An IMGW News Q&A Feature
Portugalโs Golden Visa programme has undergone significant changes in recent years, particularly following the removal of the real estate investment option in 2023. Despite this, the programme remains one of Europeโs most successful residency-by-investment schemes, attracting over โฌ7 billion in foreign capital since its inception in 2012. Recent figures highlight a surge in interest in alternative investment routes, particularly in cultural heritage and green-related funds.
“Without reliable and up-to-date data, the government may struggle to determine whether the programme is meeting its objectives, leading policymakers to make misguided decisions”
The cultural investment pathway, introduced in 2020, has seen a remarkable increase in demand, with 2024 witnessing a 165% rise in investments compared to the previous year. Industry experts attribute this shift to the evolving investment landscape and the need for transparency in migration policies. However, challenges remain, including data accessibility, public perception, and political manipulation of the debate surrounding investment migration.
“By the end of 2024, the programme had generated โฌ20M in direct contributions to Portuguese cultural projects”
In this interview led by IMGW News editor Ray de Bono, Madalena Monteiro discusses the impact of the lack of updated statistics, the growing importance of cultural investment, and how Portugalโs Golden Visa compares to similar programmes in other European countries. She also shares insights into the ethical sustainability of investment migration and the potential implications of the EUโs legal challenge against Maltaโs citizenship-by-investment scheme.
The Role of Data in Investment Migration Policies
Question 1 | Portugal previously had a strong practice of publishing Golden Visa statistics, but this ceased in September 2023. How has the lack of updated data affected policymaking and public perception of investment migration in Portugal?
๐ฌ Madalena Monteiro: In a sector constantly under scrutiny, like the investment migration industry, accurate data and transparency are crucial.
In a world where misinformation spreads rapidly, policymakers must rely on updated and accurate data to assess the effectiveness of investment migration programmesโsuch as the Golden Visaโwhich have historically been designed to direct capital into strategic sectors of the economy that require investment.
Without reliable and up-to-date data, the government may struggle to determine whether the programme is meeting its objectives, leading policymakers to make misguided decisions that could have negative consequences for both the country and the industry.
It was not long ago that we witnessed the severe consequences of a lack of public, reliable, and transparent information. Brexit serves as a prime example, where misleading claims during the 2016 referendum significantly influenced public opinion.
Similarly, trust in the Golden Visa programmeโs fairness and effectiveness was affected when property investment options were removed in October 2023. Between 2012 and 2023, Portugal’s Golden Visa programme granted residence permits to 15,619 main applicants and 21,978 family members, most of whom invested through the real estate route. However, official data from INE, AIMA, and Banco de Portugal shows that Golden Visa-related property transactions accounted for only about 1% of total property transactions during this periodโdebunking the narrative that these applicants were responsible for Portugalโs housing crisis.
Until September 2023, SEF (now AIMA) had a commendable practice of publishing monthly Golden Visa statistics. Since then, there has been no record of updated statistics, which fosters a lack of transparencyโan essential factor in maintaining public trust. Without concrete data, citizens struggle to form informed opinions, potentially leading to a decline in support.
All industry stakeholders should voluntarily contribute to the collection and publication of statistics to ensure transparency and long-term sustainability.
Political Manipulation and Public Perception
๐ฌ Question 2 | Investment migration is often used as a political tool, with left-leaning parties being more resistant to it. How can policymakers better communicate the economic benefits of investment migration to the wider public?
Madalena Monteiro: The debate is often oversimplified, with investment migration unfairly blamed for rising property prices. Policymakers must highlight its tangible benefitsโjob creation, cultural preservation, and economic growth. Public campaigns, transparent reporting, and data-driven discussions can help shift perceptions from political rhetoric to facts.
Addressing common misconceptions, Monteiro clarified that investment migrationโs impact on real estate markets is minimal, citing Portugal as an example where the sector accounts for only 0.3% of total real estate transactions. She urged the industry to โfocus on better data collection to objectively demonstrate the positive contributions of investment migration.โ
Cultural Investment as a Golden Visa Pathway
Question 3 | The cultural investment option under Portugalโs Golden Visa has seen growing demand, yet it remains largely underpromoted. What are the main barriers preventing this option from gaining wider recognition?
Madalena Monteiro: The growth in demand for the cultural investment option has been the most remarkable development in 2024/2025. The removal of the property investment option has indirectly driven demand for cultural investments, with the number of applicants more than tripling in two years.
