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Portugal's Golden Visa investment drops sharply following corruption scandal

Xinhua, August 20, 2015 Adjust font size:

Golden Visa investment in Portugal dropped drastically from January to July this year, local media reported Thursday,following a corruption scandal last year.

Investment linked to "Golden Visas," or Residence Permits for Investment Activity (ARI), dropped by 70 percent from January to July, from 817 million euros to around 247 million euros, according to Portuguese daily Publico. Only 10 Golden Visas were issued last month, all of them to Chinese citizens.

Compared with the 92-million-euro investment in July last year, the figure has shrunk sharply to only 5.6 million euros this year.

July's drop is believed to be connected with the suspension of the program by the country's Foreigners and Frontiers Services (SEF) following a corruption scandal linked with the it which saw the country's interior minister resign last year.

The Golden Visa program was started in 2012, giving wealthy investors the chance to reside in Portugal as well as visa-free travel in the Schengen zone if they invest 1 million euros in capital, purchase real estate worth 500,000 euros or create at least 10 jobs in the country.

The country has issued 2,430 Golden Visas since the end of 2012, with investment amounting to 1,475 million euros.

Chinese continue to lead in the program by obtaining 1,957 Golden Visas, followed by Brazilians (87), Russians (79), South Africans (60) and Lebanese (36). Endit