Worldway Comprehensive Report: On the 20th, the international credit rating agency Standard and Poor's upgraded Portugal's credit outlook from "stable" to "positive," citing the country's steady economic recovery after having once required international financial assistance during the global financial crisis. A positive credit outlook indicates that S&P may upgrade Portugal's sovereign credit rating within the next 12 months. Portugal's current credit rating stands at "BB/B."
S&P stated in its announcement: "The upgrade of the credit outlook reflects our view of the gradual recovery of Portugal's real and nominal economic growth prospects, as well as the commitment of decision-makers to significantly reform public finances in the medium term."
S&P indicated: "Currently, we are optimistic about Portugal's real Gross Domestic Product (GDP) growth, which is expected to average around 1.8% in 2015-2016, an increase of approximately 0.2 percentage points compared to last November's forecast."
S&P is optimistic that from 2015 to 2017, Portugal's economic recovery will become more comprehensive, primarily benefiting from a rebound in investment. Currently, investment accounts for only 15% of GDP, compared to 23% before the financial crisis erupted in 2008.
To attract international capital investment in Portugal and promote economic recovery, the Portuguese government implemented the "Golden Residence Permit Program" as early as September 2012. By investing €500,000 in real estate, one can apply for a Portuguese golden residence permit. The Golden Residence Permit Program has successfully brought a total of €1.33 billion in funding to the Portuguese real estate sector. Among the 2,203 approved investors, 1,777 are Chinese investors, accounting for 80.6%. It is expected that in 2015, property investment immigration in Portugal will continue to be favored by Chinese investors, and the recent decline in the euro exchange rate has also provided investors with a once-in-a-lifetime investment opportunity.
