There appear to be approvals for the Portuguese “Golden Visa” program to delaywith August representing the slowest processing month in two years.
Although there is currently a backlog of more than 8,000 applications, only 64 have been approved. Despite the delay in processing, hundreds of applications continue to flow in.
What is the Golden Visa of Portugal?
The Portuguese “Golden Visa” is a special residence visa program for non-European Union nationals who have invested in Portugal by purchasing real estate, creating jobs for Portuguese nationals or making a capital investment.
Through the program, investors can become permanent residents and qualify for Portuguese citizenship as early as five years after approval. To qualify, applicants must have a clear criminal history, own the money they want to invest and continue investing for at least five years.
The approval delay
As approvals have slowed, so have investments in the country. Of the recently approved applications, twelve were Americans, who formed the highest nationality group. Six Russian nationals also received approval after the Portuguese government previously publicly excluded them from the program. Americans consistently make up one of the largest numbers of applicants and approval groups for the “Golden Visa.”
It is believed that one of the reasons for the backlog is the upcoming changes to the program’s structure. Changes to the “Golden Visa” are likely to include the requirement for higher real estate investments, mandatory job creation and full-time residency. While interest in the visa program remains high, it is certainly not a permanent opportunity.
European leadership has been critical of such programs, with countries including Ireland, Britain and Cypress all abruptly ending similar investment visa programs in 2023. Alternative visa programs that require significant investment in Portuguese cultural and heritage projects may still provide an opportunity for those who wish to do so. live and work in Portugal.
