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Golden Visa in Portugal: success in reactivating the real estate market

 

The granting of the “Golden Visa” in Portugal has pleasantly surprised the Portuguese authorities. Since its beginning in October 2012, nearly 817 million of euros have been collected and a total of 1,360 visas have been granted (specifically 900 visas have been granted this year according to the data of the Portugal Government) until the 31st of July 2014. Its touristic offer, climate and high quality of life are some of the attractions which make that the citizens non-residents in the European Union choose Portugal as destination.

 

Collection and reactivation

The most immediate consequence which these data have had is the reactivation of the Portuguese market. From the 86 million received in July 2014, a total of 93% was addressed to this purpose. From the total amount collected thanks to this measure, that is to say, 817 million of euros approximately, 749 million of euros were addressed to buy properties. However, the Portuguese Confederation of construction and real estate (CPIC) is demanding and guarantee that “it will be possible to surpass 2,000 million of euros of investment in a deadline of two years”. Currently, the purchase of properties is centralized in Lisbon and in the Algarve coast, although they hope that this phenomenon is generalized throughout all the country.

The Portugal Government was choked by the collapse of the real estate market due to the economic crisis. In 2010 the Government invested 3,000 million of euros to reactivate it and the reinforcement of fiscal incentives was proposed to accelerate the real estate market. Then “Golden Visa” was born.

 

Requirements to obtain the “Golden Visa”  in Portugal

The first citizens who have been benefited from this measure have been the Chinese (1,101 requests), followed by the Russians (43) and the Brazilians (38) in the third place. Citizens of the South of Africa, Lebanon, Pakistan, Angola, Ukraine, Turkey and India have also requested the Golden Visa Property offered by Portugal.

In order to be part of this program, it is necessary to carry out at least one of the following options:

  • A deposit of one million of euros.
  • An investment which generates ten jobs.
  • To buy a property of a value equal or higher than 500,000€.

Moreover, it is necessary to have a clean crime registry, to formalize the investment and to remain in Portugal for seven days a year. The Portuguese program of “Golden Visa” is one of the most attractive, given that the requirements are easily achievable by the citizens non-residents in the European Union. The citizen must commit himself to carry out an investment in Portugal for five years and, after the said five years, the visa can be renewed (firstly for two years and, then for other two years).

Should you have any queries regarding “Golden Visa” in Spain or Portugal, you can contact our service of free consultation which we offer from our website. If you prefer, you can contact us on 900 100 039 without any cost. Our legal service will advise you and will look for the best solution in order for you to be benefited from the Visa.

 

 

 

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