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Portugal attributes 144 gold visas in February

Xinhua, March 22, 2016 Adjust font size:

Portugal attributed 144 residence gold visa permits in February, double those given in January, according to figures released on Monday by the Portuguese Immigration and Borders Service (SEF).

The total figure of investment also more than doubled, from 35 million euros (about 39.2 million U.S. dollars) to 89.3 million euros.

Out of the total investment raised in gold visas in February, 91 percent of 81.2 million euros of the amount corresponds to the purchase of real estate, with capital transfer totalling 8.1 million euros.

The number of gold visas has risen by 39.8 percent compared to February last year, when 103 gold visas were attributed.

Since the gold visa scheme was launched in October 2012, 2,997 gold visas were attributed until February. The total investment amount raised since 2012 reached 1.8 billion euros, from which 1.6 billion euros corresponds to the purchase of real estate and 176.2 million euros corresponds to capital transference.

The Chinese since 2012 have clinched 2,345, Brazilians 123, Russians 104, South Africans 77 and Lebanese 46.

Applications for gold visas for foreigners are dependant on the purchase of real estate amounting to 500,000 euros, a program which was aimed to give the country relief amid the debt crisis. They can also create 10 jobs in Portugal or invest a million euros in capital.

These citizens are given the right to travel around EU countries in the Schengen area and can apply for Portuguese citizenship following 6 years.

Portugal introduced new rules to the gold visa scheme in February last year, which extended investment to areas like urban rehabilitation and science.

The country had to introduce new legislation for the scheme after allegations of corruption and money laundering which saw 11 officials detained in November 2014 and internal affairs minister Miguel Macedo step down.

Last year, investment under the gold visa scheme halved compared to 2014, to around 466 million euros. (1 euro = 1.12 U.S. dollars) Endit