While Portugal’s popular immigrant investor scheme — the Golden Visa Program — suffered a slump during the first third of 2020 due to the COVID-19 pandemic, the popular scheme among non-EU nationals has risen up the ranks again.
May application approvals alone exceeded those of the preceding four months combined, with the program bringing in a staggering €147 million.
Over a period of four months from January to April 2020, only 259 applicants invested €147 million. These low figures were quickly smashed by May’s results, with 270 applicants investing €146.2 million into the Portuguese economy.
Despite the pandemic, the Golden Visa business is stabilizing.
An extraordinary comeback
When looking at the month-on-month growth rates this year, May is nothing short of a miracle. A 409% increase in application income has demonstrated the value of having a plan b in life. Specifically, obtaining the second residence amidst a pandemic is clearly considered a critical move toward financial and personal security for many non-EU citizens.
Chinese people and Hong Kongers led the charge in applying for the Golden Visa, with 68 applicants receiving residence permits.
Brazilians made up the second-largest contingent, amounting to 30 main applicants. Americans accounted for 19 applicants, the highest number for that nationality, a number in parr with Indians. Meanwhile, Turks made up 17 of the main applicants.
A good year for the Golden Visa Scheme
If May’s results repeat themselves, it would imply annual Golden Visa approvals for 2020 of 1,270, a number slightly higher than the 1,245 recorded last year.
Yet despite the higher volume of applicants, many investors opt for ‘alternative’ investments, meaning, any investment but the typical €500,000 property acquisition. This year so far, more applicants are opting to invest in renovation property and venture capital/investment funds. In particular, the investment fund option proves to be popular, with the number of applicants doubling compared to 2019.
Why consider Portugal’s Golden Visa
Portugal’s Golden Visa scheme is globally considered one of the strongest residency by investment schemes. This is due to its boundless benefits and financial advantages.
Benefits of the Golden Visa include:
- Attractive investment options starting from €280,000
- Flexible Golden Visa rules
- Short stay requirement
- Whole dependent family can qualify
- Visa-free travel to over 183 nations including the EU’s Schengen Area
- Right to work, live and study in Portugal
- Five years until you qualify for a Portuguese passport
How we can help you today
We understand that everyone is feeling the impact of the COVID-19 pandemic, whether directly or indirectly.
Whether the Portuguese Golden Visa, the Spain Golden Visa program, or another scheme, we understand that it can be a time-consuming affair as well as a stressful experience to reach a big decision like applying for residency in a foreign country.
As consultants in investment migration, we can help you apply for several residency-by-investment schemes or citizenship programs. Our step-by-step strategy, tailor-made to each unique client, means we are there for you every step of the way.