Brazilians and North Americans Lead Investments in Portugal’s Golden Visa Program

Interest in Portugal’s Golden Visa Program remains high, especially among nationals of Brazil and North America, despite the removal of real estate investment options from the scheme.

Gustavo Caiuby, managing partner of Heed Capital, reported to Correio Brasiliense that the demand for the program has notably increased, with effective consultations quadrupling since the beginning of this year compared to the same period last year. This surge in interest mainly comes from senior executives, families, and retirees.

"Many people want to understand what really happened with golden visas and how it is possible to still use them in Portugal," Caiuby explained.

Portugal’s Residency by Investment Scheme, known as the Golden Visa Program, allows internationals to acquire residency in exchange for financial investments in the country, provided they meet specific conditions. However, due to the housing crisis that has plagued Portugal in recent years, the authorities have implemented changes to the program. In October 2023, President Marcelo Rebelo de Sousa approved the "More Housing" bill, which included the removal of real estate investment options from the Golden Visa scheme.

Caiuby noted that these changes have caused confusion among foreign nationals interested in the program. Despite the alterations, he highlighted that there are still four ways to acquire residency through Portugal’s Residency by Investment scheme. According to Caiuby, the most sought-after option involves transferring at least €500,000 to multimarket investment funds that allocate at least 60 percent of their assets to shares and bonds of Portuguese companies or to venture capital aimed at equity participation in technology firms and startups. "These investment options have been preferred by our clients. There are more than 240, of 25 nationalities," Caiuby stated.

The Golden Visa Program of Portugal has made a significant contribution to the country’s economy. Since its inception in October 2012 until July of the previous year, a total of 12,497 visas have been issued to internationals. The main beneficiaries of this scheme have been nationals of China (5,366), Brazil (1,221), the US (729), Turkey (584), and South Africa (534). Following the removal of the real estate investment option, there has been significant interest in the cultural production option and the Golden Visa fund option.

By fLEXI tEAM