Property investment in Lisbon set to benefit from changes to its golden visa rules
Property investment in Lisbon set to benefit from changes to its golden visa rules which have been announced by the Portuguese government.
Previously those who invested in property over €500,000 were awarded a visa to live in the country however, the figure has now been dropped to €350,000.
The amount may have dropped to allow more investors outside of the EY to benefit from the scheme but restrictions do apply.
Only properties purchased in designated districts marked for urban renewal count towards the golden visa scheme.
Nicholas Leach at Athena Advisors told Property Wire: ‘It was already the most popular scheme of its kind in Europe, but the government wants to cast the net wider. Spain and Greece launched similar visa systems in 2013 and have taken some of the market share, so the authorities are using properties in regeneration areas across cities like Lisbon to inject more interest in the scheme.’
‘After the initial surge of investment into the scheme, there was bound to be a let up in demand. The demand of immigration incentives peaks and troughs, and this is why the government has shaken up the terms, to try and keep the rhythm going,’ Leach continued.
The scheme has successfully attracted investment from across the globe. Since its launch in October 2012, the Portuguese Golden Visa scheme has witnessed €1.47 billion of investment. 530 foreign investors have been granted a visa since the scheme’s launch.
‘Prime properties in Lisbon are a third of the price of their London and Paris equivalents, and if you look towards central regeneration areas like Mouraria there is even more value,’ Leach added.
Overseas investors who wish to obtain a visa through property investment can apply for a family reunification permit. This allows their immediate family to also acquire a golden visa.