Portuguese visa scheme welcomes foreign investors

World Today

Portugal has increased its foreign investment by selling EU residency permits to wealthy foreigners willing to pay.
It is the so called “Golden Visa scheme”.
But despite a recent scandal surrounding it, officials say it is here to stay.

CCTV’s Zhang Lan filed this report from Lisbon.

Portuguese visa scheme welcomes foreign investors

Portugal has increased its foreign investment by selling EU residency permits to wealthy foreigners willing to pay. It is the so called "Golden Visa scheme". But despite a recent scandal surrounding it, officials say it is here to stay.

More Details:

  • Portugal has been granting the special visas to foreigners who are ready to shell out at least €500,000 for a house or apartment in the country. Many luxury apartments in the Portuguese capital are now owned by foreigners. It is called “Golden visa” scheme.
  • Experts say Golden visa schemes have been used by EU countries as a low-cost investment incentive, but there could be some corruption risks.
  • Portuguese prosecutors said last month they planned to charge former interior minister Miguel Macedo for his role in a money-laundering scandal involving the golden visas .