The Portugal Golden Visa programme has been a popular choice for non-EU investors seeking European residency. Typically, Golden Visa holders must renew their residency cards every two years. But recent delays have caused a massive backlog of renewal applications.
A new announcement from the Portuguese government offers a welcome reprieve. Here’s what you need to know.
Portugal Resident Permits Extended Till 30th June 2025
The Portuguese government has announced an extension for residency card renewals. All residency cards set to expire on or after 14th June 2024 will now remain valid until 30th June 2025.
This extension applies to all types of residency permits, including those held by Golden Visa investors.
What Caused the Backlog?
Several factors contributed to the processing delays. First, a surge in immigration and investment visa applications overwhelmed the system.
The immigration authority, AIMA (formerly SEF) has faced a severe staff shortage. They lacked enough personnel to handle the volume of applications. It doesn’t help that the pandemic caused disruptions in administrative processes.
Steps Taken by the Portuguese Government
The government has implemented several measures to address the backlog:
Hiring spree: 300 new staff members will join AIMA to tackle the application backlog.
Ambitious timeline: The goal is to clear all pending applications by 2nd June 2025.
Proactive immigration strategy: AIMA aims to streamline processes and actively attract immigrants to Portugal.
Digital transformation: Efforts are underway to digitise and simplify application procedures.
AIMA has also put in place proactive measures to attract investors and immigrants to Portugal. They understand their critical contribution to the country, especially as EU recovers from an economic slump and inflation.
What Does the Extension Mean for Golden Visa Holders?
For Golden Visa investors, this extension is more than just a bureaucratic reprieve – it's a strategic opportunity. This extension brings several benefits for Golden Visa investors:
Reduced pressure: The pressure of imminent renewal deadlines has been lifted. Investors now have more time to gather necessary documents and prepare for renewal.
Continued legal residency: Even if your card expires, you'll maintain legal residency status until the new June 2025 deadline.
Uninterrupted travel rights: The extension ensures continued freedom of movement within the Schengen Area.
Time for strategic planning: Investors can use this period to reassess their investment strategies or check out other options within the programme.
Potential for improved service: With efforts to clear the backlog, future renewals may be processed more efficiently.
How We Can Help
Finding your way around the Portugal Golden Visa programme is no easy walk in the park, especially with recent changes. International Wealth Ventures is here to assist you every step of the way.