How the Golden Visa program helped Portugal recover from the financial crisis?

Billions of pounds have been injected into the Portuguese economy since the country’s Golden Visa Program was introduced. The scheme has played a crucial role in the nation’s recovery in the years after it was plunged into economic catastrophe amid the global financial crisis in 2008. It was a dark period for the world and one which lives long in the memory.

However, Portugal refused to sit back and watch as the damage took its toll following the financial crash.

In the face of a battered economy, the country’s leaders spurred into action in an effort to combat the situation. The southern European nation on the Iberian Peninsula bounced back strongly thanks to the impressive response. The Portugal Golden Visa Program and the Golden Visa real estate market, along with tourism, were integral to the economic resurgence.

Launched in 2012, the scheme has resulted in huge amounts of money being injected into the country to help rebuild the economy. It has encouraged several billion Euros in real estate investment and more than 2,000 family applications each year.

More than €5.8 billion has been invested into the country through the program, although this figure continues to increase rapidly. The importance of the scheme cannot be underestimated. Without the investment generated through the program, there is no doubt that the country would have struggled to recover swiftly.

Of course, Portugal and the rest of the world have been battling a new crisis – the coronavirus pandemic. But the strength of the residency and citizenship by investment programs has continued to be displayed even amid Covid-19.

The scheme generated a huge €137 million worth of real estate investment in May last year.

Investments totalled around €89 million in June and €56 million in July. Overall, in 2020, a total of €646 million of investment was generated in the country thanks to the scheme, with €588 million of this coming from real estate investment.

The program has shown stunning resilience since being launched – something which is set to continue.

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