Since its inception, Portugal's Golden Visa program has attracted over 18,000 foreign families seeking residency through investment, highlighting its continued popularity amongst international investors. The scheme, alongside the Non-Habitual Residents (NHR) program and B visas, has become a prominent option for those seeking to relocate to Portugal.
Michael Maxwell, from Portugal Panorama, observed a surge in interest in residency-by-investment schemes over the past year, transforming it into a significant asset class. He cautioned prospective investors to consider these investments as financial decisions independent of the visa attached, urging them to ask: "Would I be interested if a visa were not involved?"
Maxwell emphasized the importance of due diligence, considering factors such as conflicts of interest, the team involved, risk profile, fee structure, and exit strategy. He believes that investments under residency-by-investment schemes should be capable of standing independently, highlighting the importance of evaluating the inherent value proposition.
Maxwell attributed Portugal's appeal to its fair legal system and strong security forces, creating a favourable environment for international investors.
Fund Investments Remain Viable
Recent changes to the Golden Visa program, which saw the removal of the real estate investment option in response to the housing crisis, haven't dampened investor enthusiasm. Maxwell highlighted that fund investments, regulated by the Portuguese Financial Services Regulator (CMVM), remain an attractive option, offering opportunities in Portugal's growing economy.
Lionel de Freitas, Director of Operations at Dixcart Immigration and Tax, cited Portugal's favourable immigration pathways compared to other countries as a key driver of its popularity.
Golden Visa Statistics and Future Outlook
According to data from Portugal's Immigration and Borders Service (SEF), between 2012 and 2023, 12,718 Golden Visas were granted, with an additional 20,424 granted to family members.
Looking ahead, Alessandro Palombo, co-founder and CEO of Unbound Fund, suggested in a recent social media post that Portugal may become the first European nation to offer international residency in exchange for Bitcoin investments. If implemented, this move would further enhance Portugal's position as a leader in attracting international investment.
Conclusion
Despite recent changes, Portugal's Golden Visa program remains a popular choice for foreign families seeking residency through investment. The program's continued appeal reflects both Portugal's attractive investment climate and its commitment to creating a welcoming environment for international investors. With the potential for future innovation, the Golden Visa program is poised to continue playing a significant role in attracting global investment and talent to Portugal.
