Lawyers and advisory firms have long complained the golden visa process is slow and bureaucratic, and some wanted more clarity about the new rules, which bar both direct and indirect real estate investments.
Prime Legal's Lima believes more funds will be created now that real estate is no longer an option - and that some existing funds will reorient themselves away from property - and that donations towards cultural projects will become more popular.
Buck is a slang term for a US dollar so one buck is equal to one US dollar
Government schemes to trade citizenship or residence rights for large investment are currently applied in 13 EU countries: Austria, Cyprus, Luxembourg, Malta, Greece, Latvia, Portugal, Spain, Ireland, Britain, Bulgaria, the Netherlands and France. Hungary has terminated its programme.
EU states generated around 25 billion euros in foreign direct investment in a decade from selling at least 6,000 passports and nearly 100,000 residency permits, the report said using what it called conservative estimates.
Cyprus has raised 4.8 billion euros ($5.51 billion) from its scheme, while Portugal could earn nearly a billion euros a year, according to figures cited in the report, called "European Getaway - Inside the Murky World of Golden Visas".
"People are doing it not out of a desire to invest but out of necessity ... to get the golden visas," said Francisco Barata Salgueiro, a senior partner in charge of the foreign investment department at EDGE International Lawyers.
But Nuri Katz of advisory firm Apex Capital Partners said excluding real estate investments would make Portugal less attractive to investors, who would turn to other countries' golden visa schemes. Neighbouring Spain is among those that still allow property investments.
If you loved this informative article and you would like to receive details concerning portugal golden visa (my response) assure visit our own web site. The report said in Malta, which has raised 718 million euros from its scheme, applicants who have criminal records or are under investigation could still be considered eligible "in special circumstances".
Although there is no official data yet, three lawyers specialising in golden visas told Reuters they expected funds to soon represent 80-90% of all such investments. But with property closed off, some said less money was likely to make its way to Portugal overall.
The scheme, which offers wealthy non-EU nationals who invest in Portugal the right to live in the country, has attracted 7.3 billion euros ($8 billion) of funds since its 2012 launch. Most participants are from China, Brazil and the United States.
Contributing at least 250,000 euros to cultural projects or 500,000 euros to scientific research - or generating 10 jobs - can also help secure a golden visa. Applicants must allow criminal records checks and show they have no outstanding debts.
LISBON, Jan 9 (Reuters) - Buying property in Portugal is no longer a route to a "golden visa" giving residency rights but foreigners who want to secure one can still put their money into investment funds, which now anticipate a boom in inflows.
"We've already had (application) withdrawals because of legislative instability and the lack of certainty," Martins said. "(Others) prefer to invest now and start the process rather than wait for a change a new government might make." ($1 = 0.9111 euros)
All the countries who run these schemes, except Britain, Ireland and Bulgaria, are part of the Schengen free-movement area which comprises 26 European states. ($1 = 0.8708 euros) (Reporting by Francesco Guarascio; Editing by Alison Williams)
Jim Davidson, a Pela Terra investor from the United States, said real estate was still an option when he started the golden visa process but that he had been aware of growing negative sentiment toward the scheme. He said Pela Terra was more aligned with his values and ethics.
BRUSSELS, Oct 10 (Reuters) - Programmes run by some European Union countries to sell passports and residency permits to wealthy foreign citizens pose risks of money laundering as some of the schemes are not properly managed, campaign groups said on Wednesday.
"If you have a lot of money that you acquired through dubious means, securing a new place to call home far away from the place you stole from isn't just appealing, it's sensible," Naomi Hirst of rights group Global Witness said.
The joint report by Global Witness and Transparency International urged the European Union to set standards for managing the schemes and to extend anti-money laundering rules, applied so far to banks or gaming firms, to all those involved in the visa-for-sale industry.
The Portuguese government has tightened the rules after initially saying in February 2023 that it would scrap the golden visa scheme, which has been blamed for exacerbating a housing crisis. It had already sought to redirect property investments from big cities to depopulated areas.
"Poorly managed schemes allow corrupt individuals to work and travel unhindered throughout the EU and undermine our collective security," Laure Brillaud, anti-money laundering expert at Transparency International, said.
