NAC Weekly No. 10: Portugal Doubles the Residence Needed for Citizenship to 10 Years

On 3 May Portugal's president signed a new nationality law: people from outside the EU now need ten years of legal residence, double the old wait, before they can apply for citizenship. During the week Australia raised rates for the third time this year, to 4.35%. In the US and UK, hiring and house prices both slowed: the US added just 115,000 jobs in April, and London prices fell 1.4% in a year.

Market pulse, week of 4–10/5/2026

Signals this week

🇵🇹 Portugal · Citizenship now takes ten years of residence, double the old wait

▲10 years

minimum legal residence before non-EU nationals can apply for citizenship, up from fiveIMI Daily 3 May, Portugal.com 5 MayPhoto: Gonçalo Matos, Wikimedia Commons, CC0

On 3 May, the day before this week began, President António José Seguro promulgated the amended nationality law that parliament passed on 1 April with 152 votes in favour, IMI Daily reported. Non-EU nationals now need ten years of legal residence; EU citizens and nationals of Portuguese-speaking countries need seven. The clock starts when the migration agency AIMA issues the permit, not when the application is filed. As Portugal.com noted on 5 May, the law takes effect the day after it appears in the official gazette.

For Vietnamese investors: Portugal's golden visa still leads to permanent residence after five years, but lawyers estimate the road to citizenship could now take nine to 13 years, because AIMA typically needs two to three years to issue a permit. Families choosing this route should treat residence rights as the main benefit. The qualifying options are in NAC's Portugal golden visa programme guide.

🇦🇺 Australia · The RBA raises rates for the third time this year, to 4.35%

▲4.35%

Australia's cash rate after a quarter-point rise on 5 May; it started 2026 at 3.6%RBA, 5 MayPhoto: Bhullargraphic, Wikimedia Commons, CC BY-SA 4.0

On 5 May the Reserve Bank of Australia raised the cash rate from 4.10% to 4.35%, by eight votes to one, with the dissenter preferring to hold. According to Accounting Times, headline inflation reached 4.6% in March and the trimmed mean 3.3%, above the 2–3% target band. Westpac expects two more rises, to a peak of 4.85%, while CBA thinks the RBA will now hold.

For Vietnamese investors: Australian mortgage costs keep climbing, which gives buyers paying with their own capital more room to negotiate. Per NAC's listing data, 640 in Melbourne's CBD starts at AUD 658,000, with an estimated gross yield of 4.7% and completion expected in 2029. Aura North Sydney was completed in 2024 and starts at AUD 1.6 million.

🇺🇸 United States · 115,000 new jobs, unemployment steady at 4.3%

▲+115,000

nonfarm payrolls added in April 2026; February and March revised down by a combined 16,000BLS, 8 MayPhoto: AgnosticPreachersKid, Wikimedia Commons, CC BY-SA 3.0

On 8 May the Bureau of Labor Statistics reported that the US economy added 115,000 nonfarm jobs in April, with unemployment unchanged at 4.3%. February was revised to a loss of 156,000 jobs. Average hourly earnings rose 3.6% on a year earlier.

For Vietnamese investors: on 29 April the Fed held its target range at 3.50–3.75%, with four dissents, and said inflation is elevated partly because of energy prices. Borrowing costs in dollar-pegged markets such as Dubai and Panama are therefore unlikely to fall soon. April's US inflation figures, due on 12 May, will show more clearly where the Fed is heading.

🇬🇧 UK · London house prices down 1.4% in a year

▼−1.4%

London house prices in April 2026 versus a year earlier; the UK average rose just 0.4% to £299,313Halifax, via Hellenic Shipping News 9 MayPhoto: The wub, Wikimedia Commons, CC BY-SA 4.0

Halifax's April house price index, reported by Hellenic Shipping News on 9 May, shows UK prices down 0.1% in the month, with annual growth slowing to 0.4% from 0.8% in March. London fell 1.4% and the South East 2%, while Northern Ireland rose 7.6%. Amanda Bryden, Halifax's head of mortgages, said global uncertainty and higher energy prices were making households more cautious.

For Vietnamese investors: softer London prices give buyers more time to choose and more room to negotiate. Per NAC's listing data, London Dock Jade Wharf in Wapping, Zone 1, starts at £790,000, with an estimated gross yield of 4.7% and handover expected between Q2 and Q4 2027.

Next week

NAC strategic insight

This week the finish line for Portuguese citizenship moved further away, and rates in Australia and the US showed no sign of falling. We suggest families choose a residence programme for the benefits it gives straight away, such as the right to live in the country and travel across the Schengen area, and buy property with equity while borrowing stays dear. If you'd like to see how your family's plan changes after this week, book a consultation with NAC.

Related on NAC

640 Melbourne · Aura North Sydney · London Dock Jade Wharf · Keranis Ports Residences, Piraeus · The NAC Residence Index

Sources

• IMI Daily — Portugal's President Signs Nationality Law, Doubles Citizenship Timeline (3 May 2026)
• Portugal.com — It's Official: Portugal's Nationality Law Finally Signed by the President (5 May 2026)
• Reserve Bank of Australia — Statement by the Monetary Policy Board: Monetary Policy Decision (5 May 2026)
• Accounting Times — RBA hands down May interest rate decision (5 May 2026)
• Thị trường Tài chính Tiền tệ — Central rate edges down on 8 May (8 May 2026, Vietnamese)
• US Bureau of Labor Statistics — The Employment Situation, April 2026 (8 May 2026)
• Federal Reserve — FOMC statement (29 Apr 2026)
• Hellenic Shipping News — UK House Prices Rise Less Than Expected (9 May 2026)
• BLS — May 2026 release schedule · ONS — GDP first quarterly estimate, January to March 2026 · DOSM — Advance GDP estimate, Q1 2026 (17 Apr 2026)