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Critics say measures announced by the government earlier this year that include curbs on Airbnb short-term rentals and changes to the country's golden visa scheme were not enough to tame the crisis, which has also been exacerbated by a chronic shortage of affordable housing.
Britain scrapped golden visas for rich investors in February amid concerns about the inflow of illicit Russian money, just before Russia's invasion of Ukraine that brought on unprecedented Western sanctions against Moscow. (Reporting by Catarina Demony; Additional reporting by Patricia Rua; Editing by Andrei Khalip and Angus MacSwan)
The announcement came two days after thousands of people took to the streets of Lisbon and other cities across Portugal to protest against soaring rents and house prices stoked by growing gentrification and record tourism.
LISBON, Nov 2 (Reuters) - Portugal is likely to scrap its "golden visa" programme giving wealthy foreigners residence rights, Prime Minister Antonio Costa said on Wednesday, saying that the 10-year-old scheme had already fulfilled its role.
Yes, any non-EU citizen must have a valid passport to enter Portuguese territory.
Government data show more than 50% of workers earned less than 1,000 euros ($1,046) per month last year, and a 65% increase in Lisbon rents since the start of the tourism boom in 2015 has made apartments unaffordable for many.
Launched in 2009, the scheme allows people who become residents by spending more than 183 days a year in the country to benefit from a special 20% tax rate on Portuguese-sourced income derived from "high value-added activities", such as doctors and university teachers.
The European Commission is due to publish by the end of the year a report on so-called golden visa schemes run by EU states. A spokesman said on Monday the report would offer "guidance" to EU countries on how to apply the programmes.
BRUSSELS, March 5 (Reuters) - Programmes run by some European Union countries to sell visas and citizenship to wealthy individuals could undermine the bloc's free-movement area as they are vulnerable to abuse and graft, two anti-corruption watchdogs said on Monday.
Costa said Portugal wanted to continue to be attractive, with one example being its recent law, enacted on Monday, that created the so-called digital nomads visa. It gives foreigners with high monthly income from remote work to live and work from Portugal for a year.
The commission should at least set guidelines on due diligence, according to Rachel Owens of anti-corruption group Global Witness. These programmes "pose systemic and high corruption risks across Europe," she said.
In Portugal, it has attracted 6.5 billion euros in investment by foreigners, mainly from China, Brazil and South Africa, with the bulk of the money going into real estate. Rules have changed this year to redirect investments from a red-hot property market in big cities to depopulated areas.
If you liked this posting and you would like to obtain a lot more data concerning golden visa program kindly go to our web-page. New investigative reports release by the Organised Crime and Corruption Reporting Project (OCCRP), a media consortium, showed cases of poor governmental scrutiny over individuals who were granted EU passports or residence permits.
Other benefits of the scheme - known as Non-Habitual Resident - include tax exemptions on almost all foreign income if taxed in the country of origin and a 10% flat tax rate on pensions from a foreign source.
LISBON, Oct 3 (Reuters) - Tax breaks for foreign residents in Portugal are "no longer justified", Prime Minister Antonio Costa said, promising to close the scheme for new applicants in 2024 after it stoked housing prices in one of western Europe's poorest nations.
The Authorisation of Residence for Investment Activity for people from non-EU countries, commonly known as the golden visa programme, has been heavily criticised at home for sending house prices and rents up, and the European Commission has called for the end of such national schemes.
Government schemes to trade citizenship or residence rights for investment have been applied in at least 10 European countries that are part of the Schengen free-movement area: Austria, Belgium, Greece, Latvia, Lithuania, Malta, Portugal, Spain, Hungary and Switzerland.
The Maltese scheme, for instance, requires applicants to make financial contributions of at least 650,000 euros ($800,000) and an investment in selected stocks, bonds or special purpose vehicles of at 150,000 euros to be held for a minimum period of five years. ($1 = 0.8116 euros) (Reporting by Francesco Guarascio editing by Mark Heinrich)
Critics say measures announced by the government earlier this year that include curbs on Airbnb short-term rentals and changes to the country's golden visa scheme were not enough to tame the crisis, which has also been exacerbated by a chronic shortage of affordable housing.
