Why Brazilians choose luxury real estate in Portugal

The Golden Visa program, which allows permanent residency and citizenship in Portugal for investments between 280,000 and 500,000 euros, is becoming increasingly popular among Brazilian immigrants. This year, the number of Brazilian citizens who received this type of visa reached a record high of 250,000. However, the increase in demand for the Golden Visa is now even more evident due to the expectation that this type of visa will be canceled. Recently, Portuguese Prime Minister Antonio Costa said that the program "has fulfilled its function and no longer justifies itself. "

The main way to obtain a Golden Visa is to purchase real estate.

Because of the simplification of the transaction process, now up to 30% of all real estate transactions conducted by the four''major agencies in Portugal are contracting Brazilian nationals.

Since January this year, Golden Visa has become more difficult to obtain for real estate in Lisbon, Porto and the Algarve, as well as in some resort towns. It is now only possible to buy commercial or tourist properties in these cities for 500,000 euros in cash.

In order to obtain Portuguese citizenship, an investor must have lived in Portugal for five years.

The Golden Visa does not, however, require a person to reside permanently in Portugal during the visa application process.''It's enough to stay in the country for just seven days a year.

Many Brazilians see the Golden Visa program as an opportunity to obtain a secure backup citizenship with the prospect of a European education for their children. It is also a real estate investment in a country with a strong economy and stable currency.

Golden Visa was introduced in 2012 to attract investment in Portugal after the crisis and has already attracted more than 6.5 billion euros. This year, Brazilians have spent 42.9 million euros on Golden Visa, 7 million more than in the whole of last year. Brazil is the second largest beneficiary of the program after China.

The Golden Visa has also come under criticism for real estate speculation and insufficient verification''origins of the investment. Its future is still unclear, but many advise to hurry up and seize the opportunity while it still exists.