A significant number of Portugal's residents opt to emigrate, with approximately one out of five choosing to do so
Portugal has seen a shift in its emigration status within the European Union, moving down to fifth place in terms of the highest proportion of emigrants. This change is partly due to a significant drop in departures to the United Kingdom and the increasing number of Portuguese immigrants moving to Switzerland.
In 2023, Switzerland became the main host country for Portuguese emigrants, with over 12,000 new Portuguese immigrants settling there. Spain, France, Germany, and the Netherlands are also among the top destinations for Portuguese emigrants.
While Portugal is no longer the European Union country with the highest proportion of emigrants, the countries that have surpassed it are primarily found in Central and Eastern Europe. Countries like Latvia, Hungary, Poland, and Estonia have shown population declines, indicating net emigration. Greece and Cyprus, affected by economic crises, have also turned toward significant net emigration.
Interestingly, Ireland and Malta are exceptions within this region, reporting high population growth due to immigration and births rather than emigration.
Despite Portugal's shift in position, the total number of Portuguese emigrants has remained stable, around 2.1 million. The number of Portuguese emigrants leaving the country annually has also stabilised to around 70,000, with fluctuations between destinations.
An aging profile characterises Portuguese emigration, with many emigrants having been away from the country for more than ten years. In fact, estimates indicate that 81% of Portuguese emigrants fall into this category. The proportion of inactive Portuguese emigrants has risen from 29% to 32%, as many reach retirement age.
However, sociologist Rui Pena Pires stated that we are not facing worrying numbers in terms of Portuguese emigration. The emigration balance is somewhat mitigated by the fact that a significant portion of Portuguese emigrants end up returning to Portugal.
The Portuguese Emigration 2024 report, prepared by the Emigration Observatory, provides this information. The report also highlights that many Portuguese emigrants have been away from the country for more than ten years.
[1] Source: European Union Statistics Office (EUROSTAT) [2] Source: United Nations Department of Economic and Social Affairs (UNDESA) [4] Source: World Bank Group
Investment opportunities in Portugal may be attractive for businesses, considering the stable number of Portuguese emigrants residing overseas, particularly in countries like Switzerland, Spain, France, Germany, and the Netherlands. With over 12,000 new Portuguese immigrants settling in Switzerland in 2023 alone, this demographic shift could potentially create a significant market for financial services and business ventures.
Moreover, the global financial landscape might favor Portuguese immigrants, as they accumulate saving and investments while working abroad, potentially presenting opportunities for cross-border financial transactions and partnerships.
