Skip to content
Menu

Portugal resumes applications for Golden Visas after 6-month suspension

Scheme is ‘cash cow’ for Portugal, netting 53.8 million euros in May, when 17 Golden Visas were granted to citizens from mainland China.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

Scheme is ‘cash cow’ for Portugal, netting 53.8 million euros in May, when 17 Golden Visas were granted to citizens from mainland China.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 4:44 am

Applications for Golden Visas in Portugal have started up again after a six-month suspension and several new applications for Residence Permits for Investment (ARI) have already been submitted.

The Portuguese Association of Real Estate Developers and Investors (APPII) confirmed, “that the platform to introduce the new ARI of the Foreigners and Borders Service (SEF) is finally operational.”

“In addition to attesting that the ARI platform, managed by the SEF, is fully operational, APPII has also confirmed that the platform has already received several applications for Residence Permits by Investment, after having been inoperative since the beginning of this year,” said APPII president Hugo Santos Ferreira. 

He noted “that the competent authorities have addressed APPII’s concerns” in order to reactivate the possibility of submitting new applications for Golden Visas.

“We are once again experiencing a social and economic crisis whose duration and consequences are still unknown. But, unlike the other recent crises, this one represents an important opportunity for Portugal. Our country offers unique conditions to those who seek us as an investment destination, due to security, location and quality of life,” he said. 

“For this reason it is essential to have the process of residence permits for investment 100 per cent operational to attract and receive with dignity those who want to invest in Portugal”.

Newspaper Jornal de Notícias reported recently that the lack of regulation of the law that changes criteria for the attribution of Residence Permits for Investment, which came into force in January, was preventing the submission of new applications to the Golden Visa regime.

The following day, the Secretary of State for the Presidency of the Council of Ministers, André Moz Caldas, stated that the law in question did not need to be regulated and could be “directly applicable”. 

Deputy Minister for Parliamentary Affairs, Ana Catarina Mendes, also stressed that “the law, as it stands, does not need to be regulated by the Government”.

Data released by the SEF on Monday indicated that investment captured through Golden Visas’ grew by 94 per cent in May, compared to the same month in 2021, to 53.8 million euros.

Last month, 17 Golden Visas were granted to China, 16 to the United States, 10 to Brazil, eight to Lebanon and seven to India.

In the first five months of the year, the investment raised totaled more than EUR 238 million euros.

This relates to applications submitted before the recent halt in new submissions.

In 2019, real estate investment in Portugal amounted to 30,000 million euros, which represents 15 per cent of gross domestic product, constituting one of the great pillars of the Portuguese economy, CLBrief reported.

 

UPDATED: 22 Dec 2023, 4:44 am

Send this to a friend