Golden Visa still attracts investors
The postponement of changes to Portugal’s Golden Visa programme has provided a positive benefit in attracting overseas investment according to the real estate consultants Worx.
New rules that should have come into force on 1 July 2020 which would have restricted the property aspect of the programme to areas outside Lisbon, Porto and parts of the Algarve, namely along the high-density holiday coastal areas, and have now been postponed until 1 January 2022, means that interest in the programme has remained.
Worx indicates that the programme has been sought after by various overseas investors (with China and Brazil at the top of the list), however, it is believed that UK investors will also be a target market in the coming months following Brexit.
The changes in the legislation also safeguards the investment made in commercial real estate assets such as offices, retail, commerce and apartments for tourism (in some districts of the city) which are still eligible investments under the scheme in Lisbon and Porto.
Total investment regarding the concession of Authorisation for Residency for Investment (ARI), the so-called Golden Visas, generated around €647 million in 2020, indicating a 13% downturn on 2019 according to the latest data from the borders and immigration authorities SEF-ARI.