Despite the pandemic in 2020, thePortugal Golden Visa programme has seen significant growth. While the program investment recorded a reduction of 13%, the number of applications approved this year (1,182) was only 5% lower than in 2019. The total investment in the program for 2020 was €647 million. This was only a slight reduction from the €742 million raised in 2019.
Indeed, the percentage of applicants who chose alternative assets (any investment option other than the conventional €500,000 real estate acquisition) rose from 24% in 2019 to 33% in 2020. The most robust relative growth in popularity was observed in the €350,000 investment fund category which attracted six times as many applicants in 2020 as in 2019. Although this still amounted to 4% of the total.
However, in absolute terms, the most substantial growth was observed in the EUR 350,000 renovation-property segment. Around 305 principal applicants opted for fixer-uppers in 2020. This number is 91 more than 2019.
Increased interest of American investors
The most noteworthy change in 2020 compared to previous years is the exponentially high rise in interest among Americans for the Portugal Golden Visa.
America, for the first time, has contributed 75 principal applicants throughout the year. Therefore, the country appeared in the annual Top 5 of applicant nationalities. It was a very strong debut as only Chinese (296) and Brazilian (126) applicants were ahead of America. South Africans and Turks accounted for 74 and 72 applicants, respectively.
Another common denominator among Americans, though, is taxes. Finally, one major reason that influenced the decisions of many American investors was the experience of seeing almost the whole world shut its doors to Americans dur8ng the pandemic. Many Americans were frustrated due to their inability to travel to Europe, and therefore, this trend can be a result of decisions made to get an EU residence permit.
Acquest Advisors is an Investment Immigration Advisory specialising in Citizenship and Permanent Residency through Investment Immigration programs run by governments esp. America, Canada & Europe.