Portuguese Foreign Minister August Santos Silva announced today, that the ARI/golden visa scheme to be improved and monitored following OECD recommendations, reported by a Portuguese news agency.
The minister said that the Government has been improving the program in response to the recommendations it has received, notably from the Organization for Economic Co-operation and Development (OECD).
“Last year we received a recommendation from the OECD to facilitate access by our tax administration and the sharing of tax information on beneficiaries of gold visas with other tax administrations, and in the State Budget for 2019 , he noted.
Augusto Santos Silva also stressed that the program is not intended to grant citizenship or Portuguese nationality, but rather to facilitate the granting of permits to reside in Portugal, noting that there are 19 other member countries of the European Union (EU) that have the same program.
The Minister added that with golden visas, there is no evidence in Portugal that the program has been used for illicit or criminal purposes, noting that the so-called golden visa process has ended without anyone being convicted of any wrongdoing committed under that program.
The minister urged public to report illegal visa activities to the authorities.
During the five years since the launch of scheme, General Inspectorate of Internal Administration (IGAI) made no audits. The minister replied IGAI is conducting a review manually.
Since its launch in 2012, the program has enabled the country to achieve around € 4.5 billion of investment or capital, and therefore has this usefulness and should be preserved , improving what needs to be improved, so that the country does not abdicate this instrument, ” said the minister, speaking to LUSA agency.
During the first quarter of 2019, the golden visa investment fell by 33% compared to the same period previous year.
