Weeks after confusion prevailed over Portugal’s Golden visa, the incumbent party has taken a clear side.
In November, Portugal’s Prime Minister hinted that the Golden Visa might be scrapped; however, Portugal’s Socialist Party has voted against the initiative to abolish the visa.
Portugal’s Prime Minister, Antonio Costa had said that the country is considering putting an end to Golden Visa after – according to him – it has fulfilled its function. He had clarified that there was no reason to maintain the scheme further.
Calls were made by the Communist Party to abolish the visa program despite that it had spurred the country’s investment ecosystem.
However, the incumbent PM’s own Socialist Party has voted against this proposal now, clearing the air about its future.
Big guns from other countries are eligible to acquire residency in Portugal through the Golden Visa program by making an investment in properties of at least €500,000.
However, the scheme was under fire multiple times on reports that it has been involved in unlawful affairs, including corruption and tax evasion.
The Commission of the European Union has stressed all countries that run such schemes to terminate them as soon as possible.
Despite the pressure, the advisory seems to have failed as states have rejected this demand in the backdrop of investments made under the visa.
Last month, the data provided by the Foreigners and Border Service (SEF) revealed that 11,189 internationals benefited from Portugal’s Residency by Investment Program (RIP) in the last 10 years.
Moreover, stats by SEF also revealed that a total of €6.54 billion had been invested in this country, with about 90 per cent being in the real estate market.
Portugal’s 11,189 Golden Visas issued benefited a total of 18,368 family members, while the main beneficiaries from this program were citizens of Brazil, Turkey, and South Africa.
