LCR Analysis of SEF Statistics | May 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 May 2023, Portugal has issued a total of 12,217 Golden Visas, with 5,349 going to investors from China, 1,212 from Brazil, 666 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 3,894 visas went to investors from other countries. Since its start, the program has invested almost €7 billion in Portugal’s economy.

As of May 2023, the program has not only issued 12,217 investor visas since the start of the program but also benefited 19,808 additional family members.

May 2023

Visas Issued in May

May 2023 totals were higher than those from April 2023. In May, Portugal issued 180 Golden Visas (an increase of 55% from April), and visa recipients invested €83,033,771.26 in the Portuguese economy (an increase of 31% from the previous month).

In May 2023, the top five nationalities to receive the Portugal Golden Visa were investors from the United States (31), China (30), the UK (26), India (16) and Brazil (14).

Investment Modalities

Of the 180 Golden Visas that Portugal issued in May 2023, 110 were for investors acquiring real estate (51 new properties and 59 real estate rehabilitation), and 70 were for investors who made capital investments (2 capital transfers and 68 investments in the venture capital/investment funds modality). The 110 real estate acquisitions added approximately €56.7 million to Portugal’s economy, and 70 capital investments totaled approximately €26.2 million, for a total investment of €83,033,771.26 in May.

Final Considerations

In May, investors acquired more real estate properties than in April (110 vs. 83). Overall, May was a great month for the program, continuing to show investors’ preference for real estate over the capital investment modality.
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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