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In November of 2019, total investments from Residence Permits for Investment Activities (ARI) tallied €37 million, a decrease of 52% over the same month of 2018 (€77.1 million). Comparing to October, when new investments totalled €60 million, the decline was 38%. In November, 64 Golden Visas were issued, of which 61 were for property purchases and three for capital transfer. In the first 11 months of 2019, investments have totalled €698 million, down 6% from the same period a year earlier. By nationality, China continued to lead in the number of Golden Visas issued, followed by Brazil, Turkey, South Africa and Russia.