The Golden Visa program in Portugal will not be abolished
Despite the declaration that the country’s Golden Visa Program would shortly be eliminated, Portugal’s Socialist Party voted against the motion in the house to do so.
In this regard, Antonio Costa, the prime minister of Portugal, stated last month that the nation is thinking about ending this program.
Regarding the matter, the Communist Party demanded that the government end the harshly criticised initiative, even though it has had a positive financial impact on the nation’s economy.
However, the vote opposing this motion came from the PM’s Socialist Party.
“The administration made it clear that this matter would be evaluated. And following the most recent change to the program, that evaluation and analysis are still ongoing. According to the EU Observer report, an official source noted that the Communist Party proposal was consequently out of date in light of the fine analysis still needed.
The Golden Visa scheme allows wealthy foreigners from other nations to obtain residency in Portugal by investing at least €500,000 in real estate.
However, the plan was frequently in the news after it emerged that it had engaged in several illegal activities, including tax evasion and corruption.
According to data released by the Foreigners and Border Service (SEF) last month, 11,189 foreigners took use of Portugal’s Residency by Investment Program (RIP) throughout the previous ten years.
Additionally, according to the data provided by SEF, a total of €6.54 billion had been invested in this nation, with the real estate sector accounting for nearly 90% of that amount.
While the primary recipients of this program were nationals of Brazil, Turkey, and South Africa, a total of 18,368 family members also benefited from the 11,189 Golden Visas that were given.