Portugal’s Golden Visa Attracts €450M in Russian Investments

Portugal has recorded €450.6 million in Russian investments since 2022, reflecting a 49% increase, according to foreign direct investment data from the Bank of Portugal.

This surge follows the resumption of Golden Visa approvals for Russian applicants, which had been suspended for over two years.

Before 2022, Russian nationals accounted for 4.2% of total Golden Visa investments, contributing over €250 million in a decade. The recent figures nearly double that amount, that signals the impact of Portugal’s policy adjustments.

Legal Rulings Leading to Policy Reversal

In August 2024, the Agency for Integration, Migration, and Asylum (AIMA) restarted the approval process for Russian applicants. This decision followed over 170 court cases, where Portuguese judges ruled that the suspension, originally imposed in response to the Russia-Ukraine conflict, violated constitutional rights.

The rulings led to a forced policy change, allowing previously stalled applications to move forward. However, the approvals primarily reflect investments made three to four years ago, rather than new capital inflows.

Golden Visa Processing Resumes with Additional Oversight

While applications are now being processed again, practical challenges remain. European sanctions continue to restrict financial transactions, and most Portuguese banks are not opening new accounts for Russian investors unless they already hold EU residency or have renounced Russian citizenship.

Additionally, AIMA is managing a backlog of over 55,000 applications, leading to delays of more than 36 months. A 2023 legal amendment also gives authorities the power to decline, or revoke permits for individuals subject to EU restrictive measures, adding another level of oversight to the process.