International money transfers for housing investment: the case of golden visas

Source abstract

This article examines how Chinese investors transferred capital from China to Portugal to acquire housing under the Golden Visa (GV) programme, which operated between 2012 and its removal of real-estate eligibility in 2023. Drawing on qualitative interviews with GV holders and real-estate brokers, the study identifies three main channels of international money transfer: the ant mobility strategy, whereby relatives and friends pool their annual foreign-exchange quotas; transfers via corporate intermediaries using bank accounts in Hong Kong or Macau; and underground banking systems operating outside formal regulation. These strategies reveal how investors navigate China’s restrictive currency-control regime and shifting regulatory pressures, particularly after 2017. By analysing the financial infrastructures enabling cross-border housing investment, the article contributes to emerging research on mobility, financial governance, and the financialisation of housing within transnational property markets. It highlights the need for greater regulatory coordination and further research on the evolving mechanisms facilitating housing investment-migration flows.