Investors are interested in Portuguese golden visas as officials consider ending scheme
Date
12/12/2022 4:36:48 AM
(MENAFN) According to figures released on Sunday, investments made through Portugal's notorious "golden visa," which grants affluent foreigners residency privileges, increased by about 50 percent in the past month.
The European Commission has advocated for the termination of such national programs after the golden visa received harsh criticism at home for driving up housing costs as well as rent.
Over the previous ten years, Portugal has received investment totaling 6.6 billion euros (USD6.95 billion), primarily from China, Brazil, and Turkey. The majority of the funds were invested in real estate.
Non-European Union nationals must invest a substantial sum in Portugal, such as through the purchase of real estate, to be eligible. After that, they are granted residence privileges and can visit the whole Schengen region of Europe without a visa.
However, Prime Minister Antonio Costa announced on November 2 that his administration is going to review the 10-year-old initiative and consider whether the program could still be justified.
Get Golden Visa CEO Murat Coskun claimed that Costa's remarks had a "significant impact on the appetite" for the proposal since queries to his corporation had increased fivefold.
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