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Chinese flood Portugal visa market

November 2013, 11
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Chinese and Portugal flags
It has emerged that there were 318 visas issued to foreigners wishing to buy properties in Portugal in the last year and 80% of those were issued to Chinese nationals. Most of the remaining 20% went to Russians. The visas were issued under a program which encourages foreign investment in the real estate market.
 
Portugal brought in the visa option after their property market took a nosedive and this visa is similar to ones on offer from Cyprus, Greece and Spain. The visa gives investors a fast track if they make purchases of at least 2500,000 Euros, while Spain and Cyprus have lower limits. Visas can also be issued to anyone who can transfer 1 million Euros in capital to the country and will create more than 10 jobs. From next year, there are no limits on the numbers of people who can get visas under this scheme.
 
Following the introduction of the new visa, the commercial property market has seen spending increase to 161 million Euros in the six months since June and the residential property market has seen an increase of 60%.
 

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