Portugal Reports Nearly 50% Surge in Russian Investments via Golden Visa
In 2024, Russian investors contributed a total of €450.6 million to Portugal through the Golden Visa Program, marking a significant increase in applications since August 2024, according to Público.
Following Russia’s invasion of Ukraine, Portugal imposed sanctions on Russia, including suspending the issuance of Golden Visas to Russian nationals in 2022. However, in August 2024, the Agency for Integration, Migration, and Asylum (AIMA) resumed processing these applications.
Lawyer Vera Chalaça from VCA Litigation and Arbitration told Público that the suspension was lifted after court rulings overturned visa freezes on Russian applicants. She explained that these decisions were based on the non-binding nature of the European Commission's recommendations, which could not override Portugal’s immigration laws or constitution. Some Russian applicants were able to secure Golden Visas during the suspension period through legal appeals, provided they were not subject to sanctions.
Surge in Golden Visa Applications
Portugal’s Golden Visa Program, launched in 2012, allows non-EU nationals to obtain residency through financial investment. Over the years, it has granted residency to 12,037 primary applicants and facilitated family reunifications, with 19,600 permits issued to family members, according to Portugal Residency Advisors.
Chinese, Brazilian, Turkish, and South African nationals have historically been the main beneficiaries of the program.
Rise in Investment Fund Option
Due to Portugal's housing crisis, authorities eliminated real estate investment as a pathway to a Golden Visa. This led to a surge in investment fund applications, which remain a viable route under the program, as reported by Portugal Residency Advisors.
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