Following the corruption scandal breaks down in the last year, applications for the most sought after popular golden visa program of Portugal has dropped down drastically in the first seven months of this year.
For the same period, an investment received from golden visa applicants has been dropped by about 70 percent from €817 million to around €247 million, according to Portuguese daily public.
In the last month, only ten golden visas were issued and all of them to the Chinese nationals. And in this July the investment received has sharply decreased to €5.6 millions compared to the €92 millions received in July last year.
The drop in July month reception is completely believed due to the suspension of golden visa program by the foreigners and frontiers services (SEF) of Portugal which also resulting the resignation of Portugal interior minister last year.
The Portugal golden visa program is designed to give the wealthy foreign investors a chance to pursue a residency in Portugal also benefitting a visa-free entry to the other 26 Schengen countries. A foreigner can get a golden visa with an investment of at least 500,000 Euros or create a minimum of ten jobs in the country.
Portugal had issued 2,430 golden visas to the foreigners since the end of the year 2012 and received an investment worth of 1,475 Euros into the country.
Among the countries Chinese citizens lead in the program obtained 1,957 golden visas followed by the far behind Brazil and Russia with 87 and 79 visas respectively.