Portugal’s Golden Visa: Still Active, Still Competitive in a Changing European Landscape

To understand why the program retains its relevance and how it has evolved, EQTY Capital invited three leading Portuguese immigration lawyers to share their expert insights.

João Cunha Vaz, Senior Partner at EDGE - International Lawyers; Filipe Eusébio, Partner at Ana Bruno e Associados - Sociedade de Advogados R.L.; and Vanessa Rodrigues Lima, Partner at Prime Legal - Portugal, offered their expert insights. These esteemed professionals shed light on the program’s enduring appeal, recent updates, and its pivotal role in driving foreign investment into Portugal.

Program Popularity and Success

Since its launch in October 2012, Portugal’s Golden Visa program has granted over 12,700 residence permits to main applicants and more than 20,400 to their family members, totaling over 33,000 beneficiaries. By the end of 2023, the program had attracted more than €7.3 billion in foreign investment, significantly contributing to the Portuguese economy.

The program continues to demonstrate strong performance, with 2,415 main applicants contributing approximately €1.38 billion in investments.

João Cunha Vaz highlighted the substantial impact on the economy: " Beyond real estate related options, now completely removed from the range of eligible investments in 2023, the programme still fosters investments in other areas, such as investments in artistic production and in the recovery or preservation of national cultural heritage and in venture capital funds, with the latter currently being the most sought after option and with very relevant and increasing levels of demand."

Why Portugal's Golden Visa Stands Out

Portugal’s Golden Visa program offers unique advantages that distinguish it from other European programs:

1. Flexible Residency Requirements: Portugal’s requirement of just seven days of annual residence is notably more flexible than most comparable programs, offering investors greater ease in managing their commitments without the burden of long-term physical presence—while still retaining full access to Portugal’s welfare system and maintaining eligibility for EU citizenship.

2. Quick Path to Citizenship Investors can apply for Portuguese citizenship after just five years of residency and with minimal stay requirements, with processing time now counted toward this period. "This adjustment means that applicants’ waiting time is recognized as part of the residency period, allowing them to reach citizenship eligibility more efficiently," explained Vanessa Rodrigues Lima.

3. Diverse Investment Options The program allows investment in venture capital funds, job creation, artistic production, and cultural heritage preservation. "This diversity ensures a broader range of opportunities for investors, and we have seen increasing interest in these areas," remarked João Cunha Vaz.

4. Streamlined Processing and Modernization Following the establishment of the Autoridade para as Migrações e Asilo (AIMA) in 2023, efforts are underway to reduce the backlog of applications. "AIMA has been implementing organizational measures and technical upgrades, and while delays persist, the government has committed to clearing the backlog by end of 2025," said Filipe Eusébio. "Therefore expectations are that the timelines to receive the initial Golden Visa card after submission of the application may be gradually reduced and are able to return to pre-Covid timelines."

5. Family Inclusion The program facilitates family reunification, including dependent children and parents, making it attractive for applicants looking to relocate with their loved ones.

6. Tax Benefits Through the Non-Habitual Resident (NHR 2.0) regime, Portugal offers attractive tax incentives, which can be combined with the Golden Visa. "This dual advantage of residency and favorable taxation makes Portugal especially competitive for investors," said Vanessa Lima. "It’s particularly attractive for those looking for long-term tax benefits.

Recent Changes and Future Outlook

Despite the removal of real estate as an investment option at the end of 2023, Portugal’s Golden Visa program has maintained its worldwide popularity and maintains its role as a key instrument of attraction of foreign investment into Portugal.

“Applicants to the program have found in the fund investment route a perfect alternative to access it, and such is generating a win-win situation, with plenty Portuguese companies in various sectors of the economy, being granted sources of capitalization that didn’t exist in the past”, said Filipe Eusébio

Additionally, the government has reinforced AIMA’s capacity by hiring more staff and collaborating with external professionals to address the backlog of 400,000+ applications. "While processing times remain longer than desired, applicants can take comfort in knowing that AIMA is focused on improving procedures and addressing the needs of investor’s, whilst, at the same time, residency requirements for citizenship begin counting from the application submission date," noted João Cunha Vaz.

"The Portuguese Government's commitment to clearing the Golden Visa backlog by the end of 2025, with the implementation of a system of application resubmission and the subsequent scheduling of biometric data collection appointments, along with the clear path to citizenship after five years since application submission, provides much-needed clarity for applicants," remarked Filipe Eusébio. "With these measures in place, we expect the program to continue attracting a steady flow of investment."

In conclusion

Portugal’s Golden Visa program distinguishes itself within Europe through its remarkable flexibility, efficient route to citizenship, and broad range of investment opportunities. Its blend of economic stability, attractive investment climate, and clear pathway to EU citizenship continues to set it apart from other European programs.

"Overall, the program remains one of the most attractive residency-by-investment initiatives globally," concluded Vanessa Lima. "The flexibility, tax incentives, and reduced processing times make it a long-term option for those seeking European residency."

As Portugal strengthens its processes and modernizes its approach, the program remains a compelling choice for global investors seeking a secure and efficient route to European residency and citizenship.

Discover EQTY Global Growth II Golden Visa Eligble Fund HERE.