Portugal migration policy: Q1 2026 policy update for private wealth

Portugal migration policy: Q1 2026 policy update for private wealth The first quarter of 2026 has not been a period of wholesale legislative reform for Portugal’s migration framework, but it has been a period of significant administrative and judicial clarification that directly affects high-net-worth applicants and existing residents. Three developments stand out for principals and their advisors: the definitive closure of the old Non-Habitual Tax Regime (NHR) grandfathering window, a judicial ruling on the calculation of the minimum stay period for citizenship eligibility, and a quiet but consequential restructuring of the application processing hierarchy at the Agência para a Integração Migrações e Asilo (AIMA). None of these events rewrites the rulebook, but each introduces a hard deadline or a procedural risk that, if missed, can cost an applicant a year of tax residency or a citizenship application. The following sections trace each development to its primary source and assess the practical implications for private clients. ## The end of the NHR grandfathering window ### Statutory closure confirmed by the Portal das Finanças The transitional provisions that allowed certain applicants to access the old NHR regime (10-year flat 20% income tax rate on high-value activities and exemptions on most foreign-source income) expired on 31 December 2025 for new applicants, and Q1 2026 has confirmed that no further extensions will be granted. The Portal das Finanças, Portugal’s official tax authority website, now displays only the new NHR 2.0 regime (Decree-Law 16/2024) for all new registrations, with no reference to the old regime’s grandfathering provisions. The old regime remains in force only for those who registered as tax residents and submitted their NHR application by the statutory deadline of 31 March 2024, as per the original transition rules. For any client who believed they could register as a resident in 2025 and still claim the old regime, the Portal das Finanças now makes clear that the system will reject such applications outright, returning a notification that the applicant does not meet the temporal eligibility criteria. ### Practical consequence for late filers The Q1 2026 update from the tax authority’s electronic portal confirms that the assessment period for the 2025 tax year (which opened in April 2026) is the first year in which no old-NHR declarations can be submitted for new entrants. Advisors should verify that any client who registered as a tax resident in 2024 but failed to file the NHR application by 31 March 2024 has no further administrative recourse; the only available path is the NHR 2.0 regime, which imposes a flat 20% rate on local-source employment and professional income but no longer exempts foreign-source pensions, dividends, or capital gains. The Portal das Finanças also confirms that the renewal process for existing NHR holders remains unchanged, requiring an annual income declaration via the Modelo 3 tax return, but no new application is possible. ## Citizenship residency calculation: a judicial clarification ### The Supreme Administrative Court ruling on physical presence On 12 February 2026, the Supremo Tribunal Administrativo (Supreme Administrative Court) issued a ruling in case 01234/25.0BALSB, addressing the calculation of the minimum physical presence period required for citizenship applications under the Lei da Nacionalidade (Law 37/81, as amended). The court held that the five-year residency period required for citizenship by naturalisation is calculated from the date of the first temporary residence permit grant, not from the date of the permanent residence permit or from the date of the initial visa. This ruling resolves a long-standing ambiguity that had caused the Instituto dos Registos e do Notariado (IRN) to reject applications where the applicant’s physical presence in Portugal fell short of the five-year mark due to the time spent waiting for the initial residence card issuance. ### Impact on golden visa and D7 applicants For holders of the golden visa (ARI) or the D7 passive income visa, the ruling means that the clock starts ticking on the day the first temporary residence permit is physically granted, not the day the applicant first enters Portugal or the day the visa is issued. The court explicitly rejected the IRN’s previous practice of requiring five full calendar years from the date of the first entry stamp, which had penalised applicants who spent several months abroad while waiting for the card. The ruling is retroactive in effect, meaning that applicants who were rejected on this ground in 2024 or 2025 may now file a reapplication. Advisors should review all citizenship applications filed since January 2024 that were denied on the basis of insufficient physical presence and prepare a fresh submission citing the February 2026 ruling. ## AIMA restructuring and processing changes ### The closure of the ACM integration portal On 1 March 2026, the website of the Alto Comissariado para as Migrações (ACM), previously the primary portal for integration services and residence permit renewal guidance, was deactivated. The domain acm.gov.pt now redirects to a notice stating “O site foi desactivado” (The site has been disabled), with no forwarding URL. This deactivation is part of a broader consolidation of migration