09/09/22

CITIZENSHIP AND RESIDENCY: US Surpasses China in Terms of Golden Visa Applications Filed in Portugal, for First Time Since 2012.

As published on schengenvisainfo.com, Friday 9 September, 2022.

Wealthy internationals from the United States have been more interested in Portugal’s Golden Visa scheme compared to those from China in the first six months of this year, becoming the largest country of origin for applications for Portugal’s Residency by Investment program.

According to local media, this is the first time since the program first opened that the number of applicants from the US surpasses those from China after the latter’s citizens have been interested the most in this program, SchengenVisaInfo.com reports.

Authorities in Portugal introduced the Golden Visa scheme in 2012, and since then, the country’s scheme has been among the most famous ones in Europe.

Based on the data provided by Portugal’s Immigration and Border Service (SE), from a total of 649 successful Residency by Investment applications filed in the first half of this year, 124 applications or 19 percent were from the United States, while only 105 were from China, At the same time, back in 2014, the second year of the program, applicants from China obtained a total of 1,200 visas, which accounts for 81 per cent of the total awarded this year.

In this regard, the Head of Business Development at Sovereign- Consultoria, Shelly Wren, said that Portugal has much to offer to international investors.

“In addition to a stable political and social environment, good infrastructure, clear and transparent tax rules, and first-class education and healthcare systems, it boasts a warm climate, a glorious Atlantic coastline, and captivating interior, a strong historical and cultural legacy, excellent food and wines, and a relaxed lifestyle,” she added.

The Golden Visa Program offers citizens from third countries the opportunity to acquire residency in Portugal if they make an investment in properties that are worth €500,000 or more and meet some requirements.

“Add to this an attractive package of tax benefits for expats and visa-free access throughout the Schengen Zone of 26 European countries – and all for as little as €350,000 invested – and you begin to see why Portugal combines a high quality of life with a relatively low cost of living. After five years of living in Portugal, investors are also eligible to apply for permanent residency and citizenship in Portugal,” Wren stressed.

Besides Americans and Chinese citizens, Britons’ interest in Portugal’s Golden Visa scheme also marked an increase, according to home builder Taylor Wimpey Espana.

Despite the fact that it makes a significant contribution to Portugal’s economic sector, the Residency by Investment scheme has often raised security concerns, while the EU Commission urged all EU countries that run such schemes to terminate them after being involved in illicit affairs such as money laundering and corruption.