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Golden Visas: Investments from China Fall as Turkey’s More than Doubles

6 October 2018

Turkish investment through the visa program increased by 148% in the first eight months of the year, reaching 69.4 million euros.

Chinese investments in golden visas fell by 24% between January and August, year-on-year, to €194.3 million, while Turkish investment more than doubled to €69.4 million.

According to data provided by the Aliens and Borders Service (SEF), in the first eight months of the year, 348 residence permits for investment activity (ARI) were granted to Chinese citizens, totalling 194.3 million euros, a reduction of 24% compared to the same period in 2017.

China, along with Brazil, South Africa, Russia and Turkey, is one of the five countries with the greatest number of investors granted golden visas, which were designed to attract investors to Portugal.

Turkish investment in Portugal has been increasing and more than doubled (148%) in the first eight months of the year, compared to the same period in 2017, to 69.4 million euros (129 ARIs).

108 ARIs were granted to Brazilian investors in the year to August, totalling 86.7 million euros, 41.8% less than during the year before.

Investment from South Africa declined by 47% to €22.8 million, with 41 ARIs granted.

Investment from Russia also fell to €20.3 million in the year to August as just 23 ARIs were granted.

Last year, Portugal issued the same number of ARIs to Russian citizens, but the investments had reached 28 million euros.

The investment attracted by golden visas rose by 33% in August to 45.7 million euros, compared to the same period in 2017, and increased by 75% month-on-month.

Visa program has raised almost four billion euros

In cumulative terms – since the golden visa program first issued residence permit on October 8, 2012, to last August – the total investment raised has amounted to nearly four billion euros (€3,967,108,844.37), of which around of €370 million stemmed from capital transfers and approximately €3.6 billion from the acquisition of real estate.

A total of 6,498 ARIs have been allocated since the program’s inception: two in 2012, 494 in 2013, 1,526 in 2014, 766 in 2015, 1,414 in 2016, 1,351 in 2017 and 945 in 2018.

In cumulative terms, 6,141 people were granted visas through the criterion of property acquisitions, 345 for capital transfers, and 12 for the creation of at least ten jobs.

China leads the list of assigned ARIs (3,936 up to August), followed by Brazil (581), South Africa (259), Turkey (236) and Russia (227).

Original Story: Público / Lusa

Photo: Adriano Miranda

Translation: Richard Turner