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Official SEF & AIMA data on approvals, investment, and applicants (2012–2025)
Last updated: February 2026
As of 2025, Portugal's Golden Visa program has generated €7.3 billion in foreign investment across 15,619 main applicants and over 37,000 total beneficiaries since its launch in October 2012, with a 98.5% approval rate. In 2024, AIMA issued 2,081 investment residence permits, with the United States emerging as the leading source nationality. Following the October 2023 Mais Habitação reforms, only fund investments (€500,000), scientific research, cultural heritage projects, and job creation remain as qualifying routes.
Portugal's Golden Visa, formally the Autorização de Residência para Atividade de Investimento (ARI), evolved from a property-focused scheme into an innovation-driven investment pathway. Since 2023 reforms, new approvals are concentrated in fund, research, culture, and job-creation routes. For full eligibility details, see the Portugal Golden Visa guide.
| Type | Minimum | Notes |
|---|---|---|
| Investment Funds | €500,000 | Units in regulated investment or venture capital funds (no direct real estate). Compare verified funds. |
| Job Creation | 10+ jobs | Direct business investment creating at least 10 positions. |
| Scientific Research | €500,000 | Support for certified research institutions or projects. |
| Cultural Heritage | €250,000 | Reduced to €200,000 in low-density areas for cultural or artistic projects. |
| Country | Applicants | Share | Trend |
|---|---|---|---|
| China | 5,319 | 44% | ↓ Declining |
| Brazil | 1,203 | 10% | → Stable |
| USA | 872 | 7.2% | ↑ Growing |
| Turkey | 571 | 4.7% | ↑ Growing |
The chart illustrates how program composition shifted from real estate heavy to fund-driven after the 2023 reforms, based on SEF legacy data and AIMA's first full year of post-reform statistics.
| Requirement | Current | Status |
|---|---|---|
| Timeline | Eligible to apply for Portuguese citizenship after 5 years of legal residence. | In Force |
| Language | Minimum A2 level Portuguese for naturalisation. | Required |
| Physical Presence | Minimum 7 days per year (or 14 days per 2-year card period). | Minimal |
| Country | Minimum | Citizenship | Status |
|---|---|---|---|
| Portugal | €500,000 | 5 years | Active |
| Spain | €500,000 | 10 years | Program Ended |
| Greece | €400–800k | 7 years | Active |
| Malta | €1.3M total | 5 years | Active |
Portugal is undergoing a major legislative reform impacting both the Nationality Law (Lei da Nacionalidade) and the wider framework governing immigration and residency rights. These changes include proposed updates to how residency time is calculated for citizenship eligibility, alongside structural adjustments as AIMA continues the transition from SEF.
A central point under discussion is whether the 5-year residency requirement for Portuguese citizenship should be counted from the date the residence permit is issued (current practice) or from the date the application for residency was submitted. This clarification will significantly impact Golden Visa holders and other long-term residents.
These measures are still under parliamentary review and may be revised before final approval. After passing parliament, the law must be reviewed by the President, who may approve it, veto it, or refer it to the Constitutional Court. Transitional or grandfathering provisions have not yet been finalised.
Portugal Golden Visa 2024 Statistics
According to AIMA's 2024 activity report, Portugal's Golden Visa program (Autorização de Residência para Atividade de Investimento – ARI) remained active throughout the year, though it represented a small fraction of total residence permits issued compared to work, study, and family reunification categories.
These permits correspond exclusively to residence authorizations granted for investment activity and do not include the significantly larger volume of standard work, study, and family permits processed by AIMA during the same period. The Golden Visa caseload represented only a small portion of AIMA's 2024 activity, as organizational priorities shifted toward regularization programs and labor-market migration.
AIMA's public reporting confirms the total number of Golden Visa residence permits issued in 2024 but does not provide an official breakdown by nationality, investment sector, or specific investment route.
Until AIMA releases a dedicated ARI statistical bulletin, any figures beyond the total permit count should be considered non-official estimates.
Various market analyses and industry reports suggest that investors from the United States, China, and Russia were among the most prominent nationalities receiving Golden Visa approvals in 2024. Commonly cited ranges include:
Important: These figures are industry estimates drawn from secondary commentary and should not be interpreted as official AIMA statistics. Verified data awaits publication of a comprehensive 2024 ARI breakdown.
Data relates exclusively to residence permits issued for investment activity (ARI) in 2024. Figures exclude all other residence categories including work permits, student visas, and family reunification authorizations.
Historical Analysis • SEF Era
Between October 2012 and October 2023, Portugal's Golden Visa program (Autorização de Residência para Atividade de Investimento – ARI) generated substantial foreign investment under SEF administration. Over this eleven-year period, the program attracted more than 33,000 beneficiaries and mobilized over €7 billion in capital before the Mais Habitação reforms ended the classic real-estate investment routes.
The SEF-era Golden Visa demonstrated remarkable resilience across multiple market cycles. After a strong initial boom in 2014-2015, the program weathered compliance investigations, geographic restrictions, and a global pandemic while maintaining consistent appeal to international investors. The final years saw accelerated activity as investors rushed to secure positions before the October 2023 Mais Habitação reforms eliminated traditional real estate routes.
Throughout the SEF era, Portugal's Golden Visa remained overwhelmingly real-estate driven. Nearly 90% of all ARI investment flowed into property-related routes, including direct purchases, urban rehabilitation projects, and later interior-area acquisitions.
Investment funds, job creation, research, and cultural routes represented only a small single-digit share of permits and capital through 2023. These alternative routes only began gaining traction toward the very end of the SEF era, particularly after geographic restrictions took effect in 2022.
Chinese investors dominated the program's early years, accounting for over 40% of all main applicants. As the decade progressed, demand diversified significantly, with rising participation from Brazil, the United States, Turkey, South Africa, and other markets.
| Nationality | Investors | Share |
|---|---|---|
| China | 5,300+ | 40–45% |
| Brazil | 1,200+ | 9–10% |
| United States | ~900 | ~7% |
| Turkey | ~570 | 4–5% |
| South Africa | ~500 | 4–5% |
| Other Nationalities | ~4,250 | 35–40% |
All figures for 2012–2023 are drawn from official SEF ARI statistics and SEF/AIMA reports, aggregated by year and cross-checked against independent compilers such as Get Golden Visa and Global Citizen Solutions. Values are rounded (e.g., "€7.3B", "≈33,100 beneficiaries") and should be read as approximate but aligned with official sources.
Essential information about Portugal's Golden Visa program, eligibility, and application process based on official sources.
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