Russian investment up 49% since start of war

Russian investment in Portugal has increased 49% since Russia invaded Ukraine in 2022 according to the news source Público.

And despite heavy international sanctions, Russian cash has been flowing into Portugal at record levels.

According to foreign direct investment data published by the Bank of Portugal, at the end of 2024, investment stood at €450 million, €150 million more than in 2021.

The basis of these figures could be the suspension of the Golden Visa in its previous form 18 months ago, but which has revamped and returned and is again being applied for by Russian citizens after the Portuguese State lost a lawsuit in the courts.

Portugal’s Golden Visa scheme was suspended in 2022 after the Russian invasion of Ukraine in line with the sanctions slapped  on Russia by the EU.

However, in August 2024 the Portuguese Government lost a court case against suspending the visas of Russian citizens.

The court found that the suspension  was based on a European Commission recommendation, and was therefore not legally binding and could not override either Portuguese law applicable to foreigners or the constitution.

The Portuguese constitution prohibits discrimination on the basis of nationality, making the ban on Russian applications illegal. After all, not all Russian citizens support Russia’s invasion of Ukraine, nor are they necessarily living or based in Russia.

Since the ruling, the Portuguese immigration authorities are once again now processing Russian applications for the Golden Visa programme.