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The winners and losers of Portugal's golden visa scheme - chinese love eggs

by:KISSTOY     2019-12-25
The winners and losers of Portugal\'s golden visa scheme  -  chinese love eggs
"Did I get four gold visas for this?
"Yili Chen, as a real estate agent, showed him 2 million euros ($2. 8m)
Apartment in the seaside town of Cascais. The 28-year-
Shenzhen, from southern China, likes to be called Li's old man.
He was attracted to Portugal by Portugal's golden residence permit program.
It gives foreign investors who invest 500,000 euros here the right to live in Portugal.
They are also free to travel in all EU countries in the Schengen area, and after six years they can apply for Portuguese citizenship.
Li, who got married last year, wanted to send his children to European universities.
He is also worried about China's future financial outlook, so he hopes to invest in Europe.
"You can't put all the eggs in the same bucket.
So we are doing something in Europe and it is a very good opportunity.
We can make some money and get a visa . "
Since the implementation of the residence plan in 2012, the Portuguese government has said it has released 734
Known as the "golden visa", more than 440 euros were generated.
Not all of this, though, comes from real estate sales, as foreign investors can also get gold visas by investing millions of euros in capital or creating 10 jobs in Portugal.
The vast majority of applicants-578 of them -
From China.
Brian Tang from Hong Kong received a gold visa last year.
He said the demand in China is so high that he opened a branch of the immigration agency CBIEC in Lisbon to get people like Lee in touch with Portuguese Realtors.
"China has a big appetite for Portugal.
"80 of the applicants are Chinese," said Brian Tang.
He said that part of the appeal was flexibility.
Foreigners only need to stay for seven days in the first year of their stay in Portugal.
But a plan like this for growth across Europe is a concern for some in Portugal, who think it is actually selling access to the EU.
I met Socialist MP Anna Gomez for coffee at the center of Lisbon.
As we watched the tram drive along the cobbled streets, she told me it was not good for Europe.
"I think it's really a game of copying, it's actually a very negative game.
Said Mrs. Gomez.
"Every country is working hard.
Do other things under better conditions to attract all these foreign funds.
"The Residence plan for foreign investors has long existed in the UK and other parts of the world.
But the new wave in Europe is cheaper.
In Portugal and Spain, in order to obtain a permit, the minimum cost for investors on the property was 500,000 euros, 300,000 euros in Cyprus and 250,000 euros in Greece.
Anna Gomez says cash.
The economically strapped European countries are so focused on revitalizing their real estate sector that they do not see potential risks.
"There may be a variety of corruption and even criminal organizations behind those who benefit from these programs . . . . . . This could be another very dangerous way to introduce more corruption and criminal acts into the EU, she added.
But I was told by the Portuguese Minister of Community Jose seisario that there was nothing to worry about: "We don't sell visas or passports.
They were under strict scrutiny.
We investigate everything about them.
We are very strict with them.
"Back in Cascais, when we looked at the ships sailing, Nuno Durao from Fine & Country, a real estate company, told me that the gold visa saved the real estate industry here and everyone benefited.
"The Coming people are investing in Portugal.
Chinese like European brands.
They buy vineyards and pig farms.
This is of great help to Portugal.
"But the locksmith who worked at the dock did not agree.
In his 50 s, Joaquin Mendes Dionisio has seen his pay cut since Portugal was 78 --
Euro rescue three years ago
He thinks the government should come up with some ideas to help them. hit workers.
"The rich came here because they wanted the sun and sand. . .
This is not good for the workers at all.
Because the money they brought was for them.
Not for workers like me.
"Although it is attracted by foreign cash, the Gold Visa is here to stay.
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