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Portugal to enforce tighter investor visa rules after scandal

Xinhua, February 24, 2015 Adjust font size:

Portugal will tighten rules for the investor-oriented "golden visa" scheme following a scandal, but will not scrap it, Deputy Prime Minister Paulo Portas said Monday.

An investigation in November 2014 led to the detention of three high-ranking officials related to a golden visa scandal on suspicion of corruption, money-laundering and embezzlement.

Portas pointed out that the golden visa scheme has brought 1.27 billion euros (1.44 billion dollars) in investment and 100 million euros (113 million dollars) in taxation revenue.

"There are 13 other EU countries with similar investment programs, so I don't think it's clever to give up this program to the benefit of others."

Portas said the scheme would be extended to the science and culture sectors, and a foreigner can ask for a resident visa by investing 350,000 euros (396,000 U.S. dollars) in these sectors.

Portugal launched the golden visa scheme in 2012 during the economic crisis to attract investment, giving wealthy foreign investors the chance to reside in the country and visa-free travel in the Schengen zone if they meet certain requirements by purchasing real estate worth half a million euros or investing 1 million euros in capital. Endi