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SG Chinese splash cash in Portugal

Property Here - Wednesday, June 12, 2013

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By Andrew Batt:

Chinese property buyers and investors have been buying big in Portugal, with one agent reporting sales worth more than €25million in just two and a half months.

Real estate agency Fine & Country recently took part in a Beijing property show and promoted the ‘Golden Visa’ opportunity alongside a showcase of luxury property investments. A residency permit may be granted toinvestors who purchase real estate worth more than €500,000.

Charles Roberts, Managing Partner of Fine & Country Portugal, said: “Investors are flocking to buy Portuguese property as an insurance policy for any future political instability in China. Property here has been a safe way to store equity, a great international hub for foreign education and is now an ideal time to invest in business and industry while capital is low.”

Many other countries now have similar schemes to Portuguese’s ‘Golden Visa’s scheme including new proposals from Spain. But one of the reasons why the Portuguese ‘Golden Visa’ has been such a success is its flexible conditions, said Roberts.

“By investing €500,000, foreign nationals outside the European Union are able to live in Portugal under a five-year temporary residency permit, which, after that time, allows the application for permanent residency along with their immediate family," he added.

“Having a Portuguese passport means being able to travel freely across the Schengen countries, something which places Portugal as a top investment destination around the world.”

This story was first published by OPP Connect and is reproduced as part of an editorial partnership between OPPand PropertyGuru Group.

Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg