New | Olá Lisboa! Chinese millionaires hog Portugal's golden visas

Portugal might have found a cure for its economic woes as an easing of an investor visa scheme has attracted a steady stream of wealthy Chinese. 

Figures released last week show the extent of how Chinese citizens take most advantage of a recently adapted "golden visa" programme aimed at bringing foreign capital to the cash-strapped country.

Eight out of 10 golden visas were given to Chinese nationals, according to APEMIP, the country’s professional association of real estate agents. Chinese nationals received 433 out of 542 approved golden visas so far, followed by 23 for Russians, and 28 for Brazilian and Angolan citizens combined.

Introduced in October 2012, the golden visa programme offered a Portuguese residence permit to the immediate family of anyone who could invest one million euros in the country or create 30 jobs there.

Applicants could also qualify if they bought 500,000 euros worth of local real estate. Once obtained, the residence permit allows for hassle-free travelling in the 26 countries under the Schengen visa agreement and Portuguese citizenship after six years.

It attracted little interest at first, but has been growing fast after the requirements on duration of stay in Portugal were cut from 30 to seven days a year last January.

“We are finding that 90 per cent of our interested parties are not planning to live in the country,” said Paul Williams, London-based managing director of La Vida Portugal, a real estate consultancy. “They are planning to invest and ultimately gain the citizenship.”