Nine years after the launch of the Golden Visa program, investments continue to bail out Portuguese coffers.
The Investment Residence Permit (ARI) program, more commonly known as Golden Visas, celebrated its nine years of existence in October, when it exceeded 6 billion euros in funds raised.
According to data from the Foreigners and Borders Service (SEF), the ARI subsidy program, launched in October 2012, last month saw the total amount reach â¬ 6,010,994. In October of this year alone, investment raised 46.4 million euros, an increase of 72% from September and 62% year-on-year.
Out of more than 6 billion euros raised in nine years, the bulk continues to correspond to the purchase of real estate, which amounted in October to 5,434,644,035 â¬, urban rehabilitation purchases amounting to 341 â¬ 919,339.
Since the creation of this instrument, which aims to attract foreign investment, 10,087 Golden Visas have been awarded, including 9,450 visas through the purchase of real estate, including 950 with a view to urban rehabilitation.
By nationality, China leads visa allocation (5,001), followed by Brazil (1,038), Turkey (476), South Africa (422) and Russia (409) .
Since the start of the program, 17,014 residence permits have been granted to members of reunited families, including 964 this year.
Investment takes off in October
In October, investments raised under the program increased 62% year-on-year to 46.4 million euros, after increasing 72% from September, according to a report by Lusa based on data from the SEF.
According to statistical data from the SEF, 87 ARIs were granted in October, of which 75 were linked to the acquisition of real estate (28 for urban rehabilitation) and 11 through the criterion of capital transfer.
The purchase of real estate last month totaled an investment of 39.6 million euros, including 9.5 million euros for urban rehabilitation, while the capital transfer totaled 6.5 million euros .
Per country, in October 15 golden visas were granted to China, 14 to the United States, eight to India and Russia and four to South Africa.