6 UGLOBAL IMMIGRATION MAGAZINE
IMMIGRATION TO PORTUGAL : A WRAP-UP OF 2024 AND OUTLOOK FOR 2025
BY DIOGO CAPELA
Looking ahead to 2025 , Portugal ' s immigration sector is expected to face pressures , with potential opportunities arising from the end of the Golden Visa program in Spain .
Legal changes that occurred at the end of 2024 significantly impacted the year 2024 , notably the amendment to Portugal ’ s Golden Visa regime and the replacement of the Serviço de Estrangeiros e Fronteiras ( SEF , or Foreigners and Borders Service ) – by the Agência para a Integração , Migrações e Asilo ( AIMA , Agency for Integration ,
WHAT CHANGED IN THE PORTUGUESE GOLDEN VISA PROGRAM ?
The change to the Golden Visa regime carried over into 2024 . The critical modification was removing the possibility of real estate investment , either directly or indirectly , to obtain the Portuguese Golden Visa . This was a major blow to market players , as historically , over 90 % of Golden Visa applicants had chosen this type of investment . As a result , the market had to adapt , including promoting other forms of investment that had yet to be utilized or primarily ignored until 2024 .
Moreover , many used misleading marketing tactics to announce the end of the Golden Visa Program to attract attention and generate as many deals as possible in late 2023 . This practice had a significant negative impact .
Many potential applicants wrongly believed that the program had been terminated . Thus , 2024 was marked by additional efforts to clarify the current investment options available for obtaining the Golden Visa . These are :
• Transfer at least € 500,000 to acquire shares in non-real estate investment funds registered under Portuguese law , with a minimum maturity of five years and at least 60 % of the investment in Portuguese commercial companies .
• Create a minimum of 10 jobs .