Portugal’s ‘Golden Visa’ is tempting buyers from Asia to invest in residential and commercial assets, with one real estate agency expecting up to €100 billion (S$167 billion) will be invested in property by 2014.
The new residency package, brought in by the government last year to boost the country’s economy, has already proved to be particularly attractive to Chinese property buyers and investors.
Portugese real estate agent Fine & Country Cascais has seen Chinese buyers generate €25 million(S$41.8 million) in less than three months, and following this trend the company will collaborate with schools, banks and industry giants to promote moving to Portugal at a property exhibition in Beijing in August.
Opening residency laws is not a new thing; currently some 43 countries have similar schemes with varying conditions. One of the reasons why the Portuguese ‘Golden Visa’ has been such a success is the flexibility of its conditions. By investing €500,000 (S$836,000), foreign nationals outside the European Union are able to live in Portugal under a five-year temporary residency permit. After that time it allows the application for permanent residency along with their immediate family.
Having a Portuguese passport means being able to travel freely across the Schengen countries, something which places Portugal as a top investment destination around the world.
Charles Roberts, Managing Partner of Fine & Country Cascias, said: "Investors are flocking to buy Portuguese property as an insurance policy for any future political instability in China. Property here has been a safe way to store equity, a great international hub for foreign education and is now an ideal time to invest in business and industry while capital is low.."
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg
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