Algarve set for Golden Visa boom

Investment through golden visa scheme drops 52% in October

Investment through Portugal’s golden visa scheme dropped 52% in October, year-on-year, to 28.6 million euros, according to government data from the Service for Foreigners and Borders (SEF), Lusa news agency reported on Monday.

Investment through the “Authorisation of Residence for Investment Activity” policy, known as the golden visa programme and aimed at foreigners willing to invest 250,000-500,000 euros in Portugal, rose to 28,677,976.56 euros in October, a 52% drop compared to the same period in 2019 when investment reached 59.9 million euros.

In relation to September, the drop was 43.5 million euros (34%), according to the figures.

In October, 54 golden visas were attributed, of which 48 through real estate acquisition (13 in purchases for urban renewal) and six through capital transfers.

Property purchases registered investment of 25.9 million euros in October, of which 5.1 million corresponded to acquisition for urban regeneration.

Capital transfers totalled an investment of 2.7 million euros. No visas were granted for job creation.

In October, 20 visas were granted to people with Chinese nationality, five to those from Vietnam, five to those of the United States, five to those of Turkey and four to those from Brazil.

The golden visa programme has attracted over 4.8 billion euros since it was launched in 2012.