Abstract: The "golden visa" immigration policy, which began in 2012 is a supplement and improvement to the immigration policy during the colonial period of the financial crisis. Since the introduction of the "gold visa", the controversy over the policy has never stopped:on the one hand, the "gold visa" has attracted global immigrants, especially the investment immigration policy has benefited the Portuguese government in the economic field; on the other hand, the transparency and security of the "gold visa" policy has been questioned, the continuous revision of the EU security policy has further exacerbated the uncertainty of the "gold visa". On the basis of reviewing the historical evolution of Portugal's immigration policy, this paper analyzes the economic and social background and implementation effect behind the "gold visa", and discusses the reference significance of Portugal's "gold visa" to China's immigration policy in the new era.