Recent Figures show Portugal’s Golden Visa Scheme is attracting wealthy Chinese who want easier access to the EU
Portugal is rolling out the red carpet to discriminating Chinese buyers, where they are stabilizing property prices that have dropped by nearly a third during a deep recession that has accompanied the eurozone country’s international bailout.
One year ago the Portugese government launched a program to attract wealthy investors where for the purchase of a home or apartment of at least 500,000 euros ($700,000) which is to be kept for at least five years, investors will receive a Portuguese residence permit. This has great positive implications to Asian investors from countries that currently require a Visa to travel to or do business in the EU.
These new residents need only spend seven days per year in Portugal to be able to travel and work throughout Europe without a visa within the Schengen area of countries.
Chinese account for the overwhelming majority of investors in the scheme, followed by Brazilians, Russians and Angolans. Figures from the foreign ministry show that 356 of these residence permits have been issued so far, which has created 222 million euros in investment.
In a single week last month, 15 million euros was invested, according to government figures, a rate which if sustained would take annual investment to nearly 800 million euros.
So if you’re a wealthy Asian investor who wants better, easier access to Europe, this program may just be right for you.