Madeira attracts €60m through golden visas

50 issued between 2017 and 2021

Golden Visa graphic

The Portugal News reports that investment captured through golden visas in Madeira was €60 million between 2017 and 2021, mainly in the real estate sector, and corresponds to 50 residence permits, the Regional Government indicated on 4 February.

“It is an opportunity for the Autonomous Region of Madeira, an opportunity for the economy of Madeira, an opportunity for a sector in full growth,” said the Secretary of Economy, Rui Barreto, stressing that the outlook for the already bouyant real estate sector is of “confidence” and “growth”.

The secretary was speaking at the opening of a seminar on golden visas in Funchal, believes that the recent changes in the Residence Permit for Investment (ARI) programme, which exclude Lisbon and Porto, represent an “enormous opportunity” for Madeira.

The citizens who have made purchases over €500,000 in the autonomous region since 2017, under the ARI, are mostly Russians and Americans, with Brazilians, Chinese, South Africans and Bolivians also registered.

“We are talking about investments in the luxury residential area, but the Regional Government is also concerned about the supply in the real estate market for residents and people who have low income,” said Rui Barreto, admitting that golden visas inflate the price of houses. He pointed out that the Recovery and Resilience Plan (RRP) for Madeira provides 136 million euros for housing construction at controlled prices and rental support.

According to data from the Foreigners and Borders Service (SEF) released in January, investment captured through golden visas increased 52% nationally in December, compared to the same period in 2020, to €42.1 million. In December 2020, the investment amounted to €27.7 million.

Compared to November 2021 (€46.6 million), the amount raised through the Residence Permit for Investment programme fell by 9.6%. In cumulative terms, investment through golden visas fell 28.7% last year, compared to 2020, to €460.8 million.

Madeira attracts €60m through golden visas 1

Since the ARI granting programme was launched in October 2012, €6,099,799,479 has been raised via this instrument. Of this amount, most transactions correspond to the purchase of real estate, which totalled €5,507,194,225 until December, and the acquisition for urban rehabilitation amounted to €362,502,992.

The investment resulting from the capital transfer is 592,605,254 euros.

In over nine years, 9,585 visas have been granted for the purchase of property, of which 1,009 are for urban regeneration.

There were 649 golden visas granted for capital transfers and 20 for job creation.

Since the beginning of the programme, 17,221 residence permits have been granted to regrouped families, of which 1,171 were in 2021.

Thanks to Jaime for the link.

COVID-19 in Madeira: daily updates can be found in an earlier post

New restrictions: a detailed updated explanation of the latest regulations can be found here

13 thoughts on “Madeira attracts €60m through golden visas”

    • Money laundering is not as easy as laundering your dirty clothes or filthy mouths… The notaries in Portugal require all the transactions to be made via bank transfers, and banks perform Y2K diligence to verify the identities of the senders. I have to say that this is a sour grape mentality.

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      • Ah I see. Portuguese banks are more honest than banks in the rest of the world.
        And they deal only with other honest banks, such as Russian and Chinese banks.
        Congratulations to them.

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  1. Is there anything money can´t buy? Especially if you have a great deal of i? This reminds me of another country: Montenegro. There, they go one step further: you can buy your citizenship, in exchange for investment in real estate, of the ultra-expensive kind obviously. A real help for the poor people of Montenegro. NOT. But it will make the ultra rich richer. All in all, it is an attitude which is not too alien to the corrupt Madeiran government which is above all protecting the interests of the handful of wealthy Madeiran families, such as the Sousas and the Avelinos. Madeira may not be a republic, but they do grow bananas.

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    • Peter,

      Your continued crusade against Madeira’s elite families which do indeed hold monopoly over many services is not productive
      Calling them out will not change anything and may negatively impact your own state of mind and inner peace

      You are Dutch, chill the f&*k out and accept the status quo as it is. Enjoy Madeira and all it has to offer, eat well, look after your health and enjoy good company

      Caga para o resto, we all kick the bucket sooner or later

      Reply
  2. “the Regional Government is also concerned about the supply in the real estate market for residents and people who have low income,” said Rui Barreto, admitting that golden visas inflate the price of houses”

    No shit Sherlock…

    Want to see the future Mr Barreto? Why not take a trip over to central London and admire all the mega expensive apartment buildings
    Preferably you should have a look around in the evening so you can admire the miniscule number of apartments that have their lights on

    There are approximately 60M Chinese buyers chomping at the bit to offshore their capital, just think about that number
    The majority of Chinese buyers are members of the CCP and of course communists, but do not worry about that… just keep using TikTok

    You cannot make this shit up

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    • Members of the CCP yes, but not communists.
      In China there is 19th century capitalism.
      QUOTE: “to offshore their capital”…… there is a clue in what you say, but obviously you don’t get it.

      Reply
        • You completely missed my point.

          So you believe everything the Chinese “communist” party says?
          Could it be that you just use the word “communist” as a swear word? – at least that is politically correct.

          PS. You seem to read (and duplicate) lots of stuff on the internet, which is OK, but do you understand anything you read ?
          And please tell us again about 5G causing covid, so amusing!

          Reply
            • As I said 4 posts up, in China they have 19th century capitalism – what makes you think I would advocate that?

              May I quote you: “Please feel free to extol your support for the CCP by all means”/ Maybe emigrate to Beijing John?

              Comprehensive reading is not your forte? But yes, you excel in replicating loony conspiracy theories.
              Keep posting Joe, this blog needs more humor.

              Reply

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