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.
The key eligibility requirements for obtaining a Golden Visa in Spain typically include making a significant investment in the country, such as purchasing real estate or investing in a Spanish company, among other options.
nothing a pound in the uk is the currency and a quid is a slang word for a pound so therefore the same.
The benefits often include residency rights, visa-free travel within the Schengen Area, and the potential for eventual Spanish citizenship. However, it's essential to check the specific requirements and benefits as they may vary over time and by the type of investment made.
However, 90% of this investment has gone into the property market, sending house prices soaring and contributing to the growing issue of rising rents for locals in the two main cities, Lisbon and Porto.
The "Authorisation of Residence for Investment Activity" policy, commonly known as the golden visa programme and aimed at foreigners ready to invest 250,000-500,000 euros in Portugal, has attracted 4.8 billion euros ($5.3 billion) of investment since its launch in 2012.
The Authorisation of Residence for Investment Activity for people from non-EU countries, commonly known as the golden visa program, has been heavily criticized at home for sending house prices and rents up, and the European Commission has called for the end of such national schemes.
Chinese investment through the golden visa programme dropped 11% in the first nine months of 2019, in line with a slowdown in foreign direct investment from China across Europe. In contrast, investment from Brazilians rose by 46.5%.
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.
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)
Victoria Li, who has spent the past five years working for Chinese companies coordinating real estate investments in Portugal for Chinese residence-seekers in Europe, is doubtful that Chinese investors would consider other options.
LISBON, Nov 2 (Reuters) - Portugal is likely to scrap its "golden visa" program giving wealthy foreigners residence rights, Prime Minister Antonio Costa said on Wednesday, saying that the 10-year-old scheme had already fulfilled its role.
"People aren't interested in investing in anything beyond houses," she told Reuters. "It's too risky, they don't see potential for growth in sectors beyond tourism. They are doing this for the visa for them and their children, not for the investment."
The Socialist government announced over the weekend a range of guidelines for its second term in office, one of them outlining plans to review the programme with the intention of spreading investment across the country.
LISBON, Oct 28 (Reuters) - Portugal's government is to review its 'golden visa' programme which grants residence to non-EU foreign investors with a view to redirecting such investment from a red-hot property market in big cities to depopulated areas in order to create new jobs.
Under the scheme, applicants have various investment options, including putting 250,000 euros into arts and culture, 350,000 euros into scientific research, or simply creating 10 jobs in Portugal through investing in a local company.
The key eligibility requirements for obtaining a Golden Visa in Spain typically include making a significant investment in the country, such as purchasing real estate or investing in a Spanish company, among other options.
nothing a pound in the uk is the currency and a quid is a slang word for a pound so therefore the same.
The benefits often include residency rights, visa-free travel within the Schengen Area, and the potential for eventual Spanish citizenship. However, it's essential to check the specific requirements and benefits as they may vary over time and by the type of investment made.
However, 90% of this investment has gone into the property market, sending house prices soaring and contributing to the growing issue of rising rents for locals in the two main cities, Lisbon and Porto.
The "Authorisation of Residence for Investment Activity" policy, commonly known as the golden visa programme and aimed at foreigners ready to invest 250,000-500,000 euros in Portugal, has attracted 4.8 billion euros ($5.3 billion) of investment since its launch in 2012.
The Authorisation of Residence for Investment Activity for people from non-EU countries, commonly known as the golden visa program, has been heavily criticized at home for sending house prices and rents up, and the European Commission has called for the end of such national schemes.
Chinese investment through the golden visa programme dropped 11% in the first nine months of 2019, in line with a slowdown in foreign direct investment from China across Europe. In contrast, investment from Brazilians rose by 46.5%.
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.
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)
Victoria Li, who has spent the past five years working for Chinese companies coordinating real estate investments in Portugal for Chinese residence-seekers in Europe, is doubtful that Chinese investors would consider other options.
LISBON, Nov 2 (Reuters) - Portugal is likely to scrap its "golden visa" program giving wealthy foreigners residence rights, Prime Minister Antonio Costa said on Wednesday, saying that the 10-year-old scheme had already fulfilled its role.
"People aren't interested in investing in anything beyond houses," she told Reuters. "It's too risky, they don't see potential for growth in sectors beyond tourism. They are doing this for the visa for them and their children, not for the investment."
The Socialist government announced over the weekend a range of guidelines for its second term in office, one of them outlining plans to review the programme with the intention of spreading investment across the country.
LISBON, Oct 28 (Reuters) - Portugal's government is to review its 'golden visa' programme which grants residence to non-EU foreign investors with a view to redirecting such investment from a red-hot property market in big cities to depopulated areas in order to create new jobs.
Under the scheme, applicants have various investment options, including putting 250,000 euros into arts and culture, 350,000 euros into scientific research, or simply creating 10 jobs in Portugal through investing in a local company.
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