Investment through gold visas fell by half in 2015 – Jornal de Negócios – Portugal

Last year, the resulting investment of Residence Permits for Investment activity (ARI) amounted to 466,259,797.63 euros, representing a decrease of 49% compared to 921,314,178.34 euros in 2014 .

Of the total of about 466 million euros obtained from the golden seen, most of the investment (418,079,180.09 euros) resulted from the acquisition of real estate, which remains criterion that assigns more ARI .

In 2014, the investment raised from the purchase of property was nearly twice last year, the total 840,425,983.31 euros, according to the same data.

For seen ‘gold’ awarded by transferring capital, last year the investment was 48,180,617.54 euros, less than the 80,888,195.03 euros in 2014.

To the slowdown in investment ARI helped the police investigation “Operation Labyrinth”, which was known in November 2014 and the consequent amendment of the rules governing the allocation of golden visas.

Last year we were granted 766 visas ‘gold’ less half of the 1,526 assigned in 2014 as the best year ever this foreign investment funding program.

Of those 766 gold visas, 719 resulted in the purchase of real estate, 46 the transfer of capital and the creation of at least 10 jobs.

In 2014 it was allocated 1,452 visas ‘gold’ for the acquisition of real estate, 71 transfer of capital and three by job creation.

From October 8, 2012, when the measure was applied, 2015, 2788 ARI were awarded, totaling an investment of 1,693 million euros.

Of this aggregate amount, 1,528 million euros resulting from the buying real estate and 165.4 million of capital transfer of euros.

Since the program is in place, 2,635 visas were awarded ‘gold’ by way of purchase of property, 149 for capital transfer and four by creating at least 10 jobs.

The 23 February 2015, the former deputy prime minister, Paulo Portas, presented the new changes in the rules for granting visas ‘gold’ that widening foreign investment to areas such as urban rehabilitation or science, among others, which were published in the Official Gazette (DR) to June 30.

However, the SEF suspended the proceedings Assignment seen ‘gold’ to 1 July for lack of legal framework between the old and the new regime.

On 16 July last year, the Steps government Rabbit approved the regulatory decree performing changes to the law.

The new measures came into force on September 3, although to date is not known assigning golden seen by the new rules.

Changes to the receiving visas ‘gold’ emerged after the police investigation “Operation Labyrinth”, in November 2014, which led to the arrest of five of 11 defendants for alleged corruption, a process that culminated in the resignation of then the post Minister of Internal Affairs, Miguel Macedo.