€54 Billion Reasons the Golden Visa is Benefitting Portugal

Portugal’s famed Golden Visa residency-by-investment scheme has delivered an extraordinary €54 billion boost to the national economy, according to a new analysis.

Since its introduction in 2012, the programme has attracted over €9 billion in direct investment. But the latest report suggests its influence extends far further: for every euro invested, an additional €6 is generated in wider economic activity. In turn, the Golden Visa is estimated to have supported as many as 30,000 jobs across the country.

The findings come from the World Digital Foundation (WDF), working alongside Portugal Pathways and the Portugal Investment Owners Club.

Danielle Moxey from the World Digital Foundation explains:

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“Up to 20% of Golden Visa investors go on to bring additional capital, business ventures, and job-creating enterprises, amplifying Portugal’s productivity base, innovation capacity, and fiscal revenues through VAT, income tax, and social contributions.

“This multiplier effect also supports Portugal’s position as one of the EU’s stronger post-pandemic economies - the IMF and European Commission both forecast Portugal to outperform average EU GDP growth rates - driven in part by sustained private investment confidence and consistent Golden Visa inflows.

“Portugal’s programme has therefore become a catalyst for long-term economic value creation, not merely a capital inflow mechanism.”

A link to download the full World Digital Foundation report is available here.

A pivotal moment for the programme

This fresh insight arrives amid ongoing debate about the scheme’s future. In October, Portugal’s parliament voted to extend the residency-to-citizenship timeline from five years to ten—a significant shift. The final decision now rests with the country’s president, who may approve the change or refer it to the Constitutional Court.

Despite the uncertainty, the scheme’s popularity remains strong. Applicants must invest €500,000 into regulated alternative investment funds authorised for the Golden Visa. It is open to non-EU, non-EEA, and non-Swiss nationals with a clean criminal record, granting them access to the 29 nations of the Schengen Zone.

Participants must retain their investment and spend only seven days per year in Portugal to work towards eventual citizenship.

With the country’s relatively affordable living costs, high-quality healthcare, an expanding network of international schools, rich cultural life, and 300 days of sunshine a year, Portugal has become an appealing base. For entrepreneurs, investors, and wealth creators, the programme represents a gateway into a dynamic and increasingly competitive economy.

The WDF study draws on investor behaviour, sector data, and secondary analysis to show how each euro invested through the scheme delivers significant added value.

Paul Stannard, founder and CEO of Portugal Pathways—which guides high-net-worth individuals through the Golden Visa process—adds:

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“The Golden Visa was introduced to stimulate foreign investment and attract globally mobile talent.

“More than a decade later, its evolution shows that the programme’s real success lies in the ecosystem it has built: a globally trusted residency framework within the EU and Schengen zone, a magnet for internationally mobile professionals, and a generator of investment into productive sectors.

“The programme’s credibility has also enhanced Portugal’s global reputation as a ‘Switzerland South’ — a stable, transparent, and lifestyle-driven hub for high-net-worth individuals and family offices.

“Maintaining this trust is essential: around the world, investor confidence can quickly erode when governments fail to uphold their principles or reverse established programmes.

“We are hopeful that families who, through no fault of their own, have seen their applications delayed being processed, will be allowed to continue to support Portugal’s upward trajectory as part of the changes to the Nationality Law.”

Moxey concludes for the World Digital Foundation:

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“Each €500,000 investment deployed through Golden Visa routes supports between two and four direct jobs and up to two indirect jobs. Across the programme’s lifetime, this equates to 25,000–30,000 jobs.

“This combination of capital inflow, employment, and innovation contributes materially to Portugal’s above-EU-average GDP growth forecasts and bolsters its resilience against external economic shocks. It also demonstrates investor confidence in Portugal’s ability to provide policy continuity and predictable frameworks - critical components of sustainable growth.”

Download the full WDF report here.
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Contact Portugal Future Fund to invest in Portugal's Golden Visa residency-by-investment programme

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About Portugal Future Fund

The Portugal Future Fund strategically invests in key sectors, driving growth and innovation across Portugal. Approved for Portugal’s Golden Visa residency-by-investment, it offers a unique opportunity for impactful and rewarding participation.

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Disclaimer: The information on the Portugal Future Fund website 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. Portugal Future Fund operates under CMVM regulations but is not directly endorsed by the CMVM or any governmental entity.

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