For years, people have asked me the same question, “Mikkel, why don’t you ever recommend Portugal?”

It’s a country that has historically been known as an expat haven, but in recent years, it has begun to take a much less welcoming stance toward foreigners. 

Last year, Portugal removed the real estate investment option for its Golden Visa, removing one of the most favourable pathways toward gaining citizenship through the program. 

Well, now, you have your answer.

Portugal’s parliament has just approved a bill to double the timeline to citizenship from 5 to 10 years (except for Portuguese-speaking or EU member state nationals, who now need to wait 7 years) without grandfathering in most residents already in the country.

Yes, you read that right.

Investors, entrepreneurs, and families who played by the rules, invested in good faith, and expected to apply for citizenship next year… are now being told to wait six more years.

This isn’t a policy tweak. It’s a complete betrayal.

If you’ve followed me for a while, you’ll know that I don’t find this latest move too surprising. 

Back in July, I wrote an email in which I warned that this was coming, and said that you should strike Portugal “off your list with a bold marker.” 

And I meant it.

I’ve had countless people ask why I never partnered with developers or projects there, and why I’ve spent years talking clients out of Portugal’s Golden Visa.

My answer is that the system never made sense. It was always fragile and ripe for a swift political reversal.

Why would they let you spend seven days a year in a country and then hand you a passport at the end of five years?

Does that sound like a path to integration and permanence, or a loophole waiting to close?

And now, everything I warned about is happening.

For applications already in process, the old five-year rule still applies, but only if citizenship is already pending.

Everyone else, including Golden Visa and Digital Nomad residents who haven’t yet applied, must now conform to the new seven- or ten-year timeline.

Worse still, the citizenship clock now starts when residency is granted, not when it’s applied for. 

Since obtaining a residence permit often takes 2 to 3 years, most applicants will effectively face a wait of nine to thirteen years for naturalization.

They already scrapped the Non-Habitual Residency program. They’ve strangled foreign investment. And now, by moving the goalposts retroactively, they’ve confirmed what I said from day one:

Portugal can’t be trusted as a long-term jurisdiction.

The entire expat industry in Portugal was built on the promise of stability, predictability, and respect for the law. 

But now, the government has decided that commitments made to expats no longer matter.

Look to Panama or Paraguay, countries that still reward productivity, respect private property, and operate on stable, constitutional frameworks.

These jurisdictions have territorial tax systems, straightforward residency programs, and predictable timelines that don’t move every election cycle.

Speak soon,

Mikkel

PS. Since smart people are looking at the amazing opportunities in Latin America, join me and a small, freedom-minded group next month for our upcoming exploration and investment tour in Colombia. This is a country I’ve been visiting and investing in for years, and I’m excited to formally take the Expat Money community on our first official exploration and investment tour to this nation on the rise. I hope to see you there.

Enjoying this email Newsletter? Feel free to forward it and share it with your friends and family to subscribe. The more good, like-minded people we have in our community, the stronger we will be!

No advice: This newsletter, EMS Pulse®, contains information about going offshore and being an expat. The information is not advice and should not be treated as advice. You must not rely on the information in the newsletter as an alternative to legal, financial, or tax advice from an appropriately licensed professional. If you have any specific questions about any such matter, you should consult an appropriately licensed professional. You should never delay seeking legal advice, disregard legal advice, or commence or discontinue any legal action because of information in the EMS Pulse® newsletter or in our work at Expat Money®. Limited warranties: Whilst we endeavour to ensure that the information in the newsletter is correct, we do not warrant or represent its completeness or accuracy. To the maximum extent permitted by applicable law, we exclude all representations, warranties and conditions relating to this newsletter or our work at Expat Money®. We will not be held liable for any decisions you decide to make as the consumer of this content. Law and jurisdiction: This disclaimer shall be governed by and construed in accordance with Panama Law. Any disputes relating to this disclaimer shall be subject to the exclusive jurisdiction of the courts of Panama. This message is sent to you because your email address is on our subscribers' list. If you are not interested in receiving more emails like this one, just hit unsubscribe at the bottom of this email.