The Golden Visa investment programme in Portugal continues to help to boost the real estate market in the country, despite being marginally down.

According to a report by the Portuguese news agency Lusa, the country earned a total of €838 million in investment through Golden Visas in 2018, 0.6% less than the previous year.

The figures released by the Foreigner and Border Service (SEF) found that investment gained through these resident permits for wealthy foreigners totalled €838,532,935.27, slightly below the €844,088,897.77 the country registered a year before.

However, while the total investment was marginally down on the previous year, the actual number of Golden Visas issued was 1,409, representing an increase of 4.2% more than the previous year.

Investment in December rose to €94,344,457.39, more than tripling the amount registered in the same month in 2017.

While a Golden Visa can be issued to an individual who creates jobs through opening a business in Portugal, the vast majority of the visas are still being issued as a result of real estate investment.  Just last month, 149 Golden Visas were offered to individuals, 134 of which were through the purchase of real estate.

When it comes to who is taking up the Golden Visa programme, China leads the list (4,073) followed by Brazil (653), Turkey (295), South Africa (275) and Russia (243).  Golden Visas are only applicable to countries outside of the Schengen zone and are therefore not applicable to European Union members, who generally make up the majority of investments in Portugal at the current time in the real estate market.

Portugal began to offer Golden Visas in 2012 to foreigners willing to invest at least €500,000 or create 10 jobs, a scheme that has helped fuel a property boom.

Any doubts about the Golden Visa scheme do not appear to have affected the success of the programme as investors continue to be drawn to Portugal thanks to the favourable tax incentives and visa initiatives that are available to investors choosing to bring their money to the country.

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