Rich Indians, Americans clamour for Portugal's 'golden visa' as it considers scrapping scheme
Portugal visa
Portugal's cash-for-visa or "golden visa" that has previously lured many wealthy foreigners like Madonna may end soon.A recent announcement about the policy getting scrapped has attracted a flurry of interest. Investments in November jumped by 40 per cent according to data from SEF, the Portuguese immigration and border agency.
Recently the nation's Prime Minister, Antonio Costa said that the country is considering scrapping its popular yet criticised Residency by Investment Program (RIP).
Watch |WION Fineprint | Portugal considers stopping its 'Golden Visa'
He said that the programme has probably already "fulfilled the function it had to fulfil," and that "it is no longer justified to maintain."
The fastrack visa for non-European Union nationals mandates a minimum investment of €500,000 (4.35 crore INR or 527,222 USD) in real estate, making a capital investment or creating employment opportunities.
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Forbes reports that among the top applicants are American and Chinese nationals. Reportedly, wealthy American applicants are all set to surpass Chinese ones. Additionally the rich are from Brazil, South Africa and India.
As per a Business Standard report, since January 2021 more than 50 ultra-high net worth Indians have invested a whopping 350,000 to 600,000 euros in apartments in Portugal's capital of Lisbon and other cities to obtain the so-called golden visa.
Also, read |UK scraps ‘golden visas’ for ultra-rich foreign investors amid a crackdown on Russian money
In July 2022, as per the Portuguese Foreigners and Border Service (SEF) investments from the programme increased from USD 3.7 million toUSD 8.2 million recorded during the same month of 2021. In total, the programme has raised an investment of $6.8 billion from foreigners.
The scheme has been deemed a money-laundering risk by the European Union. Additionally, as per Times, the scheme has also been blamed for pricing local people out of housing markets.
(With inputs from agencies)
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