Investment from the Portugal Golden Visa program equated to €654.2 million in 2022, up 41.9% on the previous year. Almost 50% more visas were granted than in 2021.
The Portugal Golden Visa (GV) is one of the most popular residency-by-investment programs in the world. Since its inception in 2012, thousands of families have successfully relocated to Portugal.
Before 2022, golden visa applicants could purchase property with €500k cash down pretty much anywhere in the country. However, last year, the government introduced geographical restrictions on where you could buy. Investors can still buy in high-density areas such as Lisbon, Porto and the Algarve (and for a lower price) but only certain properties qualify. (Find out more about the 2022 changes here.)
It is safe to say that last year’s new restrictions haven’t scared investors off the scene. In fact, 2022 saw the highest annual total of Portugal golden visa approvals since 2018.
Last year, a total of 1,281 golden visas were granted, up from 865 in 2021. This means that 416 visas more visas were approved in 2022, with a 48% increase compared to the previous year.
The most visas were granted in June (155) and December (151), whilst the fewest were approved in March (73) That said, the number of visas granted was relatively consistent over the course of the year.
Investment equated to €654.2 million in total, up 41.9% on 2021.
The Golden Visa: Looking Back
The golden visa program began in 2012, and by 2015, around 1,500 visas were being granted every year.
A total of 11,535 visas have been awarded since the Golden Visa was created, and most of these (10,593) were driven by real estate investment.
Real estate investments from Golden Visa holders equated to €6,041 million, with €534.1 million comprising real estate for urban rehabilitation.
Other investment options include capital transfers and creating jobs within Portugal. There were 920 capital transfers made, equating to €712 million (the minimum investment amount is €1.5 million per applicant). 22 golden visas were granted under the promise of creating a minimum of ten jobs.
New Golden Visa holders were mostly Chinese (5,247) followed by people from Brazil (1,168), Turkey (546), the United States (537), and South Africa (507). For those in the US, Portugal is a particularly attractive country to invest in; not only can you obtain EU citizenship, but buyers can also capitalise on the strong dollar and benefit from attractive prices.
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