Chinese investors have driven the overwhelming success of Portugal’s investment immigration program, with €1.91 billion ($2.19b) invested over the three-and-a-half years since it was introduced.
Recent figures show the Golden Residence Investor Program is only gathering pace, with March alone attracting investment of €103.6 million, bringing the total to €231.5 million for the first quarter, according to the Portuguese immigration department.
More than 3,000 visas have been granted via the program, with 2,457 going to Chinese investors.
Benefits of Golden Residence Investor Program
- Exemption from the requirement of obtaining a resident visa for entering Portugal
- Live and work in Portugal when maintaining residence in another country.
- Study in Portugal.
- Exemption from obtaining visa when travelling within the Schengen Area.
- Obtain temporary residence, permanent residence, and citizenship for your family as well.
- Become a permanent resident after a period of five years subject to the terms and conditions of the program.
- Become a citizen of Portugal after a period of six years subject to the terms and conditions of the program.
The program features a number of ways by which investors can obtain a Portuguese visa, but property investment is the overwhelmingly popular stream, attracting 2,991 successful applicants.
Once the one-year visa has been granted, applicants can apply for two-year extensions, become a permanent resident of the country in five years, and be granted citizenship in six, provided the conditions of the program are met.
Portugal in numbers
Population10.49 million
Size92,212 square kilometres
GDP$219.96 billion
Average earnings21,405
Unemployment15.10%
Inflation-0.40%
Other key benefits include visa-free travel to the European Union’s Schengen zone of countries.
The program was introduced in October 2012 and peaked in popularity in 2014, when 1,526 visas were granted. The first quarter of 2016 has already seen 377 visas issued.
Its success is in contrast to similar programs in Canada and Australia, where unrealistic stipulations have seen only a handful of applications and even fewer visas issued.
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