In a turbulent year, Golden Visa approvals in Portugal break records
In the same year that the new law regulating "Golden Visas" could be enacted, the number of Golden Visa approvals is on the verge of breaking records, exceeding 1.000. Compared to last month, there is a reduction in the number of approvals for obtaining residency, but the year-on-year difference for the same month represents an increase of 26%.
If the trend continues, this would be a record year for obtaining residency through investment, statistically highlighting the error made by the Portuguese government in including changes to the process of obtaining a European passport through investment in the "More Housing" law. In addition to a large number of migrants wanting to apply by purchasing property, the country's real estate market is showing worrying signs.
So far this year, the country has raised approximately €57,2 million, of which €33,2 million corresponds to obtaining the Golden Visa through property purchase, €7,9 million to property purchase and renovation, and €13 million to investment funds. Finally, the capital transfer option only encompasses €3,2 million in deposits. according to data published by the IMI Daily portal.
Golden Visa approvals by country
North Americans are among those most interested in obtaining the Portuguese Golden Visa. Of the 101 visas approved in July (plus 169 family members), 16% were American. Filipinos follow closely behind, representing 13% of the total, while Britons come in third with 10 approvals during the month.
During June, the trend was similar, with 179 approvals, 47 of which were for Americans, followed by Britons, Chinese, and Indians. This trend is replacing that of Chinese migrants, who represent the majority of Golden Visa recipients in Portugal, although in recent years Americans have been gaining ground.
Brazilians are among the top Latin Americans interested in the Golden Visa, although interest from citizens of other countries in the region, such as Chile, Argentina, and Uruguay, is steadily increasing. This is particularly true given the climates of uncertainty to which these countries are often linked, especially in comparison with the Iberian nation where both the economy and legal security are quite stable.
Last chance
One of the reasons this year is poised to become a record-breaking year for Golden Visa approvals in Portugal is the possibility that the government will implement the changes promoted by the "More Housing" law. This bill has already been approved by the Assembly of the Republic in Lisbon and is now in the hands of the president.
What may happen in the coming months is still a matter of uncertainty, since the country's highest authority, Marcelo Rebelo de Sousa, can now approve and enact the law as is, send it to the Assembly of the Republic for review, or not comment and send it to the Constitutional Court for review.
This could take several months to finalize, so this is the last opportunity to obtain a Golden Visa through property purchase. Given the current turmoil in the Portuguese real estate market due to the potential approval of the law, At AIM Global we can help you find a property quickly and securely, thus accelerating the process of obtaining the Golden Visa Portugal.
