Portugal Resumes Golden Visa Processing – But Progress Is Slow

Portugal’s Agency for Integration, Migration and Asylum (AIMA) has confirmed it is once again processing Golden Visa applications — but tens of thousands of investors remain on hold, with no fast-track in sight.

In 2023, Portugal officially ended the most popular route of the Golden Visa — real estate investment — in a bid to ease the national housing crisis. Nonetheless, the Residency-by-Investment scheme remains active through alternative investment paths.

50,000 Investors Still Waiting

AIMA’s President Pedro Portugal Gaspar told Público that the agency has resumed processing files, but that over 50,000 investors and family members remain in the queue, with some applications pending for more than three years.

“Processes are moving. They are not stalled. But the pace is still not at the desired level,” Gaspar admitted.

Expectations vs. Reality

Attorney Tatiana Kazan told Público that many investors submitted applications expecting quick approval, especially in the months leading up to the ban on real estate. In reality, funds flowed into Portugal — but residence permits did not follow.

This has led to frustration, but not a collapse in demand. Instead, interest has shifted to alternative options still allowed under the Golden Visa scheme.

What Investment Options Remain?

Applicants may still qualify for a Portuguese Golden Visa via:
- Investment in a regulated fund: €500,000+
- Capital transfer: €1.5 million
- Investment in research or science: €500,000
- Business creation with five new jobs: €500,000+

One category has seen exceptional growth: cultural heritage. In 2024, Portugal received €12 million via this path — a 165% increase over 2023’s total of €4.5 million.