Portuguese real estate investment incentive the 'Golden Visa' is proving a success with wealthy Chinese international property investors.
Golden Visas are temporary-residency permits to foreign investors and could help Chinese, Russian and Indian investors access to Europe. They reward international investors who transfer capital, create jobs, and buy property in Portugal
Golden Visas are set to become well known in the overseas property sector as they could be the number one reason to attract international investment.
Overseas buyers must pay a minimum of Ã¢âÂ¬500,000 ($670,000) for a property to be eligible for a five-year residency permit.
Eligibility for a Golden Visa in Portugal
You may apply either individually or through a company conducting, at least, one of the following activities in a Portuguese national territory for a minimum period of five years:
1.) Capital transfer with a value equal to or above 1 million Euros;
2.) Creation of, at least, 10 job positions
3) Purchase of real estate with a value equal to or
above 500 thousand Euros.
more information at www.sef.pt
Businessweek.com report that a total of 102 visas has been granted since the program began last year, according to the Portuguese Immigration and Borders Service, mostly to Chinese buyers.
Edmund Zhao, a real estate developer from Hangzhou in eastern China, expects to receive his permit any day now after paying Ã¢âÂ¬700,000 for an apartment in the resort town of Cascais. Zhao must spend at least seven days in Portugal during the first year and 14 days every two years thereafter.
Bloomberg.com report that buyers from mainland China typically look for immigration opportunities in southern Europe for their families because of the drop in real estate prices, said Wang Ning, a manager in the international property department at SouFun in Beijing. Some visas allow buyers to live and travel freely within EuropeÃ¢â¬â¢s borderless Schengen Area, made up of 26 countries from Finland in the north to Greece in the south.
Greece, Cyprus and Spain also offer the visa incentive with varying levels of real estate investment required.To qualify for a golden visa in Greece you need to invest a min 250,000 Euros, in Cyprus the amount is 300,000 Euros whilst in Spain it is 500,000 Euros.
author: Nick Marr