Demand for Portuguese golden visas increased by 50%

After Portugues government announced its plan to end the golden visa scheme for investors, there has been a jump in applications, according to advisory firms.

This programme, made for non-EU individuals who need to invest in Portugal, has brought in 6.8 billion euros (7.30 billion dollars) after it was launched 10 years ago, with the money going mostly into the property sector. Successful candidates obtained residency rights.

Though 93 golden visas were issued in January 2023, which is a decrease by 45% compared to December 2022, the number had risen again by February 2023 with 130 visas given out to investors, primarily from China, the USA, and Turkey, according to data from the border agency.

The companies, which help individuals obtain a second residency or citizenship for investment, have seen a 50% increase in applications since the announcement.

Source: Reuters