Portugal’s Golden Visa program, once a beacon for investors seeking residency, is now mired in delays, leaving many applicants in a state of uncertainty. With a backlog exceeding 400,000 applications, frustrated investors are resorting to legal action to expedite their residency status.
The Golden Visa program was launched in 2012 to attract foreign investment into Portugal. It allows non-European nationals to obtain residency by investing in real estate or other qualifying investments. The program has been particularly popular among investors from China, Brazil, and the United States, raising more than €7 billion to date.
However, the recent influx of immigrants, exacerbated by the COVID-19 pandemic and geopolitical tensions, has overwhelmed the AIMA. The foreign population in Portugal has more than doubled since 2018, now totaling over one million, which is about 10% of the country’s total population.
Many applicants share similar sentiments, feeling that their significant investments are not being prioritized. The delays have tarnished the program’s reputation, leading some to explore legal avenues to expedite their applications.
In response to the delays, several applicants are taking legal action against the AIMA. Lawyers specializing in immigration law report that a significant portion of their clients have filed lawsuits to compel the agency to adhere to a 90-day decision-making deadline for residency applications.
To address the growing backlog, the Portuguese parliament has approved measures to streamline the process. One significant change allows applicants to start counting their residency period toward citizenship from the date of application submission, rather than from when they receive their residency card.