Between 2017 and 2021, Madeira raised a total of 60 million euros with the granting of Golden Visas, and considers that the recent changes to the Residence Permit for Investment program, which exclude Lisbon and Porto from the purchase of housing, are “a huge opportunity" for the region.
This investment concerns 50 visas, most of which are granted through the purchase of real estate worth more than 500,000 euros. Most investors are Russian, North American, Brazilian, Chinese, South African or Bolivian.
Rui Barreto, Secretary of the Economy of the Regional Government of Madeira, who was speaking during a seminar on the subject in Funchal, said that «we are talking about investments in the luxury residential area, but the Regional Government is also concerned with the offer in the real estate market. for residents and people with low incomes», admitting that Gold Visas inflate housing prices in the region, quotes Economy ao Minuto.
Last year, 460 million euros were invested in Portugal through the granting of ARIs, 28% less than the 646.7 million euros invested in 2020. 865 visas were granted, 317 less than in the previous year.