Portugal Granted 64 New Golden Visas Last Month, 42 for Real Estate Investments
The Residency by Investment Scheme brought to Portugal more than €32.8 million last month. Still, the figures were 12.5 per cent below those registered during the same month last year, AtoZSerwisPlus.pt reports.
The Golden Visa Program dedicated to wealthy foreign investors brought over €493 million for a period from January until August this year, or 24 per cent more than those registered in the same period last year.
Among the top beneficiaries of the golden visa are the citizens of the United States, followed by China and Brazil. Besides, six golden visas were granted to citizens of Russia and another six to Turkey.
For a period from October 2012 until August 2023, a total of 12,561 residence permits were granted. The main beneficiaries were the citizens from the following countries:
- China 5,383,
- Brazil (1,246)
- USA (741)
- Turkey (603)
- South Africa (561)
The total investment amounts to over €7,247 million, of which 6,401 million was for the acquisition of real estate (11,284) and a total of 653 million for urban rehabilitation (1,830) for golden visas.
According to a report from Portugal News, the transfer pre-capital reached €846 million, 1,255 were granted, and the creation of jobs was responsible for the granting of 22 ARI.
Up to this point, visas have been issued to a total of 20,241 reunited family members.
Authorities in Portugal are attempting to apply new changes to the Golden Visa Program. In July, the government of Portugal approved new changes to this scheme, part of more Housing scheme, which, among others, included the termination of new residence permits for investment in housing and the option to transfer at least €1.5 million into a Portuguese bank account.
Still, such changes needed the approval of the President of Portugal, Marcelo Rebelo de Sousa, who had 20 days to decide in this regard.
However, the bill was rejected by the President; thus, it needs to undergo amendments in Parliament before it can be passed, which will take at least another month.
Through a letter addressed to the Assembly together with the bill, the President urged for more modifications to be made before the legislation is brought again to him for final approval.
The President considered unclear how the promised results would be achieved, calling it a poor initial response to a need that time has made dramatic, crucial and extremely urgent.
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