Chinese love Portugal’s “golden visa”
With the golden visa, Portugal wanted to take urgently needed money. It works.
D he was the first recipient of a Portuguese “golden visa”, the Indian businessman Muthu Nesamanimaram. The then Foreign Minister and current Deputy Prime Minister Paolo Portas brought him the paper, which rewards investment in Portugal with a residence permit, in March of last year even to New Delhi by hand. Portas and his head of government, Pedro Passos Coelho, had come up with the idea of bringing fresh foreign money to the European crisis country. So far, according to figures released by the Ministry of Foreign Trade, Portugal has already raised 817 million euros, mainly from Chinese sources.
This surpasses even the predictions of professional optimist Porta, who had expected about 500 million this year. This sum was received in the first seven months alone. In the first year, it was 306 million. If things continue, one billion marks could be exceeded by the end of 2014.
The portugual visa has thus become one of the most important sources of foreign direct investment in Portugal. Interested parties from countries outside the European Union, who also purchase unhindered access to all “Schengen” countries by acquiring a residence permit – despite occasional frowns in Brussels – have three options: Either they buy a property for the price of at least one half a million euros; or invest at least one million in a Portuguese company; or they create at least 10 jobs. A real estate agent in Portugal depends on its offers: Last year alone, a price increase of 53 percent in the real estate market
A real estate agent in Portugal depends on its offers: Last year alone, a price increase of 53 percent in the real estate market.
For this, they first get a one-year residence permit, which can then be extended by two years. They do not have to spend a long time in Portugal. Seven days a year are enough.
This is apparently also enough for many investors who then look for their possessions on a trip to the Tagus. Other benefits include additional visas for family reunification.
This can give daughters and sons access to European universities.