Portugal Golden Visa: Approvals Down, Family Permits Up in 2024

Portugal Golden Visa: Approvals Down, Family Permits Up in 2024

Portugal's Golden Visa (ARI) program issued fewer residence permits in 2024 than the previous year, but family reunification permits linked to the program nearly doubled. The shift, documented in Portugal's latest official migration reporting, marks a notable change in the program's profile after years of policy revisions. Movingto analyzed the latest official migration data to track these changes.

The Numbers

In 2024, Portugal issued 2,081 ARI residence permits, down from 2,901 in 2023—a 28% decline year over year, according to the Agency for Integration, Migration and Asylum (AIMA)'s annual migration and asylum report.

At the same time, family reunification permits linked to ARI rose to 2,909 in 2024, up from 1,554 in 2023—an 87% increase.

Who's Applying?

The most recent nationality breakdown, published for 2023, shows the United States led with 567 permits, followed by China with 306.

Historical Context

The Golden Visa—formally the Autorização de Residência para Atividade de Investimento (ARI)—launched in October 2012. Official reporting from the program's first decade shows:

• More than €7.3 billion in total investment (October 2012–October 2023)
• Over 12,700 main applicants
• More than 33,000 total beneficiaries, including family members
• Real estate routes accounting for roughly 88%–90% of historical investment

The 2022 annual reporting (RIFA 2022) provides a granular snapshot: €654.3 million in total ARI investment that year, with property purchases representing €534.6 million across 1,008 investments.

What May Explain the Shift?

The program has undergone significant changes in recent years, including restrictions on real estate investment routes and the administrative transition from Serviço de Estrangeiros e Fronteiras (SEF) to AIMA. These changes created a complex operating environment that can influence year-to-year totals.

The data doesn't explain causation, but it shows a clear pattern: fewer new ARI permits, more family reunification.

Methodology

This story summarizes publicly available reporting from Portuguese migration authorities. Year-over-year comparisons are calculated from reported annual totals. Figures may be revised by the source agency in later publications.

This story was produced by Movingto and reviewed and distributed by Stacker.