In response to significant delays tarnishing the reputation of Portugal's golden visa program, the country is implementing measures to expedite application processing. The Agency for Integration, Migration and Asylum (AIMA) has announced a transition from paper-based to a digital application system to address the backlog affecting around 45,000 to 50,000 pending applications. This shift aims to streamline the process for potential investors seeking residency through investment in Portugal.
The new digital platform will allow candidates to migrate their applications online, offering greater efficiency and transparency. Notably, AIMA plans to automatically schedule biometric appointments within 30 to 90 days post application submission, a crucial step in the visa process. Additionally, the agency will now accept documents in English, Spanish, and French, alleviating the burden of translation requirements for applicants.
The golden visa program in Portugal has been a popular choice for investors worldwide since its inception in 2012, generating over €7 billion in investments. Mainly attracting individuals from China, Brazil, and the United States, the program offers residency with minimal physical presence requirements. However, the surge in applications following the Covid-19 pandemic led to prolonged processing times and legal challenges from frustrated investors.
While Portugal phased out real estate-based golden visas in 2023, alternative investment avenues remain, such as a €500,000 investment in eligible funds. In contrast, Spain has announced plans to end its golden visa program, highlighting the evolving landscape of residency-by-investment schemes within the EU. Greece and Italy continue to offer similar programs, attracting non-European nationals seeking fast-track residency opportunities.
With the implementation of the new digital application system, Portugal aims to restore confidence in its golden visa program and enhance its attractiveness to prospective investors seeking residency in the country.