Changes in Portugal’s Golden Visa programme have seen investors – particularly young tech-types – turning their attention towards Madeira.
Since the purchase of property in and around Lisbon and Porto no longer qualifies for the ‘Schengen-pass’ ARIs (authorisations of residence through investment), more and more are visiting the archipelago to see what it can offer them.
2021 saw €60 million pour into the local economy thanks to Golden Visa investment, writes Jornal de Madeia.
All signs are that 2022 could see even more.
Tânia Castro, director of TPMC – a company offering ‘international management solutions’ – says “we are talking about many young couples, not just retirees (which is more normal). Now there are a lot of people who come to Madeira to work (in new technologies). They are people who bring their children, family and who contribute to the regional economy”.
The island’s popularity has been helped by touristic promotion and airline links. For example, Americans now are able to come on direct flights. Russians and Swiss are also keen investors – and Ms Castro has just helped process the first Japanese Golden Visa
But it is the Brits that make up the bulk of ‘interest’ and investment, she said – “thanks” in large part to Brexit.