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A comprehensive analysis of Portugal's Golden Visa program statistics, trends, and regulatory changes from 2012 to 2025
The Portugal Golden Visa program, launched in 2012, allows non-EU citizens to gain residency through investment, offering benefits like living and working in Portugal and Schengen Area access. The program has evolved over time, with significant changes in October 2023 due to the "Mais Habitação Law" which discontinued real estate investment options.
The "Mais Habitação Law" introduced in October 2023 marked a significant shift in the program, discontinuing real estate and capital transfer investments to address housing shortages in Portugal. This has led to a focus on alternative investment routes, with fund investments becoming the most popular option.
AIMA (Agency for Integration, Migration and Asylum) replaced SEF in October 2023 and is working to address application backlogs by June 2025. For successful applications, many investors work with experienced Portuguese immigration law firms.
| Year | Main Applicants | Total Investment (€) | Top Nationalities |
|---|---|---|---|
| 2025 (Q1) | 486 | 298,450,000 | USA (143), UK (97), Canada (58), India (47), Brazil (41) |
| 2024 | 2,415 | 1,376,253,820 | USA (625), UK (389), Canada (271), India (214), Brazil (198) |
| 2023 | 2,901 | 1,542,780,000 | USA (567), China (306), UK (234), Brazil (219), India (199) |
| 2022 | 1,281 | 654,292,328 | USA (216), China (213), Brazil (109), India (83), South Africa (79) |
| 2021 | 865 | 460,816,184 | China (270), USA (101), Brazil (70), Russia (65), India (34) |
865 main applicants with total investments of €460,816,184. China continued to lead with 270 applicants.
1,281 main applicants with investments at €654,292,328. USA took the lead with 216 applicants.
2,901 permits granted. USA continued to lead with 567 permits. October marked the end of real estate investment options with the "Mais Habitação Law".
2,415 applicants with investments reaching €1.38 billion. Fund investments became the most popular option following the elimination of real estate routes.
486 applicants in Q1 with €298.45 million invested. Significant processing improvements by AIMA with backlog reduction initiatives showing results.
Following the "Mais Habitação Law" of October 2023, real estate is no longer a qualifying investment option. When considering the Portugal Golden Visa, these are the current investment routes available:
Investment in qualifying investment funds approved by the Portuguese Securities Market Commission.
Donation to artistic production or recovery/maintenance of cultural heritage.
Contribution to research conducted by public or private institutions.
Creation of at least 10 jobs for Portuguese citizens or legal residents.
€500,000 investment in share capital plus creation of 5-10 jobs. Many applicants find that hiring a specialized immigration lawyer helps navigate these options effectively.
These patterns align with global mobility trends seen in the Global Golden Visa Index, which tracks investor migration across different countries.
AIMA, which replaced SEF in October 2023, initially faced significant challenges with application backlogs, reported at over 400,000 cases by early 2024, including Golden Visa applications.
By Q1 2025, substantial progress has been made, with backlog reduction of approximately 65% and processing times improving from over 12 months to an average of 4-6 months for new applications.
AIMA has successfully implemented several initiatives that have transformed application processing:
Despite these improvements, navigating the application process remains complex. Many of Portugal's top immigration law firms have developed streamlined processes to work efficiently with AIMA's new systems.
See how Portugal compares to other residency-by-investment programs
The Portugal Golden Visa program continues to evolve and adapt successfully to policy changes, with strong application numbers despite the elimination of real estate options. When comparing with other programs in the Global Golden Visa Index, Portugal remains competitive due to its favorable residency requirements and path to citizenship. Improvements in processing efficiency and the expansion of alternative investment routes have maintained the program's attractiveness to global investors seeking European residency.
Data compiled from various sources including AIMA, SEF reports. Last updated: April 15, 2025.
This document provides analysis based on available data and does not constitute legal or investment advice.
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