Portuguese Golden Visa Entices Chinese Wealthy

By Fiona Moore, for ExpatBriefing.com 25 August, 2014

Portugal's Golden Visa program has attracted more than 1,100 Chinese nationals to invest in the country, and the number of residence permits being issued is increasing.

Applicants for the visa must invest in Portugal for five years, by either creating at least ten jobs, or spending EUR500,000 on property. Successful applicants can bring their families.

The Ministry of Foreign Affairs said that a total of 1,360 Golden Visas have been awarded to non-European Union nationals since October 2012, bringing investment of EUR817m (USD1.35bn) into the country. The Ministry said that more permits were issued during the first seven months of 2014 than during all of 2013. Investment worth EUR100m was securing during July 2014 alone.

In the first year permit holders need to be in the country for just seven days. The visa provides free movement within the Schengen Area. After six years permit holders can apply for Portuguese citizenship.

Several EU countries offer visas in return for investment. Portugal competes with neighboring Spain in particular for applicants.

Tags: Investment | Portugal | China | Spain | Expats | Visas And Passports | Europe |

 





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