After a pandemic-driven slump during the first third of 2020, Portugal’s golden visa is back with a vengeance: May approvals alone exceeded those of the preceding four months combined as the program raised a whopping EUR 147 million.
From the start of the year until the end of April, a total of 259 main applicants had invested EUR 147.7 million through the program, unseasonably low figures doubtlessly attributable to COVID-19. But the unprecedented numbers now released by the SEF for May 2020 show the month’s results have all but compensated for the excruciating winter months. In a single month, 270 main applicants invested EUR 146.2 million, bringing Portugal back on track for a statistically normal year, all in spite of the pandemic.
The comeback is nothing short of extraordinary. May’s 270 approvals represent a 409% month-on-month increase from April’s 53, while the EUR 146.2 million raised in May is 420% greater than the EUR 28 raised the month before.
May’s unparalleled approval volume means the year-to-date aggregate has more than doubled in a single month, from 259 to 529, which – if extrapolated – would imply annual approvals for 2020 of 1,270, a number slightly above the 1,245 recorded in 2019.
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