Why Portugal is booming: how many residence permits did investors and digital nomads get in 2023?
Portugal is among the Top 10 luxury holiday destinations of 2023, according to Condé Nast Johansens magazine. Most tourists choose resorts for vacation. About 38% of respondents will spend at least €8,000 on them.
Resort real estate is becoming increasingly popular with investors. By purchasing it, they receive a Portugal residence permit.
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Sales of resort properties in Portugal increased by 20% in 2022. Confidencial Inmobiliario, a data appraiser, provides the statistics.
Investors buy real estate to spend Portuguese vacations in their own homes. They join the Golden Visa program to obtain a Portugal residence permit by real estate purchase.
How many residence permits has Portugal issued to investors in 2023 so far
The Immigration and Border Service of Portugal, or SEF, has published statistics on the investment residence permit program. In May 2023, 180 investors and 208 of their family members received “golden visas”.
68 investors bought investment fund shares. This option became the most popular for the first time in the Portugal residence permit program’s history.
59 investors purchased real estate for renovation, and another 51 investors bought newer properties. Participants of the program can buy residential real estate in the country’s interior, the Azores and Madeira. Investments in commercial real estate have no limitations.
From January to May 2023, Portugal approved 682 applications for a residence permit from investors and earned about 324 million euros.
Despite the Portugal investment program being in demand, the Government of the country decided to close it. However, the bill is currently under consideration in the Parliament, and the President still needs to sign it afterwards.
After the program is closed, all "golden visas'' will be converted to D2 visas for entrepreneurs. Yet investors will not be required to live in Portugal for 183 days a year like before: spending 7 days in the country will be enough.
Portugal will also continue to issue residence permits to foreigners who invest at least €250,000 in the country’s cultural heritage.
Alternatives for investors who want to get a residence permit in Portugal
Portugal also offers residence permits to financially independent people with passive income. They receive a national D7 visa, which allows them to apply for a residence permit.
To obtain a D7 visa, applicants must:
buy or rent residential property in Portugal;
confirm passive income of at least €760 per month.
High-net-worth people prefer to buy real estate. Immigrant Invest has its own database of properties from trusted developers. Real estate specialists select properties to suit the needs of investors.
Examples of Portugal properties
Portugal, Cascais
80 m² — 103 m²
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Who else chooses Portugal as the place to live?
Portugal is also becoming a popular destination for digital nomads. The country’s Government presented the Digital Nomad visa in the fall of 2022. Since the launch and until May 17, 2023, 1,100 foreigners have already got these visas.
To get a Digital Nomad visa, applicants need to:
work remotely;
and confirm an income of at least €3,040 per month.
A Digital Nomad visa comes with the right to get a two-year Portugal residence permit. Living in Portugal has many advantages: a warm climate with ocean and mountains, a low crime rate, advanced healthcare and a relatively low cost of living.
Portugal residence permit card holders can travel around the Schengen countries without a visa and use the services of local banks, hospitals and educational institutions.
Immigrant Invest is a licensed agent of government programs in the European Union and the Caribbean. If you want to buy a property in Portugal and get a residence permit in the country, please consult our investment program experts.
