Porto, 5 June 2024

Yesterday, Portugal’s new government announced its new Action Plan For Migration (PDF in Portuguese), with the introduction of a new Golden Visa program option targeting social impact investments in immigration integration projects, in particular.

Details regarding the new Golden Visa option remains scant as of this writing, but it would seem that the Portuguese authorities are eager to position it as a “Residency By Social Investment” – rather than as a Golden Visa per se.

Nonetheless, the new program option falls under the investor immigration residency permit category (ARI), so the distinction is fairly semantic.

Under the program, foreign investors (read: “donors”) will be able to gain a Golden Visa residency permit by making a philanthropic donation towards projects aiding the country in helping its immigrant population integrate into the country more efficiently.

The Portuguese authorities are considering the introduction of a system of accreditation and intermediation of social investment through the Fund For Asylum, Migration and Integration with a view to streamline the program’s functioning.

The government’s announcement comes against the backdrop of some 400,000 unprocessed immigration cases, which the new immigration authority, AIMA, has failed to resolve thus far. With a view to address the root of the systemic overload, the option to obtain residency via the Expression of Interest mechanism has been terminated. 

Under this system, which accounts for around 90% of the current backlog, non-EEA jobseekers could move to Portugal without having secured employment.

Going forward, new job-seeking immigrants would need to secure employment and obtain their residency permits before moving to Portugal.

Whilst the new regulations will seek to curb semi-skilled migration to Portugal, the government has also indicated that it will be allocating additional resources towards attracting highly skilled global talent to the country, and the kind of workers who would qualify for the Highly Qualified Activity (HQA) Residency, in particular. 

Portugal’s Minister of the Presidency, António Leitão Amaro is on record as saying that the government wants ARIs [Residence Permits for Investment] “to be mobilised and used to finance investment in equipment and infrastructure to support the reception and integration of immigrants”.

According to Leitao Amaro, the pricing has not been set, but that it would be lower than other Golden Visa options (so presumably lower than the €500,000 Investment Fund option).

If the Social Golden Visa program option follows suit with the Cultural and Research Golden Visas, we can also expect there to be a 20% reduction in the contribution requirement for projects situated in NUTS III (i.e. low-density) areas.

The introduction of the new Golden Residency Permits For Social Investment avenue, in addition to the Golden Visa Fund option and the Cultural Heritage Preservation / Artistic Production Golden Visa, paves the way towards Golden Visa investments having a far greater socio-economic impact in the country.

Visadoro is closely monitoring this new program development, and we are already assessing how our existing job creation and social impact projects in the Portuguese interior could dovetail with the new ARI legislation.

To find out more about our forthcoming Social Golden Visa offerings, get in touch today.