November 3, 2020
Reading Time: 2 min

Portugal Golden Visa: how to get it in time and what to invest in

More than 170 million euros have been contributed by investors in the Portugal Golden Visa program since the beginning of 2023.

Although the program will be closed soon, there is still time to apply get a residence permit in Portugal in exchange for investment.

Vladlena Baranova
Vladlena Baranova

Lawyer, AML Compliance officer, certified CAMS specialist

Portugal Golden Visa: residence permit by investment in 2023

Portugal Golden Visa: how to get it in time and what to invest in

How much has been invested in 2023

The investment program of Portugal has earned about 177.2 million euros in the first quarter of 2023. This is 42% more than 124.7 million euros a year prior.

After the government announced the program’s imminent closure in February, the March earnings increased by 42% to 78.4 million euros. The year-on-year growth was 126,5%.

The most popular investment option was purchasing real estate. In March 2023, program participants:

  • invested 57.2 million euros in residential and commercial properties in Portugal;

  • received 119 residence permits in exchange for these investments.

The capital transfer option was the second most popular, resulting in 44 residence permits.

In total, 386 residence permits were issued to the main applicants in the first quarter of 2023: 93 in January, 130 in February, and 163 in March.

The families of the main applicants were granted 624 residence permits: 153 in January, 209 in February, and 262 in March.

Countries where citizens have received the most residence permits since the beginning of the year:

  • US — investors got 28 residence permits;

  • China — 23;

  • UK — 16;

  • Brazil — 11;

  • South Africa — 11.

Moreover, American investors bypassed Chinese investors for the first time in a long time.

Retrospective results of the Portugal residence by investment program

Over the 10 years of the program’s existence, Portugal has issued 11,921 residence permits and attracted more than 693.1 million euros in investments.

The real estate purchase option was the most popular one: investors spent 617.5 million euros on properties and received 10,874 residence permits.

Investors who chose the capital transfer option moved more than 755.9 million euros to the country and received 1,025 residence permits.

Entrepreneurs who created jobs in Portugal received 22 residence permits.

Top 5 countries whose investors received to most residence permits:

  1. China — program participants got 5,304 residence permits;

  2. Brazil — 1,198;

  3. US — 607;

  4. Turkey — 568;

  5. South Africa — 525.

How to get a Portugal residence permit by investment in 2023

Investors now have only about a month to apply for a Portugal residence permit. When this period ends, the President of the country will officially sign the law that closes the program.

While there is still time, foreigners can get a residence permit by investing in a five-star hotel in Algarve. The property is suitable for participating in the program.

Real estate in Portugal is a liquid asset. Property prices are growing by an average of 12% per year. Investment properties can be rented out, and the rates have increased by 23% since 2022.

Investors who participate in the program are issued a residence permit in Portugal for 5 years and then can apply for citizenship. They can include their spouse in the application, as well as financially dependent family members: children under 26 and parents.

All program options:

  1. From €250,000 can be invested in the arts and cultural heritage of Portugal.

  2. From €280,000 — in real estate.

  3. From €500,000 — in investment fund shares.

  4. From €500,000 — as a scientific research donation

  5. From € 500,000 — in a local business.

  6. From €1,500,000 can be transferred to the country.

  7. Entrepreneurs can also create a company and at least 10 jobs in the country.

Benefits of a Portugal residence permit

Visa-free travel to the Schengen area and the European Union. Portugal residents can spend 90 days out of 180 there.

"Plan B". Investors can live in Portugal with no restrictions, or simply visit for 7 days a year to maintain their residence permit status.

A residence permit allows one to study, work, receive medical care, and register a business in Portugal.

Tax optimization. Investors can get the Non-habitual Resident status and be exempt from paying foreign income tax. Their income tax rate in Portugal will be reduced from 48% to 20%. The NHR status is issued for 10 years.

Immigrant Invest is a licensed agent of the Portugal residence permit program. If you want to become a resident of the country and buy property there, please consult our investment program experts.