Portugal residence program
The Portugal Residence Program
Not only has the country of Portugal refused to abolish its Portugal residence program, but it has also expanded it with a new Green Visa sub-program.
The Portuguese Parliament has turned down a bill to abolish the Portugal residence program, that had been proposed by the opposition.
The attempt of the two far-left political parties of the country of Portugal to abolish the Portugal residence program in the country through the parliament has failed.
Instead, the members of the Portuguese parliament have voted for broadening the Portugal residence program further by adding a new sub-category by the name of “Green Visa” program.
A lawmaker for the PAN – the animal rights and environmental party -, Andre Silva has stated that it is important that the country of Portugal creates a program that would attract foreigners to invest in the areas of the country of ecological nature.
NEW 500K GOLDEN VISA PROPERTY
GREAT SOURCE OF PORTUGAL PROPERTY FOR SALE BY TYPE
“Taking into consideration the importance of reinforcing a multicultural and open society …it’s important to create an additional scheme to attract foreign investment of an ecological nature” – He has stated for the parliament.
The new sub-category of the Portugal residence program will permit foreigners to obtain the permanent residence certificate if they invest a minimum of five hundred thousand Euros in either of the following sectors – organic agriculture, ecotourism, renewable energy, and many other environmental projects.
On the other hand, the president of the Transparency International Portugal – the TI PT -, João Paulo Batalha had argued that the Portugal residence program could create more risks as they are not clearly defined, nor is the procedure necessary for certifying that these investments are being made appropriately.
The Portugal residence program offers permanent residence certificates to foreigners who invest in the Portuguese property, set up tech companies, and create new jobs. The permanent residence certificate allows one to travel freely throughout the entire Schengen Zone and further.
The European Commission has warned Portugal of the possibility of these visas being misused by criminals and the corrupt.
That is why the European Commission plans on guiding the states that are members the EU and that run residence programs on how to manage them, including guidance on how to perform adequate background checks on the applicants.
So far, sixty eight hundred and thirteen permanent residence certificates have been granted – two in 2012, four hundred and ninety four in 2013, fifteen hundred and twenty six in 2014, seven hundred and sixty six in 2015, fourteen hundred and fourteen in 2016, thirteen hundred and fifty one in 2017, and twelve hundred and sixty in 2018.