New gold visa conditions set out

Page created: Tuesday, 24 February 2015 8:55 GMT

Conditions  Golden Visa  Scandal

Portugal’s fast track gold visa system for those buying premium properties is to get both greater inspection and supervision said Deputy Prime Minister Paulo Portas announcing the new plans on Monday.

“The central objectives of the reform the government will propose to parliament are essentially two: guaranteeing greater inspection both of the decision making process and the decision to award gold visas and both internal and external supervision,” explained Portas.

“Secondly, we shall be opening up the range of opportunities for gold visa investors taking into account an economy that is already growing and an investment concept that includes property but also extends beyond this sector to open up the scope for financing other investments in other important sectors of our development” said the leader of the junion coalition Popular Party.

Among the figures Portas had was that of €1.27 billion brought into the country in investment and over €100 million in taxation revenue with the deputy prime minister describing Portugal’s scheme as similar or the same as those in effect in around half of all EU member states.

In addition to the €500,000 minimum property acquisition, or investment resulting in the creation of at least 10 new jobs or a minimum of €1 million capital investment, the new plans will also see visas awarded to €350,000 investments in scientific research and development carried out by public or private institutions in Portugal or the same level of investment either in lesser developed inland regions or in cultural or artistic performances.

Gold visas came in for some heavy duty publicity when a total of 11 arrests were made last November of senior figures in the Portuguese administration, including the national heads of the customs service and registry offices, within the framework of a corruption investigation into their awarding with Minister Miguel Macedo resigning in the wake.