At the beginning of this year, the European rising star, Portugal's property investment immigration program, swept through the domestic immigration market with unstoppable momentum. As a traditional Western European power, a high-welfare nation, a developed tourist destination, and one of the safest countries in the world, Portugal launched its "Golden Residence Permit Program" at the end of last year. This immigration program attracted widespread attention as soon as it was introduced.
"This is just like Macau back in the day. It started with a 500,000 MOP property requirement, which later rose to 1 million MOP, and then further increased to 1 million MOP in property plus 500,000 MOP in deposits, with a requirement for a high school education or above. The difficulty is increasing, and the threshold is getting higher, so now is the best time for interested investors to enter the market," said an expert from Worldway Immigration, a standing director unit of the Macau Real Estate General Chamber of Commerce.
In 2004, Macau launched its property investment immigration policy. Due to an overwhelming number of applicants, the government closed this policy in April 2007. However, applicants who purchased property through this policy at the time not only obtained residency but also saw the value of their properties multiply several times over. Will the currently popular Portuguese property investment immigration program follow the same path?
Portugal ruled Macau for over 400 years, sharing similar laws and a common language. Amidst the European debt crisis, Portugal, in an effort to boost its domestic economy, promulgated a property investment immigration policy similar to Macau's on October 8, 2012, known as the "Golden Residence Permit Program," which signaled the full opening of the gates to European immigration.
According to the legislation, by investing 500,000 Euros in Portuguese real estate, applicants must reside in Portugal for at least 7 days in the first year and at least 14 days in each subsequent two-year period. After 5 years, the entire family can obtain permanent residency and may freely dispose of the invested property. After 6 years, they may apply for Portuguese citizenship.
Portugal is both an EU member and a Schengen member. Applicants can travel freely across the 26 Schengen countries and have the freedom to settle, work, study, conduct business, and live in any of the 31 countries, including EU member states, European Economic Area members, and Switzerland. Holding a Portuguese passport grants visa-free or visa-on-arrival access to 158 countries worldwide, ranking second in the world, just behind Denmark. It is fair to say that the Portuguese are true citizens of the world. This is the most convenient path for an entire family to obtain a citizenship passport among the 27 EU countries and all developed nations globally.
The Mayor of Cascais, Portugal, once said: "Our city is very beautiful, suitable for living and also for investment. Although property prices are not at their lowest right now, it is still a good time to invest. Because in the past few years, the value of our real estate has increased significantly. They (those investors) choose to invest in real estate because they know it is a safe investment method, and also a true and effective way to obtain future income."
According to reports cited from the website of the Ministry of Commerce of China, the Portuguese real estate market did not experience the same drastic ups and downs as Spain, but prices have continued to decline, with a 2.2% drop in 2012. However, industry insiders point out that as the first stable property investment immigration policy launched by a Schengen member state, choosing high-quality property in this country at this time is undoubtedly a wise decision.
Past property investment immigration projects have proven that while investors obtain immigration status for their entire family, the properties they purchase also appreciate year after year. As long as a country opens its doors to immigration through real estate, property prices will eventually rise. Therefore, as Europe faces the same situation, the Portuguese property investment immigration project is no exception.
