Pedro Portugal Gaspar, President of Portugal’s Agency for Integration, Migration and Asylum (AIMA), has officially confirmed that the processing of Golden Visa applications has resumed.
The Portugal Golden Visa program is one of Europe’s most sought-after residency-by-investment schemes. Launched in 2012, it offers non-EU nationals the opportunity to obtain Portuguese residency by making qualifying investments in the country.
Successful applicants enjoy visa-free access to the Schengen Area, the ability to live and work in Portugal, and the potential to apply for citizenship after five years.
Alternative Investment Routes Gaining Traction
With the real estate path no longer available, investors are now exploring alternative routes that are still eligible under Portugal’s Golden Visa program.
- Fund Investment: Minimum of €500,000 in qualifying Portuguese investment funds.
- Capital Transfer: Transfer of a minimum of €1.5 million into a Portuguese bank account or other approved asset.
- Scientific Research: Investment of at least €500,000 into research activities conducted by public or private institutions.
- Job Creation: Minimum €500,000 investment that creates at least five permanent jobs.
- Cultural Heritage Support: A contribution of €250,000 to €500,000 toward the preservation of national cultural heritage.
Among these, the Cultural Heritage investment option has seen a remarkable surge in popularity. In 2024 alone, this route has generated €12 million, a staggering 165% increase from the €4.5 million raised in 2023. This shift reflects a broader redirection of investor interest, following the closure of the real estate option.
Despite the government’s assurances, the slow processing times continue to pose a major challenge. Investors and legal representatives have voiced concerns over the lack of transparency and communication from AIMA.
Moreover, the uncertainty affects not just individual investors but also family members, as Golden Visa applications typically extend to spouses and dependent children.
Need for Administrative Reform and Modernization
Gaspar’s comments point to an urgent need for administrative reform within AIMA. As the agency tasked with managing Portugal’s migration and asylum systems, AIMA must now contend with massive demand and limited resources.
Experts argue that digitalization, staff training, and process automation are critical to streamlining the visa processing system and restoring confidence among foreign investors.
Analysts suggest that Portugal risks damaging its reputation as a prime destination for global talent and investment if the Golden Visa program continues to suffer from administrative paralysis.Attorneys and immigration consultants warn that unless the government addresses the delays and improves communication, Portugal may lose its standing to more agile programs offered by countries like Spain, Greece, and Italy.
In the wake of the real estate ban, many investors are now reconsidering their options, comparing the benefits and drawbacks of various European investment visas.