Britain scrapped golden visas for rich investors in February amid concerns about the inflow of illicit Russian money, just before Russia's invasion of Ukraine that brought on unprecedented Western sanctions against Moscow. (Reporting by Catarina Demony; Additional reporting by Patricia Rua; Editing by Andrei Khalip and Angus MacSwan)
The announcement came two days after thousands of people took to the streets of Lisbon and other cities across Portugal to protest against soaring rents and house prices stoked by growing gentrification and record tourism.
LISBON, Nov 2 (Reuters) - Portugal is likely to scrap its "golden visa" programme giving wealthy foreigners residence rights, Prime Minister Antonio Costa said on Wednesday, saying that the 10-year-old scheme had already fulfilled its role.
Yes, any non-EU citizen must have a valid passport to enter Portuguese territory.
Government data show more than 50% of workers earned less than 1,000 euros ($1,046) per month last year, and a 65% increase in Lisbon rents since the start of the tourism boom in 2015 has made apartments unaffordable for many.
Launched in 2009, the scheme allows people who become residents by spending more than 183 days a year in the country to benefit from a special 20% tax rate on Portuguese-sourced income derived from "high value-added activities", such as doctors and university teachers.
The European Commission is due to publish by the end of the year a report on so-called golden visa schemes run by EU states. A spokesman said on Monday the report would offer "guidance" to EU countries on how to apply the programmes.
BRUSSELS, March 5 (Reuters) - Programmes run by some European Union countries to sell visas and citizenship to wealthy individuals could undermine the bloc's free-movement area as they are vulnerable to abuse and graft, two anti-corruption watchdogs said on Monday.
Costa said Portugal wanted to continue to be attractive, with one example being its recent law, enacted on Monday, that created the so-called digital nomads visa. It gives foreigners with high monthly income from remote work to live and work from Portugal for a year.
The commission should at least set guidelines on due diligence, according to Rachel Owens of anti-corruption group Global Witness. These programmes "pose systemic and high corruption risks across Europe," she said.
In Portugal, it has attracted 6.5 billion euros in investment by foreigners, mainly from China, Brazil and South Africa, with the bulk of the money going into real estate. Rules have changed this year to redirect investments from a red-hot property market in big cities to depopulated areas.If you liked this posting and you would like to obtain a lot more data concerning golden visa program kindly go to our web-page. New investigative reports release by the Organised Crime and Corruption Reporting Project (OCCRP), a media consortium, showed cases of poor governmental scrutiny over individuals who were granted EU passports or residence permits.
Other benefits of the scheme - known as Non-Habitual Resident - include tax exemptions on almost all foreign income if taxed in the country of origin and a 10% flat tax rate on pensions from a foreign source.
LISBON, Oct 3 (Reuters) - Tax breaks for foreign residents in Portugal are "no longer justified", Prime Minister Antonio Costa said, promising to close the scheme for new applicants in 2024 after it stoked housing prices in one of western Europe's poorest nations.
The Authorisation of Residence for Investment Activity for people from non-EU countries, commonly known as the golden visa programme, has been heavily criticised at home for sending house prices and rents up, and the European Commission has called for the end of such national schemes.
Government schemes to trade citizenship or residence rights for investment have been applied in at least 10 European countries that are part of the Schengen free-movement area: Austria, Belgium, Greece, Latvia, Lithuania, Malta, Portugal, Spain, Hungary and Switzerland.
The Maltese scheme, for instance, requires applicants to make financial contributions of at least 650,000 euros ($800,000) and an investment in selected stocks, bonds or special purpose vehicles of at 150,000 euros to be held for a minimum period of five years. ($1 = 0.8116 euros) (Reporting by Francesco Guarascio editing by Mark Heinrich)
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