Portugal's refusal of the “Golden Visas” led to a loss of 800 million euros

Portugal's refusal of the Golden Visas resulted in the loss of 800 million euros

The Residence by Investment Program, also known as the Golden Visa Scheme, has for many years allowed wealthy foreign investors to acquire residency in this country by meeting certain conditions and investing significant amounts of money in the economy.

However, the mechanism, which has made a notable contribution to the country's economic sector, was stopped on February 16, 2023, under the Mais Habitacao scheme, adopted with the aim of addressing the housing shortage. In addition, the “Golden Visa” programs run by several EU countries have been constantly criticized, accused of involvement in illegal affairs, money laundering, tax evasion and corruption. 

In general, after leaving the “market” In Portugal, investors have turned their attention to Greece, where the Golden Visas continue to issue. Well, of course, they also send their money to the Greek treasury. And this is a lot of money.

Sunday's guide to the Portuguese economy Dinheiro Vivo figures that from February 16 to the end of April, failed real estate and tourism projects worth about 800 million euros led to the loss of 500 million euros in taxes, which could have been left in Portugal.

In addition, a total of 2,090 jobs involved in canceled projects have not yet been created.

True, there are other factors that explain rise in house prices in Portugal: lack of new facilities, as well as international interest and economic recovery.

However, despite allegations of involvement in many illegal cases, from October 2012 to February 2023 by the Portuguese authorities a total of 11,758 golden visas were issued.

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