Lawyers and advisory firms have long complained the golden visa process is slow and bureaucratic, and some wanted more clarity about the new rules, which bar both direct and indirect real estate investments.

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Ready to roll! Whilst the annual Victoria's Secret Fashion Show is one of the most celebrated A-list events in the calendar, such a reputation doesn't come easy; with a series of images taken backstage at this year's show capturing the immense amount of effort made to get the models looking their best before they step out onto the runway

But Nuri Katz of advisory firm Apex Capital Partners said excluding real estate investments would make Portugal less attractive to investors, who would turn to other countries' golden visa schemes. Neighbouring Spain is among those that still allow property investments.

on the front of the visa card

Loving life! American singer and songwriter Miguel also took to the stage to perform and couldn't wipe the smile off his face as he accompanied a bevy of beauties - including model Leomie Anderson - down the runway

Putting money into investment funds has been an option under the Portuguese scheme since 2015, but is now expected to be its principal channel. Other routes include donating to cultural or research projects.

Contributing at least 250,000 euros to cultural projects or 500,000 euros to scientific research - or generating 10 jobs - can also help secure a golden visa. Applicants must allow criminal records checks and show they have no outstanding debts.

Although there is no official data yet, three lawyers specialising in golden visas told Reuters they expected funds to soon represent 80-90% of all such investments. But with property closed off, some said less money was likely to make its way to Portugal overall.

The scheme, which offers wealthy non-EU nationals who invest in Portugal the right to live in the country, has attracted 7.3 billion euros ($8 billion) of funds since its 2012 launch. Most participants are from China, Brazil and the United States.

LISBON, Jan 9 (Reuters) - Buying property in Portugal is no longer a route to a "golden visa" giving residency rights but foreigners who want to secure one can still put their money into investment funds, which now anticipate a boom in inflows.

Alessandra, 36, was seen deep in conversation with her make-up artist - perhaps discussing whether or not she will return to the famous fashion show next year, after it was reported earlier this week that she plans to retire after taking to the catwalk to strut her stuff in this year's show. 

"We've already had (application) withdrawals because of legislative instability and the lack of certainty," Martins said. "(Others) prefer to invest now and start the process rather than wait for a change a new government might make." ($1 = 0.9111 euros)

Yet Bella Hadid, Alessandra Ambrosio, Romee Strijd and Candice Swanepoel ensured that all would go well during one of the biggest fashion moments of the year as they lead the host of models taking to the runway for the 22nd annual show which was held at the Mercedes-Benz Arena in Shanghai on Monday.

The Portuguese government has tightened the rules after initially saying in February 2023 that it would scrap the golden visa scheme, which has been blamed for exacerbating a housing crisis. It had already sought to redirect property investments from big cities to depopulated areas.

Also turning heads on the runway was Adriana Lima - a veteran Angel having walked the runway since 1999 and being not only their longest-running model, but named 'the most valuable Victoria's Secret Angel' earlier this year. 

Prime Legal's Lima believes more funds will be created now that real estate is no longer an option - and that some existing funds will reorient themselves away from property - and that donations towards cultural projects will become more popular.

With her status hinted at by her incredible set of wings, the Brazilian bombshell, 36, wowed in a teal bra and knickers set that offset the layers of multicoloured necklaces and bracelets she donned whilst sashaying down the runway. 

"People are doing it not out of a desire to invest but out of necessity ... to get the golden visas," said Francisco Barata Salgueiro, a senior partner in charge of the foreign investment department at EDGE International Lawyers.

Backstage: The secret to matching the model's jewellery with their outfits at speed was displayed backstage as it was revealed the jewels were laid out alongside a picture of the outfit it would go with 

Portuguese stock market regulator CMVM, which certifies funds, said it could not provide a list of those eligible for golden visa investments. Lima estimated there were around 40, although some may not still be open for investment.

Jim Davidson, a Pela Terra investor from the United States, said real estate was still an option when he started the golden visa process but that he had been aware of growing negative sentiment toward the scheme. He said Pela Terra was more aligned with his values and ethics.