The issuance of residence permits under the so-called Golden Visa scheme brought Portugal inward investment totalling 21.7 million euros (US$24.8 million) during August, official data show.

Portuguese news portal Diário Digital quoted Portugal’s Immigration and Borders Service (SEF) saying the European country issued 35 residence permits in August under the Golden Visa programme. Most of them have been given for investments in Portuguese property.

Between October 2012 – when Portugal introduced its Golden Visa scheme – and up to August 31, authorities there have issued a total of 2,465 residence permits.

The Golden Visa is a step that can lead to a permanent residence permit – initially issued on a temporary basis. Investments related to these permits have so far totalled around 1.5 billion euros.

Chinese nationals accounted for 12 of the 35 permits issued in August.

Chinese nationals accounted for 80 percent of the 2,465 permits issued since the beginning of the scheme. The second-largest group was Brazilian nationals, with 89 permits approved since 2012.

The scheme enables non-European Union passport holders that are willing to spend a minimum of 500,000 euros on real estate to be granted a Golden Visa and thereafter apply for permanent residency. Other types of investment that give access to a Golden Visa include a capital transfer to Portugal of at least 1 million euros or the creation of 10 jobs in the country.