LCR Analysis of SEF Statistics | August 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 August 2023, Portugal has issued a total of 12,561 Golden Visas, with 5,375 going to investors from China, 1,229 from Brazil, 741 from the United States, 589 from Turkey, and 534 from South Africa, the top five nationalities to receive the Golden Visa over its ten-year history. Another 4,093 visas went to investors from other countries. Since its start, the program has invested almost €7.2 billion in Portugal’s economy.

As of August 2023, the program has not only issued 12,561 investor visas since the start of the program but also benefited 20,241 additional family members.

August 2023

Visas Issued in August

August 2023 totals were significantly lower than those from July 2023. In August, Portugal issued 64 Golden Visas (a decrease of 36.6% from July), and visa recipients invested €32,836,556.40 in the Portuguese economy (a decrease of 42.6% from the previous month).

In August 2023, the top five nationalities to receive the Portugal Golden Visa were investors from the United States (12), China (9), Brazil (8), Russia (6), and Turkey (5). Russia has been among the top five nationalities to receive the Portugal Golden Visa for six consecutive years (2012 through 2017) plus 2019 and 2021. However, Russia was out of the top five since January 2022 due to the Russia-Ukraine war.

Investment Modalities

Of the 64 Golden Visas that Portugal issued in August 2023, 42 were for investors in real estate (17 new properties and 25 real estate rehabilitations), and 22 were for investors who made capital investments (3 capital transfers and 19 investments in the venture capital/investment funds modality). The 42 real estate acquisitions added approximately €22.3 million to Portugal’s economy, and the 22 capital investments totaled approximately €10.4 million, for a total investment of €32,836,556.40 in August.

Final Considerations

Overall, August was a stable month for the program, but investments in the real estate modality decreased by 31% this month. There is a good chance that the recent Mais Habitação (“More Housing”) bill has slowed interest in real estate investments.

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