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PORTUGAL LIKELY TO STOP 'GOLDEN VISA' PROGRAMME BENEFITING OTHER NATIONS
The Portuguese residency by investment, also known as the ARI Program, or Portuguese Golden Visa Program, has been the one of the most successful residency programs by investment in all Europe. The program has evolved signification not only increasing the number of investing options available for investors interested in investing in Portugal, but also regarding the process itself.
On 2nd November 2022, the Prime Minister of Portugal Mr. Antonio Costa advised that it is likely to remove the "Golden Visa" programme, which gives other nationals the residence rights through investment and becoming EU citizen. The Golden visa program through investment is about 10 plus year-old system that has benefited many investors towards obtaining their Residence permit to Portugal.
- The Golden Visa Programme launched in 2012 for Portugal, an investor and its family member which allows to include the parents from non-EU countries gets Portuguese residence permit. The investment ranging from €280,000 – €500,000 in real estate / projects, which are approved by Serviço de Estrangeiros e Fronteiras - SEF (Foreigners and Borders Service).
- Many applicants have invested in real estate option towards obtaining their Portugal Residence permit on real estate and investment in different projects approved by SEF. The Golden visa program is popular among investors from countries like the U.S., China, Australia, and India, who with residence get access to EU visas and have purchased houses and apartments in different projects in different cities.
- Portugal does not give citizenship upon investment straight away, but once an applicant has met the minimum residence stay requirement, and they have the right to travel freely within the EU as long as they spend at least seven days a year in the country, enjoy the benefit routing to become EU Citizen.
- The European Commission and European Parliament have long criticized golden visa programme of Portugal and passport schemes as it gives a FAST-TRACK ROUTE TO EU CITIZENSHIP not on merit but based on purely financial reasons.
- Investor citizenship schemes undermine the essence of EU citizenship and have implications for the Union as a whole, the Commission said when launching a case against Maltese passport schemes earlier this year.
The Prime Minister of Portugal Mr. Antonio Costa has stated that the Authorisation of Residence for Investment from non-EU countries, applying on the golden visa programme, has been heavily criticised in Portugal for sending house prices and rents up, and the European Commission has called for the end of such national schemes.
Portugal has attracted till date about 6.5 billion euros in investment by other nations, mainly from China, Brazil, South Africa and India, with the funds invested into real estate. Rules have changed this year to forward investments from a sweltering property market to the big cities to depopulated areas.
Speaking at Lisbon's Web Summit, Europe's largest tech event, the Prime Minister Mr. Antonio Costa said several visa schemes offered by Portugal were currently being re-evaluated and the golden visa was one of them. "The Golden visa probably has already fulfilled the role it had to fulfil and, at this moment, is no longer justified to keep it", the Prime Minister told the reporters.
An official decision would be announced when the evaluation is completed, said the Minister.
- Presently, Portugal has already temporarily suspended the scheme for Russians following the country’s invasion in Ukraine.
- The European Commission has called on EU governments to end national programmes to sell citizenship to investors, which the bloc has long considered a security risk.
Prime Minister Mr. Antonio Costa said Portugal wanted to continue to be attractive, with one example being its recent law, enacted, that created the so-called digital nomads visa. It gives foreigners with high monthly income from remote work to live and work from Portugal for a year.
We strongly recommend all new applicants to hurry and make use of the opportunity towards obtaining the Portugal Residence permit. We have projects that have been approved by SEF under €280,000 & €350,000.
Prospective applicants can contact us to prepare their Residence permit application to Portugal.
Bilimoria & Associate is specialised in investment visa to Portugal. We have 27 years of experience in Immigration and will be able to guide applicants on various visa types based on the eligibility.
Bilimoria & Associate liaisons with the top Law firm in Portugal. The Law firm that has been able to successfully process over 1000 plus golden visas applications until now in Portugal.
We are also associated with the Property developers whom we have been working with for more than decade under the investment program. Have completed projects worth EUR 211 million in Portugal.
We can assist you in preparing a successful Residence permit application to Portugal.
Applicants can write to us to assess your eligibility at: neville@bilimoriaassociate.com (or) contact us +91 44 2823 9229 / 4350 8191 between Monday – Saturday, 10.30 am to 5.30 pm to assist you for Residence permit to Portugal.