13 Aug 2019
Inquiries from Hongkongers about property in Portugal, the homeland of football superstar Cristiano Ronaldo, have seen an upswing in recent months as wealthy residents and investors clamour for an alternative residency amid escalating political tensions in the city, analysts said.
Since its unveiling in 2012, Lisbon’s golden visa scheme has attracted 7,500 applicants, contributing 4.6 billion euros (US$5.2 billion) in investment, according to List Sotheby’s International Realty, Hong Kong.
“We have seen more inquiries about Portugal properties from Hong Kong buyers in the past few months. Many see Portuguese residency an alternative option in Europe,” said Binoche Chan, chief operating officer at List Sotheby’s. “The entry requirements are relatively low against other popular destinations.”
The increase in inquiries coincided with escalating tensions in Hong Kong over the now-shelved extradition bill.
The golden visa programme grants successful applications the right to live, work and study in Portugal, along with visa-free travel within the 26 countries under the Schengen area of Europe, and eventually a legal residence.
An individual is eligible for a golden visa if, among other options, they acquire at least a 350,000 euros worth of property.
“In 2019, more citizenship inquiries are coming from Hong Kong than any other Asian territory, including mainland China. In Hong Kong, most high net worth individuals are only now deciding they need a backup plan and an overseas residency, in case they need to leave the city in a hurry,” said Poland-based David Lesperance, managing partner at Lesperance & Associates.
“For some, Europe is an obvious destination. Portugal is along with Greece the easiest and cheapest way to obtain permanent residency in Europe,” he said.
According to property portal Juwai.com, Hongkongers and mainland Chinese invested US$300.2 million into Portugal through its golden visa programme in 2018.
By Cheryl Arcibal, South China Morning Post, 13 August 2019
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