Golden Visa Permits: USA Takes the Lead in Portugal for July 2023
Golden visa permits have been making headlines in the world of international real estate. The Residence Permit for Investment Activity (ARI), also referred to as the golden visa program, has emerged as a prominent scheme in Portugal, especially for investors outside the European Union. These permits provide an opportunity for foreign investors to acquire residency by investing in the nation’s real estate market.
According to recent data from SEF (Portugal’s Immigration and Borders Service) as reported by Lusa, July saw a marked influx of investment via the golden visa program, amounting to a substantial €57.2 million. When we put this into perspective, this amount reflects a 30% increase from the same month in the previous year. Although, it is interesting to note that there was a 27% dip from the €79.8 million recorded in June.
Who’s Leading the Charge?
Out of all the countries vying for a slice of the Portuguese property pie, it was the USA that stood out in July. With a whopping 16 permits granted, American citizens led the pack in obtaining these golden visas. This is in line with the surge of American interest in Portuguese real estate. The Philippines followed closely with 13 permits, the United Kingdom with 10, and both Brazil and South Africa securing nine each.
A significant chunk of these visas were granted under the criteria for purchasing real estate. The total investment in this sector alone was around €41 million, with €7.8 million specifically allocated to urban rehabilitation. This trend suggests a growing inclination towards not just purchasing real estate but also rejuvenating and refurbishing older structures and properties, as highlighted in our article on Portugal’s housing market growth.
Details about golden visa permits
The intricacies of this visa program are vast. Its attractiveness stems not only from the opportunity to invest but also from the potential for family reunification. Family members can also obtain residence permits, and this benefit isn’t affected by the recently proposed legislative changes.
For those curious about the golden visa program and its changing dynamics, you can explore further details and the latest updates here. With the recent laws coming into action, the fate of pending requests for the granting and renewal of these permits, especially those awaiting procedures in the Municipal Chambers, remain unaffected.
What Lies Ahead?
The question now is: What’s next for the golden visa program? With the new laws looming, will we witness a surge or a dip in investment? How will countries like the USA continue to engage with this program?
From the perspective of potential investors, understanding the real estate landscape in Portugal becomes paramount. Reports suggest a luxury boom in areas like Comporta and a consistent surge in Lisbon’s luxury property market. These insights provide valuable fodder for anyone mulling over real estate investments in this beautiful European nation.
Wrapping Up
The golden visa program has positioned Portugal as a hub for global investors, offering them a gateway to Europe. The evolving landscape of this program and the increasing interest from countries like the USA reaffirm its relevance and importance in today’s real estate world. Whether you’re an investor eyeing the Portuguese shores or merely a spectator in the ever-enthralling game of global real estate, the golden visa program is undoubtedly a phenomenon worth keeping tabs on.
| Key Information | Details |
|---|---|
| Program Name | Residence Permit for Investment Activity (ARI) – Golden Visa |
| Investment in July 2023 | €57.2 million |
| Comparison with Last Year | 30% increase from the previous year |
| Comparison with June 2023 | 27% decrease from June’s €79.8 million |
| Top Country in July | USA (16 permits) |
| Following Countries | Philippines (13 permits), UK (10 permits), Brazil & South Africa (9 permits each) |
| Real Estate Acquisition | 61 golden visas with a total of €41 million |
| Urban Rehabilitation | €7.8 million of the total investment |
| Laws Awaiting Action | New laws on the horizon, pending requests remain valid |
| Family Reunification | Excluded from adopted limitation, continues as a program benefit |
FAQ
1. What is the golden visa permits program in Portugal? The golden visa permits program, officially known as the Residence Permit for Investment Activity (ARI), is a scheme that allows foreign investors to acquire residency in Portugal by investing in the nation’s real estate market.
2. How much was invested in the program in July 2023? In July 2023, the investment raised through the golden visa program totaled €57.2 million.
3. Which country led in obtaining the golden visa permits in July 2023? The USA led the charge in July 2023 with a total of 16 permits granted to its citizens.
4. Are there new laws related to the golden visa program coming into effect? Yes, there are new laws awaiting to come into action. However, pending requests for granting and renewal of residence permits remain valid, including those awaiting procedures in the Municipal Chambers.
5. Can family members also benefit from the golden visa program? Absolutely! One of the attractive aspects of the golden visa program is the potential for family reunification. Eligible family members can also obtain residence permits.