€9.3B+
Total Investment Since 2012
5 Years
Path to Citizenship
Program Overview
The Portugal Golden Visa program, launched in 2012, offers non-EU nationals residency through qualified investments, with a clear path to EU citizenship after five years. It has become one of Europe's most popular residency-by-investment programs due to its minimal stay requirements (just 7 days per year) and the valuable access it provides to the entire Schengen Area. Compare with other Golden Visa programs to see why Portugal remains a top choice.
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🛂
Visa-free travel across all 27 Schengen countries with full mobility rights
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👨👩👧👦
Includes spouse, dependent children, and dependent parents or in-laws
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Full access to Portugal's highly-rated healthcare and education systems
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🇪🇺
EU citizenship eligibility after 5 years with basic Portuguese language skills (A2 level)
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Right to live, work, and study anywhere in Portugal without restrictions
Applicant Statistics
Portugal's Golden Visa program has attracted over 39,000 individuals (including main applicants and family members) since its inception in 2012. After a brief decline during 2020-2021, applications have rebounded strongly with 2024 marking the highest annual total since 2018.
Portugal Golden Visa Applicants by Year
| Year |
Main Applicants |
Family Members |
Total |
YoY Change |
| 2012-2016 | 4,000 | 6,000 | 10,000 | N/A |
| 2017 | 1,351 | 2,026 | 3,377 | N/A |
| 2018 | 1,409 | 2,114 | 3,523 | +4.3% |
| 2019 | 1,245 | 1,868 | 3,113 | -11.6% |
| 2020 | 1,182 | 1,773 | 2,955 | -5.1% |
| 2021 | 1,035 | 1,553 | 2,588 | -12.4% |
| 2022 | 1,573 | 2,360 | 3,933 | +52.0% |
| 2023 | 1,824 | 2,736 | 4,560 | +15.9% |
| 2024 | 2,000 | 3,000 | 5,000 | +9.6% |
Top Applicant Nationalities (2024)
Top Nationalities for Portugal Golden Visa (2024)
| Country |
Permits |
% of Total |
YoY Change |
| USA | 567 | 28.4% | +32% |
| China | 306 | 15.3% | -12% |
| UK | 234 | 11.7% | +18% |
| Brazil | 219 | 11.0% | +5% |
| India | 199 | 10.0% | +45% |
| Others | 475 | 23.7% | +9% |
📊 Application Growth
Applications have rebounded strongly after the 2023 program changes, with 2024 showing a 9.6% increase over 2023. This growth contradicts predictions that removing real estate options would significantly reduce program popularity.
🌎 Changing Demographics
American applicants have overtaken Chinese as the largest group for the first time since the program's inception, with a 32% year-over-year increase. Indian applicants show the highest growth rate at 45%.
Investment Volume
The Portugal Golden Visa program has attracted over €9.3 billion in investment since 2012. After a slowdown during the pandemic years, investment volume has rebounded strongly since 2022, with 2024 showing consistent growth despite major program changes. For a breakdown of all program costs, visit our Portugal Golden Visa cost guide.
Portugal Golden Visa Investment Volume by Year
| Year |
Investment (€M) |
YoY Change |
Avg. per Applicant (€M) |
| 2012-2016 | 2,500 | N/A | 0.625 |
| 2017 | 825 | N/A | 0.611 |
| 2018 | 839 | +1.7% | 0.595 |
| 2019 | 742 | -11.6% | 0.596 |
| 2020 | 646 | -12.9% | 0.547 |
| 2021 | 599 | -7.3% | 0.579 |
| 2022 | 911 | +52.1% | 0.579 |
| 2023 | 1,056 | +15.9% | 0.579 |
| 2024 | 1,200 | +13.6% | 0.600 |
💡 Key Insight: Investment Resilience
Despite the elimination of real estate investment options in October 2023, total investment volume has continued to grow at a healthy rate. The €1.2 billion invested in 2024 marks a 13.6% increase over 2023 figures, demonstrating the program's continued appeal even with significant structural changes.
Investment Types
Following the October 2023 real estate option removal, investor preferences have shifted dramatically toward investment funds and cultural contributions. This section examines the changing distribution of investment types over the program's history.
Portugal Golden Visa Investment Types Distribution
| Investment Type |
Permits |
% of Total |
Avg. Investment (€M) |
| Real Estate (pre-Oct 2023) | 11,384 | 72.9% | 0.550 |
| Capital Transfer | 1,312 | 8.4% | 1.000 |
| Investment Funds | 2,700 | 17.3% | 0.500 |
| Job Creation | 23 | 0.1% | 0.500 |
| Cultural/Research | 200 | 1.3% | 0.250 |
Current Investment Options
💰 Venture Capital Funds
Invest €500,000 in regulated Portuguese investment funds focusing on business development, technology, or SMEs. Most popular option in 2024, accounting for 74% of new applications. Browse our comprehensive fund list for detailed options.
Potential returns range from 10-20% annually with typical lock-up periods of 5-7 years.
🔬 Research & Cultural
Contribute €500,000 to public/private research or donate €250,000 to cultural projects. Combined, these options represented 22% of new applications in 2024.
Cultural donations offer the lowest investment threshold at €250,000 but are non-recoverable. Research contributions may offer partial recovery.
🔄 Post-Real Estate Transition
The removal of the real estate option has successfully redirected investment toward productive economic sectors rather than property speculation. Investment funds have seen a 187% increase in Golden Visa capital since 2023, becoming the dominant pathway for new applicants.
Processing Times and Challenges
A significant consideration for Golden Visa applicants is the application processing time, which has seen notable fluctuations in recent years. Current data shows processing timeframes averaging 18–24 months in 2024, primarily driven by a substantial backlog. For expert guidance through the application process, consider hiring a specialized Golden Visa lawyer.
⏱️ Current Backlog
The Agency for Integration, Migration and Asylum (AIMA), which replaced SEF in October 2023, is managing a backlog of over 55,000 applications across all immigration categories.
Golden Visa applications represent approximately 12% of this total backlog.
🔄 Improvement Initiatives
AIMA has implemented a comprehensive backlog reduction plan with €5.97M in additional funding to clear pending applications by June 2025.
Digital application processes and automated biometric appointments introduced in 2024 aim to streamline the system.
Tax Considerations
While the Golden Visa itself doesn't provide automatic tax benefits, Portugal offers various tax regimes that may benefit new residents. Learn more about potential tax advantages in our Portugal Golden Visa tax benefits guide.
💰 IFICI Regime
The International Framework for Individual Competitiveness and Innovation (IFICI) offers a 20% flat tax for qualifying professionals in research, tech, and innovation sectors.
📊 Standard Taxation
Non-qualifying residents face standard progressive tax rates of 13-48%, with various deductions and exemptions available based on individual circumstances.
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