Investment falls 33% in first quarter to 196.8 million euros – The Economic Journal

Transparency International warns of "negligent, opaque and poorly managed" Gold visas - The Economic Journal

In the first three months of the year, investment from Residence Permit for Investment Activity (ARI) amounted to € 196,858,014, a decrease of 33% from € 293,894,642 in the same period of last year.

In March, the investment attracted 48,368,488 euros, a decrease of 53% in year-on-year terms and a 23% reduction compared to February, according to accounts made based on the monthly statistics released by the Foreigners and Borders Service (SEF) .

Of the total of this investment, the majority (41,402,675 million euros) corresponded to the allocation of visas through the criterion of acquisition of real estate, while the requirement of capital transfer totaled 6,965,812 euros.

Last month, 83 gold visas were granted, of which 75 were granted through the purchase of real estate and eight through the transfer of capital.

Of the total number of visas granted through the purchase of real estate, 17 were granted in the context of the acquisition with a view to urban rehabilitation.

In more than six years – the ARI program was launched in October 2012 -, the accumulated investment up to March totaled 4,446,656,792.63 euros, with the acquisition of real estate surpassing last month the four billion (4,023,974,400.20 euros).

The 'golden' visas allocated through the transfer of capital amounted to 422,682,392.40 euros.

Since the creation of this instrument, which attracts investment, AR $ 7,291 has been allocated: two in 2012, 494 in 2013, 1,526 in 2014, 766 in 2015, 1,414 in 2016, 1,351 in 2017, 1,409 in 2018 and 329 in 2019.

Until last March, in cumulative terms, 6,879 'golden' visas were granted through the purchase of real estate, of which 297 were for urban rehabilitation.

As a condition of the capital transfer, the visas granted totaled 397 and were allocated 15 through the creation of at least 10 jobs.

By nationality, China leads the allocation of visas (4,180), followed by Brazil (711), Turkey (331), South Africa (286) and Russia (254).

Since the beginning of the program, 12,413 residence permits have been allocated to family members reunited.

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