Portugal's Golden Visa Program Sees Record Permits in 2025, But AIMA Withholds Investment Data
PublishedEditorial policy
Portugal issued a record 2,685 Golden Visas (ARI) in 2025, with US citizens leading for the fourth consecutive year. However, the Agency for Integration, Migration, and Asylum (AIMA) has ceased publishing the total investment volume attracted by the program.
Key takeaways
- A record 2,685 Golden Visas were issued in 2025, though this may reflect accelerated processing of existing applications rather than a direct expansion of the program.
- AIMA's decision to withhold investment figures makes it harder for investors and analysts to calculate ROI and compare the program's attractiveness against other options.
- US citizens continue to be the primary recipients of Golden Visas; applicants from other regions might face higher competition than overall numbers suggest.
Portugal's Golden Visa Program: Record Permits and Reduced Transparency
Portugal's Golden Visa program, officially known as the Residence Permit for Investment (ARI), reached a new high in 2025, issuing 2,685 permits. This figure surpasses the previous record of 2,091 permits set in 2023, indicating sustained interest in the program.
For the fourth consecutive year, US citizens received the largest share of these visas, demonstrating consistent interest from North American investors despite global competition.
However, a significant change has occurred: the Agency for Integration, Migration, and Asylum (AIMA) has stopped publishing data on the total investment volume attracted through the Golden Visa program. This information was previously publicly available. The absence of these figures makes it challenging to accurately assess the program's real economic impact.
Sources
Based on Emigro corridor reporting. Primary links below.
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