Official figures show that 78 percent of property-for-residency visas
in Portugal have gone to Chinese nationals, but current interest may be
even higher according to one top agent.
A total of 318 visas have
been issued under the Golden Residence Permit since it began in October
2012, and 248 of them (78 percent) have been granted to Chinese
nationals, says Foreign Ministry spokeswoman Francisca Seabra.
But
one leading agent says the current level of interest in the scheme,
which allows citizens outside Europe to receive a five-year residency
permit by purchasing a property worth at least €500,000, may be even
higher.
Charles Roberts, Managing Partner of prime property agent
Fine & Country Cascais, where the average purchase is €2.7million,
said: “I suspect that the figure is nearer 90 percent.”
By the end
of the year around 400 ‘golden visas’ are likely to have been issued
and investment of €300million generated, Deputy Prime Minister Paulo
Portas announced while on a visit to China.
Speaking during his
attendance at the Macao Forum, he has praised Chinese investors for
their participation in the “fairly innovative” scheme.
The revival
of the property sector has played a vital role in recent positive
developments in the Portuguese economy, he said, adding rhere are no
plans to limit the number of permits investors can get next year.
Thanks
to Portugal’s Golden Visa scheme, property sales at Fine & Country
Cascais increased by €35million from January until the end of August
2013, said Roberts.
“The demand comes predominantly from China –
85 percent – also from South Africa, Libya, and Lebanon there is a
significant amount of interest from the Middle East in countries like
Egypt due to the political conditions.
“In terms of value we have
€35million worth of sales we would not have had if the Golden Visa
programme had not been around. We have no reason to believe it will not
continue.
“All of the agencies that provide us with clients are
from China, so that is likely to grow significantly due to the demand
from wealthy Chinese for that type of scheme.”
One property
(pictured) from Fine & Country that has been attracting attention is
a luxury four-bedroom villa in Guia, Cascais, which is priced at
€3million and is less than 100 metres from the ocean. It has a total
build area of 492 sqm and is set in a plot of 5,560 sqm with mature
gardens.
Many other European nations offer similar schemes,
including Spain’s ‘golden visa’ that was approved in September, which
also has a €500,000 threshold.
Neville de Rougemont regularly
attends meetings in China to promote the benefits of the ‘golden visa’
scheme. The company has created a specific Investor Residency Legal
package, which includes full assistance with the investment side, the
residency application, residency permits for family members and with
renewals.
The International Monetary Fund (IMF) has finished its
latest assessments of Portugal’s adjustment programme and approved a
€1.9billion injection into the economy. It has now lent €24.34billion
out of a total of €27.03billion it promised in 2011 as part of
Portugal’s bailout programme.
This story was first published by OPP Connect and is reproduced as part of an editorial partnership between PropertyGuru Group and OPP Connect.
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