Portugal is contemplating enhancements to its Golden Visa program to attract increased foreign investment and global talent. This initiative comes shortly after Spain terminated its own golden visa scheme, citing concerns over its impact on the housing market.
Portugal’s Golden Visa: Proposed Enhancements
Minister of the Presidency, António Leitão Amaro, indicated that the government is evaluating measures to make the Golden Visa and associated tax regimes more appealing. While specific details are yet to be disclosed, the objective is to position Portugal as a prime investment destination while ensuring economic and social fairness.
The Golden Visa program currently offers non-European investors a pathway to residency through various investment options, including a minimum €500,000 investment in eligible funds. Additionally, new residents may benefit from a 20% flat tax on local income and a ten-year exemption on most foreign income.
Rising Demand Amid Global Policy Shifts
Portugal’s Golden Visa program has witnessed a surge in demand, with approvals increasing by 72% last year to a record 4,987, according to the country’s immigration agency, AIMA. Since its inception in 2012, the program has been particularly popular among investors from the United States, China, and Brazil.
In contrast to other European nations like Spain, Malta, Ireland, the Netherlands, and Greece—which have either ended or tightened their golden visa programs—Portugal is taking a more welcoming approach. Minister Amaro emphasized that there are no plans to abolish or “demonize” the Golden Visa, signaling a commitment to maintaining the program’s attractiveness.
