Portugal has reached a new milestone in 2023, with the number of foreign residents surpassing the 1 million mark for the first time in their history. According to a recent report published byAIMA (Agency for Integration, Migration, and Asylum), the new record represents an impressive increase of 33.6% compared to 2022. The increase in demand is supported by Portugal’s streamlined immigration policies and a proactive approach to citizenship and residency regulations. Government is taking actions by accelerating their efforts to meet the growing demand. Recently, they introduced an online citizenship application system by aiming to increase the citizenship processing capacity by 50%.
Portugal Golden Visa Family Applications Increased by 83%
The number of families applying for Portugal Golden Visa increased from 1,588 to 2901 in 2022. Additionally, individual Golden Visa applications rose from 1,281 to 1,554 in 2023.
In recent years, interest in the Portugal Golden Visa has been gaining momentum, particularly among investors from the US and the UK. In just one year, the number of American investors in the Golden Visa Portugal program increased from 216 in 2022 to 567 in 2023, with a rise of 162.5%. The UK, which wasn’t even among the top countries in 2022, has shown an uptick in demand for the Portugal Golden Visa in recent years. With 234 investors, the UK has now become the third-largest nationality in the program.
Portugal Sees a 33.6% Rise in Foreign Residents
Portugal experienced a rise in the number of foreign residents in 2023-a 33.6% increase over the previous year. The overall number of foreign residents at the end of 2023 was 1,044,606, which was the most significant rise in the country’s recent history.
The growing interest in Portugal is no coincidence. In June 2024, the Portuguese Prime Minister announced Portugal’s Action Plan, which included significant changes to immigration policy. This plan addressed four critical areas: immigration regulation, attracting foreign talent, immigrant integration, and institutional reorganization. In addition to these changes, several updates were also made to residency and citizenship procedures.
Updates on Portugal Citizenship Process: Online Applications & Shorter Waiting Period
Portuguese authorities have launched a new online system for citizenship applications, which was introduced by the Institute of Registries and Notaries (IRN). This platform benefits from AI and aims to automate the application process, significantly shortening the long bureaucratic procedures and waiting periods. The initiative is expected to improve the immigration services’ processing capacity by 50% and to offer a more convenient process for applicants.
Portugal has updated its Golden Visa program, shortening the path to citizenship. The waiting time to apply for Portuguese citizenship through the Golden Visa program is five years. Previously, the five-year waiting period began from the date the first residency permit was issued. With the update, the five-year period will start from the date of the initial residency application, regardless of when the application is approved. This change is expected to expedite the process for Golden Visa holders.
Source: https://getgoldenvisa.com/industry-insights/portugal-breaks-recods-with-one-million-residents
About Get Golden Visa
Get Golden Visa is a bespoke investment advisory firm founded in 2014. We help people get additional residency and citizenship by making a qualifying investment in Europe, the Americas, the Caribbean, and the rest of the world. Depending on the program of choice, we offer professional advisory services for property acquisition, fund subscription, or other investment vehicles. Our teams of local experts mark Get Golden Visa apart from its competitors because it offers independent advisory services and accompanies investors throughout the whole journey. With local offices in Lisbon, Athens, Istanbul, and London and various international associations, Get Golden Visa offers transparent guidance with a tailor-made and flexible approach. For more information about Get Golden Visa, please visit https://getgoldenvisa.com/
Get Golden Visa
Website: getgoldenvisa.com
Media Contact: Get Golden Visa, +44 20 8133 0324, info@getgoldenvisa.com
https://c212.net/c/img/favicon.png?sn=LN30093&sd=2024-10-14
View original content:https://www.prnewswire.com/news-releases/portugal-hits-record-high-of-over-1-million-foreign-residents-in-2023-reports-get-golden-visa-302275143.html
SOURCE Get Golden Visa
https://rt.newswire.ca/rt.gif?NewsItemId=LN30093&Transmission_Id=202410140833PR_NEWS_USPR_____LN30093&DateId=20241014
COMTEX_458783045/1005/2024-10-14T08:34:28