting a decision. This disconnect highlights the specific challenges within the ARI program and fuels the frustration that led to the investors' legal complaint.

Operational Strain and Strikes Hamper AIMA's Recovery

AIMA's efforts to manage its caseload were further complicated by internal operational issues in June. A nationwide strike by agency staff took place from June 1 to June 5, causing significant disruptions, including the cancellation and postponement of appointments across the country. This industrial action exacerbated existing frustrations for applicants who have already endured long waits for service.

The strike added to the strain on an agency already reported to be grappling with thousands of outstanding court cases that slow down the issuance of residence permits. This combination of legal challenges and labor disputes slows the agency's recovery and directly impacts the processing timelines at the heart of the investor community's grievances.

Market Reacts with Record Redemptions from Golden Visa Funds

The legal uncertainty and prolonged delays have had a tangible impact on the investment landscape. According to data from the Portuguese Association of Investment Funds, Pensions and Assets (APFIPP), investors redeemed €94.7 million from Golden Visa-eligible funds between January and May 2026. This figure is more than double the €45.3 million withdrawn during the entire year of 2025.

Analysts directly attribute this sharp acceleration in capital outflow to the new Nationality Law and the government's failure to provide a transitional regime to protect existing investors. The wave of redemptions reflects a crisis of confidence in the program's stability. Although new subscriptions of €283 million still outpaced withdrawals during the same period, the trend signals significant market anxiety and a potential shift in investor sentiment.