Weekend Argus (Saturday Edition)
Programme is linked to EU residency
South Africans and others seeking freedom of movement for themselves and their families to study, work and live anywhere in the European Union, are increasingly turning to Portugal to acquire EU residency, says Chris Immelman, head of Pam Golding International.
“The benefits offered via Portugal’s Golden Visa Programme, with its Schengen Visa and Portuguese Residency, have suddenly became considerably more accessible with the introduction by the Portuguese government of a new category.
“This lowers the entry level from a 500000 euros (about R8.1million) investment in real estate to 350000 euros (about R5.5m) in special circumstances.”
Since the Golden Visa Programme was introduced in October 2015, hundreds of South African investors have acquired residence permits, investing a minimum of 500000 euros in residential property in prime locations, mainly in the vibrant capital city of Lisbon.
Recently, Portugal further enhanced its appeal by lowering the threshold entry level by allowing developers to approach the government to renovate buildings at least 30 years old in historically significant centres or locations earmarked as urban regeneration areas.
These refurbished units can be sold for a minimum of 350000 euros to foreign investors, who then enjoy all the advantages of visa-free travel in all 26 countries in the Schengen area.
In addition they get the opportunity to apply for EU citizenship, which affords them the right to live and work in any EU country.
Immelman says: “We continue to see a huge uptake of property in Portugal among those seeking a hard currency investment with solid returns and good long-term capital appreciation prospects, as well as the opportunity for freedom of travel in the European Union.”
With 220 days of sun each year, a flourishing tourism industry and a shortage of hotels further boosting the demand for such accommodation, Portugal offers residents free quality health care and excellent education facilities, with more than 300 higher education institutions.