Recently, Portugal announced that its government fiscal deficit for 2018 was 0.5% of its Gross Domestic Product (GDP), marking the first time since the 1970s that Portugal has achieved a balanced account.
According to reports from the WorldWay Group citing foreign media, the impressive performance of the Portuguese economy has surprised many institutions. Portugal has nearly eliminated its deficit, begun to reduce its public debt, experienced the lowest level of economic inequality in recent years, and reduced its unemployment rate to levels not seen since 2004. A combination of multiple factors has led to steady economic growth in Portugal after receiving a bailout in 2011 and enduring a severe crisis in 2012 and 2013. Additionally, Portugal has repaid its bailout loans to the International Monetary Fund ahead of schedule, earning praise from the organization, which stated that its experience is worth learning from for Europe and the world.
How did Portugal transform into an "Economic Star"?
Reports indicate that much of the credit for Portugal's economic achievements goes to the government led by Socialist Antonio Costa, who took office in 2015. Portuguese Finance Minister Mario Centeno emphasized that the Costa government has effectively governed, and the strict policies implemented since 2015 have helped restore confidence in the country while fulfilling various agreements, consolidating public accounts, stabilizing the financial system, and promoting investment, bringing income and pride to the Portuguese people.
Centeno stated that over the years, Portugal has achieved "inclusive growth," saying, "We have not cut pensions, and we have lowered taxes instead of raising them."
Furthermore, the reports suggest that Portugal's remarkable economic performance is also closely linked to the reforms during Portugal's difficult years, the robust growth of its main trading partner Spain, and the monetary policies of the European Central Bank.
Tourism Growth is Remarkable, and the "Golden Visa" Policy is Indispensable
In addition to economic growth, Portugal has also seen astonishing growth in tourism revenue in recent years. In 2018, the number of inbound travelers reached 12.8 million, setting a new record for tourist numbers, with tourism's share of GDP increasing year by year. The tourism industry and the influx of wealthy foreigners have also driven the development of the Portuguese real estate market, with the "Golden Visa" policy playing a crucial role.
Since its launch in September 2012, Portugal's "Golden Visa" policy has attracted numerous investors with its relaxed application conditions and strong immigration advantages. Investors can obtain a Portuguese Golden Residence Visa for their entire family across three generations by purchasing property starting from €500,000, enjoying Portugal's generous benefits in education, healthcare, and retirement, as well as the ability to travel freely within the Schengen Area.
On June 30, 2015, the Portuguese Parliament passed a new Golden Residence Law (Law no. 63/2015), which expanded the investment options for Golden Residence applications: purchasing real estate that is at least 30 years old, or acquiring real estate located in urban rehabilitation areas and undertaking renovation projects, with a total investment of no less than €350,000, allowing the entire family to quickly obtain the Portuguese Golden Residence Visa. If the property is located in a sparsely populated area (NUTS III level with fewer than 100 residents per square kilometer, or with a per capita GDP below 75% of the national average), the investment amount can be reduced by 20% to start from €280,000.
This means that compared to the previous investment amount starting from €500,000, now only €280,000 is needed to buy a house, allowing the entire family to quickly obtain the Portuguese Golden Residence Visa, significantly reducing the investment amount by 44%!
Across Europe, Portugal is attracting more and more people to live and invest with its unique charm. Moreover, the Portuguese government is welcoming investors with open arms. Since 2018, the Portuguese government has successively introduced open immigration incentive policies, such as lowering the thresholds for citizenship and relaxing permanent residency conditions, which are highly attractive to investors from various countries.
The WorldWay Group kindly reminds: For those intending to invest and immigrate to Portugal, it is advisable to seize the favorable policy period and take advantage of the great opportunity for low-cost immigration; the sooner you invest, the sooner you benefit!
As a pioneer in European investment immigration, the WorldWay Group introduced the Portuguese "Golden Residence Program" to China in collaboration with the Portuguese Embassy in China as early as 2013, starting an exciting journey of investment immigration to Portugal. As one of the early immigration agencies promoting the Portuguese "Golden Residence Program" in China, the WorldWay Group has maintained a good relationship with the Portuguese government over the years, helping you easily immigrate to Portugal!
Starting from just €280,000 to buy a house, the entire family can immigrate to Portugal across three generations, gaining property and residency all at once! For more details, please consult: 400-138-2929.
