Urban remediation accounts for only 8.6% of the total real estate golden visa investment from the start of the program through November of this year.
Until last month, almost six billion euros had been invested in real estate purchases, but only 516 million were allocated to urban regeneration, according to the Foreigners and Borders Service.
Figures published by the SEF show that between October 2012 and November 10,488 residence permits for investment (ARI) were issued in connection with the acquisition of real estate, popularized as “golden visas”, of which only 1,445 were for urban regeneration .
In this case, the investment is not half a million euros, as in the case of the acquisition of real estate, but only 350 thousand euros between the purchase and the restoration work. That is, in practice, each applicant invested an average of just over 357 thousand euros per ARI.
In addition to real estate investments, the Portuguese State has granted 874 residence permits through capital investments worth €1.5 million or more, totaling €693 million. Since the launch of the program, 11,384 permits have been issued as part of the investment, with China leading the way.
Details
The study group will evaluate the program
The government has announced that it will set up a working group to evaluate golden visas. The program, which aims to attract foreign investment through the provision of residence permits, has been completed for 10 years. “A working group is being created with the ministries of foreign affairs, economy and internal affairs. We will try to assess this policy,” the Minister of Economy assured the Parliament during the discussion of the state budget for 2023.
Author: Raquel Oliveira
Source: CM Jornal
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