10 Years of Portugal's Golden Visa Residence Permit Program
First established in 2012 and reaching its 10th anniversary in 2022, Portugal’s Golden Visa Residence Permit Program enables non-EU/ European Economic Area (EEA) citizens to obtain a special residence permit in exchange for a minimum 5-year investment in Portugal. From 2012 to the present, 10.170 residence permits were approved, and over €6 billion was invested in the country, boosting the local economy and generating jobs.
The Portugal Golden Visa program is essential to the Portuguese government’s immigration plan to welcome investors into the country.
The Portuguese government approved the program on 1 January 2022, excluding some areas for residential investment and focusing investments on less populated areas of the country and its islands.
SEF Resumes Portugal Golden Visa Applications
Portugal’s Foreign and Borders Service Challenges Put Into Context
Golden Visa applications and processing procedures are handled by SEF – Serviço de Estrangeiros e Fronteiras, or in English, Foreigners and Borders Service. The process starts with an online application, pre-approval, and a biometrics visit, but GV applications have stalled in the last 5 months – creating a considerable backlog. The sequence of events that led to such an unfortunate situation, namely the COVID-19 pandemic, general elections, the appointment of a new government in Portugal, and finally, the Ukrainian war, have placed extra pressure on an already overloaded system. SEF has processed and issued, since February, visas for more than 30.000 requests from Ukrainian refugees who came to Portugal during the war. In a sensible manner, the decision within SEF (which was also taken for political and humanitarian reasons) was to prioritize issuing these visas.
Furthermore, there are also planned changes to SEF, which is transitioning from its current form. The department had an overall restructuring scheduled for May 2022, but it has been postponed. Obviously, this process has created a lot of political pressure on SEF and a high level of uncertainty among workers, leading to strikes and widespread instability that further impairs its normal functioning.
SEF Resumes Acceptance of New Portugal Golden Visa Applications
Although this is incredibly frustrating for investors participating in the program, there is light at the end of the tunnel, and SEF has resumed accepting new Portugal Golden Visa applications. Pre-approvals have now been processed, and the backlog is decreasing considerably. The recent appointment of SEF’s new National Director brought a positive reinforcement, and we have already seen the results of his determination and motivation to detangle the effects arising from this unprecedented context.
As of 13 June 2022, several Portugal Golden Visa providers stated that SEF has begun accepting new applications. Before this, since 21 December 2021, Golden Visa advisors could not submit new applications through SEF’s online portal. While the portal is still not fully updated with the new investment amounts, submitting applications and changing the investment amount manually is now possible.
Alongside this, at this point in time, we can already say that temporary protection for Ukrainian citizens seems to have stabilized, and the analysis of Golden Visa processes has resumed, with new pre-approvals of applicants from the last quarter of 2021 being sent daily.
Everything suggests that biometric scheduling will start again very soon, and it is a relief that the application submission system is now up and running again.
Above all, we know that our clients and Portugal’s objectives are compatible, and we work daily to evaluate all perspectives so that they are swiftly realigned.
Note: As of October 2023, the SEF (Serviço de Estrangeiros e Fronteiras) has been dissolved and replaced by the Agency for Integration, Migration, and Asylum (AIMA). In the following section, we will provide more information about the new agency and discuss how it can streamline the Portuguese Golden Visa application process.
2023 Update: AIMA Replaces SEF in Portugal
As of 29 October 2023, SEF was replaced by AIMA – the Agency for Integration, Migration, and Asylum.
With a budget of €81 million, 740 employees, and 34 service centers, AIMA was created to streamline all immigration services, including the Portugal Golden Visa application. The agency plans to address the backlog of approximately 347,000 pending immigration cases and visa renewals in the first quarter of 2024.
The physical facilities once dedicated to borders service SEF will undergo a transformation, with the offices across the country being transferred to the new responsible services.
Portugal’s dissolution of SEF represents a significant change in the country’s approach to immigration and its processes. However, some delays may be expected during this transitional period, so applicants should be prepared for potential adjustments as AIMA takes over SEF and its new responsibilities.
Portugal Golden Visa 2024 Update
The Golden Visa Portugal underwent significant changes in 2023, and it no longer accepts the purchase of real estate, real estate-related funds, or capital transfers as qualifying investments.
While capital transfers and real estate investments are no longer part of the Portugal Golden Visa Requirements, the program continues to exist with the following investment options.
- Fund Subscription: Make a contribution to a qualified investment fund (such as venture capital funds or private equity) worth at least €500,000
- Investment or donation in the arts or preserving national heritage with a donation of at least €250,000
- Scientific Research: Science or Technology research contribution of at least €500,000
- Creation of ten jobs: Creation and maintenance of ten jobs during the required period
- Share capital and job creation: Incorporation of a company or reinforcement of a company’s share capital, in either case with an investment of €500,000, combined with the creation of five or maintaining ten jobs (5 of them permanent)
Frequently Asked Questions
Is the Portugal Golden Visa ending?
The Portugal Golden Visa will not end. However, as of 2023, capital transfers and buying real estate property are no longer eligible investment options for the program. The qualifying investment types are job creation, company setup, artistic or cultural heritage preservation project donation, and fund investments.
Does SEF still exist in Portugal?
No. As of 2023, the SEF (Serviço de Estrangeiros e Fronteiras) in Portugal has been replaced by the Agency for Integration, Migration, and Asylum (AIMA). This change is part of a broader restructuring aimed at improving the efficiency and effectiveness of immigration and asylum services.
Can I renew the Portugal Golden Visa online?
Introduced on January 2023 by article 207.º of the Portuguese State Budget for 2023, the online renewal process for the Golden Visa is no longer available.
