Nigerians holding Portugal’s golden visa may soon enjoy a decade-long tax exemption on their foreign income, as the Portuguese government weighs a proposal under its “Non-Habitual Resident” (NHR) tax regime, known locally as regime fiscal do Residente Não Habitual.
The proposed policy, outlined in a draft released by Portugal’s Ministry of Finance on June 9, offers zero taxation on income earned abroad for a 10-year period.
It also suggests capping taxes on Portuguese-sourced income at a flat rate of 20 percent for qualifying investors, including Nigerians.
The plan is part of broader fiscal reforms aimed at attracting global talent. A related initiative, the Incentivo Fiscal à Investigação Científica e Inovação (Tax Incentive for Scientific Research and Innovation), is also in the works to encourage investment in science, innovation, and business development through competitive tax benefits.
Although yet to be approved by the Portuguese parliament, the proposed changes could directly benefit over 100 Nigerians who have obtained golden visas since the programme’s inception in 2012.
Data from Portugal’s Agency for Integration, Migration and Asylum (AIMA) obtained by Sunday PUNCH shows that 44 Nigerians and 77 of their dependents were granted golden visas between 2019 and April 2025.
Visa applications from Nigeria have surged in recent years, reportedly doubling annually since 2022, as Nigerians seek stable euro-denominated investment options amid the naira’s weakening value.
Globally, China leads golden visa approvals with 5,366 recipients, followed by Brazil (1,229), the United States (713), Turkey (592), and South Africa (550).
Nigeria currently ranks fifth among African countries, trailing South Africa, Angola, Egypt, and Morocco.
However, analysts in Lisbon project that Nigeria could soon surpass Angola and Egypt if the new tax incentives are enacted.
Introduced in 2012 during the eurozone debt crisis, Portugal’s golden visa—outlined in Article 90-A of the Aliens Act—offers residency in exchange for economic contributions.
These include a minimum investment of €500,000 in regulated funds, the creation of 10 jobs, or donations to cultural projects. Real estate investments were previously permitted but were phased out in 2023 due to concerns over housing affordability.
Holders of the visa are only required to spend seven days per year in Portugal and may apply for permanent residency or citizenship after five years, provided they pass a basic language test.
The golden visa programme has brought more than €7 billion into Portugal’s economy, though it has faced criticism for contributing to rising property prices.
Under the proposed tax reforms, Nigerian investors—who currently face tax rates as high as 48 percent on both domestic and foreign income—could see domestic taxes cut to 20 percent and foreign income completely tax-exempt for a decade.
This potential tax relief could offset the initial €500,000 ($572,000) investment in less than five years for high-earning individuals.
The Portuguese plan comes amid a wider European crackdown on golden visa schemes. Spain and the Netherlands recently scrapped theirs, and Malta has been ordered by the EU to end its citizenship-by-investment programme.
Other countries, including Ireland and Greece, have tightened regulations.
Despite the trend, Portugal remains committed to its programme. Minister of the Presidency, António Leitão Amaro, recently affirmed that there are no plans to abolish the golden visa initiative, stating, “There’s no plan to end it. It’s not on the table.”
Amaro also noted that efforts are underway to clear a backlog of 45,000 pending golden visa applications, with expectations to complete the process by December 2025.
