Portugal’s golden visa program has bounced back in June and July after a lackluster first half of 2019.
Demand jumped by 38 per cent in June as compared to the same month of 2018, and a further 31 per cent in July. That was after a drop of 23 per cent in the first six months.
Reasons for this fall may include higher real estate prices and availability of more investment immigration options for investors, including programs offered by Greece, Spain, Malta, and Cyprus.
Yet, there is no denying the positive impact this program has had on Portugal’s economy. In the six-and-a-half years since its introduction, the golden visa program has attracted foreign investment of more than €4.5 billion.
Portugal Expands Golden Visa Program To Offer Green Visas
4,150 Golden Visas and Counting: Greek Golden Visa Program Continues to Impress
Cyprus Introduces Sweeping Changes to its Citizenship by Investment Program
Portugal issued a total of 118 golden visas in June with 108 visas issued to property investors, eight for those making capital transfers into a Portuguese company, and one visa for creation of ten jobs in the country.
Out of the €73 million investment received in June 2019, €64 million went into the real estate market while €9 million involved capital transfers.
Out of the 108 applicants investing in real estate projects, 16 applicants qualified for the golden visas through investments in urban rehabilitation projects.
Demand for golden visas in July 2019 grew by 31 per cent as compared to the previous month to 155 visas.
Investments rose to €98.3 million, which was the best month in terms of investments for the program since March 2018.
Investors from China continued to dominate the program with 40 visa issued, followed by 37 to Brazilians.
Rising demand among Brazilian investors is positive for the program since it represents a new potential market beyond China and Russia.
2013 to Present
Portugal has issued 776 golden visas in 2019, but the lackluster first half will make it difficult for the program to exceed the 1,409 visas issued in 2018.
Reviving demand in June and July may ensure the final tally for the year is close to 2016-2018 average of 1,391 golden visas.
China has been the biggest beneficiary of the program, receiving 4,291 visas, which is more than half the total visas issued by Portugal. Brazil is second at 764 visas followed by Turkey, South Africa, and Russia.
In terms of asset classes, the numbers clearly show the marked preference among investors for real estate investments. Just €500 million out of the €4.6 billion received has been allocated to non-real estate asset classes.
While property remained the only eligible asset class under the program for a long time, investors have preferred this asset class even after other options like capital transfers and job creation enterprises were made available.
Interested Investors: Kindly complete the following form and we will contact you to discuss your global residency and citizenship investment options.