Australians Choose Portugal’s Golden Visa as Europe’s Favorite Program

Australians Choose Portugal’s Golden Visa as Europe’s Favorite Program

Wealthy internationals from Australia have turned their eyes to Portugal’s Golden Visa Program, considering it a great opportunity to acquire residency in this European country.

Portugal’s Golden Visa scheme, allows internationals to acquire residency in this country if they invest at least €500,000 while they also can benefit from the visa exemption thus being eligible to travel  to all the Schengen zone countries without being required to apply for  a visa at first, reports.

“We have seen a surge in Australian investors taking advantage of this and purchasing the quality homes on offer. Through the program, investors and their dependents can obtain a Portuguese passport after five years without relocating to Portugal,” CEO Ideal Homes Portugal, Chris White, pointed out in this regard.

Following the Residency by Investment Program (RIP), applicants are required to spend at least seven days in the dist year and 14 in subsequent years.

In this regard, White added that this means people can be granted citizenship without actually living in this country, stressing that this is different to many other countries worldwide.

“With its warm climate, stunning beaches, fine cuisine and laid-back lifestyle, Portugal is one of the most attractive countries for overseas investors looking to live, work or retire in the EU. Savvy investors realize that the market is likely to get hotter and are jumping in now,” White pointed out.

International interest in Portugal’s Golden Visa program has marked a significant increase in recent years.

Besides, recently, reported that the interest of United States nationals in Portugal’s Golden Visa had increased notably. The number of applications filed by US natonals for Portugal’s Golden Visa Scheme surpassed those from China nationals in the first six months of 2022 accounting for the largest country of origin for applications for Portugal’s Residency by Investment Programs.

The Golden Visa Program of Portugal was introduced back in 2012 and since then has been among the most famous programs of this kind in Europe.

According to the data provided by Portugal’s Immigration and Border Service, from a total of 649 successful residencies by investment applications filed in the first half of this year, 124 applications, or 19 per cent, were from the United States, and only 105 were from China. At the same time, in 2014, in the second year of this program, applicants from China obtained 1,200 Golden Visas or 81 per cent of the total awarded this year.

Even though the program attracts a large number of internationals and makes a significant contribution to the economic sector, it has been criticized for being involved in unlawful affairs, while authorities in EU countries have continuously called the countries that run such schemes to terminate them.

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