Investment in the Portugal Golden Visa residency scheme dropped in the first half of this year, as less non-EU citizens applied for Portuguese residency through the scheme.
However, while the Portugal Golden Visa scheme appears to be attracting fewer investors, figures for the month of June (total €73 million) represent an increase of 38 per cent compared to the same period last year.
Of the €73 million spent in the scheme, almost €64 million came from property purchases (representing 108 visas granted) and €9 million came from capital transfers (nine visas granted). One visa was granted in June for setting up a business to create a minimum of 10 jobs.
16 of the 108 visas granted for property purchases were granted in the context of urban rehabilitation.
Over the course of its six-and-a-half-year life, the Portugal Golden Visa scheme has brought in a total of €4.6 billion to the Portuguese economy, with the vast majority (€4.1 billion) from property purchases and €442 million from capital transfers.
A total of 7,583 visas have been granted under the scheme – two in 2012, 494 in 2013, 1,526 in 2014, 766 in 2015, 1,414 in 2016, 1,351 in 2017, 1,409 in 2018 and 621 so far in 2019.
Up to the month of June this year, a total of 7,150 golden visas have been granted for property purchases, of which 334 were for urban rehabilitation.
More than half of the visas granted under the Portugal Golden Visa scheme have gone to Chinese citizens, a total of 4,291.
The next largest nationality are Brazilians, who obviously share a connect with Portugal and speak the same language and numbered 764 visas.
Turkish overseas property investors accounted for 347, while 299 went to South Africans and 263 to Russians.
It will be interesting to see how many British overseas property investors look to the Portugal Golden Visa scheme if and when the UK leaves the EU, as Portugal has long been a favourite destination.