Portugal's fast-track 'Golden Visa' scheme is proving a success, having attracted millions of euros-worth of investment from overseas property investors, theportugalnews.com reports.
Records show that the scheme, which makes it easier for non-residents to buy a property in Portugal, has been taken-up by people all over the world. According to the Portuguese Ministry of Foreign Affairs, applications have been received from 'as far afield' as Lebanon, Guinea-Bissau, Saint Kitts and Nevis and India.
However, it is China, Angola and Russia that have thus far been the main sources of the investment since Deputy Prime Minister, Paulo Portas implemented the scheme in January this year.
The Golden Visa allows quicker right to residency depending on satisfaction of certain criteria, including the transfer of EUR1 million in capital, buying a property valued at EUR 500,000 plus or creating a minimum of ten new jobs. The investment, macauhub.com writes, must be maintained for at least five years.
Speaking at a Business Forum in Vilamoura last week, Mr Portas said: "About EUR 150 million has already arrived and a lot more is going to come because our country is becoming attractive and competitive."
He put the scheme's success down to a series of factors including transport infrastructure and the fact that the country is "better prepared and [has] more flexible human resources."
Are you looking to buy property in Portugal ? Lisbon , Vila Do Bispo , Tomar , Ferreira Do Zezere , Alvaiazere
Are you looking to rent property in Portugal ? Porto , Lisboa , Funchal , Lisbon , Albufeira
Author
Elizabeth Smythe