For applications for Portuguese Golden Visas and overseas residency permits, 2023 has been a historic year. We can see why Portugal continues to draw in international investors and residents based on the most current report published in September 2024 by AIMA (Agency for Integration, Migration, and Asylum). We examine the most important changes and offer insights into trends in Portugal's expanding foreign community and the investment climate based on the most recent data released by the Portuguese government and our company's inquiries throughout the year.

Portugal Golden Visa Demand Soars in 2023 Amid Rising U.S. Participation

In 2023, 2,901 families applied for Portugal residency by investment, up from 1588 family members in 2022. Meanwhile, the number of individual Golden Visa investors rose from 1,281 to 1,554 in 2023.

Naturally, a number of factors are influencing its expansion. One of the contributing elements is the growing interest in Portugal Golden Visa investment from the US and the UK. This indicates a notable increase in Golden Visa investments.

In 2022, there were 216 Golden Visa investors from the United States; in 2023, there were 567, representing a 162.5% rise in just one year.

With 234 investors, the UK became the third-largest nationality investing in the Portugal Golden Visa program in 2023. In fact, the UK was not among the top nationalities in 2022, but it experienced a spike in interest in Golden Visa in 2023.

Foreign Population in Portugal Hits Historic Peak in 2023

The number of foreign residents in Portugal increased by a remarkable 33.6%, setting a new high, in comparison to 2022. We may do a more thorough analysis by looking at the overall number of foreign nationals who will have residence permits by the end of 2023, which is 1,044,606 people. In fact, this is the biggest yearly growth in Portugal's recent history.

Additionally, the government's statistics shows that the Brazilian community remains Portugal's largest group of foreign residents. In Portugal, 35.3% of all foreign inhabitants are Brazilian. This might be described as a persistent domination that emphasizes Portugal's close connections to Brazil, including its shared history, culture, and language. of addition to Brazil, there has been an increase of foreign residents from South American and African nations, which is said to be a result of Portugal's appeal to these nations as a second destination.

How Foreign Residents Are Spread Across Portugal

Portugal's foreign population is concentrated near the shore, particularly in the districts of Lisbon, Faro, and Setúbal. With 663,699 inhabitants, the aforementioned regions collectively make up 63.5% of Portugal's foreign population.

Residency and Investment in Portugal Continue to Accelerate

Portugal saw substantial growth in 2023, as evidenced by the rise in applications for Portugal Golden Visas and the number of foreign residents. Portugal continues to attract record numbers of expats and investors, driven by lifestyle, visa flexibility, and global interest. As demonstrated in 2023, we believe that geographic fluidity will rank among the top trends over the ensuing ten years. Portugal becomes a popular option as people look for safe investment environments due to economic difficulties and ongoing geopolitical unpredictability. The rise in US and UK investments points to a change in global migration trends, especially in the post-Brexit era, as people seek stability, lifestyle, and access to EU markets.

The ultra-wealthy no longer have the luxury of obtaining citizenship or extra residency through investment. Compared to ten years ago, this tendency is currently and will continue to be more accessible. We have seen a commensurate increase in queries throughout the year, As Get Golden Visa, which is consistent with official figures. We can therefore readily comment on the outcome, which shows that Portugal continues to be a desirable location for families, individuals, and international investors seeking to settle there.

According to the AIMA research, we see a significant interest in a variety of schemes that allow people to get residency by investment, including D7 and D8 Visa types with Golden Visa applications.