Portugal remains open for business!

The announcement by the Portuguese government on 16th February 2023 that it would be ending its Golden Visa scheme has led potential movers to seek clarification and greater understanding regarding their options for settling in Portugal. But all is not lost, according to the Portuguese Chamber of Commerce in the UK, which points out that Portugal still has a range of residency visa programmes that are open to those who want to move there.

“Portugal is still very much open for business. There are visa options available to those who want to live there, from entrepreneurs and digital nomads to families, students and retirees. If a life in the Portuguese sunshine is what you are seeking, that is still entirely achievable.”

Christina Hippisley, General Manager of the Portuguese Chamber of Commerce in the UK

The Golden Visa scheme granted residency to those who invested in Portugal, through investment in real estate and capital transfers. It also provided unrestricted travel access to the Schengen Area. Between the scheme’s inception in October 2012 and January 2023, a total of 11,628 residence permits were issued. 5,258 were issued to Chinese citizens, 1,178 to Brazilians and just over 500 to citizens from each of the United Arab Emirates, Turkey and South Africa. A further 18,962 residence permits were issued to applicants’ family members. And after the UK’s departure from the EU, the Golden Visa scheme became one of the options for Britons seeking to move to Portugal. In total, the scheme resulted in more than €6 billion worth of investment in Portugal.

Image credit: Porto Convention & Visitors Bureau
While the Golden Visa scheme is not closed yet, as public consultation on the closure still needs to take place, the Portuguese government seems intent to end this route to residency. However, both the D7 visa programme and the recently launched digital nomad visa programme remain open. This means that Britons who would like to reside in Portugal have clear pathways to do so.

“The Portuguese Golden Visa was never the only option available for British nationals interested in relocating or investing in property in Portugal. The industry is still awaiting the final draft about the Golden Visa ending and confirmation of a possible transitional period, meaning that it could still be an option, albeit for a limited period. However, as the door to one visa program closes, others remain open, such as the D7 visa – a long-term residency visa for non-EU citizens with a stable passive income; and the recently launched Digital Nomad Visa, allowing remote workers to be based temporarily or permanently in the country. We will explain, in detail, all there is to know about these two visa types at the Moving to Portugal Show in London.”

Patricia Casaburi, Managing Director, Global Citizen Solutions