Portugal: Americans Leave Behind Chinese Citizens With Golden Visas

Such figures provided by Bloomberg show that Americans are now the top nationality for Portugal’s Golden Visa Program, despite the fact that wealthy Chinese nationals have been the main recipient of such visas, AtoZSerwisPlus.com reports.

In addition, the figures provided by Bloomberg revealed that this year only 16 per cent of beneficiaries of Portugal’s Golden visas are Chinese citizens, compared to a total of 81 per cent registered in 2014.

Despite the fact that the report says that Chinese nationals’ interest in Portugal’s Golden Visa has marked a decrease, another analysis published by Bloomberg suggests a large number of investors from China are attempting to leave this country amid raised concerns over political tensions, or due to the covid zero policy which led to strict preventive measures imposed by authorities in China.

Still, Chinese investors are finding it hard to get a Golden Visa in Portugal after travel restrictions between both countries have complicated the travel process, requiring a personal interview.

Portugal’s Golden Visa Program permits third-country nationals to benefit from the scheme and acquire residency in Portugal, provided they make an investment in properties that are worth €500,000 or more and meet specific conditions.

In this regard, a previous report published by Traino noted that Portugal’s Golden Visa program is among European investors’ choices for the first half of this year. Still, the scheme is often criticised by authorities in EU countries for being involved in many illegal affairs such as corruption and money laundering.

However, recently, the Secretary General of the Portugal-China Chamber of Commerce and Industry, Bernardo Mendia, emphasised the importance of this program for Portugal’s economic sector.

“A lot of Chinese investors made investments after the golden visa program and started working with the country,” Mendia pointed out.

In this regard, the co-founder of Lisbon-based One Stop Properties, as well as an associate of a private equity fund that invests in Portuguese real estate, Alexandra Victoria-Bonte, also said that Golden visas are important for how much they’ve helped the economy.

“A lot of people think of it as a golden ticket, but it’s not. It’s much more than that — a secure investment that’s going to give a high yield,” she stressed.

Authorities in Portugal previously announced that they decided to restrict the program in Lisbon and Porto in order to push a larger number of investments to the less-developed countryside.