Portugal's Golden Visa Applications Surge in 2022

In the latest statistics, published by SEF (Portugal’s Immigration Department) Golden Visa approvals are increasing once again. In September 2022, the department approved 120 Golden Visa applications, the second biggest month in over a year following June 2022 when they processed 155 applications. In the nine-month period from January 2022 – September 2022, the programme has already raised more income than it did in the full 12-month period of 2021. During the last nine months, a total of 926 main investors have been approved, generating over €465 million in investment. A sign that the programme is still growing, despite SEF’s temporary closure and the processing delays we saw earlier in the year.

So far this year, US applicants have accounted for 17.5% of all applicants obtaining Golden Visas in Portugal, closely followed by 17% of Chinese investors. There has also been an increase in investors from the UK this year, a steady growth pattern that we have seen since Brexit, amongst other things. Over 79% of investors this year have applied via the real estate investment route, and of that figure, 40% are selecting to invest in the reduced golden visa categories, purchasing qualifying renovation projects from €280,000 / €350,000.

It was also announced last month that the Ministry for Parliamentary Affairs in Portugal are opening a new Portuguese Agency for Migration and Asylum, which they intend to do by the end of 2022. This will replace SEF and hopefully ensure more timely processing of future applications.

For more details on Portugal’s Golden Visa programme, please contact our advisors for a free consultation.