Portugal sees nearly 50% increase in russian investments through golden visa program

Lisbon: In 2024, there was a 49 per cent increase in investments by Russian nationals through Portugal’s Golden Visa Program.

Last year, a total of €450.6 million was brought to Portugal by Russians, who chose to obtain residency through one of the options offered by Portugal’s Residency-by-Investment program.

Russians were not permitted to apply for Portugal’s Golden Visa Program, due to sanctions imposed on Russia following its invasion of Ukraine.

A total of €450.6 million were brought to Portugal in 2024 through investments made by Russians through the Golden Visa Program.

The recent statistics show that there was a 49 per cent increase in investments last year, Schengen. News reports.

The figures from Publico reveal that there was a notable increase in Golden Visa applications made by Russians, since August 2024.

Following Russia’s invasion of Ukraine, Portugal imposed sanctions on Russia, among which was the suspension of investments through the Residency-by-Investment scheme.

Portugal suspended the issuance of a golden visa to Russians in 2022 in response to its invasion of Ukraine, and then the golden visa was granted again by the Agency for Integration, Migration and Asylum (AIMA), in August 2024.

The lawyer Vera Chalaça, from the VCA litigation and arbitration area, told Público that the end of the suspension happened after “defeats in court in freezing visas requested by Russian citizens, based on the recommendation of the European Commission, which were not binding and could not override either the law on foreigners or the constitution”.

The lawyer told Publico that there were cases of golden visas between 2023-2024 during the suspension period that “were possible through recourse to the courts”. She said these were people who were not subject to sanctions.

Portugal’s Golden Visa Program allows non-EU nationals to obtain residency in this country, in exchange for financial investments and meeting the needed requirements.

Since its introduction in 2012, the Residency-by-Investment program of Portugal offered residency to a total of 12,037 successful applicants. The scheme also helped in family reunification. The figures from Portugal Residency Advisors revealed that a total of 19,600 permits have been issued to family members of the golden visa beneficiaries.

Non-EU nationals benefiting the most from Portugal’s Golden Visa Program are nationals of China, Brazil, Türkiye and South Africa.

The challenges with the housing crisis have led authorities in Portugal to terminate the real estate investment option, with the rest of the options remaining effective.

According to a report from the Portugal Residency Advisors, with the abolishment of Portugal’s real estate investment option, a notable increase was registered in the investment fund option.