New amendments to the Mais Habitacao (More housing) bill which aim, among other things, to maintain the Golden Visa Program open, were proposed by the Portuguese Socialist Party, which holds the parliamentary majority.
Recent changes in the Socialist Party mean that the residency by investment program would be modified instead of being abolished, as was previously proposed, reports SchengenVisaInfo.com.
The new proposals include the removal of investments of a real estate nature as well as capital investments through deposits and other instruments as a means of obtaining a Golden Visa, according to the International Adviser report.
It was nevertheless proposed to retain the following investment options: job creation options, investments in scientific research (€500,000), as well as those in the cultural and artistic fields (€250,000) and venture capital funds (€500,000) or companies. which maintain or create at least five jobs.
A vote on the recent changes proposed by the Socialist Party is expected to be scheduled in the coming days.
Blacktower company chairman John Westwood told International Adviser it is interesting to see this party proposing to keep investment housing open despite initial plans to end it.
“It appears they have found common ground by eliminating real estate and some capital investments as eligible options. The proposed changes, particularly the elimination of real estate as a qualifying investment option, will likely impact wealth management strategies for individuals seeking to obtain residency through investment. » Westwood pointed out.
He added that by removing real estate as an investment option for the Golden Visa program, the Portuguese government is likely to address concerns about rising property prices and its effects on local communities.
“While much needed for local residents, the emphasis on job creation and investment in scientific or cultural fields in the revised Golden Visa proposal indicates a potential shift in managers’ investment strategies of heritage. They may need to help clients identify and evaluate opportunities in these sectors to meet program requirements. Westwood.
Portuguese authorities proposed abolishing the Golden Visa program earlier this year. The program allowed third-country nationals to acquire residency in that country by making a financial contribution. However, the country has often been criticized for allowing this program to be used by corrupt people for illicit activities, including money laundering here.
A previous Portugal News report revealed that the the abolition of the Golden Visa program led to the cancellation of a residential tourism project worth 800 million euros which would have an impact of 4.8 billion euros on the Portuguese economy.