Markets: Golden Visas Save the National Stock Exchange
The PSI rose 29.6%. Domestic equity funds increased 30.1%, and the national stock exchange is at historic highs, boosted by investment funds linked to the golden visa programme. In 2025, €732 million were injected into the capital markets.
For a decade, golden visas were synonymous with millionaires buying property in Portugal. Real estate was the primary gateway for foreign citizens to obtain residency through investment. However, despite attracting capital, this model was eventually accused of inflating housing prices and distorting the property market. In 2025, the State closed that door and opened another-more discreet, yet financially appealing: the capital markets.
Away from the real estate spotlight, golden visa “money” found a new destination in investment funds and private equity/venture capital funds. The legal requirement to allocate at least 60% of capital to Portuguese companies turned these vehicles into a channel for financing the national economy-and perhaps an unexpected boost for the stock market. According to a financial source, €732 million were raised in 2025 for this type of financial asset.
At the same time, the Portuguese index (PSI) reached historic highs-something only previously seen on January 8, 2010. For João Cruz, analyst at XTB, “this is a sign of strength” in the market, but it also results from a “more concentrated composition, in which a few heavier-weight names can more easily influence the index positively.” Rui Ribeiro, financial analyst at ProtesteInveste, highlights the fact that the national stock exchange rose 29.6% in 2025. “One of the best performances worldwide. As of February 4, 2026, it had already accumulated a 6.8% gain,” he said.
Strategic Shift
The reality is that golden visas have stopped weighing on cities and have instead begun generating returns and investment in domestic companies.
“From an operational perspective, a significant portion of these funds ended up being allocated to Portuguese listed equities, particularly larger-cap companies with adequate liquidity, stable shareholder structures, and consistent dividend policies. In a relatively small market with limited free float, this type of demand-stable and not highly sensitive to short-term fluctuations-has an asymmetric effect: it does not generate abrupt movements but helps sustain prices and reinforce existing trends,” explained João Queiroz, Head of Trading at Banco Carregosa.
The analyst further stated that, in this context, it can confidently be said that funds associated with the Golden Visa regime contributed to exerting some buying pressure, especially during periods when selling supply was scarce. “The impact was more significant the more concentrated it was in certain securities and market phases, acting as an additional support factor for price appreciation, although not capable, on its own, of redefining overall market levels.”
According to Jorge Duarte, analyst at ProtesteInveste, “domestic equity funds were moribund. It was an asset class that had shrunk in recent years, both in terms of number and profitability. In 2025, valuations rose 30.1%, following the broader Southern European market movement.”
Vanessa Câmara, lawyer at Abreu Advogados and immigration specialist, stated that most foreigners investing in Portugal use investment funds and private equity/venture capital vehicles, with €500,000 typically being the most common investment amount. For the lawyer, this represents an attractive mechanism for investors and a way to contribute to the national economy and Portuguese companies.
Rui Ribeiro also noted that the stock market’s rise has other contributing factors. “On one hand, the national economy grew above the EU average; on the other, the level of indebtedness has improved. It is now at 90% of GDP.” In his view, all these factors help attract investor interest in the Portuguese market. “And since we are a small market, increased demand for shares immediately impacts price appreciation.”
Several companies listed on the Portuguese stock exchange are benefiting from this renewed momentum in the PSI. Looking at the past three years (data as of February 4), the largest gains were recorded by Banco Comercial Português (BCP) and Mota-Engil, with shares rising 361% and 162%, respectively. Sonae nearly doubled in value (96%). CTT (89%), Semapa (85%), Galp Energia (41%), Ibersol (73%), and REN (39%) also posted gains. However, some listed companies accumulated losses over the past three years, including Corticeira Amorim (-26%), EDP Renováveis (-32%), and REN (-5%).
Reference link: https://jornaleconomico.sapo.pt/noticias/mercados-vistos-gold-salvam-bolsa-nacional/#goog_rewarded
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