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Golden Visas on the rise

By • Nov 5th, 2015 • Category: Tax Issues

The number of golden visas awarded in October more than tripled (221%) compared to September. In all, a total of 119 visas were granted – an average of 30 per week – and an investment of 41.6 million euros.

According to Lusa news agency, based on data from the Foreigners and Borders Service (SEF), in September there were 37 Residence Permits for Investment activity (ARI) issued mounting to 21.1 million euros.

In October the numbers increased, to a total of 119 assigned with an investment of 41,655,632.1 euros, 97% more than in September. Of the 119 visas granted, 112 were through purchasing real estate. It should be noted that investment in real estate totaled EUR 64.5 million, far more than the 20.1 million euros recorded in September.

Since January this year a total of 599 visas have been awarded; in 2014 and 2013 there was 494 visas and 1,526 granted, respectively. In all, and since October 8, 2012 when this incentive was introduced, 2,621 were assigned of which 2,480 were for purchase of real estate.

In cumulative terms, total investment in late October was 1,588 million euros, of which 1,435 million euros was for buying real estate and 153.7 million euros in capital transfer.

The Chinese continue to be the most interested, with 2,087 golden visas granted. In October they were assigned 91 to citizens of that country and 98 visas to Brazilian citizens.

- Office Manager - Lina was born in Madeira but spent her formative years in England. In 1981 her family relocated to the Algarve because of its high quality of living and mild climate.
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