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Golden Visas: Investment Rises 14.8% in Year to July to €656 million

8 August 2017

Investment raised through golden visas rose 14.8% in the first seven months of the year, compared to the same period of 2016, to €656 million, according to data from the Foreigners and Border Service (SEF).

In July, investments resulting from Residence Permits for Investment Activity (ARI), also known as ‘golden’ visas, reached 59,779,968.88 euros, down 2.8% from the same month last year (61,552,086 euros) and an increase of 52% compared to June (39,250,091.91 euros).

Of the amount raised in July, the majority continues to correspond to the acquisition of real estate (57,760,317.22 euros), while the capital transfers amounted to 2,019,651.66 euros.

Last month, 98 ‘golden’ visas were issued, of which 96 were for the purchase of real estate and two for the capital transfer requirement.

Of the 96 visas granted in July for the purchase of real estate, eight ARIs were granted for urban rehabilitation, under the new concession rules that have been in force since September 2015.

By the end of July 53 ‘golden’ visas had been awarded for urban rehabilitation, the first of which was granted exactly one year ago (July 2016).

In the first seven months of the year, the investment raised reached 656,226,116.72 euros, 14.8% more than the 571,511,345.63 euros registered in the same period of 2016.

In accumulated terms – since this type of instrument, aimed at attracting investments to Portugal, began to be employed – total investments, for the period from October 8, 2012 until July, amounted to 3,223,403,061.34 euros. Of this amount, 311,956,342.61 euros were raised through capital transfers and 2,911,446,718.73 euros through the acquisition of real estate.

Since the creation of the golden visas, 5,243 ARIs have been allocated: two in 2012, 494 in 2013, 1,526 in 2014, 766 in 2015, 1,414 in 2016 and 1,041 in the first seven months of this year.

In cumulative terms, up to June 4,849 visas were granted for the acquisition of real estate, 288 for capital transfers and eight for the creation of at least 10 jobs.

China leads the list of assigned ARIs (3,472), followed by Brazil (432), South Africa (201), Russia (179) and Lebanon (103).

The new rules for obtaining golden visas, which extended the investment criteria for citizens outside the European Union to areas such as urban rehabilitation and science, among others, entered into force on 3 September 2015.

Since 2013, 8,434 residence permits have been allocated to family members of visa holders: 576 in 2013, 2,395 in 2014, 1,322 in 2015, 2,344 in 2016 and 2,000 in 2017.

Original Story: Jornal de Negócios / Lusa

Photo Credit: Miguel Baltazar

Translation: Richard Turner