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'Golden Visa' Scheme Nets over €1bn in Two Years, Mostly in Property

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Oct 2014 – theportugalnews.com


The rate of foreign investment in Portugal linked to the country's 'golden visas' programme of fast-track residence permits for big-spending incomers is this year already at more than twice the level of last, at more than €1 billion, the government said.


The scheme, which was launched two years ago, guarantees residence to applicants with no criminal record, from countries that are not in the European Union or signatories to the Schengen accord, who invest €500,000 or more in property, deposit more than €1 million in a local bank, or make a business investment that creates 10 jobs - all for at least five years. Of the total invested so far, almost €906.5 million was in property.


"Beside the important effect in boosting economic activity, in particular in the property sector and civil construction, the special regime ... has also contributed to the increase in fiscal revenue, as well as to the maintenance and generation of jobs," said the government statement, issued by the offices of the deputy prime minister, Paulo Portas, of the minister of foreign affairs, Rui Machete.



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