Prime Legal's Lima believes more funds will be created now that real estate is no longer an option - and that some existing funds will reorient themselves away from property - and that donations towards cultural projects will become more popular.
Buck is a slang term for a US dollar so one buck is equal to one US dollar
Government schemes to trade citizenship or residence rights for large investment are currently applied in 13 EU countries: Austria, Cyprus, Luxembourg, Malta, Greece, Latvia, Portugal, Spain, Ireland, Britain, Bulgaria, the Netherlands and France. Hungary has terminated its programme.
EU states generated around 25 billion euros in foreign direct investment in a decade from selling at least 6,000 passports and nearly 100,000 residency permits, the report said using what it called conservative estimates.
Cyprus has raised 4.8 billion euros ($5.51 billion) from its scheme, while Portugal could earn nearly a billion euros a year, according to figures cited in the report, called "European Getaway - Inside the Murky World of Golden Visas".
"People are doing it not out of a desire to invest but out of necessity ... to get the golden visas," said Francisco Barata Salgueiro, a senior partner in charge of the foreign investment department at EDGE International Lawyers.
But Nuri Katz of advisory firm Apex Capital Partners said excluding real estate investments would make Portugal less attractive to investors, who would turn to other countries' golden visa schemes. Neighbouring Spain is among those that still allow property investments.
If you loved this informative article and you would like to receive details concerning portugal golden visa (my response) assure visit our own web site. The report said in Malta, which has raised 718 million euros from its scheme, applicants who have criminal records or are under investigation could still be considered eligible "in special circumstances".
Although there is no official data yet, three lawyers specialising in golden visas told Reuters they expected funds to soon represent 80-90% of all such investments. But with property closed off, some said less money was likely to make its way to Portugal overall.
The scheme, which offers wealthy non-EU nationals who invest in Portugal the right to live in the country, has attracted 7.3 billion euros ($8 billion) of funds since its 2012 launch. Most participants are from China, Brazil and the United States.
Contributing at least 250,000 euros to cultural projects or 500,000 euros to scientific research - or generating 10 jobs - can also help secure a golden visa. Applicants must allow criminal records checks and show they have no outstanding debts.
LISBON, Jan 9 (Reuters) - Buying property in Portugal is no longer a route to a "golden visa" giving residency rights but foreigners who want to secure one can still put their money into investment funds, which now anticipate a boom in inflows.
"We've already had (application) withdrawals because of legislative instability and the lack of certainty," Martins said. "(Others) prefer to invest now and start the process rather than wait for a change a new government might make." ($1 = 0.9111 euros)
All the countries who run these schemes, except Britain, Ireland and Bulgaria, are part of the Schengen free-movement area which comprises 26 European states. ($1 = 0.8708 euros) (Reporting by Francesco Guarascio; Editing by Alison Williams)
Jim Davidson, a Pela Terra investor from the United States, said real estate was still an option when he started the golden visa process but that he had been aware of growing negative sentiment toward the scheme. He said Pela Terra was more aligned with his values and ethics.
BRUSSELS, Oct 10 (Reuters) - Programmes run by some European Union countries to sell passports and residency permits to wealthy foreign citizens pose risks of money laundering as some of the schemes are not properly managed, campaign groups said on Wednesday.
"If you have a lot of money that you acquired through dubious means, securing a new place to call home far away from the place you stole from isn't just appealing, it's sensible," Naomi Hirst of rights group Global Witness said.
The joint report by Global Witness and Transparency International urged the European Union to set standards for managing the schemes and to extend anti-money laundering rules, applied so far to banks or gaming firms, to all those involved in the visa-for-sale industry.
The Portuguese government has tightened the rules after initially saying in February 2023 that it would scrap the golden visa scheme, which has been blamed for exacerbating a housing crisis. It had already sought to redirect property investments from big cities to depopulated areas.
"Poorly managed schemes allow corrupt individuals to work and travel unhindered throughout the EU and undermine our collective security," Laure Brillaud, anti-money laundering expert at Transparency International, said.
