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Investment in Golden Visas Down 3.4% in 2017 to €844 Million

10 January 2018

The investment raised through the ‘golden’ visa program stood at 844 million euros in 2017, a decline of 3.4% compared to 2016, when the figure reached 874 million euros.

The investment attracted by the golden visa program fell by 3.4% in 2017 compared to 2016 to 844 million euros, as 1,351 golden visas were allocated, according to data from the Foreigners and Border Service (SEF). In the total of last year, the investment resulting from the Residence Permits for  Investment Activity (ARI) reached 844,088,897.77 euros, 3.4% less than the 874,444,320.10 euros of 2016, with 1,351 golden visas.

Of the total investment raised in 2017, visas that were acquired based on the acquisition of real estate continued to the primary source of income, accounting for 770,640,332.93 euros. Of this amount, 743,699,901.22 euros corresponds to the purchase of real estate worth 500,000 euros or more and 26,940,431.71 euros to the acquisition of real estate for urban rehabilitation for a total amount equal to or greater than 350,000 euros.

The capital transfer criterion raised 73,448,564.84 euros last year. In 2017, 1,351 golden visas were granted, 70 for the transfer of capital and two for the creation of at least ten jobs. Under the real estate purchase requirement, 1,279 visas were granted, of which 75 were granted for urban rehabilitation.

The criterion for granting visas for urban rehabilitation, in which the amount invested must be equal to or greater than 350,000 euros, entered into force on September 3, 2015. In December alone, the investment was 30,403,224.21 euros, 44% less than in November (54,589,213.55 euros) and a fall of 65% compared to the same month of 2016 (87,482,100.72 euros).

Of the total amount raised in December, 1 million euros resulted from the transfer of capital, while 29,403,224.21 euros came from the purchase of real estate. Of the total obtained from the purchase of real estate, 2,612,766.71 euros was obtained through investments in urban rehabilitation.

In December, 48 visas were granted, one for capital transfer and 47 for the purchase of real estate, of which seven were for urban rehabilitation. The first golden visa for urban rehabilitation was granted in July 2016.

In accumulated terms – since the golden visas began to be granted on October 8, 2012, up to December 2017 -, the total investment raised with the visas reached 3,411,265,842.39 euros, of which 324,898,160.46 euros resulted from the transfer of capital and 3,086,367,681.93 euros from the purchase of real estate.

Since the creation of the program, 5,553 visas have been allocated: two in 2012, 494 in 2013, 1,526 in 2014, 766 in 2015, 1,414 in 2016 and 1,351 in 2017.

In accumulated terms, from its creation until the end of 2017, 5,243 visas were granted for the acquisition of real estate, of which 84 were for urban rehabilitation, 302 for capital transfers, and eight for the creation of at least ten jobs.

China leads the list of visa recipients (3,588 by December), followed by Brazil (473), South Africa (218), Russia (195) and Lebanon (108). Since 2013, 9,315 residence permits have been allocated to extended family members: 576 in 2013; 2,395 in 2014; 1,322 in 2015; 2,344 in 2016 and 2,678 in 2017.

Original Story: Observador / Agência Lusa

Photo: Lusa

Translation: Richard Turner