An IMGW News Report
Portugal is preparing to reinvigorate its Residency by Investment programme with fresh incentives and structural adjustments aimed at luring affluent foreign investors. Proposed revisions include a flat 20% tax on domestic income and a 10-year exemption on most foreign earnings – measures intended to restore the programme’s appeal after a turbulent year of policy shifts and administrative inertia.
“Portugal’s recalibrated offer may yet reclaim its place atop the global investor wishlist – if, crucially, it can match ambition with execution”
Antonio Leitão Amaro, Minister of the Presidency, recently told Bloomberg that the government is weighing steps to make the offering more competitive without compromising national interests. Though specifics remain under wraps, the overarching goal is to cement Portugal’s status as a preferred European destination for globally mobile wealth.
The Portuguese programme grants residency in exchange for qualifying investments, from capital transfers to cultural contributions. In 2024, approvals jumped 72%, led by American applicants. Immigration agency AIMA reported 4,987 more approvals than in 2023 – an all-time high, despite scrutiny from Brussels and the scrapping of the real estate route.
Momentum, however, has been blunted by bureaucratic bottlenecks. AIMA’s backlog exceeds 50,000 applications, with some pending for over three years. Pedro Portugal Gaspar, head of the agency, admits to delays but insists files are slowly moving forward.
The property route was jettisoned in a bid to address Portugal’s housing crisis, yet alternative pathways – such as business funding, cultural support, and job creation – remain in place.
Despite criticism, Amaro reaffirmed that the government has no intention of scrapping the programme altogether. Instead, Lisbon is banking on streamlined operations and clearer tax treatment to revive investor confidence.
With geopolitical uncertainty fuelling demand for “Plan B” residencies, Portugal’s recalibrated offer may yet reclaim its place atop the global investor wishlist – if, crucially, it can match ambition with execution.
