Demand is growing, especially from Americans, even though the investment is not directly related to the Authorization for Investment Activity (ARI).

According to Jornal de Negócios, the Optimize Investment Partners fund – launched in 2021 and the second largest in the country – has already reached €302 million, and the year could end with €360 million under management. Furthermore, of 1,100 investors, 600 are Golden Visa holders. In compliance with the program's rules (which require that at least 60% of assets be invested in the country), 65% are in stocks, 25% in bonds, and 10% internationally.

“The Golden Visa program, which is somewhat viewed negatively in Portugal because until 2023 there was political exploitation of rising house prices, has been an invaluable source of investment for Portugal,” said Pedro Lino, CEO of Optimize Investment Partners, quoted by the publication, adding that “there has been very high demand, especially from Americans.”

According to the same source, the program “attracts higher-income investors, who also become tourists, which helps finance businesses and boost tourism.

“Even with the change, there has been very strong demand, and the indication we have is that demand will not slow down. We had three or four clients with doubts, and they ended up going ahead. The biggest uncertainty clients have is regarding the stability of the laws,” concluded Pedro Lino.

The change in question concerns the periods foreseen in each phase to access temporary resident status, permanent resident status, or nationality. In the latter case, the period increases from five to seven years for citizens of the European Union or Portuguese-speaking countries, and to 10 years for citizens of other countries, writes Jornal de Negócios.