`Gold Visa` investments down 56.5% in July to €26M

Source: Portugal News, 23/08/2018

Investment attracted by Portugal`s so-called gold visa programme fell
by 50.5% in July, compared to June, and by 56% year-on-year, to €26.1
million, with residence permits provided only through real estate
purchases.
According to statistics from the Foreigners and Borders Service (SEF),
in July investment resulting from the Residence Permit for Investment
Activity (ARI) scheme, better known as gold visas, reached
€26,116,230, a drop of 50.5% compared to June, and a of 56.3% compared
to July 2017.
In July, according to the figures, investments were entirely in the
purchase of real estate. Forty-seven visas were granted, of which
seven were for urban rehabilitation.
Since the first visa for urban rehabilitation was granted - in July
2016 - 171 gold visas have been granted through the scheme.
In the first seven months of the year, investment raised through the
scheme tots €510,145,428.98, which is a 22.2% decrease compared to the
same period of 2017.
Since the gold visas were launched on 8 October, 2012, until last
July, the total investment amounts to €3,921,411,271.37, of which
€366,144,760.19 is related to the transfer of capital and
€3,555,266,511.18 for the acquisition of real estate.
So far 6,369 residence permits have been granted: two in 2012, 494 in
2013, 1,526 in 2014, 766 in 2015, 1,414 in 2016, 1,351 in 2017 and 816
so far in 2018.
In cumulative terms, 6,064 visas were granted for the acquisition of
property, 341 for capital transfers, and 11 for the creation of at
least 10 jobs.
China leads the list of gold visas granted (3,912 until July),
followed by Brazil (568), South Africa (257), Turkey (228) and Russia
(222).
The new rules for obtaining `gold` visas, which extended the
investment criteria for citizens outside the European Union (EU) to
areas such as urban rehabilitation and science, among others, came
into force on 3 September 2015.
Since 2013, 10,867 residence permits have been allocated to regrouped
family members: 576 in 2013, 2,395 in 2014, 1,322 in 2015, 2,344 in
2016, 2,678 in 2017 and 866 in 2018.