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Portugal’s Golden Visa Investment Continues to Thrive

Sep 06, 2023

In July, the investment raised through the Residence Permit for Investment Activity (ARI) programme amounted to 57.2 million euros, representing a 30% increase compared to the previous year while showing a 27% decrease from the 79.8 million euros recorded in June.

Notably, for the first time since 2020, China is no longer among the monthly top five countries contributing to the investment.

Instead, in July, the United States secured 16 Portugal’s Golden Visas, closely followed by the Philippines with 13, and the United Kingdom with 10. Brazil and South Africa both obtained nine visas each.

Regarding China, eight ARIs were granted to Chinese citizens in July, placing China as the last country in the monthly top five. From the beginning of the pandemic year, 2020, until July 2023, China's investment totalled an impressive 433.7 million euros.

In July alone, 61 ARI permits were granted based on real estate acquisitions, amounting to a total value of 41 million euros. Out of this sum, 7.8 million euros (equivalent to 22 Golden Visas) were allocated to urban rehabilitation purchases.

On the other hand, 25.1 million euros were transferred as capital investment, resulting in a total of 65 ARIs being allocated.

Overall, between October 2012 and last July, a remarkable 12,497 residence permits were granted, with China leading the pack with 5,374 permits, followed by Brazil (1,238), the USA (729), Turkey (598), and South Africa (559).

A significant development occurred on 6th July when the Government's proposal to discontinue new residence permits for investment in housing was approved. This rule change was one of the measures outlined in the “Mais Habitação” programme. Nevertheless, existing authorisations for ARI renewal will not be affected.

Requests for the granting and renewal of residence permits for investment activities are still valid, including those awaiting prior control procedures in the Municipal Chambers before the law's enforcement date.

Additionally, it is important to note that the limitation does not extend to the granting or renewal of residence permits for family reunification.

Source: LUSA

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