Portugal's golden visa investment doubles in October

Portugal's golden visa fast-track residence permits investment in October was twice as much as that of the previous month at some 74 million euros (83.2 million U.S. dollars), according to the figures from the Foreigners and Borders Service (SEF) on Monday.

Investment from the granting of permits under the ARI (Residence Authorization for Investment Activity) program, as it is officially called, was up from the 37 million euros in September.

Among 125 golden visas issued in October, 118 were for property purchases and seven for capital transfer. Of permits issued for the purchase of property, 19 of them invested in urban rehabilitation, for which the threshold is lower.

In the six years since the golden visa program was launched in October 2012, cumulative investment totaled some 4.078 billion euros, with purchases of property accounting for 3.70 billion and capital transfers brought a total of 380 million euros in the period.

During the period, 6,687 permits have been issued between 2012 and 2016. Last year there were 1,351 issued and so far this year 1,134 issued.

ARIs are available to non-European Union residents who either buy real estate in Portugal worth 500,000 euros, or 350,000 euros if the property is 30 years old, or make capital transfers of 1 million euros, less if certain cultural or commercial investment criteria are fulfilled.