The popularity of the "golden residence permit" in Portugal is unquestionable and the number of applicants is only increasing. Stanislav Mikos, Director of the Russian office of Portugal Residence Visa, tells to the ee24.com, why the Portuguese "golden visas" are better than the Spanish ones and how to get them.
It’s about a competition. Where to buy real estate and get a residence permit in Portugal or Spain?
Portugal is a much more interesting country than Spain is, and people who have visited here and there and are equally well aware of these two countries, want to live in Portugal,” believes Stanislav Mikuss. “In my opinion, the percentage of the Russian population in Spain has already passedthe critical line and came out of the boundaries of comfort. Portugal is less popular among the Russians, if compared with Spain so it's possible to find a "Russians free zone" there.
And Portugal is much more interesting if compared to Bulgaria, where the residence permit is issued when buying property from €300,000. Bulgaria is a sea holiday for the Russians, tired of Egypt and Turkey. Portugal is better and warmer! In addition, in Portugal are created excellent conditions for those, wishing to get the "golden visa": it’s enough to spend only 7 days in the country in the first year since the document has been issued and 14 days in the next two years, to keep your visa.
Lisbon
About a residence permit in Portugal: golden is for €500,000, and common one is for cheaper real estate
Obtaining a residence permit in Portugal is possible when buying a property for €500,000 and more. Given the situation in the country and the current prices, I think we should reduce this sum, and thus we would attract more buyers to the market, but the government of Portugal thinks differently.
For half a million euros mentioned above you could buy a very nice apartment in a residential complex with excellent infrastructure, or purchase a very good villa. There is no need to buy only one object: the law allows you to split the sum of half a million between several transactions. Generally,this choice depends on whether you buy for private usage or for investment. Some customers ask for 2 or 3 apartments, for €150,000-200,000 each.
Estoril, an elite suburb of Lisbon
Residence permit may be obtained even when buying a property in Portugal for less than €500,000. That should be proceeded in accordance with common procedure and is difficult and time consuming.
Speaking of those, who today enjoy a personal invitation for a residence in Portugal, the Chinese are far ahead. The Brazilians and citizens of Portuguese-speaking countries of Africa are also active in getting a residence permit in Portugal. There are not too many Russians, about 5% approximately.
Quarteira, Algarve
About the property prices in Portugal: where, what and how much you could buy?
Although we are mainly engaged in sales of expensive real estate, there are also more affordable offers. I would say that a decent property in Portugalcould be purchased starting from €100,000, but it all depends on the region. Unfortunately, the Russian customers are mostly asking for Algarve.They know this region well and it is now in vogue, when the other places that are not worse, are hidden in its shadow. Lisbon region is in the second place on demand rating. Madeira island is relatively popular. But Porto being the second largest city in Portugal is hardly ever asked for, in the minds of the Russian people this name is mostly associated with the port wine.
Porto
Mortgages in Portugal are now available for foreigners. They can get a loan with an initial fee of 30%, and the interest rate of 4.5%.
Speaking about the average property prices in Portugal, I could say that the crisis was followed by a certain decrease, but this phase is already overtaken, and we don’t expect further decline. On the contrary, prices might increase by the end of the year, due to the significant growth of interest in the Portuguese real estate. Summing up: prices outlook is stable with a further increase trend.
Interview: Alexander Fetyukov, ee24.com