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Chinese invest less in Portugal in return for golden visas

Official figures indicate that in the first eight months of this year Chinese invested 163.7 million euros (about US$180.5 million) in Portugal in return for permission to live there, 15.7 percent less than in the corresponding period last year Lusa reports.

The Portuguese news agency, citing figures given by the Portuguese Foreigners and Border Service, says that in the first eight months 296 Chinese invested in Portugal in return for permission to live there, called a golden visa, 14.9 percent fewer than a year earlier.

Despite the drop, China remained as the largest source of applicants seeking for the Portuguese golden visas trailed by Brazil and Turkey.

The amount invested by Brazilians in return for golden visas grew by 42 percent to 122.8 million euros, the amount invested by Turks fell by 47 percent reached 36.7 million euros, and no other kinds of foreigner invested more, the report says.

Foreigners from outside the European Union can obtain permission to live in Portugal if they buy real estate there worth at least 500,000 euros, bring in at least 1 million euros of capital or create at least 10 jobs in the country.