It’s been an eventful year for the Portuguese Golden Visa. As of September, Portugal’s SEF has set the stage to potentially break its 2014 record of Golden Visa approvals. With Key Gains Immigration being at the forefront of guiding investors through the evolving landscape of the program, let’s dissect the latest statistics and trends.
Golden Visa Approvals: An Overview
SEF approved golden visas for 157 main investors and an additional 183 family members in September. Cumulatively, 1,183 main applicants received their golden visas within the first three quarters of 2023. If this momentum persists, we’re looking at a year-end figure surpassing the all-time high of 1,526 approvals set in 2014.
Nationalities Taking The Lead
Of the September approvals, American investors took the lead, with 40 individuals (or 25.5% of the total). They were closely trailed by 24 Chinese investors, with South Africans, Brazilians, and Turks also making notable appearances. It’s evident that Americans have developed a robust appetite for the Portuguese Golden Visa, having already exceeded last year’s peak of 216 approvals. In fact, by September’s end, they clinched 244 approvals, constituting 21% of the year’s sum. This momentum positions Americans to potentially be the top investor nationality for the second year running.
However, it’s crucial to note that Chinese participation is on a downward slope, accounting for just 13.5% of this year’s approvals by the end of September.
The Financial Perspective
The investments corresponding to September’s approvals equate to an impressive EUR 70.9 million. As we navigate through 2023, Key Gains Immigration has observed that the SEF has green-lit applications representing a total investment of EUR 564 million. This trajectory indicates that the Foreign Direct Investment (FDI) for the 2023 program could very well surpass the EUR 750 million mark, marking a financial zenith for the program in the last five years.
Shifts in Investment Choices
The bulk of these investments have gravitated towards the Subparagraph 3 real estate option. Interestingly, this option hasn’t been available in major cities for the past 21 months, shedding light on the time lag between application and approval. Other avenues like the Subparagraph 4 (renovation) and Subparagraph 7 (fund investment) have also garnered significant attention, each accounting for nearly a quarter of the overall investments.
However, a pivotal change came with the introduction of new Golden Visa regulations earlier this month. Property investments are no longer viable, and market pundits, including our experts at Key Gains Immigration, anticipate the fund investment route to emerge as the predominant choice for prospective investors. With a backlog of about 8,000 cases, the transition in approval data to predominantly reflect this trend might take a few years. However, as of now, SEF’s current approvals, which include applications from 2021 (when real estate options were still accessible, even in larger cities), already underscore the burgeoning dominance of the fund investment category. We expect to witness both the approval rates and the total investment in this segment to double this year.
The Bigger Picture
The cumulative recognized investment in Portugal’s Golden Visa program has surpassed a whopping EUR 7.3 billion. An additional estimated EUR 4 billion is yet to be recognized, indicating that the total investment under the program has eclipsed the EUR 10 billion benchmark.
For a detailed consultation on how you can be a part of this dynamic investment landscape, contact Key Gains Immigration today.