Portugal’s Golden Visa Hits Record High Amid Fresh Policy Talks

Portugal issued a record 4,987 golden visas in 2024, including both primary applicants and their dependents, according to the country’s immigration agency AIMA, as cited by Bloomberg. This marks a 72% increase compared to the previous year and surpasses the earlier peak of 4,029 approvals recorded in 2017.

The spike comes just as the Portuguese government reopens talks about adjusting the residency-by-investment framework and related tax policies. Minister of the Presidency Antonio Leitão Amaro clarified that there are no plans to terminate the program, reversing the stance of the previous administration, which removed real estate from the list of qualifying investment categories in 2023 and had threatened to phase out the scheme entirely.

Instead, the new center-right government is exploring options to improve the structure of the golden visa and expatriate tax offerings. The goal, according to Amaro, is to make both “economically and socially fair” while positioning Portugal as a more competitive destination for investors and international professionals.

Tax Policy Adjustments May Follow as Lisbon Seeks Investment Edge

While specific proposals haven’t been disclosed, Minister Amaro emphasized the government’s intent to update both the golden visa structure and the accompanying tax policies to appeal to international investors and skilled professionals.

Currently, Portugal offers a modified version of the Non-Habitual Resident (NHR) tax regime, which includes:

• 20% flat tax on employment and self-employment income for eligible new residents.
• No preferential treatment for passive income (e.g. dividends, interest, pensions), a major change from the original NHR regime scrapped in 2024.
• Golden visa holders do not automatically qualify for the NHR regime.

The government is reportedly considering:

• New tax incentives to attract long-term foreign investors and global talent.
• Restructuring the visa and tax framework to make the system “economically and socially fair.”
• Better integration between the golden visa program and tax benefits, potentially allowing broader access to tax incentives for investors.

Portugal’s approach appears to diverge, with a focus on refinement rather than restriction. With nearly 45,000 pending applications in backlog, Amaro stated that the government aims to resolve most cases by the end of 2025.