All-Time Record Hit in Portugal in Terms of Emigrant Remittances

According to SchengenVisaInfo.com, remittances rose from EUR3.7 billion to EUR3.8 billion in 2021, a 4.98% increase.

 

The Portuguese sent the most money to France (EUR1.06 billion), followed by Swiss emigrants (EUR1.061), which accounted for more than half of all global remittances.

However, the amount sent by Portuguese immigrants to Portugal was EUR530 million. This is 5.31 percent more than in 2021, when EUR504 millions were sent. Nearly half of all amounts were sent to Brazil by immigrants who sent EUR259 millions - 8.42 percent more than the EUR239 million sent back in 2021.

The Portuguese Speaking African Countries (PALOP) show that Portuguese workers in these nations sent EUR317 millions last year. This is a 21.6 percent increase compared to EUR260million transferred in 2021.

Nearly all of these funds come from Angola in Africa, the country most closely associated with the Portuguese for employment. Last year, Angola's emigrants sent EUR308 millions to their country. This is 21.8 percent more than the EUR253 million they sent in 2021.

Portugal is known for being one of the most prolific recipients of remittances from Europe. In 2018, EUR3.6 billion was sent to Portugal as remittances. Romania (EUR3Billion), Poland (EUR2.9Billion), the United Kingdom, EUR2.3Billion and Italy (EUR2Billion) are other countries to watch.

Portugal's citizens sent EUR600million abroad, leaving a surplus EUR3 billion. This is the largest in the EU. This is the largest surplus since 2001, when it dropped from EUR3.3 billion down to EUR1.9 billion. As a whole, the EU sends EUR22 trillion more than it gets.

A majority of Portuguese citizens now live abroad. In 2011, 860,000 people left Portugal, with the government failing to persuade young people to return.

Portugal's population is declining and most of the 2.6million emigrants are now living in France, Switzerland and Spain. Outside Europe, the most popular destinations for emigrants are the United States, Canada, Brazil and Brazil. Portugal has a long history both of immigration and emigration.

Source: schengenvisainfo.com