Taking into the fact that the United States dollar has been the strongest in over a decade, Americans are considering buying real estate in Portugal as a great opportunity for them.
US investors who planned to make a similar investment in Portugal were subject to high costs; however, at present, taking into consideration the US strong currency, they can buy prime real estate in this country, SchengenVisaInfo.com reports.
The investment in Portuguese real estate has marked a significant increase in the past few years following the Citizenship by Investment Programs as well as Residency by Investment Programs.
A recent report provided by Portuguese local media revealed that wealthy Americans’ interest in Portugal’s Golden Visa scheme marked a notable increase, even surpassing the number of applications filed by Chinese citizens, in the first six months of this year.
The Golden visa scheme allows internationals to acquire residency in this European country, provided they make an investment of at least €500,000 in this country, and meet specific conditions.
The figures provided recently by Portugal’s Immigration and Border Service (SE), from a total of 649 successful applications filed in the first half of this year for Golden Visas, 124 applications, or 19 per cent, were from US nationals, while only 105 were from citizens of China.
Regarding the issue, the Head of Business Development at Sovereign- Consultoria, Shelly Wren, stressed that Portugal has a lot to offer to international investors.
“In addition to a stable political and social environment, good infrastructure, clear and transparent tax rules, and first-class education and healthcare systems, it boasts a warm climate, a glorious Atlantic coastline, and captivating interior, a strong historical and cultural legacy, excellent food and wines, and a relaxed lifestyle,” she pointed out in this regard.
The Golden Visa program brings a significant contribution to Portugal’s economic sector.
The figures provided by Lusa previously revealed that for a period between January and August this year, this program brought to the country a total of €397.7 million, marking a total of 34 per cent increase compared to the same period last year.
In addition, according to the figures provided by Lusa, in August this year, a total of 77 per cent of Residence Permits for Investment (ARI) were granted; of them, 64 were for capital transfers.
Recently, SchengenVisaInfo.com reported that Australians’ interest in Portugal’s Golden Visa program also marked a notable increase, while Australians are considering it as a great opportunity to acquire residency through investment.