Portuguese Residency to Speed Up with New Agency

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Introducing Portuguese Residency by Investment AKA the Portuguese Golden Visa

Portugal unveiled its Golden Visa Programme in 2012. It became one of the leading Residency-by-Investment programmes worldwide. One of its most striking features is that it offers a clear and flexible path to citizenship for non-EU nationals who invest in Portugal. Qualifying options include an investment into a Venture Capital Fund or the creation of 10 jobs.

A Green Perspective on Portuguese Residency by Investment

“The domino effect of the pandemic and changes in the programme led to a logjam in Portuguese Golden Visa processing,” outlines Jon Green, our Portuguese Residency by Investment specialist.

“The Golden Visa Programme saw a steady increase in applications following its launch but demand accelerated over the last five years. Unfortunately, SEF (Serviço de Estrangeiros e Fronteiras) did not do enough to offset the increase of applications and we witnessed a slowdown of processing times,” says Green.

“SEF further exacerbated delays when it closed down for a number of months during the height of Covid. We then saw two distinct rushes of applications.” 

“The first came at the end of 2021 where applicants rushed to submit before the introduction of significant changes such as the increase in price of the Venture Capital fund option.” 

“A second rush was in February of 2023 when the government announced the premature ending of the programme before backtracking and removing real estate as a qualifying option instead.”  

However, Green points out that “with the recent replacement of SEF with Agência para a Migração e Asilo (AIMA), processing times for Portuguese Golden Visas should decrease as they aim to review applications within a year and half.” 

Could the Portuguese Golden Visa Enjoy a Brighter Future?

Yes, says Green. He reasons: “AIMA is a more focused immigration agency with additional resources and greater expertise than SEF. This should reduce the backlog and make the programme more efficient.” 

”The Portuguese Golden Visa has become a victim of its own success,” Green continues. “Gone are the days when you could receive Portuguese Residency in six months.”

Putting AIMA Under the Microscope

On April 6, 2023, the Council of Ministers approved the creation of AIMA. They stated that it will assume SEF’s administrative functions. October 29, 2023 marked SEF’s termination day with AIMA officially coming into operation

AIMA is expected to have a more modern structure, with a focus on digitalization and the use of technology to streamline processes. Jon Green remarks that “prioritizing online applications over in-person appointments will lead to a smoother user experience.” He is impressed by AMA President Luís Goes Pinheiro’s diligent approach.

Goes Pinheiro was open about the challenges faced by his new department in a press conference called to mark its launch: “Portugal did not always have the capacity to respond in the time that we would all like.” “We’re talking about almost 350,000 pending cases that the Agency faces.” 

Bear in mind that this number represents all visa types and not just Golden Visa applications. A near-200-strong AMA workforce will beaver away at the outstanding paperwork. This increase in human resources compares positively to the understaffed SEF. Portugal’s response is neither too little or late to restore the allure of its Golden Visa.

Is Portuguese Residency by Investment For You?

Portugal has long been a hotspot for those seeking a new residency. With its astounding landscapes, captivating culture, and high quality of life, it’s no wonder that many individuals and families look to make Portugal their new home.

The Portuguese Golden Visa offers a range of benefits for investors, including the ability to live, work, and study in Portugal and visa-free travel within the Schengen Area. 

There’s also the option to apply for Portuguese citizenship after five years of residency. You can add family members in the application, including spouse, children, and dependent parents.

Do you want to know more about Portuguese Residency by Investment? The Latitude Group is a world leader in Portuguese Golden Visa expertise. So, don’t delay and contact us today.