Investment for golden visa residence permits in July down 60%

Investment in Portugal through golden visas – fast-track residence permits for major non-European Union investors – was in July down 60% on the same month of 2020, at €22.1 million, according to calculations by Lusa based on the latest figures released by the country’s Immigration and Borders Service (SEF).

Investment through the Residence Permit for Investment (ARI) programme, as it is officially known, totalled €22,197,726.03 in July 2021, down 39% from June’s total of €36.4 million and down 60% from the €56 million logged in July 2020.

According to the SEF data, 41 ARIs were granted last month, of which 35 were for the purchase of property (including 11 for urban rehabilitation, which has a lower threshold, of €350,000 as opposed to €500,000) and six for transfers of at lesat €1 million in capital.

Property purchases for ARI purposes in July totalled around €20 million, of which €3.9 million was in urban rehabilitation, while there was €2.1 million in capital transfers.

By countries of origin, citizens of China secured 10 golden visas in July, US nationals five, Russian nationals five, Brazilians four and Turkish nationals three.

In the first seven months of this year a total of 486 such permits were granted: 55 in January, 100 in February, 73 in March, 98 in April, 52 in May, 67 in June and 41 in July.

In terms of investment under the ARI programme, in the first seven months of this year, it amounted to €259.8 million, down more than 40% on the €439 million registered in the first seven months of last year.

The ARI programme, which was launched in October 2012, has brought a cumulative investment of €5,898,831,577.11. Of this total, €5,337,491,502.47 relates to property purchases, with €319,135,316.77 of this in urban rehabilitation, while capital transfers total €561,340,074.64.

Since the programme started, 9,875 ARI have been granted: two in 2012, 494 in 2013, 1,526 in 2014, 766 in 2015, 1,414 in 2016, 1,351 in 2017, 1,409 in 2018, 1,245 in 2019, 1,182 in 2020 and 486 in 2021.

Of all permits issued, 9,265 were via purchases of property, of which 885 related to urban rehabilitation. A further 590 were granted on the grounds of capital transfer, and just 20 for job creation.

By nationality of recipients of permits, China leads with 4,953, followed by Brazil (1,028), Turkey (470), South Africa (409) and Russia (388).

Since the start of the programme a further 16,762 residence permits have been granted to family members of ARI permit holders, with 712 of these being issued this year.