‘The Golden Visa is underestimated for how much it achieved for all of Portugal’

The comments were made during a panel discussion at the five-date inaugural Portugal Investment Forum – a nationwide debate on how to further grow the nation’s economy.

Speaking at the event in Lagos, Duarte Ornelas Monteiro, a lawyer at RFF, one of the country’s oldest and best-established law firms, said it was too easy to overlook the profound impact it has had on the country.

“Back some 15 years ago,” he explained, “downtown Lisbon was basically crashed. It was essentially investment through the Golden Visa programme that created what it is today.

“The Golden Visa had that purpose. It put Portugal in the market for investment.”

Initially, the Golden Visa could be accessed by investing €500,000 in real estate. That option was withdrawn in 2023 amid concerns it was having a negative impact on the local housing market.

However, there is speculation that new upcoming conditions being considered by the Portugal government could help address the shortage in affordable housing.

Meanwhile, the broader economic impact of the residency-by-investment scheme was echoed by Gerry Fagan, chairman of DDM, an Algarve-based property developer.

He added: “The Golden Visa is probably the most underestimated programme in terms of what it achieved for the whole of Portugal.”

The government says the Golden Visa has generated €9 billion of direct investment since its launch in 2012.

Adds Fagan: “That's not a fraction of the benefits that Portugal has had from it.

“People came and they liked what they saw in Portugal.

“Affordable housing is absolutely needed because if you want to maintain the services for your golf courses, the services for your restaurants, for all of the technical people that we need to run our businesses and so on, they have to have housing.”

The panel was hosted by Paul Stannard, founder and chairman of event organisers Portugal Pathways and the Portugal Investment Owners Club.

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About Portugal Pathways

‍‍Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on estate planning, wealth management, Golden Visa and tax optimisation, including post-NHR / IFICI tax regime planning, as well as private healthcare, money transfers and bespoke relocation and luxury real estate solutions to enhance life and investment in Portugal

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Disclaimer: The information on the Portugal Pathways and Portugal Investment Owners Club (PIO Club for short) websites and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice. Golden Visa investments need to be held for 6 to 7 years to allow for permanent citizenship/passport in the EU.