'Golden Visa' Investment in June up 35 Percent
Theportgalnews / 08-07-2018
Investment attracted through so-called 'golden visas' - fast-track resident permits for big foreign investors from outside the European Union - totalled €52.8 million in June, up 34.6% on a year earlier, but for the first half as a whole was down 18.8%, according to figures released by the Foreigners and Borders Service (SEF).
Relative to May, investment in June through this channel - officially known as Residence Authorization for Investment (ARI) - was down 28%.
Of total investment in June, the vast bulk was again through property purchases, totaling €49.75 million, while capital transfers (minimum of €1 million) totaled just under €3.1 million.
Last month 90 ARI permits were issued, of which 87 were for property purchases. Of these, four were granted for urban rehabilitation, for which less money must be invested.
Between July of 2016, when the urban rehabilitation clause was introduced, a total of 164 permits have been issued for this type of investment.
In cumulative terms – since golden visas were brought in, in October of 2012 - total investment is €3.895 billion, of which €3.529 is for property purchases.
In all 6,369 permits have been issued over the last five-and-a-half years.
China accounts for the largest number of foreign citizens securing there permits: 3,890 so far. That is followed by Brazil with 561, South Africa with 254, Turkey with 224 and Russia with 222.
Investment attracted through so-called 'golden visas' - fast-track resident permits for big foreign investors from outside the European Union - totalled €52.8 million in June, up 34.6% on a year earlier, but for the first half as a whole was down 18.8%, according to figures released by the Foreigners and Borders Service (SEF).
Relative to May, investment in June through this channel - officially known as Residence Authorization for Investment (ARI) - was down 28%.
Of total investment in June, the vast bulk was again through property purchases, totaling €49.75 million, while capital transfers (minimum of €1 million) totaled just under €3.1 million.
Last month 90 ARI permits were issued, of which 87 were for property purchases. Of these, four were granted for urban rehabilitation, for which less money must be invested.
Between July of 2016, when the urban rehabilitation clause was introduced, a total of 164 permits have been issued for this type of investment.
In cumulative terms – since golden visas were brought in, in October of 2012 - total investment is €3.895 billion, of which €3.529 is for property purchases.
In all 6,369 permits have been issued over the last five-and-a-half years.
China accounts for the largest number of foreign citizens securing there permits: 3,890 so far. That is followed by Brazil with 561, South Africa with 254, Turkey with 224 and Russia with 222.
