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Posted by portugalpress on August 29, 2018

The amount of money invested in Portugal’s golden visa scheme has been falling sharply since the start of the year.

According to official data from the country’s border authority (SEF), investment in the scheme dropped by 50.5% in July compared to June, and by 56.3% on July 2017.

In total around €26.1 million was invested in July, solely in the purchase of real estate. A total of 47 visas were granted, seven of which were for urban rehabilitation.

In the first seven months of the year, the amount of money invested in the golden visa scheme has reached €510 million, a 22% drop compared to the same period last year.

This news comes after the announcement in June that Golden Visa investment in May this year had increased by over 60% compared to May 2017. Property experts contacted by the Algarve Resident explain that whilst demand for Golden Visas has slowed from China, the largest market to date, the huge variations in numbers is mostly down to delays on the part of SEF and a huge backlog in issuing golden visas which has distorted the figures being published on a monthly basis.

SEF also revealed that €3.9 billion have been invested in Portugal through the programme since it was launched back in October 2012, with over 6,400 golden visas being granted.

Golden visas act as ‘fast-tracks’ for investors, granting them residency in Portugal in exchange of considerable investment.

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