Portugal Golden Visa interest increases in Hong Kong

By TPN/Lusa, in News · 13-08-2019 13:00:00 · 1 Comments
Portugal Golden Visa interest increases in Hong Kong

Luxury real estate agencies in Hong Kong have said that requests for information about buying properties in Portugal to obtain golden visas have been increasing at a time of increasing political tension in the city.

List Sotheby's director of operations, Binoche Chan, told the South China Morning Post (SCMP) that many see the Portuguese residence as an alternative option in Europe.

According to the real estate analyst, the requirements to obtain residency in Portugal are relatively low compared to other popular destinations.

The increase in requests for information coincides with the escalation of tensions in Hong Kong, in the most serious political crisis since the transfer of sovereignty from the United Kingdom to China in 1997, triggered by the presentation of a proposal to amend the extradition law, which has led, since the beginning of June, to protests by thousands of people in different parts of the Chinese special administrative region.

The proposal, which would allow the extradition of suspected criminals to jurisdictions without prior agreements, such as mainland China, has already been suspended, but demonstrations have become widespread and now call for measures to implement universal suffrage in the territory, the resignation of the current head of government, an independent investigation into police violence and the release of detainees during the protests.

Henley & Partners, a consultant specializing in residency and citizenship issues, said there was a "dramatic spike" in recent research in Hong Kong, with a 260% increase in June over the previous year. The number of consultations in July more than doubled from the previous month.

In 2019, more citizenship surveys are coming from Hong Kong than any other Asian territory, including mainland China, and in Hong Kong, most people with high net worth are now deciding that they need a booking plan and a residence abroad if they need to leave the city quickly, said Lesperance & Associates managing partner David Lesperance, to the same newspaper.

In Portugal, the Residence Permit for Investment Activity (ARI) programme, launched in October 2012, recorded an accumulated investment until July of €4.7 billion, with the acquisition of real estate amounting to €4.3 billion.

The golden visas granted through the capital transfer amount to €459 million.

Until last July, in cumulative terms, 7,291 gold visas were granted through the purchase of the real estate, of which 357 were granted for urban rehabilitation.

By nationality, China leads the allocation of visas (4,331), followed by Brazil (801), Turkey (353), South Africa (303) and Russia (269).

The SCMP, which cites information from the real estate portal Juwai.com, pointed out that from April to June, Chinese and Hong Kong demand for real estate in Portugal increased 40.4% over the previous year, the highest number of consultations in any quarter since 2016.


Comments:

Eat dirt UK. These are all the educated, the entrepreneurial and the better off that you shat on when you declared their “British” passports not good enough for UK residency. Now they will come and help turn Portugal into a global financial powerhouse. ????????????????????????????????

by Dirk Scott from Lisbon on 13-08-2019 09:21:00
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