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Visa System Attracting Chinese to Portugal’s Real Estate Markets
Brief:Portugal's Golden Visa attracting many Chinese billionaires to invest in Portugal's real estate markets,for it gives overseas property owners a residency visa.
Portugal’s so called Golden Visa which gives overseas property owners a residency visa is tempting buyers from Asia to invest in residential and commercial real estate worth up to €100 billion by 2014. The new residency package, brought in by the government last year to boost the country’s economy, is aimed at non European Union nationals and has been particularly attractive to the Chinese market. Spain is now following suit and introducing a property residency visa next year.

Portuguese real estate agent Fine and Country Cascais has seen Chinese buyers generate €25 million in just two and a half months that would otherwise not have existed. Following this trend, they are now collaborating with Portuguese schools, banks and industry giants to promote moving to Portugal.

The Chinese are already keen on investing in Europe with figures suggesting that the Chinese have invested 21% more in the continent in 2012 than in 2011. China’s Private Wealth Report indicates that 40% of Chinese billionaires are already involved in emigration investment.

"Investors are flocking to buy Portuguese property as an insurance policy for any future political instability in China. Property here has been a safe way to store equity, a great international hub for foreign education and is now an ideal time to invest in business and industry while capital is low," said Charles Roberts, managing partner of Fine & Country Cascias."The Chinese already own 40% of the National Grid and are likely to snap up other privatised industries such as airlines, agriculture and ship yards. External investment like this has been well received. Not just financially, but as a community Portugal has historically welcomed foreigners and consequently has a great cosmopolitan atmosphere. Entrepreneurs are received as a great contribution to the tourist economy," he explained.

property community.com

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