In October 2023, the Portugal Golden Visa Real Estate investments option was discontinued, only leaving certain options available: donations on Arts and Science, and the investments into Financial Funds.
With this change, the Golden Visa in Portugal decreased drastically its appeal to international Investors. Before the changes, as reported by SEF (the previous Immigration Agency), the Golden Visa conceded 12 718 Residency authorisations and has brought €6.4 billion to the Portuguese economy during its more than 10 years of functionality (2012 – 2023) - only with the Real Estate option – and €7.3 billion when considering other investment options.
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However, on Monday’s announcement, the Portuguese government put forth a brand-new Golden Visa option for non-EU citizens interested in acquiring the Portuguese Residency. No further information about the new option was unveiled, although it has already been confirmed that the new Golden Visa option will be dedicated to helping immigrants in vulnerable situations.
The announcement was made by Prime Minister Luís Montenegro in a press communication. During the event, the Minister said that the government “understands that it is necessary to regulate immigration to give people dignity. Portugal cannot be, must not be, and will not be with its door closed to welcome those who are looking for an opportunity, who have the know-how, who have a desire, who often have what we need most. Portugal will not close the door to anyone who wants this opportunity.”
The newest Portugal Golden Visa option enables an alternative path for investors seeking Portuguese Residency and Citizenship. After 5 years of holding Temporary Residency with the Golden Visa, investors are able apply for the Portuguese Nationality. The option for the new Golden Visa is available in the official document released by the government, at the document’s Measure 32.
By now, the released document is very superficial and does not cover all topics on this new option. At its description, the new Golden Visa option intends to create an instrument to channel private capital for social investment in immigrant integration projects. However, it is not specified how those projects will be approved, and if the Real Estate option will be again available - although paragraph B explains that "housing" will be again available.
The document is divided into 3 parts, presenting the new Golden Visa option as:
a) A Residency Permit for Social Investment – a change compared to the scope of Residency Permits for Investment (ARI), to include investments made in reception equipment and infrastructure, integration, and support projects for immigrants in vulnerable situations;
b) Possible system of intermediation and accreditation of social investment, namely through FAMI. This extension of the ARI is in addition to the planned in “Construir Portugal” for investment in housing at controlled costs or affordable income;
c) Apply the Social Impact Bonds model to the area of migration to increase opportunities for integration into the labour market and working conditions reception, sharing the development of responses with investors and with the philanthropy sector.
See below the Portuguese Version:
a) Autorizações de Residência para Investimento Social – uma alteração face ao âmbito das Autorizações de Residência para Investimento (ARI), para incluir investimentos realizados em equipamentos e infraestruturas de acolhimento, projetos de integração e apoio à imigrantes em situação de vulnerabilidade;
b) Possível sistema de intermediação e acreditação do investimento social, designadamente através do FAMI. Esta extensão dos ARI acresce àquela prevista no “Construir Portugal” para o investimento em habitação a custos controlados ou renda acessível;
c) Aplicar o modelo de Títulos de Impacto Social à área das migrações para aumentar as oportunidades de integração no mercado laboral e condições de acolhimento, partilhando o desenvolvimento das respostas com investidores e com o setor da filantropia.
