Government speeds up the process of Golden Visa
Measure is intended to prevent the outflow of foreign investment for gold visa delays
The Portuguese government wants to prevent the outflow of foreign investors, having created a “blue line” to speed up the process of getting a Golden Visa. The purpose of government is to speed up the processes, maximizing the program's income and preventing investors from leaving.
Requests for issue or renewal of Residence Permit for Investment (ARI) will be treated as priority cases by the end of 2017. “It is expected by the end of the year to increase the creation of specialized services for many areas” (between which the ARI), said the Foreigners and Borders Service (SEF) to Diário de Notícias. Through the creation of an express service, it is intended to ensure that no investment is lost.
The excessive delay in the processing of gold visas has been criticized by the Association of Professionals and Real Estate Companies in Portugal (APEMIP), which has warned about the decrease in the amounts raised with this fiscal tax. In fact, the investment achieved through golden visas decreased by 5% in April, compared to the previous year, to 78 million euros.
The criteria for granting golden visas have been changed by the Government. As far as real estate investment is concerned, there has been no change but there is a new measure that reduces the amount of investment needed in small and medium-sized companies to achieve a residence permit for foreigners. Now, is required less than 500 thousands euros in the purchase of real estate.
What are golden visas (Residence Permit for Investment – ARI)?
The ARI or Residence Permit for Investment is the possibility for foreign investors (non citizens of EU) to apply for a residence permit for the purpose of pursuing an investment activity by fulfilling certain requirements, such as the transfer of capital, job creation or the purchase of real estate. Usually, the investors choose the last one.
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