The Portuguese government has announced plans to expand the investment categories under which foreigners can obtain residence permits, commonly known as Golden Visas.
The new regulations aim to shift the focus of these Residence Permits for Investments (Golden Visas) to include social investment. According to Schengen.News, the revised scheme will be called Residence Permits for Social Investment and will offer additional investment opportunities.
Under the new scheme, Residence Permits for Social Investment will be granted to foreigners who invest in reception facilities, infrastructure, and immigrant integration projects.
This initiative is designed to encourage more foreign investors seeking Portuguese residence permits to invest in projects that directly benefit immigrants.
“We want ARIs [Residence Permits for Investment] to be used to finance equipment and infrastructure that support the reception and integration of immigrants,” said a government spokesperson.
The change is part of the new Action Plan for Migration, which aims to overhaul Portugal’s current migration and integration policies.
Streamlined Process for Social Investment
To facilitate the process for investors, the government is considering measures for intermediation and accreditation. This would potentially shorten the time required for foreign investors to be accredited and obtain Residence Permits for Social Investment.
Details on the required investment amounts and other specifics have not yet been disclosed.
Popularity Among Brazilians and North Americans
Despite the removal of real estate investments from the Golden Visa scheme, the program remains popular, particularly among Brazilians and North Americans. Recent data indicates that these nationalities lead in investments made in exchange for Golden Visas.
Interest from other nationalities also remains high. Since January, consultations for the Golden Visa Program have quadrupled compared to the same period in 2023.
Applicants for the Golden Visa must meet several requirements, with the investment component being the most crucial.