Golden Visa investors crank up pressure over AIMA failings

Nine foreign investors who committed around €7 million to Portugal through the country’s Golden Visa programme claim they have been left in limbo for up to five years, with their residency application still awaiting action from Portuguese authorities.

This latest group adds to several others who are equally frustrated, particularly over changes to the Nationality Law.

As reports explain, the nine – from countries including the United States, Canada, China, Turkey, Egypt and the United Arab Emirates – made qualifying investments under Portugal’s Autorização de Residência para Investimento (ARI) scheme, but remain without residence permits despite complying with all legal requirements in force at the time of application.

Lawyer Estevão Augusto Bernardino, who represents the group, tells CNN Portugal that applications submitted as far back as 2021 remain stalled, with no meaningful communication from Portugal’s immigration agency, Agency for Integration, Migration and Asylum (AIMA).

“Nobody answers the phone, nobody responds to emails, nobody does anything,” Bernardino told the news station, claiming that investors have received neither updates nor explanations regarding the status of their applications.

The nine operate in sectors including energy, technology, real estate, logistics, agribusiness and entertainment, adds Bernardino.

Most of them viewed Portugal as a ‘gateway to the European market’, and/ or intended to relocate with their families.

According to their lawyer, individual investments ranged from several hundred thousand euros to more than €1 million when property purchases, taxes, legal fees, banking costs and administrative charges are taken into account.

A key bottleneck appears to be the scheduling of biometric appointments, a mandatory stage in the Golden Visa process. Although the investments were completed and applications formally submitted, the cases remain marked as “under review” in AIMA’s system.

“The state never did what it was supposed to do: schedule the biometric appointments,” Bernardino said.

Without biometric data, including fingerprints, photographs and signatures, residence permits cannot be issued.

The delays are also creating wider economic consequences. Some investors have reportedly suspended business expansion plans because they lack Portuguese residency, while others remain unable to restructure investments or dispose of assets linked to their applications.

The impact has extended beyond business headaches. Bernardino explains that the prolonged uncertainty has caused ‘serious family tensions among some applicants, including relationship breakdowns and divorces’.

Portugal ended the property investment route for new Golden Visa applications in 2023 as part of housing market reforms. However, applications submitted before the rule changes remain legally entitled to be assessed under the previous framework.

These latest complaints add to growing scrutiny of AIMA’s processing backlog, which has affected thousands of immigration and residency cases as Portugal continues efforts to reform and modernise its migration system. Judging from recent government announcements, AIMA is starting to get a handle on its backlog. Judging from this story, there is still some way left to go.

Sources: CNN Portugal/ Executive Digest