Good news for Golden Visa applicants

2022 was a strong year for Golden Visa applications, with a 42% increase compared to 2021. This corresponds to 1,281 Residence Permits for Investment (ARI - the official name of the scheme) and 654.2 million euros. Citizens of the United States now lead the pack in terms of number of applications.

Now here’s the very good news: since the pandemic, Golden Visa and other residence permits applicants had to account for a massive backlog at the Foreigners and Borders Service (SEF), the entity responsible for processing the visas.

The delay in approving and renewing Golden Visas got so bad that last year one British investor decided to take the SEF to court - and won!

To resolve the issue, the Portuguese government announced this week that foreigners will now be allowed to renew their residence permits online. Auto-renewal will become available immediately and will cover Golden Visas for the first time. 

As a reminder, Golden Visas need to be renewed every 2 years. After 5 years, a Visa holder can decide to apply for full Portuguese citizenship (for which a language test is necessary), or for permanent residency.

If you are looking at a potential Golden Visa investment, now is as good a time as any. Don't hesitate to reach out to see how we can help.