The ‘Golden Visa’ scheme in Portugal, that has attracted billions in investment from Chinese nationals, will be limited to the country’s interior from July, leading to a rush in applications.
The Golden Visa Program in Portugal will be ending in the most popular regions, such as the main cities of Lisbon and Porto, as well as the coastal areas of Algarve, Setubal and Silver Coast located about an hour north of Lisbon, situated between Porto and Lisbon. Portugal’s Silver Coast boasts a spectacular coastline of around 150 km.
According to the Portuguese press, there is also the possibility of Portugal raising the investment thresholds for property purchase.
The current investment amount is EUR 500,000 in high-density areas, and EUR 400,000 in low-density areas such as the Algarve, for properties less than 30 years old.
For older properties in need of refurbishment, investment amounts drop to EUR 350,000 in high-density areas and EUR 280,000 in low-density areas like the Algarve.
Many foreign nationals, including Hong Kong residents, have applied for the Golden Visa as a way to gain EU citizenship.
In more than seven years – the ARI program was launched in October 2012 – the accumulated investment until last July totalled EUR 5.4 billion, with the acquisition of real estate properties totalling EUR 4.9 billion.