Granting “golden visas” in return for investments is expected to provide Portugal with over 500 million euros in 2014, a source from the Portuguese deputy Prime Minister’s office said in Lisbon.
Cited by Portuguese news agency Lusa the source said that in January and February the government had granted 208 golden visas in return for total investments of 108 million euros.
Investment in the first two months of the year is an average of 54 million euros per month and if this continues the government is expected to raise its projection for investment this year. In 2013 investment received as part of this programme totalled 306 million euros.
Since the programme was launched Portugal has issued 679 visas in return for investment of 414 million euros.
Last year 80 percent of the investment (272 million euros) was made in property and 20 percent (34 million euros) in capital transfers.
Golden visas are granted based on three criteria: Buying property worth 500,000 euros or more, transferring capital of a minimum of 1 million euros and creating at least 10 jobs.
The visa programme has mainly attracted citizens from China, Russia, Angola and Brazil. (macauhub)