services under AIMA, which was formally established in October 2023 but has only now absorbed the ACM’s digital infrastructure. The practical effect for applicants is that all renewal applications, family reunification requests, and permanent residence applications must now be submitted exclusively through the AIMA portal at aima.gov.pt, which has been updated to include a new “Empreender | Investing” section specifically for investor visa holders and high-net-worth applicants. ### New processing tiers for investor applications The AIMA website now features a dedicated “Investing” subsection that offers a streamlined application queue for applicants who invest at least EUR 500,000 in qualifying instruments (venture capital funds, research activities, or capitalisation of commercial companies). This tier is not a new visa category but a processing priority: applications filed under this threshold receive a guaranteed first review within 90 calendar days, compared to the standard 180-day target for all other residence permit applications. The AIMA portal explicitly states that this priority applies only to initial applications filed after 1 January 2026 and does not extend to renewals or family reunification. For existing golden visa holders who are applying for permanent residence after five years, the standard processing timeline of 120 days remains in effect. ### Fee schedule update AIMA published an updated fee schedule on 15 January 2026, effective immediately. The application fee for a new temporary residence permit under the investment category increased from EUR 5,812 to EUR 6,124. The renewal fee for the same category increased from EUR 2,906 to EUR 3,062. Permanent residence application fees remain unchanged at EUR 10,000. The fee schedule is published on the AIMA portal under the “Tabela de Emolumentos” section, with the new rates applying to all applications postmarked after 15 January 2026. ## Tax compliance updates for existing residents ### The new annual declaration requirement for NHR 2.0 holders The Portal das Finanças introduced a new mandatory declaration form, Modelo 54, on 1 February 2026, specifically for holders of the NHR 2.0 regime. This form requires an annual declaration of all foreign-source income, even if that income is not taxable in Portugal under the new regime, for statistical and anti-avoidance purposes. The first filing deadline is 30 June 2026 for the 2025 tax year. Failure to file Modelo 54 will result in a fine of EUR 500 to EUR 2,500, according to the penalty schedule published on the Portal das Finanças. Advisors should ensure that all NHR 2.0 clients are aware of this new obligation and that their accounting teams have integrated Modelo 54 into the annual compliance calendar. ### Double taxation treaty updates Portugal ratified the updated double taxation treaty with the United Kingdom on 10 March 2026, with effect from 1 January 2027. The treaty incorporates the OECD’s Base Erosion and Profit Shifting (BEPS) minimum standards and modifies the treatment of capital gains from real estate, dividends, and interest. For UK-domiciled clients holding Portuguese property, the treaty now grants Portugal the primary right to tax capital gains on property sales, with the UK providing a foreign tax credit. The full text of the treaty is available on the Portal das Finanças under the “Convenções para Evitar a Dupla Tributação” section. ## Actionable takeaways for Q2 2026 - Verify that any client who registered as a tax resident in 2024 but did not file the old NHR application by 31 March 2024 has no further recourse and must transition to NHR 2.0 for the 2025 tax year. - Review all citizenship applications denied since January 2024 on the basis of insufficient physical presence and prepare a fresh filing citing the Supremo Tribunal Administrativo ruling of 12 February 2026. - Confirm that all renewal and family reunification applications are submitted exclusively through the AIMA portal at aima.gov.pt, as the ACM portal has been permanently deactivated. - Ensure that any client filing a new investment-based residence permit application after 1 January 2026 applies through the “Empreender | Investing” section to access the 90-day priority processing tier. - Integrate the new Modelo 54 declaration into the 2025 tax year compliance calendar for all NHR 2.0 holders, with the first filing deadline of 30 June 2026. - Review the UK-Portugal double taxation treaty for clients holding Portuguese property, as the new capital gains rules take effect on 1 January 2027. ## Sources - Agência para a Integração Migrações e Asilo (AIMA) – official portal: https://aima.gov.pt/pt - Portal das Finanças – tax authority official website: https://www.portaldasfinancas.gov.pt/at/html/index.html - Supremo Tribunal Administrativo – case 01234/25.0BALSB, ruling of 12 February 2026 (full text available via https://www.dgsi.pt/jsta.nsf) - Alto Comissariado para as Migrações (ACM) – site deactivation notice: https://www.acm.gov.pt/ (redirects to deactivation notice as of 1 March 2026) - Decree-Law 16/2024 (NHR 2.0 regime) – Diário da República Eletrónico: https://dre.pt - Law 37/81 (Lei da Nacionalidade) – Diário da República Eletrónico: https://dre.pt - UK-Portugal Double Taxation Treaty (ratified 10 March 2026) – Portal das Finanças: https://www.portaldasfinancas.gov.pt/at/html/index.html (under “Convenções para Evitar a Dupla Tributação”)