Agência para o Investimento e Comércio Externo de Portugal


The investment raised through ‘gold’ visas almost tripled (192 percent) in May compared to the same month in 2019, to €146 million, according to accounts made by Lusa based on statistics from the Foreigners and Border Service (SEF).

Last month, the total investment resulting from the granting of Residence Authorization for Investment (ARI) reached €146,168,473, which represents an increase of 192 percent compared to the €50 million registered in May 2019.


May registered the highest monthly amount of investment raised since March 2017, when €192.4 million were raised in ARI. In relation to April (€28 million), the investment raised more than quintupled (421 percent).


In the first five months of the year, the total investment raised through “gold” visas amounted to €293,903,059, 1.7 percent less than one year earlier. Between January and May, 529 ‘gold’ visas were granted, of which more than half last month.


In May, 270 ‘gold’ visas were granted, of which 257 were for the acquisition of real estate, 73 for urban rehabilitation, and 13 for the transfer of capital.


The purchase of real estate amounted to €136.9 million (urban rehabilitation amounted to €26.2 million) and the transfer of capital €9.2 million.


Of the total ‘gold’ visa concessions in May, 68 came from China, 30 from Brazil, 19 from the United States, 19 from India and 17 from Turkey.


In more than seven years – the ARI program was launched in October 2012 – the accumulated investment up to last March amounted to €5.286 billion, with the acquisition of real estate amounting to €4.775 billion.


Of the total investment in real estate purchases, €213 million correspond to the acquisition requirement for urban rehabilitation.

The visas granted by capital transfer totalled €510 million.


Since the creation of this instrument, which aims to attract foreign investment, 8,736 ARI have been granted: two in 2012, 494 in 2013, 1,526 in 2014, 766 in 2015, 1,414 in 2016, 1,351 in 2017, 1,409 in 2018, 1,245 in 2019 and 529 in 2020.


Up to May, in accumulated terms, 8,227 ‘gold’ visas were granted through the purchase of real estate, 592 of which for urban rehabilitation. 


By requirement of capital transfer, the number of visas granted totals 492 and 17 were granted through the creation of at least 10 jobs.


By nationalities, China leads the allocation of visas (4,586), followed by Brazil (925), Turkey (418), South Africa (351) and Russia (329).


Since the beginning of the programme, 14,936 residence permits have been allocated to reunited family members, of which 515 in 2020.