Gold visas continue to attract overseas investment

The golden visa system that Portugal has in place has continued to draw overseas investors looking for a holiday home in the country.

In the first three weeks of January alone, Portugal issued 49 fast-track golden visas, which is thought to amount to around 27 million Euros worth of investment, the Portuguese Foreign Minister Rui Machete has revealed.

The foreign minister announced this at the signing ceremony for the new tourism visa which will make the country more accessible for tourists from China, Russia, India, Columbia and the United Arab Emirates.

The Golden visa system has made buying property in Portugal easier for investors from outside of the EU in particular. According to provisional figures from the Bank of Portugal, Chinese investment in Portugal rose by more than 20 million Euros in the first eleven months of 2013, macauhub.com reports.

This is largely due to the popularity of Portugal amongst Chinese holiday-makers.

Economy Minister, Antonio Pires de Lima told portuguese-american-journal.com that Chinese tourists were the single biggest spenders in the country, with around 83 million Chinese tourists entering Portugal each year.

De Lima said that while fully abiding by all the immigration and border control regulations in effect for the Schengen Area, the new tourism visas would: "enable the entering of dozens of thousands of tourists in Portugal."

Posted on Wednesday, January 29, 2014

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