2016 was a successful year for Portugal’s Golden Visa Program, with investments up 87.5% from the previous year. The total investment according to figures by the Foreigners and Borders Service in 2016 was EUR 874 million compared to EUR 466 million in 2015.
Portugal’s Golden Visa Program attracts foreign investors to make an investment into the country’s economy in return for Portuguese residency. Residents under this program can reside, work, and study anywhere in Portugal, as well as travel hassle-free throughout Europe’s Schengen zone, among various other benefits.
The majority of the total investments made through the program in 2016 were property purchases, accounting for close to 90% of all investments. Undoubtedly, investing in Portugal’s real estate is the best and smartest investment option available for the program. Savvy investors can still get a bang for their buck in Portugal, and resell at a profit after the initial five-year mandatory holding period ends.
While the minimum investment required for property is EUR 500,000, a property that is either over 30 years old or in an area of urban regeneration requiring refurbishment works only requires an investment of EUR 350,000. A total of nine urban regeneration properties were purchased in 2016 through the Golden Visa Program.
Since the introduction of the program in 2012, the total investments until the end of 2016 were over EUR 2.5 billion. The economic stimulation caused by the inflow of funds has benefited Portuguese financial position tremendously. Being one Europe’s countries to be hit hardest by the economic crisis, Portugal had to be bailed out by third parties in order to prevent a situation of insolvency in 2014. Things are starting to look up now for the country, however, and forecasts predict the continuing success of its Golden Visa program.
More than 4,000 Golden Visas have been issued since the program launch. From the Middle East, Lebanon has been the country with the most Golden Visas issued. In addition to Golden Visa holders, over 6,000 family members have been issued residency permits. With Portugal’s consistent rating as being one of the top five safest countries in the world, along with the affordable cost of living and its historic beauty, the opportunity for residence should not be missed by today’s global investor.
For more information on Portugal’s Golden Visa Program, please click here.
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