Investment through Golden Visas Falls 38% in 1Q21

Investments captured through the golden visa programme fell to 237.6 million euros.

Portugal granted a total of 9,230 visas stemming from real estate purchases in the year to June, 874 of which were for urban rehabilitation. Compared to the same period of 2020, investment captured through gold visas fell 38% in the first half of the year to 237.6 million euros, Economia Online reported today.According to calculations by Lusa based on data from the Foreigners and Borders Service, the investment raised in the first half of last year reached 383 million euros. Incoming funds resulting from the Residence Permit for Investment (ARIs) programme totalled 36.4 million euros in June, 59.5% less than in the same period of 2020 (89 million euros).

Compared to May (27.7 million euros), investment increased by 29.9%. Last month, Portugal granted 67 ARIs, 60 of which were through real estate purchases (15 for urban rehabilitation), six by capital transfer and one by job creation.

Capital transfers accounted for 2.1 million euros, while the real estate purchases totalled 34.3 million euros in June (5.2 million euros for urban rehabilitation).  Twenty golden visas were granted to China, eight to Russia, seven to the United States, four to South Africa and three to Brazil.

In the first six months of the year, 445 gold visas were granted, including 55 in January, 100 in February, 73 in March, 98 in April, 52 in May and 67 in June.

Launched in October 2012, the programme for granting Residence Permits for Investment brought in total investments of €5,876,633,851.08 in the year to June. The vast majority corresponds to real estate purchases (5,317,394,161.44 euros). Urban rehabilitation also accounted for 315,157,475.74 euros.

Capital transfers reached 559,239,689.64 euros, for a a total of 584 visas. Twenty visas were granted due to job creation. Since the creation of this instrument, which aims to attract foreign investment, Portugal has awarded 9,834 ARIs: two in 2012, 494 in 2013, 1,526 in 2014, 766 in 2015, 1,414 in 2016, 1,351 in 2017, 1,409 in 2018, 1,245 in 2019, 1,182 in 2020 and 445 in 2021.

China leads the allocation of visas (4,943), followed by Brazil (1,024), Turkey (467), South Africa (407) and Russia (383). Since the beginning of the programme 16,698 residence permits have been granted to reunited family members, including 648 this year.

Translation: Richard D K Turner