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Today’s Top Headlines




Portugal Seeks More Golden Visa Applications In Chinese Territories

by Ulrika Lomas, Tax-News.com, Brussels

11 October 2013

High Net Worth individuals in Macau, Hong Kong and Shanghai are the targets of a new campaign by Portugal to raise awareness of the country's "golden visa" opportunity for non-EU individuals who choose to invest in the country.

According to Portugal's consul-general in Macau, Vítor Sereno, 168 of the visas so far issued have gone to Chinese citizens, with investors from Macau and Hong Kong accounting for around 35 percent of a total EUR106m of Chinese investment in Portugal that has been raised by the scheme so far. The consulate is holding events in Macau, Hong Kong and Shanghai in partnership with Portuguese property businesses to attract new applicants.

Deputy Prime Minister Paulo Portas recently stated that the visa programme, which was introduced earlier this year, has attracted total investment of EUR150m. After China, the largest numbers of visas have been granted to nationals from Russia and Angola.

In order to be eligible, an investor must either transfer EUR1m into Portugal, create at least 10 jobs, or purchase property amounting to EUR500,000. Successful applicants will have the right to family regrouping, and may gain access to a permanent residence permit and eventually to Portuguese citizenship.

A similar scheme is also in operation in neighboring Spain.

TAGS: Portugal | China | Macau | Hong Kong | Expats | Immigration | Investment | Visas and Passports | Invest | Immigration | Investment

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