Portuguese Parliament Votes Against Closing Golden Visa Program


The Portugal golden visa program grants foreign nationals a five-year residency through investment. Commonly referred to as the “Portugal golden visa,” this program provides non-EU citizens with a pathway toward European residence. With the Portuguese residence permit, you can explore Europe’s Schengen Area without a visa and need only to spend an average of seven days in Portugal across five years.

Launched in 2012 by the Portuguese government to attract foreign investors and stimulate economic growth, the program has been successful due to its flexibility and beneficial features, such as minimum stay requirements for visa holders and potential citizenship through naturalisation.

Requirements of the Golden Visa program

To gain acceptance into the Portuguese investor visa program, applicants must initially invest a minimum of EUR 280,000 in real estate. This residence by investment plan is valid for five years and requires holders to spend at least seven days each year in Portugal during that period.

Portugal’s Golden Visa program survives parliamentary vote

On November 22nd, 2022, during a session devoted to propositions on the 2023 State Budget Law amendments, Portugal’s Parliament voted against the Communist Party’s submission that would have eliminated the country’s golden visa program.

The decision comes as Portugal’s economic recovery continues and foreign investors flock to the country in search of a safe haven for their investments. The Portuguese government is determined to maintain its commitment to attracting foreign investment, which has proven pivotal in reviving its economy after years of austerity.

Over the past decade, Portugal has granted a total of 11,263 Golden Visas to primary applicants; however, the Communist Party posited that “contrary to the publicised objective of attracting investment and job creation, the data shows that of the more than €6 billion invested to obtain a residence permit, more than 90% went to buy real estate, focused especially in Lisbon, Porto, Cascais, and other coastal areas.”

Prime Minister Antonio Costa of Portugal declared at the beginning of November that the golden visa program may have accomplished its purpose and might be terminated. Nevertheless, his own Socialist Party, which has an absolute majority of votes, defied the proposal.

Benefits of securing Portugal’s Golden Visa

There  are several advantages to obtaining a Portuguese golden visa, including the following:

  • The right to work and conduct business in Portugal
  • Freedom to travel within the Schengen Area
  • Avail all the benefits as other EU citizens
  • Potential for citizenship through naturalisation after five years of residency
  • Attractive taxation system
  • No restrictions on dual citizenship

The golden visa program is beneficial not only for foreign investors but also for Portugal itself as it helps encourage economic development and job creation. It has proven invaluable in reviving Portugal’s economy, making it an attractive destination for tourists and foreign investors alike. With its successful implementation, the golden visa program continues to be an excellent way for foreign investors to gain easy access to Portugal and the rest of Europe.

About Passport Legacy:

At Passport Legacy, we provide our clients with guidance and support throughout the golden visa application process. Our team of experts assists our clients every step of the way, from gathering required documents to filling out applications correctly. We are here for our clients so that each aspect of their application is easy and stress-free. Contact us today to learn more about Portugal’s golden visa and how we can help you make your immigration dreams a reality.

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