Climate, beach, access to the Schengen area, and the freedom to stay in Portugal for 7 to 14 days a year are attractive points.
Although it was shrouded in controversy earlier this year, the gold visa program continues to attract foreigners of various nationalities to live and invest in the country, especially in real estate. The attribution of golden visas to US citizens has increased at the beginning of the year and has already surpassed those granted to Chinese citizens. And now it is the Australians who have their eyes set on investing in Portugal to obtain residence permits.
Through real estate investment, foreigners can get a gold visa in Portugal by buying a house for at least 500,000 euros or buying a property to rehabilitate for 350,000 euros. In addition, they may also invest 500,000 euros or more in a real estate investment fund, according to information provided by the Foreigners and Borders Service (SEF).
What attracts Australians to invest in Portugal?
Foreigners from the four corners of the world have been using this program to obtain an investment residence permit (ARI) and thus gain access to the Schengen area. Between October 2012 and August 2022 alone, 6,497 million euros were invested, 89.7% of which was in real estate. And, consequently, 11,060 gold visas were granted, mainly to citizens from China, Brazil, Turkey, South Africa and the USA, SEF data show.
And now Australians are also looking at the golden visa program in our country, considering it a great opportunity to acquire residency in Portugal, advances the SchengenVisaInfo. This is because they see great advantages in doing so in our country:
- travel to all Schengen zone countries without having to apply for a visa;
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Program only requires families to stay in the country a minimum of 7 days in the first year and 14 days in subsequent years;
- Climate, gastronomy, beaches and nature.
“We have seen a wave of Australian investors who have taken advantage of this [the gold visa program] and acquired quality homes that existed in the market,” said Chris White, CEO of Ideal Homes Portugal, quoted by the same media.
In addition, he explains, “through the program, investors and their dependents can obtain a Portuguese passport after five years without moving to Portugal. And this means that people can obtain citizenship without actually living in Portugal,” stresses Chris White, noting that, at this point, the program works differently from other countries.
“With its warm climate, stunning beaches, fine cuisine and relaxed lifestyle, Portugal is one of the most attractive countries for foreign investors looking to live, work or retire in the EU,” pointed out the CEO of Ideal Homes Portugal.
USA in the lead for golden visa
Foreign investors continue to bet on the golden visa program in Portugal, although it suffered several constraints at the beginning of the year. Remember that the ARI platform, where gold visa applications are submitted, was frozen from January until mid-June, preventing investors from moving forward with the processes, as advanced by idealista/news.
But not even this is holding back investment via gold visas. Specifically, Americans have been increasingly betting on this program, having already surpassed China in the number of ARI’s granted: between January and August of this year, the US reached 145 gold visas and China 134. Thus, the US represents the largest country of origin of residence requests in Portugal for investment programs.
