MADRID, May 8 (Reuters) - Spain could pull the plug on its so-called "golden visa" scheme that grants residency rights to foreigners who invest in real estate in the country, according to the leader of a left-wing party negotiating the issue with the government.
"When the state of emergency ends people will face an economic crisis," they said. "How will those who are unemployed start to pay rent again?" Rents have skyrocketed in Portugal in recent years due to the rise of holiday apartments and controversial schemes such as the "golden visa" - granting residence to non-EU property buyers - while salaries remained almost unchanged.
Iñigo Errejon told reporters on Monday his Mas Pais party had reached a preliminary agreement with the Social Security Ministry to put an end to the programme, which allows buyers of property worth at least 500,000 euros ($551,650) and their families to get three-year residency permits.
The European Commission has urged EU countries to end programmes allowing investors to obtain citizenship and tighten checks when issuing residency permits, describing them as a security and money laundering risk.
LISBON, April 2 (Reuters) - Portugal's parliament approved on Thursday the suspension of rents for vulnerable households and cash-strapped small firms during the coronavirus outbreak, but rights groups warned that the measure might only delay a looming housing crisis.
A quarter of the population is on the lowest minimum wage in Western Europe of just 635 euros a month, with household savings at approximately 4.9%, according to Eurostat - one of the lowest rates in Europe.
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.
Activists deemed the measure "insufficient". Though rental prices may fall after the outbreak as demand for holiday lets dissipates, housing groups argue incomes are unlikely to recover fast enough for people to repay the debt.
The ministry would not confirm any plan to terminate the programme. An official familiar with the talks said no agreement had yet been reached as the ministry was still studying proposals made by political parties.
"This pandemic crisis puts people's right to work and housing at risk. We expect a housing crisis," said Vasco Barata, from the Plataforma Solidaria group. "That's what worries us." (Reporting by Victoria Waldersee, Catarina Demony, editing by Andrei Khalip)
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.
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.
The state of emergency was declared on March 18 and extended on Thursday by 15 days. It was not clear how much longer it will last, but Prime Minister Antonio Costa said on Wednesday restrictive measures could be in place for months as the country approaches an expected plateau of coronavirus cases at the end of May.
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)
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.
"When the state of emergency ends people will face an economic crisis," they said. "How will those who are unemployed start to pay rent again?" Rents have skyrocketed in Portugal in recent years due to the rise of holiday apartments and controversial schemes such as the "golden visa" - granting residence to non-EU property buyers - while salaries remained almost unchanged.
Iñigo Errejon told reporters on Monday his Mas Pais party had reached a preliminary agreement with the Social Security Ministry to put an end to the programme, which allows buyers of property worth at least 500,000 euros ($551,650) and their families to get three-year residency permits.
The European Commission has urged EU countries to end programmes allowing investors to obtain citizenship and tighten checks when issuing residency permits, describing them as a security and money laundering risk.
LISBON, April 2 (Reuters) - Portugal's parliament approved on Thursday the suspension of rents for vulnerable households and cash-strapped small firms during the coronavirus outbreak, but rights groups warned that the measure might only delay a looming housing crisis.
A quarter of the population is on the lowest minimum wage in Western Europe of just 635 euros a month, with household savings at approximately 4.9%, according to Eurostat - one of the lowest rates in Europe.
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.
Activists deemed the measure "insufficient". Though rental prices may fall after the outbreak as demand for holiday lets dissipates, housing groups argue incomes are unlikely to recover fast enough for people to repay the debt.
The ministry would not confirm any plan to terminate the programme. An official familiar with the talks said no agreement had yet been reached as the ministry was still studying proposals made by political parties.
"This pandemic crisis puts people's right to work and housing at risk. We expect a housing crisis," said Vasco Barata, from the Plataforma Solidaria group. "That's what worries us." (Reporting by Victoria Waldersee, Catarina Demony, editing by Andrei Khalip)
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.
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.
The state of emergency was declared on March 18 and extended on Thursday by 15 days. It was not clear how much longer it will last, but Prime Minister Antonio Costa said on Wednesday restrictive measures could be in place for months as the country approaches an expected plateau of coronavirus cases at the end of May.
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)
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.
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