European Country Restarts Golden Visa

Pedro Portugal Gaspar, President of Portugal’s Agency for Integration, Migration and Asylum (AIMA), has confirmed that the agency has resumed processing applications under the Golden Visa program. However, the backlog is significant—around 50,000 investors and their family members are still waiting, with some cases delayed for nearly three years, according to Schengen.News.

A report by Público highlights that while application processing has resumed, the pace remains slower than applicants would like. “Some of these applications are moving forward—they are not at a standstill. But of course, the capacity to respond depends on how the processes are structured,” Gaspar stated.

Portugal’s Golden Visa Program

Portugal’s Golden Visa offers residency to non-EU nationals who make qualifying investments in the country and meet specific requirements. The program previously gained popularity through its real estate investment option, which allowed foreigners to secure residency by purchasing property in Portugal. However, that option was officially scrapped in 2023 as part of the government’s efforts to address the country’s growing housing crisis.

Disappointment Over Delays

Attorney Tatiana Kazan told Público that many investors felt misled by government assurances of swift permit approvals before the 2023 ban on real estate investments.

“Before the ban, many believed the government’s promises that residency permits would be processed quickly. The funds were invested, but the expected permits were not delivered,” Kazan explained.

Shift Toward Alternative Investment Routes

The end of the real estate pathway has pushed investors toward other active options under the Golden Visa program, including:

• Fund investment: Minimum of €500,000

• Capital transfer: €1.5 million

• Investment in scientific research: €500,000

• Job creation: €500,000 investment creating at least five new jobs

One alternative route gaining traction is the Cultural Heritage investment option. In 2024 alone, this option brought in €12 million—a 165% increase compared to the €4.5 million raised in 2023. This spike is largely attributed to the closure of the real estate option, redirecting investor interest to other viable channels.