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Golden Visa scheme struggles onwards

pinecliffsThe suspension of Golden Visa applications for two weeks in July meant only ten were issued, all of them to Chinese citizens.

This meant a 70% drop compared to last July following the suspension caused by legal difficulties in the wording of Portugal's 'Residence Permits for Investment' laws.

Since last November’s scandal in which several senior officials at the Foreign and Border Service were arrested, as was the President of the Institute of Registries and Notaries, the number of Golden Visas issued has been much reduced.

Between January and July 2014 a total of €817 million was spent by Golden Visa applicants. In the same period this year only €247 million was spent on property and on qualifying investments.

There are no official figures for the number of outstanding applications, but it is estimated that several hundred people are waiting for their documentation to be approved while enhanced checks are undertaken.

In May, the number of applications from Chinese citizens had decreased by 20% but the number of Brazilians applying was on the rise, according to the Secretary of State for Communities.

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0 #1 Enid 2015-08-20 20:32
Why can't some bright spark supervising Anbang's push for Novo Banco combine it with asking Anbang to reveal using their own bank connections how much money these Chinese citizens actually lifted out of Macao and how much less actually got declared as arriving in Portugal.

ie. how much went off-shore and was used to grease Portuguese officials. Just an idea given how strong Portugal is allegedly on money launderers.