Portugal Begins Investigation on Golden Visa Funds With ‘Guaranteed Buyback’
The decision comes following complaints from local lawyers with close ties to the sector, AtoZSerwisPlus reports.
According to the Portugal News, some of the Golden Visa funds that are being investigated have been offering investors a “guaranteed buyback agreement.” It means that visa applicants are promised to receive back the full amount of their invested capital upon maturity of the fund and be granted permanent residency.
A “Buyback Agreement” is a contract where the seller agrees to buy the property back at a specified price if a certain event happens in a specific period of time.
Such agreements are used in real estate, where a homeowner offers to repurchase the property at an agreed price after a few years.
Yet, the legality of fund managers or third parties offering these agreements is unclear. The laws regulating these funds, as well as the entities promoting them to apply for such agreements, are the main issues that are up for debate.
1 Year Since Amendments to the Golden Visa Program Became Effective
In October last year, the President of Portugal, Marcelo Rebelo de Sousa, approved the“More Housing” bill, therefore applying new changes to the Golden Visa Program as part of efforts to address the housing crisis.
As part of the changes, the route of real estate investment options from the Residency by Investment scheme, known as the Golden Visa Program. This option, which was the most famous option of this scheme, allowed foreigners to invest €280,000 and more.
However, other options for investments through this program continue to remain effective.
Surge in Golden Visa Applications in 2023
Reports related to the EU’s Golden Visa Program’s involvement in irregular affairs do not cease the interest of foreigners in this program.
Besides, an analysis from the Agency for Integration, Migration and Asylum (AIMA) recently revealed that last year, there was a surge in the number of applications for the Golden Visa Program, driven by American Demand.
According to AIMA, in 2023, the number of Golden Visa applications as families increased to a total of 2,901 from 1,588 family members in 2022.
The same source revealed that the number of individual Golden Visa investors increased from 1,281 to a total of 1,554 last year.
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