Post-Pandemic Comeback of the Portugal Golden Visa in May 2020
Portugal Golden Visa Program received fewer applications in the first four months of 2020. Yet the program’s approved application number in May alone exceeded the first four months combined. Achieving almost its all-time-high score, the scheme generated 146.2 million euros in a single month.
May 2020 Outperforms the First Four Month Combined
Due to the global Covid-19 crisis, business transactions slowed down everywhere. Consequently, Portugal’s Golden Visa program did not perform as well as it does year after year. The first four months of 2020 brought 259 applicants into the program. These applicants collectively invested 147.7 million euros. However, the report released by the SEF (Immigration and Borders Service) shows that the massive comeback of the program in May 2020 neutralized the drawbacks of the pandemic.
Generating 146.2 million euros in a single month through 270 investors, the scheme managed to match its usual statistics. 146.2 million euros of investment equal to a 409 percent increase when compared to April 2020. Similarly, a comparison between May 2020 and May 2019 yields the result of a 192 percent increase.
Portugal Golden Visa Program Catches Up On Its Standard Performance
Until May, 259 applications were approved by the authorities of Portugal’s Golden Visa program. This number increased to 529 in May. It means that the forecast for the total approvals for 2020 also went up to 1270. The total number of approvals in 2019 was 1245. So, Portugal Golden Visa is expected to outperform itself through a global pandemic.
Generated sum, on the other hand, is set to be less than 2019 by a small margin. The major factor for this is the increased interest in alternative and cheaper routes within the program. Even though the program is to issue more visas than the last year, the investment amount is probably going to be lower.
Alternative Routes of Portugal Golden Visa Continue Gaining Popularity
Alternative routes in the Portugal Golden Visa Program refer to any other investment method than the 500,000 euros real estate investment option. These alternative methods altogether constituted 17 percent of all investment in 2018. The proportion increased to 24 percent in 2019, and 31 percent in 2020. The interest also increases when examined monthly.
Two of these alternative routes are especially on demand. The property renovation option that allows buying property for 350,000 euros is the first one. The second one is the investment fund option. Even though it has only been 5 months in 2020, the applications for this route has already doubled the number from 2019.
China Leads the Charts in Terms of Investor Interest
As usual, Chinese investors lead the charts in May 2020, too. According to the report of the SEF, 68 Chinese investors received Golden Visas. This number was only 15 in April.
The second most interested party is constituted by Brazilian investors. Only 9 Brazilian investors received approval in April while the number jumped up to 30 in May. Americans and Indians shared the third rank by 19 investors who are followed by 17 Turkish investors.