Portugal’s Golden Visa Fund Option Attracts Increased Foreign Interest

A total of 352 residence permits were granted to internationals in the first nine months of last year through the Golden Visa Fund Investment Option, corresponding to 30 per cent of the total, based on the data from the Foreigners and Borders Services (SEF).

This increase in wealthy foreigners’ interest in acquiring residency in Portugal through this option is expected to continue following the country’s decision to abolish the real estate investment option from the Golden Visa Program in October last year.

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The surge in interest in the Golden Visa Fund Investment Option is evident from the fact that it allows for a capital transfer of €500,000 or higher in order to acquire units of investment funds or venture capital funds dedicated to capitalizing companies, capital injected under the Portuguese legislation, whose maturity, at the moment of investment, is at least of five years, at least 60 per cent of the investment is realized in commercial companies with head office in the national territory.

In the first nine months of last year, investment funds or venture capital funds that invest in Portuguese companies received more than €125 million under this scheme, or 45 per cent higher than those registered in 2022. For every ten investment residence permits (ARI) granted, three had their origin through the acquisition of participation units of investment funds in national shares, according to reports.

Venture capital funds have positioned themselves as an appealing option to obtain golden visas. This is a trend towards diversification that seems likely to continue if the economic growth and stability of Portugal continue.

Ending the real estate option from the Golden Visa Program has also led a more significant number of internationals to choose the cultural production option. This move was part of efforts to manage the housing crisis in Portugal, and was approved by Portugal’s President, Marcelo Rebelo de Sousa, through the “More Housing” bill.