Pakistan, 20th Sep 2024, -
Applications for Portuguese Golden Visa and international residence permits experienced significant growth in 2023. As to the latest study published by AIMA (The Agency for Integration, Migration and Asylum) in September 2024, it is evident that Portugal continues to draw in international residents and investment. We examine the most noteworthy events and offer insights on the expanding foreign community in Portugal and the investment climate, based on the most recent data released by the Portuguese government.
US Citizens Choose Portugal
Families seeking Portugal Golden Visa increased dramatically from 1588 in 2022 to 2,901 in 2023. Meanwhile, from 1,281 to 1,554 individual Golden Visa investors were registered in 2023.
Of course, this expansion is being influenced by a number of factors. One of the causes is the rising demand from the United States and the United Kingdom for the Portugal Golden Visa investment. This indicates a notable increase in investments made using Golden Visas.
In only one year, the number of US investors under the Portugal Golden Visa climbed from 216 in 2022 to 567 in 2023, a 162.5% rise.
The UK, which was not among the top nationalities in 2022, had a spike in interest in the Portugal Golden Visa program in 2023, accounting for 234 investors, placing it as the third-largest nationality.
Portugal’s Breakthrough in 2023
The proportion of foreign residents in Portugal increased by an amazing 33.6% in comparison to 2022, setting a new high. We may go further into the overall number of foreign nationals holding residence permits by the end of 2023—1,044,606—in order to conduct a more comprehensible analysis. In fact, this is Portugal's largest yearly growth in recent memory.
According to government data, the Brazilian population remains the largest group of foreign residents in Portugal, which highlights another trend. 35.3% of all foreign inhabitants in Portugal are Brazilians. This might be described as a continuous domination that emphasizes the close historical, cultural, and linguistic links between Portugal and Brazil. In addition to Brazil, there has been an increase in the number of foreign residents from South American and African nations, which is thought to be a result of these nations' increased interest in Portugal as a second destination worldwide.
Which Regions in Portugal Are Most Popular Among New Residents?
The foreign residents of Portugal are mainly located in the coastal area. The most preferred cities are Lisbon, Faro, and Setúbal. These three cities collectively host a foreign population reaching the 600,000 mark, accounting for approximately 60% of all foreign residents living in Portugal.
Portugal's Captivating Appeal Seems Set to Continue in the Coming Years
2023 marked a significant rise in both foreign resident numbers and Golden Visa applications in Portugal. As seen in 2023, location flexibility is expected to rank among the top trends over the next decade. As people look for safe places to invest due to persistent geopolitical unpredictability and economic hardships, Portugal comes highly recommended. The rise in investments from the US and the UK suggests a change in the patterns of movement throughout the world, motivated by the need for security, a better lifestyle, and access to EU markets, especially in the wake of Brexit.
Obtaining an extra residency or citizenship by investment is no longer only a privilege. Compared to ten years ago, this tendency is currently and will continue to be more accessible. That means that we can readily discuss the outcome, which shows that Portugal is still a desirable location for families, people, and foreign investors wishing to settle down there.
The research released shows that there is significant interest in a variety of schemes to get residence by investment, including D7 and D8 Visa types with Golden Visa applications.
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