An analysis of Portugal Golden Visa statistics, trends, and changes from 2012 to 2025
15,619
Main Applicants (2012-2025)
24,983
Dependent Family Members
€9.2B+
Total Investment
2,901
Permits Granted in 2023
Program Overview
The Portugal Golden Visa program, launched in 2012, allows non-EU citizens to gain residency through investment, offering benefits like living and working in Portugal and Schengen Area access. The program has evolved over time, with significant changes in October 2023 due to the "Mais Habitação Law" which discontinued real estate investment options.
Key Benefits
Residency in Portugal for investors and their families
Access to the Schengen Area
Minimal stay requirements (7 days per year)
Path to Portuguese citizenship after 5 years
No requirement to live in Portugal full-time
Recent Developments
The "Mais Habitação Law" introduced in October 2023 marked a significant shift in the program, discontinuing real estate and capital transfer investments to address housing shortages in Portugal. This has led to a focus on alternative investment routes, with fund investments becoming the most popular option.
AIMA (Agency for Integration, Migration and Asylum) replaced SEF in October 2023 and is working to address application backlogs by June 2025.
Yearly Statistics
Year
Main Applicants
Total Investment (€)
Top Nationalities
2025 (Q1)
486
298,450,000
USA (143), UK (97), Canada (58), India (47), Brazil (41)
2024
2,415
1,376,253,820
USA (625), UK (389), Canada (271), India (214), Brazil (198)
2023
2,901
1,542,780,000
USA (567), China (306), UK (234), Brazil (219), India (199)
2022
1,281
654,292,328
USA (216), China (213), Brazil (109), India (83), South Africa (79)
2021
865
460,816,184
China (270), USA (101), Brazil (70), Russia (65), India (34)
2021
865 main applicants with total investments of €460,816,184. China continued to lead with 270 applicants.
2022
1,281 main applicants with investments at €654,292,328. USA took the lead with 216 applicants.
2023
2,901 permits granted. USA continued to lead with 567 permits. October marked the end of real estate investment options with the "Mais Habitação Law".
2024
2,415 applicants with investments reaching €1.38 billion. Fund investments became the most popular option following the elimination of real estate routes.
2025 (Q1)
486 applicants in Q1 with €298.45 million invested. Significant processing improvements by AIMA with backlog reduction initiatives showing results.
Current Investment Options
Following the "Mais Habitação Law" of October 2023, real estate is no longer a qualifying investment option. The current investment routes include:
Fund Investment
€500,000
Investment in qualifying investment funds approved by the Portuguese Securities Market Commission.
Arts/Cultural Heritage
€250,000
Donation to artistic production or recovery/maintenance of cultural heritage.
Scientific Research
€500,000
Contribution to research conducted by public or private institutions.
Job Creation
10 Jobs
Creation of at least 10 jobs for Portuguese citizens or legal residents.
Share Capital + Jobs
€500,000 + 5/10 Jobs
€500,000 investment in share capital plus creation of 5-10 jobs.
Top Nationalities (2023-2025)
Leading Applicant Countries (2023-2025)
USA: 1,335
UK: 720
China: 582
Brazil: 458
India: 460
Canada: 329
Nationality Trends (2023-2025)
Dominant: USA has solidified its position as the leading source, with consistent growth through 2024-2025.
Rising Rapidly: UK has seen significant acceleration, becoming the second largest source by 2025.
Declining: China's share has continued to decrease, falling to third position overall.
New Contender: Canada has emerged as a major source, entering the top 5 in 2024 and continuing strong in 2025.
Steady Growth: India has shown consistent increases, particularly following the investment route changes.
Consistent: Brazil maintains a reliable presence in the top five across all recent years.
Processing and Challenges
Processing Improvements
AIMA, which replaced SEF in October 2023, initially faced significant challenges with application backlogs, reported at over 400,000 cases by early 2024, including Golden Visa applications.
By Q1 2025, substantial progress has been made, with backlog reduction of approximately 65% and processing times improving from over 12 months to an average of 4-6 months for new applications.
Streamlined Processes
AIMA has successfully implemented several initiatives that have transformed application processing:
Complete digitalization of application workflow (launched Q3 2024)
Expanded processing team (120+ new staff hired)
Dedicated Golden Visa processing department
Automated preliminary application reviews
Online appointment scheduling system
Expected to clear remaining backlog by June 2025
2025 Trends & Future Outlook
Current Trends (2025)
Fund Investment Dominance: Over 78% of applications now utilize the fund investment route (€500,000)
Processing Efficiency: Average processing time reduced to 4-6 months for new applications
Geographic Shift: North American applicants (USA and Canada) now represent over 40% of new applications
Increased Family Applications: Average dependents per main applicant rising to 1.8 (from 1.6 in 2023)
Digital Processing: 92% of applications now submitted through AIMA's online portal
Future Developments
New Investment Options: Tech startup funding route (€350,000) expected to launch in late 2025
Citizenship Reform: Potential changes to citizenship eligibility criteria currently under review
Sustainability Focus: New environmental investment categories being considered
Digital Nomad Integration: Potential hybrid visa options combining elements of golden visa and digital nomad programs
Global Competitiveness: Program adjustments to maintain appeal amid competing European options
The Portugal Golden Visa program continues to evolve and adapt successfully to policy changes, with strong application numbers despite the elimination of real estate options. Improvements in processing efficiency and the expansion of alternative investment routes have maintained the program's attractiveness to global investors seeking European residency.
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