The Portugal’s golden visa immigration scheme, which was known as popular immigration program in the world is now suspended by the country’s foreigners and frontiers services (SEF) due to the lack of regulation.
The foreigners and frontier services (SEF) confirming that the program suspended from July 1, 2015, due to scandals broken while issuing residency permits. Also added, the suspension would end when a proper regulation of the program is authorized.
This golden visa scheme was introduced in October 2012 to attract the investment into the country by giving away the residency permit to the wealthy foreign investors in Portugal and also allowing them to travel visa-free in Schengen area.
This program was launched to fuel its ailing economy during the debt crisis in 2012 by raising the investment from the foreign nationals with a minimum investment transfer of amount 1 million euros or creating ten jobs.
So far, Portugal had issued 2,420 golden visas to the foreign nationals until 31st June while receiving a foreign direct investment of up to 1.47 billion Euros in the country.
Among the citizens of the countries accessing golden visas, Chinese lead the way followed by Brazil and Russia.