Portuguese ‘Golden Visa’ scheme attracts Asian international property investors.
A growing number of investors from Asia are being enticed into the Portuguese property market through the country’s Golden Visa scheme.
The new residency package, introduced last year, is seeing non-EU buyers, particularly Chinese property investors buy up in residential and commercial assets of up to €100 billion by 2014.
Opening residency laws is not a new thing. Indeed, 43 countries already have similar schemes in a move to encourage cautious investors. But what Portugal's Golden Visa has in its favor that other countries lack is flexibility.
By investing €500,000, foreign nationals outside the EU are able to live in Portugal under a five year temporary residency permit, which after that time, allows the application for permanent residency along with their immediate family.
Having a Portuguese passport means being able to travel freely across the Schengen countries, something which places Portugal as a top investment destination around the world.
The trend has already begun in China, investing 21% more in Europe during 2012 than in 2011. China's Private Wealth Report indicates that 40% of Chinese billionaires are already involved in emigration investment. The promise of visa-free EU travel will only see this threshold rise.