Portugal Golden visa ends; Recap and Aftermath
The Portugal Golden Visa program has had a positive impact on the economy and the people of Portugal. It has attracted foreign investment to the country, creating jobs and stimulating economic growth. The program has also provided a way for foreign nationals to gain permanent residency in Portugal, allowing them to work and live in the country. This has increased the number of people living in Portugal, boosting the country‘s population and providing more tax revenue for the government. Additionally, the influx of foreign capital has allowed the Portuguese government to invest in infrastructure and other projects, which has further spurred economic growth.
SEF Portugal Golden Visa Statistics
In January 2023:
- 93 main applicants were granted Golden Visa status by SEF
- 153 family members accompanied the main applicants as dependents
In terms of nationalities, the breakdown for the month of January is:
- 11 China
- 21 USA
- 10 UK
- 10 Brazil
- 8 Lebanon
In terms of investment type, the breakdown for the month of January is:
- 75 applicants purchased real estate
- 44 for €500,000+ properties
- 31 for €350,000 renovated properties
- 18 applicants pursued capital transfer
- 18 for Portuguese investment funds
All Time Portugal Golden Visa Statistics: Nationalities (2012-2023)
Until recently, 11,628 main applicants have been granted Portugal Golden Visa. 18,962 dependent family members have accompanied them.
The largest number of applicants have consistently been from China every year since the launch of the Golden Visa program in Portugal. A close second in terms of nationalities is Brazil, and then comes Turkey.
The Portugal Golden Visa program was criticized for creating an “investment–for–citizenship“ system, which can be exploited by wealthy individuals to bypass the traditional immigration process. Leading to a flood of wealthy immigrants with little or no connection to the country, who may not be interested in contributing to the local economy or society. Additionally, the program has been accused of allowing “dirty money“ to enter the country, as applicants are not required to prove the source of their funds. Finally, the program has been criticized for its lack of transparency, as the government does not publish information on who has received visas or how much money they have invested.
The program has been criticized for a lack of transparency and oversight. There have been reports of money laundering and tax evasion by some of the applicants, and the program has been accused of providing a backdoor route for criminals to gain access to the EU.
Overall, the Portugal Golden Visa program has been beneficial to the economy and people of Portugal and the ending of the golden visa program in Portugal is likely to have an impact on the country’s economy, as it has been an important source of foreign investment in the country. The end of the program could lead to a decrease in foreign investment, which could have a negative impact on economic activity in the country. Additionally, the end of the program could lead to a decrease in property prices in certain areas, which could have a negative effect on the real estate market.
In the meantime, non–EU citizens who wish to invest in Portugal can still apply for a regular residence permit. This permit is valid for one year and can be renewed.