Portugal’s New Golden Visa Scheme Update – Supporting Immigrants

Carcavelos, June 5, 2024 — In a bold move to enhance support for needy immigrants, the government of Portugal has announced to start a new golden visa scheme. This initiative was first revealed on Monday at Nova SBE in Carcavelos, as part of the latest migration plan for 2024.

The new golden visa scheme aims to attract private investments specifically targeted at immigrant integration projects. These projects will focus on providing essential reception facilities, infrastructure, and other forms of support for immigrants (refugees). This initiative marks a significant shift from the traditional Residence Permits for Investment (ARI), which primarily focused on financial investments.

The official migration plan document highlights, “The government wants to create an instrument for channelling private capital for social investment in immigrant integration projects”.

This extension of the ARI aligns with the broader ‘Construir Portugal’ initiative, which encourages investments in affordable housing. By linking these programs, the government hopes to create more comprehensive support systems for immigrants.

Additionally, the government plans to create a system for fast processing of such social investments. This will be facilitated through the FAMI (Fund for Asylum, Migration, and Integration), enhancing the efficiency and impact of these investments.

Another innovative approach involves applying the Social Impact Bonds model to the migration sector. This model will help improve labor market integration and reception conditions for immigrants by sharing the development of these initiatives with private investors and other helping organizations.

These measures helps to improve the living conditions and opportunities for immigrants, ensuring they can contribute to the country’s economy and get benefits from the country’s growth.

For more information on the new golden visa and the government’s migration plan, visit Portugal Immigration