Portugal is not going to cancel the Golden Visa program

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Portugal is not going to cancel the Golden Visa Program

Portuguese Prime Minister António Costa said last month that the country was considering ending its program of issuing gold coins to foreigners. visa because, according to him, it has fulfilled its function, and there is no reason to support it further.

The Communist Party called on the authorities to cancel the much-criticized program, despite the fact that it brought significant financial benefits to the country's economic sector.

However, the Socialist Party, of which the prime minister himself is a member, unexpectedly voted “no”.< /p>

“The government has stated unequivocally that this issue will be considered. But the results of the harm or benefit analysis of the program have not yet been summed up. Thus, the proposal of the Communist Party is not timely.

Wealthy foreigners from other countries are eligible to obtain a residence permit in Portugal under the Golden Visa program by investing at least 500,000 euros in local real estate.

This scheme has been in the media spotlight many times since in addition to being accused of many illegal cases, corruption and tax evasion.

The Commission of the European Union openly calls on the authorities of all countries that operate such schemes to stop them as soon as possible. However, not everyone takes into account this kind of advice — foreigners make a significant contribution to the economic sector of poor countries.

Over the past 10 years, 11,189 foreign citizens have taken advantage of the investment program to obtain a residence permit in Portugal. In total, 6.54 billion euros were invested in the country, with about 90 percent coming from the real estate market.

If 11 189 visas were issued, 18 189 people actually came to Portugal, including members of the applicants' families . The main beneficiaries of this program were citizens of Brazil, Turkey and South Africa.

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