Portugal Targets More Global Investors With New Golden Visa Overhaul

Lisbon. The Portuguese government is considering major revisions to its Golden Visa program in a bid to attract a new wave of foreign investors. Proposed changes may include a 20% flat tax on domestic income and a 10-year exemption on most foreign income, according to Schengen.News.

Portugal’s Minister of the Presidency, Antonio Leitao Amaro, told Bloomberg that the government has no plans to shut down the Golden Visa program but is actively working to make it more competitive, particularly as other EU nations tighten their investment migration policies.

2024: A Record-Breaking Year for Golden Visas

Portugal’s Agency for Integration, Migration, and Asylum (AIMA) reports that 4,987 more applications were approved in 2024 than in 2023, marking a new all-time record. Approval rates surged 72% year-over-year, with American investors making up the largest share of successful applicants.

Portugal remains one of the few EU destinations where Residency-by-Investment programs are still fully operational, drawing strong international interest.

Proposed Tax Incentives

Though details remain under discussion, proposed incentives include:

A 20% flat tax on local income;

A 10-year tax holiday on most foreign income streams.

The changes are designed to appeal to high-net-worth individuals seeking long-term tax residency.

AIMA Processing Backlog Surpasses 50,000

According to AIMA President Pedro Portugal Gaspar, the agency has resumed processing Golden Visa applications, albeit at a slow pace. Currently, over 50,000 investors and their family members are still waiting for decisions, some for more than three years.

Processing delays were aggravated by administrative restructuring following the removal of real estate investments from the program in 2023. However, alternative investment routes—such as funds, job-creating businesses, and R&D contributions—remain active and continue to attract global investors.