LCR Analysis of SEF Statistics | March 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 March 2023, Portugal has issued a total of 11,921 Golden Visas, with 5,304 going to investors from China, 1,198 from Brazil, 607 from the United States, 571 from Turkey, and 518 from South Africa, the top five nationalities to receive the Golden Visa over its ten-year history. Another 3,723 visas went to investors from other countries. Since its start, the program has invested almost €6.9 billion in Portugal’s economy.

As of March 2023, the program has not only issued 11,921 investor visas since the start of the program but also benefited 19,433 additional family members.

March 2023

Visas Issued in March

March 2023 totals were higher than those from February 2023. In March, Portugal issued 163 Golden Visas (an increase of 25% from February, and visa recipients invested €78,495,820.24 in the Portuguese economy (an increase of 41% from the previous month).

In March 2023, the top five nationalities to receive the Portugal Golden Visa were investors from the United States (28), China (23), the UK (16), Brazil (11) and South Africa (11).

Investment Modalities

Of the 163 Golden Visas that Portugal issued in March 2023, 119 were for investors acquiring real estate (49 new properties and 70 real estate rehabilitation), and 44 were for investors who made capital investments (7 capital transfer and 37 investments in the venture capital/investment funds modality). The 119 real estate acquisitions added approximately €57.2 million to Portugal’s economy, and 44 capital investments totaled approximately €21.2 million, for a total investment of €78,495,820,24 in March.

Final Considerations

In March, investors acquired more real estate properties than in February (119 vs. 87). Overall, March was a great month for the program, continuing to show investors’ preference for real estate over the capital investment modality, with 36% growth from the previous month.

Currently, there is a strong intention from the Portuguese government to terminate this program. However, the drafted law introduced to Parliament suggests the end of the program only when the new law is published and that there will be no retroactivity to investors. This is good news for current investors. 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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