The rules of issuing "golden visas" for investors buying property for at least €500,000 will be tightened, said Paulo Portas, Deputy Prime Minister of Portugal. Such measures will be taken in connection with a corruption scandal in November 2014 surrounding investor law, ee24.com informs with reference to the foreign media. According to Portas, more officials will verify the requests, and the investor program operating in Portugal since the later 2012 will not be canceled.
Furthermore, the law will be expanded. The €350,000 investment in science and culture will be able to get a residence permit in Portugal, and in the case of investments in underpopulated regions will operate 20% discount on all amounts.
Now a non-resident, bought the property for at least €500,000 or invested €1 million in the economy, receives the permit to live in Portugal constantly and to travel free in Europe. According to Paulo Portas, the "golden visas" has brought Portugal about €1.27 billion investments, plus another €100 million accounted for taxes on foreigners, for two years.
According to the program, at least 2,000 foreigners were issued the residence permits. The most group of investors is the Chinese (80%), followed by the Russians and the Brazilians.
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