The Golden Visa scheme in Portugal has received unfavorable news coverage recently. With a dramatic headline regarding legal action taken by Golden Visa investors who are still waiting for their passports, Bloomberg is the most recent prominent media outlet to draw attention to application processing delays.
However, does this accurately represent the situation for prospective Golden Visa applicants who are thinking about investing right now? To put it clearly, the answer is no. The Portuguese Golden Visa is easier to obtain now than it has been in a long time.
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Portugal’s Golden Visa Backlog: A Covid Aftereffect
It is crucial to clarify that the accounts of Golden Visa investors who have encountered considerable delays in obtaining their Portuguese passports and resident permits are authentic.
Unfortunately, there was a perfect storm waiting for anyone who applied for their second passport between 2020 and 2023. The former Portuguese government immigration agency, SEF, was having a hard time adjusting as interest grew in the wake of the COVID restrictions. Working from home was challenging due to legacy systems, therefore SEF’s capacity decreased just as its workload increased.
As a result, processing delays of 12–18 months are usual and there is a well-documented backlog of up to 400,000 cases.
AIMA: A Fresh Start?
Why is it reasonable to claim that applying for a Golden Visa has never been simpler than in 2024, given the persistence of this backlog?
The new Portuguese Immigration Department, AIMA (Agência para an Imigração e Mobilidade) is the most significant. In October 2023, it took the place of the SEF (Serviço de Estrangeiros e Fronteiras).
The goal of the adjustment was to better manage immigration by separating law enforcement responsibilities from immigration processing and concentrating more on integration and mobility services. More significantly, it indicated that processing delays were being addressed by the Portuguese government which was taking action to address the issue.
What has been Accomplished?
Recent updates show that these modifications are beginning to have a significant impact after a quiet beginning.
To address the backlog of visa applications, AIMA stated in July 2024 that it was hiring 50 operational assistants, 150 technical assistants, and 100 specialists.
After visiting AIMA’s headquarters, two months later, Minister of the Presidency António Leitão Amaro declared that the organization’s “response capacity” had been raised by 25%.
The creation of regional offices for AIMA has reportedly increased capacity by 50% once more, according to a report released on October 21st. The goal is to resolve all outstanding cases by July 2025.
How Does This Affect First-Time Investors?
Those who are worried about these delays should find great relief in the latest news from AIMA. “The way the government is processing Golden Visa applications is changing,” says Nathan Hadlock, Pela Terra’s managing director.
It should be a good moment for investors to apply because the AIMA will have more offices and resources to handle visas. The recent changes are simply strengthening the Portuguese Golden Visa, which is still one of the most alluring residence schemes in Europe.
It seems safe to assume that people applying for a Golden Visa today should anticipate any processing delays before receiving their residence card to be between 6 and 12 months, even if it is hard to foretell or provide guarantees. Possibly even less after July 2025.
For those applying today, the most significant delay that of the Portuguese passport’s issuance would occur in October 2029. It appears improbable (though not impossible) that AIMA will have an application backlog by that date given the advancements made in the previous six months.
Why is the Portuguese Golden Visa Application Process Simpler than ever in 2024?
Anybody who has read the recent press coverage may find this to be a shocking assertion. Looking past those headlines, however, 2024 offers Golden Visa investors the finest chance to date.
Numerous other elements are at work in addition to the enhancements in AIMA’s operating capacity, which should result in the best processing timeframes since 2019.
Compared to Real Estate, Investment Funds Can Offer a Lower-Risk Option:
First off, the fund investing method offers a less costly and risky option, even though many Golden Visa investors were let down by the Real Estate program’s termination in 2023.
In a potentially overheated housing market, investors don’t have to search for “good deals” instead, they can choose the fund that best suits their risk tolerance and return goals.
Investors who carefully choose their funds may then relax knowing they won’t have to worry about managing their real estate assets during the possible boom and bust of the next five years.
For instance, Pela Terra makes investments in the agribusiness industry. Investors who value capital preservation and inflation-beating returns can anticipate a peaceful and fulfilling journey towards their passport, as Iberian (or global) farmland hasn’t experienced asset devaluation in the last 30 years, and institutional investment in these assets has increased by 120% since 2021.
The Use of Complementary Support Services Will Increase in 2024:
For Golden Visa investors, immigration agents have traditionally offered the finest assistance with the application and investing process, but at a high cost.
However, funds have begun to offer the same assistance for free in recent years after realizing how frustrated clients are when they are misled.
To ensure a seamless application process for investors, Pela Terra has a dedicated Concierge Team.
The second managing director of Pela Terra, Alex Lawry-White, thinks that funds have a special perspective on the market. Poor advice, which is frequently provided to investors by third parties, has resulted in needless delays and disappointments. Finally, we chose to offer our service.
Using a WhatsApp group with the Concierge Team, Pela Terra investors can anticipate round-the-clock assistance. They receive guidance at every stage, from establishing their NIF and obtaining the necessary paperwork to selecting the top banks and solicitors to collaborate with.
Alex Lawry-White adds You’ll have one committed individual who will help guide you through the system with the least amount of friction. Because of this, we process clients in as little as three to six weeks, which is unprecedented in a market where it typically takes fifteen weeks.
It has never been simpler to invest in Portugal’s Golden Visa program thanks to the rising capacity at AIMA and firms like Pela Terra now providing in-house services to ease your road to investment.
Through their website, you may schedule a call and learn more about Pela Terra, as well as chat with one of their experts.
Another option is to send them an email at [email protected] or message them on WhatsApp at +44 7768 929321.
