Portugal’s Golden VisaBy Alison Hojbjerg • Dec 24th, 2013 • Category: Property News & Info
In the past two years, several southern European nations including Cyprus, Greece and Portugal have introduced programmes that aim to attract investment in the property and construction sectors. Chinese and Russian investors make up the majority of those who have obtained residence permits this way.
Portugal’s “Golden Residence” programme, set up in October 2012, has been particularly attractive. It has generated €203m so far. Most permits have been awarded to Chinese, but Russians, Brazilians and Angolans – with whom Portugal has historic economic ties – have also invested.
The “Golden Residence” programme requires investors to buy a property worth at least €500,000 or transfer at least €1m in capital to Portugal. In return investors can obtain a residence permit, which can be made permanent after five years. Citizenship can be acquired after six years.
A year since its introduction, 327 “Golden Residence” permits have been granted, while an additional 398 resident permits were given to families of those investors.