US Nationals Depart Portugal: ‘Golden Visa’ Demand Dips by 37%

The Portuguese government has officially terminated its widely known Golden Visa program, primarily to address growing concerns about the nation’s housing crisis. The program, launched in 2012, permitted affluent internationals to secure residency in Portugal by making a specific monetary investment and meeting requisite conditions.

Bloomberg reports a subsequent decline in the number of expatriates remaining in Portugal. A drop of 18% in residency requests by internationals through the Golden Visa scheme in the first half of this year has been witnessed. Moreover, demand from US citizens saw a steeper fall, declining by 37%.

Historical data from the Foreigners and Borders Service (SEF) shows that since the scheme’s initiation in October 2012 until January this year, Portugal granted 11,628 golden visas. Most beneficiaries were from China (5,258), followed by Brazil (1,178), the United States (558), and Turkey (547).

In a recent statement, Portugal’s Minister of Infrastructure and Housing, Marina Gonçalves, emphasized that more than 90% of golden visa investments were channelled into real estate. This has indirectly inflated housing prices. “While the government aims not to deter foreign investment, there is a broader visa policy under consideration that also prioritizes investment,” Gonçalves said. She mentioned that similar topics are being evaluated across Europe.

Golden Visa and Golden Passport programs, allowing wealthy foreigners to acquire residency or citizenship, are still operative in several European countries.

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