Goncalo Roxo, of Portugal-based Your Property Advisor, said he had warned his clients against trying to speed up the process due to the risk from bureaucratic delays. If you treasured this article and you also would like to get more info pertaining to portugal golden visa Program kindly visit the web site. ($1 = 0.9310 euros) (Reporting by Catarina Demony; Additional reporting by Patricia Rua; Editing by Andrei Khalip and Alison Williams)
His office did not immediately reply to a request for comment. Costa has previously said there was no justification to keep the scheme because it had fulfilled the role it had been intended to fulfil, without elaborating.
The scheme, aimed at non-EU nationals ready to invest in Portugal, has attracted 6.8 billion euros ($7.30 billion) since its launch in 2012, with the bulk of the money going into real estate. Successful applicants are then given residency rights.
LISBON, March 14 (Reuters) - Portugal's plan to end its golden visa scheme for investors, yet to be officially approved, has led to a rush in applications according to advisory firms who have criticised the plan as populist.
"As soon as you put a deadline on something, it gets people rushing," Nuri Katz from another advisers, Apex Capital Partners, told Reuters. "There's absolutely nothing as good as a deadline in this business."
In January, 93 golden visas were issued, a 45% drop compared to December, but the number went up again in February, when 130 were handed out, mainly to Chinese, U.S. and Turkish investors, according to border agency data.
While the data shows a jump in applications, the process can take months so it is not immediately clear whether the numbers are a reflection of the government's announcement, which was first floated in November.
As part of a package to address the housing crisis as rents also soar, Portugal's premier Antonio Costa announced last month the intention to scrap the scheme. The measure is under public consultation until next Friday.
His office did not immediately reply to a request for comment. Costa has previously said there was no justification to keep the scheme because it had fulfilled the role it had been intended to fulfil, without elaborating.
The scheme, aimed at non-EU nationals ready to invest in Portugal, has attracted 6.8 billion euros ($7.30 billion) since its launch in 2012, with the bulk of the money going into real estate. Successful applicants are then given residency rights.
LISBON, March 14 (Reuters) - Portugal's plan to end its golden visa scheme for investors, yet to be officially approved, has led to a rush in applications according to advisory firms who have criticised the plan as populist.
"As soon as you put a deadline on something, it gets people rushing," Nuri Katz from another advisers, Apex Capital Partners, told Reuters. "There's absolutely nothing as good as a deadline in this business."
In January, 93 golden visas were issued, a 45% drop compared to December, but the number went up again in February, when 130 were handed out, mainly to Chinese, U.S. and Turkish investors, according to border agency data.
While the data shows a jump in applications, the process can take months so it is not immediately clear whether the numbers are a reflection of the government's announcement, which was first floated in November.
As part of a package to address the housing crisis as rents also soar, Portugal's premier Antonio Costa announced last month the intention to scrap the scheme. The measure is under public consultation until next Friday.