LISBON, Nov 2 (Reuters) - Portugal is likely to scrap its "golden visa" program giving wealthy foreigners residence rights, Prime Minister Antonio Costa said on Wednesday, saying that the 10-year-old scheme had already fulfilled its role.
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* Schengen countries are Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland. With a Schengen visa, you can travel to all these countries for a period of up to the duration of stay stated on your visa sticker.
The Authorisation of Residence for Investment Activity for people from non-EU countries, commonly known as the golden visa program, has been heavily criticized at home for sending house prices and rents up, and the European Commission has called for the end of such national schemes.
Costa said Portugal wanted to continue to be attractive, with one example being its recent law, enacted on Monday, that created the so-called digital nomads visa. It gives foreigners with high monthly income from remote work to live and work from Portugal for a year.
Britain scrapped golden visas for rich investors in February amid concerns about the inflow of illicit Russian money, just before Russia's invasion of Ukraine that brought on unprecedented Western sanctions against Moscow. (Reporting by Catarina Demony; Additional reporting by Patricia Rua; Editing by Andrei Khalip and Angus MacSwan)
In Portugal, it has attracted 6.5 billion euros in investment by foreigners, mainly from China, Brazil and South Africa, with the bulk of the money going into real estate. Rules have changed this year to redirect investments from a red-hot property market in big cities to depopulated areas.
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* Schengen countries are Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland. With a Schengen visa, you can travel to all these countries for a period of up to the duration of stay stated on your visa sticker.
The Authorisation of Residence for Investment Activity for people from non-EU countries, commonly known as the golden visa program, has been heavily criticized at home for sending house prices and rents up, and the European Commission has called for the end of such national schemes.
Costa said Portugal wanted to continue to be attractive, with one example being its recent law, enacted on Monday, that created the so-called digital nomads visa. It gives foreigners with high monthly income from remote work to live and work from Portugal for a year.
Britain scrapped golden visas for rich investors in February amid concerns about the inflow of illicit Russian money, just before Russia's invasion of Ukraine that brought on unprecedented Western sanctions against Moscow. (Reporting by Catarina Demony; Additional reporting by Patricia Rua; Editing by Andrei Khalip and Angus MacSwan)
In Portugal, it has attracted 6.5 billion euros in investment by foreigners, mainly from China, Brazil and South Africa, with the bulk of the money going into real estate. Rules have changed this year to redirect investments from a red-hot property market in big cities to depopulated areas.