The rules, published a year ago, took some time to gain public attention, but middle-class buyers in emerging countries have certainly got the message. According to the Portuguese foreign ministry, quoted by AFP, 356 residence permits have been granted to investors, including 279 Chinese, 16 Russians, 10 Brazilians and nine Angolans.
This adds up to about €222m invested in Portugal. “It’s crazy,” says Michel Veloso Viera, a lawyer who assists foreigners with the paperwork. “I’m getting an average of 10 applications a week from Chinese families.”
Nor is Portugal the only country to be soliciting rich immigrants. Spain, Cyprus, Greece and the Netherlands have deployed similar schemes, in a bid to make up for falling investment, fill homes left vacant by the crisis and kickstart consumption.
via Guardian Weekly
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