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Despite the fact that Portugal officially abolished its Golden Visa Program last week, the President of the Government of Madeira, Miguel Albuquerque, has said that the autonomous region of Madeira wants to keep this scheme effective for wealthy foreign investors.
As part of efforts to tackle the housing crisis in Portugal, the country terminated its famous Residency by Investment Program, but such a decision is not being considered an example to be followed by Madeira, SchengenVisaInfo.com reports.
The President of the Government of Madeira, Albuquerque, considered it ridiculous to turn everything back at this moment, adding that such a decision also has a negative impact on the economy.
“It is bad for the national economy. Nothing justifies Madeira being covered by this set of measures that are fundamentally aimed at Lisbon and Porto,” the President of the Government of Madeira, Albuquerque, said.
He considered that there is no good in the measures introduced from the perspective of those who believe that the State should interfere in private property, tell entrepreneurs what to do or should condition the market, adding that the Golden Visa program together with the Socialist government, which according to him in seven years has done nothing about housing.
Albuquerque said that the real country is not Lisbon adding that the More Housing scheme should listen to the zones and municipalities and also determine measures, based on their needs.
He confirmed that Madeira wants to keep the Golden Visa program, adding that it is good for the growth of high-income real estate.
The President of the Government of Madeira added that in order to counterbalance the pressure in this industry, the Regional Government has advanced with funds from the Recovery and Resilience Plan (PRR) for the construction of affordable housing for the middle class and young couples.
The Golden Visa scheme which permitted foreign nationals to acquire residency in Portugal if they made a financial investment was abolished last week, following a package of measures introduced to tackle the housing crisis.
Portugal is not the only European country that took such a decision this year. Earlier this month, the government of Ireland confirmed that its Immigrant Investor Programme (IIP), equivalent to the Golden Visa scheme was abolished.
Both countries’ Residency by Investment schemes contributed significantly to their economic sectors, however, many organisations including the EU called on all European countries that run such schemes to terminate them after reports that they are related to many illicit affairs.
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