Portugal Reaffirms Commitment to Golden Visa Program Amid New Reform Plans

Portugal has confirmed that it will continue its Golden Visa Program, despite making plans to revise and improve the scheme.

The government has emphasized that its aim is to make the program more effective and economically fair, while still positioning the country as an attractive destination for foreign investors. The announcement came from the Minister of the Presidency, António Leitão Amaro, who made it clear that scrapping the initiative is not under consideration.

“The government is now studying how to organise golden visas in a more effective and economically efficient way, ensuring that any change is economically and socially fair. What is out of the question is ending this program. There is no plan to end it. It is not on the agenda,” said Minister Leitão Amaro, reaffirming the country’s commitment to maintaining the scheme.

This decision is part of a broader strategy to strengthen Portugal’s reputation as a viable and appealing investment hub. The Golden Visa Program, which allows wealthy foreigners to obtain residency in exchange for financial investments and meeting certain eligibility criteria, has played a pivotal role in attracting foreign capital.

Data indicates that the country issued nearly 5,000 golden visas in 2024, marking a new record for the program. Nonetheless, a substantial number of applications remain pending. The program, considered one of the most prominent of its kind in Europe, previously relied heavily on the real estate investment route, which was the most popular option among applicants.

However, in 2023, the Portuguese government abolished the real estate investment path as part of measures to address the nation’s escalating housing crisis. This move rendered investors ineligible to gain residency through property purchases, one of the program’s core options in the past.

Attorney Tatiana Kazan, criticized the government’s prior assurances regarding processing times for residency permits. “The problem is that, before this ban, many people believed the government’s promises that residency permits would be issued quickly, which did not happen. The money came into the country, but there was no counterpart,” Kazan noted, highlighting the frustrations felt by many applicants.

In response to concerns about delays, the President of Portugal’s Agency for Integration, Migration and Asylum (AIMA), Pedro Portugal Gaspar, announced earlier this month that application processing has resumed—albeit slowly. He explained that while the agency is working through applications, the progress has not met the expectations of many involved.

“Some of these processes are being conducted. They are not at a standstill. Now, naturally, there is a capacity to respond, given the various process flows,” said Gaspar.

Despite the discontinuation of the real estate route, other options within the Golden Visa Program remain available to international investors. The government’s continued backing of the scheme, alongside its efforts to reform and streamline operations, reflects an intent to balance economic growth with social responsibility, without abandoning a program that has long contributed to foreign investment inflows.

By fLEXI tEAM