Wealthy chinese buyers snapping up portuguese visas

Wealthy Chinese buyers are snapping up Portuguese property to acquire a "Golden Visa".

The country's recently introduced scheme grants residency to investors purchasing real estate worth a minimum of 500,000 euros, a move designed to attract high net-worth individuals from outside of the EU into Portugal and boost its property market.

According to figures from the foreign ministry, the plan is working, with 356 of the residency permits granted so far bringing in 222 million euros of investment. In November 2013, one week saw 15 million euros invested. If that rate continued on a regular basis, Portugal could see a wave of investment flood the market.

"Requests are almost always accepted," Luis Lima, head of the Portugese real estate agent association, told the Global Post.