Launched in October 2012 by Portugal, the Golden Visa programme lets investors get a residency permit in this south European country. Since it is also a Schengen member, investors can obtain residencies and access to trade in the other European nations that fall under the Schengen area.
The programme’s aim is to attract wealthy non-EU citizens, who will be eligible for citizenship six years after they join. Till July third week, 3,165 permits are said to have been granted, of which, Chinese citizens have received 2,457 permits.
Most of the Golden Visa programme investors have found real estate to be the most attractive investment proposition. Of all the permits granted, 2,991 were due to property investment. Of €1.92 billion invested, €1.73 billion came through property alone.
It is averred that most investors of this programme are investing in real estate as prices are growing at 10 percent a year and it is estimated that this growth rate will be witnessed for five years at least. This is ascribed to the property demand in Portugal, which is disproportionately outstripping the supply, thereby creating opportunities for investment in real estate.
According to World Finance, there does not seem to be a property bubble in this country, which is a part of Iberian Peninsula. It adds that real estate market in Portugal did not see amplified growth, which was happening in the other European countries. The capital city of Lisbon and the Algarve regions are said to offer returns on investments on real estate of nearly 15 percent. In order to apply for a Golden Visa via investments in real estate, foreign citizens need to invest €500,000.
If you are looking to travel to Portugal for either business or tourism purposes, come over to Y-Axis and avail proper guidance and assistance to file for a visa.