Friday, 23 June 2017
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6242So keen is the current government to continue it generous tax give-away to already wealthy foreigners, the woman with the most boring job title in politics has announced new Golden Visa regulations to make it cheaper for non-Europeans to get a foothold in the Shengen area, but at a greater risk.

The Minister for Internal Administration, Constança Urbano de Sousa, unveiled the new application routes for 'Golden Visas' applicants, including a new category that invites investors to put their money into companies that have gone bust but successfully applied to the courts under Portugal's 'revitilisation' laws.

The minister firstly referred to "the need to inject capital and foster investment in small and medium-sized companies. These are not large investments but they could be decisive for the economic recovery of small and medium-sized companies and keep them going,” all sounding good so far.

The minister added that a new category has been created for foreigners who chip in €350,000 to set up a company or to inject capital into a Portuguese company, "as long as they create or maintain permanent jobs." How 'maintaining permanent jobs' will be monitored remains to be explained.

Next, there is the new and lower threshold of €200,000 that can be invested in Portuguese companies that already are in a revitalisation process i.e. they already have gone bust and their creditors are being paid off over long periods, sometimes decades.

This may not be seen as a rock solid investment for a foreigner coming to Portugal and hoping not to be ripped off. Many Golden Visa applicants already have been scammed by agents in China and in Portugal, although this died down after the high-profile arrests in Operation Labyrinth and may be wary of investing significant sums in shaky local companies.

Urbano de Sousa said the government is aware that most of the Golden Visas have been handed out to people buying '€500,000 plus' property but has come up with some amendments none-the less.

 

Comments  

+1 #8 Lisbon rio 2017-05-22 09:25
I am golden visa holder from china

The reason to come Portugal because want to extend the business to EU. The Golden visa is easy to get.

I know most of the Air holders from China are middle class, they collect money from sold one or two apartment in Beijing or Shanghai.

by the way Compared its population, 3000 is a very small number.

the super riches go to another tax heavens and it is clearly not Portugal.
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-2 #7 Charly 2017-05-21 19:49
Behind each Golden Visa attributed one have to seek after the (mostly secret) "hidden agenda". Meaning each owner of such a visa "has its very good and personnel reason "to buy" such a visa... and in most of the cases "the real estate part of the game is only a facade or a screen for better and far more lucrative businesses". In this respect Golden Visa is very well comparable to the creation of an offshore company. Rarely "big shots" create an offshore company for registering a villa for example but definitely "for all kind of other lucrative businesses that can be generated troughout the help of this juridical structure.
In clear terminology: neither the Golden Visa or the offshore company are "wrong" or "illegal" it's only what people do with it that makes it "highly tricky and dangerous but very lucrative" .... This is not the story of "50 shades of Grey" but the novel of the 5000 shades of dark grey...
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-3 #6 Darren 2017-05-21 11:14
Good that Portuguese MEP Ana Gomes is amongst a group of EU anti-corruption MEP's who are arriving in Portugal next month. But only for 2 days. Not even time to unpack a tooth brush let alone interview anyone about the many missing billions.

But, if Ms Gomes team are from similarly corrupt EU countries - with no Scandinavians - perhaps this is more about arm twisting to get their own noses in the trough. 2 days is more than enough time to lay the ground work for that.
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+1 #5 PF 2017-05-20 08:24
Quoting Rod Williams:
Have we any reliable statistics on how many Golden Visa's are still living and working in Portugal? Based here. These people had far more mobility to Schengen than the few hundred refugees who have recently come to and already gone from Portugal. Still searching for a better life and well aware that Portugal, after 30 years 'alleged progress' in the EU, still does not offer it.
many Golden Visa properties bought by Chinese have immediately been rented out. It would be interesting to know how many Chinese actually live in Portugal with their Golden Visas, I suspect only as long as it takes to run their now tax-free income through the massive Portuguese laundry.
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0 #4 PF 2017-05-20 08:19
Quoting Mike Towl:
I thought we had a lefty government, What kind of socialism is this then?

This is a lack of confidence from the State that Portugal is a good enough place to choose to live in without letting people off taxes on their worldwide income. At the lower end of the scale, the non-habitually resident tax break on pensions had flooded the place with income tax free pensioners - hence the 'French Invasion' - while us long-term immigrants pay up to 48% income tax. This is 'fairness' under the Socialist ideal as expressed by Costa's twisted government: 'local taxpayers will cough up - new foreigners pay nothing'
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0 #3 Mike Towl 2017-05-20 06:38
I thought we had a lefty government, What kind of socialism is this then?
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-1 #2 TedG 2017-05-19 22:27
Quoting Rod Williams:
Have we any reliable statistics on how many Golden Visa's are still living and working in Portugal? Based here. These people had far more mobility to Schengen than the few hundred refugees who have recently come to and already gone from Portugal. Still searching for a better life and well aware that Portugal, after 30 years 'alleged progress' in the EU, still does not offer it.
Money talks...
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+1 #1 Rod Williams 2017-05-19 20:34
Have we any reliable statistics on how many Golden Visa's are still living and working in Portugal? Based here. These people had far more mobility to Schengen than the few hundred refugees who have recently come to and already gone from Portugal. Still searching for a better life and well aware that Portugal, after 30 years 'alleged progress' in the EU, still does not offer it.
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