mandag 26. november 2018

China’s Golden Era in Portugal

Why is this medium-sized southern European country being targeted by Chinese investors? Unlike Queen Elizabeth II in 2015, the president of Portugal will not be able to provide a ride in a golden carriage to his Chinese counterpart Xi Jinping when he lands on Portuguese soil on December 4 for his state visit. Still, the country has found a way to grant China a fast-track lane toward Europe with a little shiny gold.

The “Golden Visa Scheme,” launched in Portugal in October 2012, grants Residence Authorizations to foreigners who invest 500,000 euros or more in the country. China has been a prime beneficiary of the scheme, with almost 4,000 permanent visas awarded to Chinese citizens. With the Portuguese passport being one of the strongest in the world, as it allows travel to 186 out of 199 world countries (besides being a EU document), the purchase of real estate is the underlying motivation for 95 percent of the requests filed with the Portuguese authorities.