The World Digital Foundation today announced the publication of a new independent report revealing that Portugal’s Golden Visa Residency by Investment Programme has delivered far-reaching economic contributions well beyond its initial capital inflows. Since its inception in 2012, the programme has attracted more than €9 billion in direct investment, creating an estimated €54.3 billion in wider economic impact across real estate, regulated investment funds, innovation sectors, sustainable development, and job creation nationwide.
The report finds that for every €1 invested through the programme, approximately €6 is generated in broader economic activity. Key beneficiaries include construction, financial services, professional services, education, tourism, and retail consumption.
According to the study, approximately 20 percent of Golden Visa investors reinvest further capital into Portugal within two to five years. These follow-on investments are directed toward business expansion, innovation ventures, private equity, and ESG-aligned projects, often exceeding €1 million per investor.
“Portugal’s Golden Visa is no longer just a residency investment pathway. It has become a long-term economic engine that attracts globally mobile entrepreneurs and sophisticated investors,” said a spokesperson for the World Digital Foundation. “The findings show that the programme has played a measurable role in employment growth, fiscal strengthening, and the development of high-value sectors aligned with Portugal’s future economy.”
The research highlights that the programme has strengthened Portugal’s credit position, contributing to its current A+ sovereign rating by reinforcing market confidence and fiscal resilience.
As policy has evolved to prioritise regulated funds and innovation-linked capital deployment, the Golden Visa is increasingly supporting sectors that align with national sustainability and modernisation priorities. These include renewable energy, biotech, green real estate, healthcare, and digital infrastructure.
Adds Paul Stannard, founder and CEO of Portugal Pathways and the Portugal Investment Owners Club, which supports high-net-worth individuals navigate their Golden Visa journey: “The Golden Visa was introduced to stimulate foreign investment and attract globally mobile talent.
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