In 2022, a balance sheet carried out by the Foreigners and Borders Service (SEF) shows that 1,281 Residence Permits for Investment (ARI) were granted last year.
Since the creation of this Programme, over 10,000 visas have already been granted, representing an investment in the acquisition of real estate worth 6,041 million euros. As regards the transfer of capital, 920 permits have been given to date, totalling 720 million euros.
Portugal continues to provide solutions for foreign citizens who wish to reside in the country and allows for family reunification.
With numerous options such as Gold Visas, Residence for Retirees, Residence for Entrepreneurs and Start-Up Visa / Tech Up Visa, combined with excellent weather conditions and an appealing relationship between cost and quality of life, Portugal continues to score points internationally and to attract more and more foreign citizens.
Forbes named Portugal as the cheapest country to live in
The American magazine Forbes published an article in early January 2023 where it encourages American citizens to quit their jobs and move to one of the cheapest countries to live in the long term, where the cost of living is much more affordable when compared to the cost of living in the United States.
This option is not limited to those who intend to retire. It is also for anyone seeking a better quality of life, where safety and low violence are also determining factors.
Enumerating the reasons that make Portugal the first choice in the list of countries with the lowest cost of living, the American magazine starts by mentioning the position that the dollar occupies today in the market, together with the various Visa options that Portugal offers to foreign citizens.
Concerning cities, they point to Porto and Lisbon as those where the cost of living is higher compared, for example, to the cities of Lagos, Vilamoura or Tavira, places with “an incredible landscape and architecture and full of buildings covered with blue and white tiles,” one can read.
Regarding the cost of living, the article points to $2,800 per month as the reference value for a couple. This is not the first time that Portugal has been placed at the top of the list of best countries to live in.
The Economist, in 2022, also awarded Portugal second place in the ranking of “economic winners”, a classification based not only on inflation but also on the performance of each country’s stock market and public debt.
In 2022 alone, investment attracted through Gold Visas increased by 41.9% compared to the previous year.
The content of this information does not constitute any specific legal advice; the latter can only be given when faced with a specific case. Please contact us for any further clarification or information deemed necessary in what concerns the application of the law.