LCR Analysis of SEF Statistics | April 2023

The Portugal Golden Visa is an investor visa program that benefits individuals and families, providing them the right to live, work, study, and/or retire in Portugal and the European Union. The program also opens a gateway to Portuguese citizenship for investors and their families.


Since creation

Between the creation of the program in October 2012 and April 2023, Portugal has issued a total of 12,037 Golden Visas, with 5,319 going to investors from China, 1,198 from Brazil, 635 from the United States, 571 from Turkey, and 525 from South Africa, the top five nationalities to receive the Golden Visa over its ten-year history. Another 3,789 visas went to investors from other countries. Since its start, the program has invested almost €6.9 billion in Portugal’s economy.

As of April 2023, the program has not only issued 12,037 investor visas since the start of the program but also benefited 19,600 additional family members.

April 2023

Visas Issued in April

April 2023 totals were slightly lower than those from March 2023. In April, Portugal issued 116 Golden Visas (a decrease of 28% from March), and visa recipients invested €63,271,641.48 in the Portuguese economy (a decrease of 19% from the previous month).

In April 2023, the top five nationalities to receive the Portugal Golden Visa were investors from the United States (28), China (15), the UK (14), South Africa (7) and Lebanon (7).

Investment Modalities

Of the 116 Golden Visas that Portugal issued in April 2023, 83 were for investors acquiring real estate (46 new properties and 37 real estate rehabilitation), and 33 were for investors who made capital investments (1 capital transfer, 30 investments in the venture capital/investment funds modality, 1 cultural heritage contribution, and 1 investment in a business that creates a minimum of 5 jobs). The 83 real estate acquisitions added approximately €51 million to Portugal’s economy, and 33 capital investments totaled approximately €12.2 million, for a total investment of €63,271,641.48 in April.

Final Considerations

In April, investors acquired fewer real estate properties than in March (83 vs. 119). Overall, April was a good month for the program, continuing to show investors’ preference for real estate over the capital investment modality. The business investment modality that creates a minimum of 5 jobs and the cultural heritage contribution uniquely appeared in April, with one investor for each.

Currently, the Portuguese government has announced a strong intention to terminate this program. However, the drafted law introduced to Parliament suggests that the end of the program will not occur until the new law is published and that there will be no retroactivity. This is good news for current investors, because they will not be affected. Those who are considering applying for the Portugal Golden Visa must take action now while the current law is in effect. Read the latest update here.

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