Portugal’s ‘gold’ visas scheme, which fast-tracks residency rights for individuals who invest large sums in the country, could bring in as much as €600 million this year, according to the president of the country’s estate agents association, APEMIP.
So far, 542 of the special visas have been issued, bringing in more than €336 million since it was launched in October of 2012, the group said in a statement on Tuesday.
Its president, Luís Lima, said investment this year could be well over what the government is projecting.
“The deputy prime minister and driver of this measure, Dr. Paulo Portas, has said that this year the value of investment in Portugal through ‘gold’ visas should reach 500 million euros,” Lima said. “In my opinion this investment could easily reach 600 million euros, so long as a sufficient promotion work is done with this programme abroad.”
He said the impact of the investments made – which are above all in property – could be multiplied by the power of attraction that they generate and by the knock-on effect on other potential foreign investors.
Citizens of China account for 433 of the ‘gold’ visas issued so far, followed by Russia with 23, Brazil with 14, Angola with 14, and South Africa with 11.
Under the scheme an applicant must invest at least €1 million in capital, create at least 10 jobs, or buy property worth at least €500,000, with the investment in place for at least five years.
PL/ARO // ARO.
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