Portugal property visa
The Chinese Investment for The Portugal Property Visa Cut in Half
The Chinese Investment for The Portugal Property Visa Cut in Half
Compared to the same month last year, total investment in the Portugal property visa program is down thirty one percent – it has dropped from ninety one million Euros to sixty three million Euros, while the number of main applicants dropped by thirty six percent – from one hundred and fifty nine to one hundred and one.
The drop in the Chinese interest is undoubtedly the most pronounced one – from sixty four in the February of 2018 to thirty two in the February of 2019.
In 2015, the Chinese applicants accounted for four fifths of monthly applicants for the Portugal property visa program, but since then, their share of applicants has been consistently dropping. – Less than one third of the main applicants have been of Chinese origins in February this year.
On the other hand, the interest among the other top five nationalities – the Brazilians, the Turks, the South Africans, and the Russians – has remained steady over the years. While the shockingly low figures from February have affected the averages, the Portugal property visa program can still expect to see a statistically “on-trend” year thanks to the “stronger than usual” performance last month.
Since the beginning of 2019, the SEF has already issued residence by investment permits to two hundred and forty six investors, and to for hundred and thirty nine investor family members.The sixty three million Euros of investments during February – fifty four million Euros worth of which have taken the form of immovable assets – have brought the total cumulative investment in the Portugal property visa program, since its inception back in 2012, to around four point four billion Euros.
“China, as you know, has very strict and limiting capital controls, which makes it difficult for Chinese applicants to transfer investment funds out of the country and into Portugal. In the past, those investors had more options available to them for sending money to Portugal but, in the last year and a half, the immigration authorities have adopted tougher requirements for demonstrating the source of those funds, which may or may not the case among other competing programs,” – Cunha Vaz.
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