In May 2020, under the Portuguese residence permit program, more applications were approved for investments than in the previous four months combined. 270 investors invested € 146.2 million in the country’s economy. SEF Portugal cites such data.
Results of the Portuguese residence permit program in May 2020
From January to April 2020, the issuance of a residence permit by Portugal for the investment program was approved for 259 investors. Their investments amounted to € 147.7 million. Low rates are associated with the COVID-19 pandemic.
May figure almost completely offset the decline during the first four months of 2020. In May, 270 applications were approved. This is more than 5 times higher than the previous month. Portugal’s program revenue was € 146.2 million in May, compared to € 28 million in April.
Most visas were approved for citizens of China (68) and Brazil (30). On May, 19 Americans and Portuguese citizens registered for investment with the same number of Indian citizens – a record number of applicants from these countries in the history of the program.
Will there be a bad year?
Thanks to the May indicators, the number of approved “Golden Visas” doubled in 2020, from 259 to 529. If you extrapolate this number to annual figures, in 2020 about 1270 investors will apply for a residence permit in Portugal. For comparison, in 2019, 1,245 gold visas were issued.
Thus, 2020 will be statistically normal for the Golden Visa program, despite the pandemic.
Earlier, we said that in the EU, against the backdrop of a pandemic, property prices fell. This is an opportunity for investors to profitably purchase objects for participation in citizenship and residence permit programs. But it’s worth the haste: prices will rise when states open their borders and resume flights.