By the end of 2024, the programme had generated โฌ20 million in direct contributions to Portuguese cultural projects, nearly all directed to private foundations with public utility statusโcertified by Portuguese authorities as serving the public interest.
Hopefully, we will see an expansion of available projects to accommodate this demand.
Comparing Portugalโs Model to Other Countries
๐ฌ Question 4 | Portugal’s investment migration framework is attracting investors from the United States, Turkey, and the United Kingdom. How does Portugalโs model compare with similar programmes in Italy and Greece?
Madalena Monteiro: Portugalโs Golden Visa has been one of Europeโs biggest success stories.
Itโs the only temporary residence permit in Europe that allows investors to apply for citizenship after just five yearsโwithout requiring full-time residency (seven days in the first year and 14 days every two years thereafter). This makes it an attractive Plan B for investors and their families.
Despite 2.5-year processing times, demand remains exceptionally high. A key reason is the April 2024 modification to Portugalโs citizenship law, which allows the processing time to count toward the five-year residency requirement, making the programme even more appealing.
Beyond the visa, Portugal offers high quality of life, political stability, and strong economic performance, ranking among the top positions in the Global Peace Index.
“Portugalโs investment migration has shifted from real estate to investment funds and philanthropic donations, ensuring that foreign capital enters productive sectors like technology, renewable energy, healthcare, and cultural preservation”
Ethical and Sustainable Investment Migration
๐ฌ Question 5 | What is the right balance between attracting investment and ensuring Portugalโs long-term economic and social stability?
Madalena Monteiro: Concerns that investment migration distorts markets are overstated when examined through data.
Golden Visa real estate transactions account for only 0.3% of total transactions, far too small to drive significant economic distortions. The main drivers of rising housing prices are supply shortages, foreign digital nomads, tourism-driven short-term rentals, and inflationary pressures.
Meanwhile, Portugalโs investment migration has shifted from real estate to investment funds and philanthropic donations, ensuring that foreign capital enters productive sectors like technology, renewable energy, healthcare, and cultural preservation.
To ensure sustainability, an independent third-party evaluation system should assess:
- Economic utilityโjob creation, business growth, and innovation
- Impact on local communities
- Investor confidence and programme integrity
The EU vs. Malta Case and Its Implications
๐ฌ Question 6 | The European Commissionโs case against Maltaโs programme is expected to set a precedent. Could Portugal be next?
Madalena Monteiro: Portugalโs programme differs fundamentally from Maltaโs citizenship-by-investment model. The main concern in Maltaโs case is that it directly grants EU citizenship, which may be seen as violating EU principles of cooperation.
Portugalโs residency-by-investment model is not comparable, but heightened EU scrutiny on investment migration could increase pressure for more transparency across all Golden Visa programmes.
“A new hospital in northeast Portugal and an avocado farming project supporting local agriculture are just two examples of direct benefits from Golden Visa investment funds.”
Ensuring Transparency and Public Trust
๐ฌ Question 7 | How can Portugal better communicate the benefits of investment migration to its citizens?
Madalena Monteiro: Portugal must improve public reporting on investment migrationโs economic impact, establish an independent oversight committee, and engage local communities in determining investment priorities.
A new hospital in northeast Portugal and an avocado farming project supporting local agriculture are just two examples of direct benefits from Golden Visa investment funds.
Better transparency will help position investment migration as a force for good, ensuring public support and long-term programme sustainability.
Portugalโs Golden Visa programme has evolved beyond real estate, with cultural and green investments gaining traction. As Madalena Monteiro highlights, transparency, accurate data, and public engagement are crucial to maintaining trust and ensuring the programmeโs sustainability. Despite political scrutiny and the EUโs tightening stance on investment migration, Portugal remains a leading choice for investors. By fostering responsible investment and improving communication on its benefits, the country can strengthen its programme while aligning it with long-term economic and social priorities. The future of Portugalโs Golden Visa will depend on its ability to adapt while preserving its competitive edge.
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Madalena Monteiro is a Portuguese-licensed immigration attorney with extensive experience in the Portuguese Golden Visa program. She is the founder of Liberty Legal, with offices in Lisbon and Milan.
Madalena has been assisting investors from around the world, primarily from the US, in obtaining their Plan B in Europe. She provides support at both the investment and Golden Visa stages of the process.
Follow Madalena on LinkedIn here: Link
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