Interest in Portuguese Golden Visa Increases in Hong Kong
At a time of political tension in Hong Kong, requests for information about buying properties in Portugal to obtain golden visas have been increasing.
List Sotheby's director of operations, Binoche Chan, told the South China Morning Post that many see the Portuguese residence as an alternative option in Europe.
This increase in requests for information coincides with the escalation of tensions in Hong Kong, triggered by the presentation of a proposal to amend the extradition law, which has led, to protests by thousands of people in different parts of the Chinese special administrative region.
Henley & Partners, a consultant specializing in residency and citizenship issues, claimed there was a "dramatic spike" in recent research in Hong Kong, with a 260% increase in June when compared to 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; Lesperance & Associates managing partner David Lesperance stated that in Hong Kong, most people with high net worth are now deciding they need a booking plan and a residence abroad if they need to leave the city quickly.
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, 357 of which 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).
According to the South China Morning Post, from April to June, Chinese and Hong Kong demands for real estate in Portugal increased 40.4% over the previous year, the highest number of consultations in any quarter since 2016.
