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Portugal unblocks suspension of golden visa scheme

Xinhua, September 4, 2015 Adjust font size:

Portugal's Foreigners and Frontiers Services (SEF) on Thursday unblocked the country's gold visa scheme which was suspended in July.

"The Foreigners and Frontiers Services informs that, after Minister of Internal Administration Anablela Rodrigues yesterday certified the new manual of procedures for residency for investment activity (ARI), an internal document, the order has been given for the new procedure of ARI to be resumed," an official source told daily newspaper Diario Economico.

The golden visa scheme was launched in 2012 and gives wealthy investors the chance to reside in Portugal as well as visa-free travel in the Schengen zone if they meet certain requirements, for example by investing 1 million euros (1.11 million U.S. dollars) in capital.

The program was suspended on July 1 due to a lack of regulation, following an investigation which led to the detention of 11 high ranking officials on suspicion of corruption, money-laundering and embezzlement.

The Chinese continue to lead the gold visa scheme, having clinched 1,957 golden visas, followed by the Brazilians (87) and the Russian (79). Endit