Portugal’s Golden Visa Surges 72% as Government Proposes New Tax Incentive

Portugal’s Golden Visa program is making a strong comeback. According to the latest data from the Agency for Migration and Integration (AIMA), the number of approved applications has surged by 72% over the past year, reaching 4,987 – the highest figure since 2020.

Remarkably, this surge comes after a major policy change: real estate investment was removed as a qualifying option in late 2023. However, demand has not diminished – in fact, it has grown, particularly among investors choosing fund investments or research support.

While many EU countries are scaling back or shutting down their investment migration programs – Spain has announced a full phase-out of its Golden Visa, and the EU continues pressuring Malta over its citizenship-by-investment scheme – Portugal is taking a different path: not only maintaining its program but upgrading it to remain globally competitive.

A New “NHR” in the Making

Minister António Leitão Amaro confirmed that the government has no intention of ending the Golden Visa. On the contrary, they are preparing a new special tax regime for new residents – including Golden Visa holders – to replace the previous Non-Habitual Resident (NHR) regime, which was recently curtailed.

The proposed tax package includes:

• A flat 20% tax rate on domestic income from qualified professional activities;

• Exemption on foreign-sourced income for 10 years, covering dividends, interest, and other passive income.

The goal is to introduce a more attractive residency framework – one that is transparent, globally competitive, and free from the controversies that plagued the former NHR.

“This will be a new, more stable, long-term model with no political risk,” said Minister Amaro.

Fast-Tracking 44,000 Pending Cases

Meanwhile, AIMA is dealing with a significant case backlog – an estimated 44,000 residency applications are still pending.

A dedicated task force has been created to expedite processing, with the aim of clearing the backlog by the end of 2025. The administrative transition from SEF to AIMA has been identified as the main cause of last year’s delays.

A Clear Message: Portugal Remains Open

While other countries are closing their doors to investment migration, Portugal is holding its ground. The continuation of the Golden Visa program and the introduction of a new tax incentive clearly reflect the country’s intention to remain a top destination for international investors seeking long-term stability, flexibility, and a high quality of life in Europe.