Portugal’s Golden Residence Investor Program has seen a huge surge in popularity in the first four months of 2016.
A startling set of figures shows investment has risen 45 per cent when compared to the same period last year.
Reis Campos, President of the Portuguese Construction and Real Estate Confederation, says the increase should be a source of confidence that the growth will continue in the coming months.
He described the program as ‘a great asset, not only for construction and real estate, but also for the broader economy, which is taking advantage of the interest of these investors in our country’.
This reduction is not available to investors contributing EUR 1 million or more and investors opting for Small and Mid Cap Finance category of the Golden Visa program.
The program attracted investment of €82 million in April, bringing the four-month total to €313 million and taking overall investment past €2 billion since it was introduced in October 2012.
Investment Requirements: Portugal Golden Residence Investor Program
Transfer of capital of minimum value of €1 million into Portugal including through purchase of shares in companies
Creation of at least 10 new positions in Portugal
Purchase of unencumbered real estate in Portugal of a minimum value of €350,000. Co-ownership or purchase of property through finance is permissible provided each individual makes a mandatory minimum investment of €350,000.
Investment of at least €350,000 in constructed 30 years ago or investment for rehabilitation of properties located in Urban Rehabilitation Areas
Scientific Research and Development
Investment of at least €350,000 in R&D activities of institutions that are part of the national technological system.
Promotion of Culture
Investment of at least €250,000 towards financing of bodies pursuing cultural or artistic activities or towards renovation or maintenance of cultural heritage.
Small-Cap and Mid-Cap Finance
Investment of at least €500,000 towards purchase of units of small-cap or mid-cap venture capital funds.
Investment in Low Population Areas
20 per cent reduction in minimum investments in the above-mentioned categories when investment is made in a low population-density area.
Campos said the program’s success was evidence of Portugal’s ‘very high intrinsic competitiveness’.
He added that increasing investor confidence would attract more of the type of investment that is helping to stabilize the Portuguese economy.
Chinese investors are the chief driver behind the success of the program.
At the end of March, of more than 3,000 Portuguese visas awarded, nearly 2,500 of them when to Chinese nationals.
The program features a number of ways by which investors can obtain a visa, with property investment the most popular.
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