Golden Visa Programme Launches

2012

In 2012, Portugal launched its Golden Visa programme, offering residency permits to non-EU nationals who made qualifying investments, most commonly the purchase of property above a certain value. The Algarve became one of the primary beneficiaries, with significant property investment flowing into the region from China, Brazil, South Africa, and the United States. The programme fuelled a property boom, particularly in the luxury segment, with prices in prime areas such as the Golden Triangle (Vilamoura, Quinta do Lago, Vale do Lobo) rising sharply. Critics argued that the programme drove up property prices for local residents and concentrated benefits among wealthy foreign buyers. The Portuguese government progressively tightened the rules, excluding Algarve property purchases from the programme in 2022 and eventually suspending the property route entirely in 2023. The programme nonetheless had a lasting impact on the Algarve's property market and demographic profile.