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The Portugal Golden Visa program experienced a record growth in the number of residence permits issued in 2023. The increase in family applications is especially impressive.
Golden Visa applications for families increased by 83% YoY during the past year, and individual applicants registered a considerable growth of 21%.
The reason behind this lies in many factors, including geopolitical tensions, effective economic restrictions, and the general sense of unease in the home countries of applicants who saw Portugal’s Golden Visa as an emerging contingency plan.
Recent statistics from the AIMA (Agency for Integration, Migration, and Asylum) show a remarkable uptick in applications since the families led what industry experts call a “golden rush” to Portugal, one of the EU’s safest countries.
Family Applications Increased by 83% in 2023
The number of family applications under the Portugal Golden Visa program increased by 83% in 2023 compared to 2022, increasing from 1,588 to 2,901.
Werner Gruner, Regional Partner at Get Golden Visa, shared his views regarding this matter, describing this increase as: “The exponential growth in family applications underscores a fundamental shift in how the Golden Visa is perceived.”
He explains that the Golden Visa “is no longer just an investment instrument or a means to an end; it’s a gateway to a better lifestyle. Portugal’s world-class healthcare system, competitive international schools, and a desired quality of life carry important aspects for families seeking a secure and better future in terms of expectations.”
US Applicants are on the Top of the List, UK Take Third Position in 2023
A diverse set of investors across the globe consider the Golden Visa Program. The investors from the United States (567) lead the charge, followed by China (306), the United Kingdom (234), Brazil (219), and India (199).
US applicants had already been growing in number, and in 2023, they have overtaken the position of Chinese applicants, as the high net worth individuals in the US are growing more weary of the political divide.
Gruner observed that “many Americans are looking beyond traditional investment horizons, seeing Portugal not just as a secondary destination in Europe but as a solid infrastructure that will help them secure a second place against economic and political uncertainties at home.”
The Number of Foreign Residents in Portugal Grew Over One Million in 2023
There has been an incredible increase in the number of foreign residents in Portugal, growing by 34% and reaching a record high of 1,044,606. This reflects a phenomenal 117% increase from 2018, when the expat population of Portugal was at 480,300.
“This extraordinary demographic shift is a testament to the growing international interest in Portugal,” Gruner explained.
He says that “the Golden Visa program has played a critical role in Portugal’s socioeconomic change, notably contributing to its financial vigor and cultural diversity.”
Economic Impact of Portugal Golden Visa, a Plan B Destination for Investors
The influx of FDI through the Golden Visa program has profoundly impacted Portugal’s economy on various fronts.
It has stimulated economic growth in a variety of areas, particularly fund management, and has had an impact on industries such as tourism, hospitality, real estate, and professional services via direct or “trinkle-down” economic consequences.
Gokce Emer, Director of Business Development at Get Golden Visa, remains optimistic about the program’s future, explaining that “despite global economic strains, we’re seeing sustained and growing demand for Portuguese Golden Visas.”
Emer notes that “smart, proactive investors recognize what Portugal has to offer in terms of economic and political security and that it provides a perfectly suited Plan B destination for investors along with a unique lifestyle.”
She then adds that the “program’s success benefits everyone involved, bringing in vital capital into the country while offering investors a foothold in one of Europe’s safest countries.”
Driving Factors Behind the Golden Visa Trend in 2023
The growing interest in Portugal’s Golden Visa Program brings various factors into consideration, in addition to the need for EU access. Emer reveals that we are “facing a series storm of conditions making Portugal an optimal destination for high net worth individuals.” The factors are:
- Economic Resilience: Portugal attracts investors who seek financial security through its resilient economy and affordable cost of living.
- Quality of Life: Portugal’s quality of life is high in terms of healthcare, an excellent education system, and a warm climate.
- Stable Government: Portugal, in contrast to many other countries today, is able to offer a moderate, stable government that has positive international relations.
- Attractive Investments: The focus on fund investments opens up various investment opportunities throughout different sectors of the Portuguese economy. This, as a result, gives investors varying levels of profit and risk to choose from.
Emer highlights that demand from US and UK investors is also growing, proving that the interest in Portugal is now growing spread throughout Western countries that were previously averse to investment migration solutions.
Historical Context and Growth Trends
Looking at the program’s growth over time is important to appreciate the current increase in demand.
The number of foreigners residing in Portugal has grown since 2018:
- 2018: 480,300 residents (14% annual growth)
- 2019: 590,348 residents (23% annual growth)
- 2020: 662,095 residents (12% annual growth)
- 2021: 698,887 residents (6% annual growth)
- 2022: 781,915 residents (12% annual growth)
- 2023: 1,044,606 residents (34% annual growth)
Portugal’s foreign resident population has steadily increased. The global pandemic most likely caused the drop in growth in 2021, but the significant rebound in 2022 and exponential rise in 2023 show that demand is sustained and expanding.
Stability and Mobility through Portugal Golden Visa
The Portuguese Golden Visa stands out as a beacon of opportunity in times of global economic strain. It offers financial security, an elevated lifestyle, and enhanced global mobility.
The numbers highlight that investors from all over the world appreciate this need now more than ever, and they are acting on it at the opportune moment.
To learn more about how you can benefit from Portugal’s Golden Visa program, visit Get Golden Visa’s website and book a comprehensive consultation with one of our Golden Visa experts today.
