Golden Visa Programme Generated €5.87 Billion in 10 Years to Portugal’s Economy
According to data from SEF, an amount of €6.54 billion has been invested in Portugal, with 90 per cent being in the real estate market. Throughout the 11,180 golden visas issued, a total of 18,368 family members also benefited, AtoZSerwisPlus.pt reports.
The main nationalities to benefit from the Portuguese golden visa programme were Chinese, representing 50 per cent of all beneficiaries, followed by Brazilians, Turks, South Africans, and North Americans, with some visas being issued to Angolan and Russian nationals, too.
The distribution of golden visas for the last three years, as the data from SEF reveals, started with 11,82 golden visas or ARI issued in 2020, accounting for an investment of €646 million, of which €588 million was in real estate. In the upcoming year, 865 ARIs were granted, totalling €460 million, and €409 in real estate, while in the first nine months of 2022, 926 ARI were issued, representing an investment of €464.8 million.
However, the government is now planning to put this programme to an end, as the Chief Executive, Antonio Costa, revealed yesterday that he was re-evaluating the programme.
“There are programs that, obviously, we are currently re-evaluating. One of them is the golden visa , which has probably already fulfilled the function it had to fulfill, and which at this moment is no longer justified to maintain” he said.
The golden visa programme enables non-EU citizens to obtain residency permits by investing a certain amount in the country a certain amount, with the programme lasting five years. To obtain this permit, the candidate must carry out a capital transfer in an amount that is equal to or higher than €1.5 million, or possess immovable property worth €500,000. In addition, the acquisition and execution of rehabilitation works of real estate, equal to or exceeding €350,000,
This programme allows candidates and their family members to live, work, and study in Portugal, as well as move freely within the Schengen Area.
In April alone, 121 ARIs were issued, representing more than half of the total permits issued in 2021. The main region of candidates who benefited was North America.
“We have an open program so that we can be a factor in locating these digital nomads, as we have a program to attract Foreign Direct Investment. Each company that makes major strategic investments in Portugal also does so on a contractual basis. And, fortunately, Portugal has been increasingly attractive,” said the prime minister.
In addition, in April alone, the number of visas issued increased compared to January and February, during which 94 permits were granted, respectively, while in March, a total of 73 golden visas were granted.
