Portugal has reached a historic milestone, with the number of foreign residents surpassing 1 million for the first time. According to AIMA (Agency for Integration, Migration, and Asylum), this represents a remarkable 33.6% increase compared to 2022. Driving this growth are streamlined immigration policies and updates to residency and citizenship regulations. In response to the surge, the Portuguese government has introduced an online citizenship application system, aiming to boost application processing capacity by 50%.
Golden Visa Popularity Soars Among Families and Investors
The Portugal Golden Visa program saw a sharp rise in demand, particularly among families and international investors. Family applications increased by 83% in 2023, climbing from 1,588 in 2022 to 2,901. Individual applications also rose, with 1,554 processed in 2023 compared to 1,281 the previous year.
Notably, interest from U.S. and U.K. investors has surged. American Golden Visa applicants grew by an impressive 162.5%, from 216 in 2022 to 567 in 2023. Meanwhile, the U.K. jumped into the program’s top rankings with 234 applicants, making it the third-largest nationality represented.
Why Portugal is a Top Destination for Foreign Residents
Portugal’s rising appeal stems from its commitment to attracting global talent and investors. In June 2024, the government unveiled its Action Plan, focusing on immigration regulation, talent attraction, immigrant integration, and institutional reforms. These updates have bolstered the nation’s reputation as a welcoming and efficient hub for expatriates.
The Golden Visa program has been updated to further streamline the path to Portuguese citizenship. The waiting period for citizenship, previously starting with the first residency permit, now begins from the initial residency application date, saving applicants time and enhancing the program’s appeal.
Enhanced Citizenship Process with Online Applications
Portugal’s newly launched online citizenship application system, powered by AI, aims to simplify and expedite bureaucratic procedures. Introduced by the Institute of Registries and Notaries (IRN), this platform has the potential to halve processing times and create a smoother experience for applicants.
A Beacon for Investment and Residency
With over 1 million foreign residents and a growing influx of investors, Portugal continues to shine as a premier destination for global citizens.
Investment advisory firm Get Golden Visa says Potugal’s progressive immigration policies, efficient systems, and high quality of life make it a standout choice for families, entrepreneurs, and investors alike.
