After reading the letters in the Algarve Resident of February 15 about the worries and concerns of the new golden visa scheme, I thought that the other side of the story needs to be told.
I understand the concerns of some of your readers of this new scheme but, looking on the positive angle for Portugal, it can only help the country as a whole.
The government launched this to encourage more investmentinto the country which, during the recent economic issues Portugal has had to deal with can only help the situation.
We must also remember that for each and every client wanting to invest in this scheme, they must submit paperwork showing absence of criminal conviction and have to spend at least seven days each year in the country.
Viewing this scheme from our own view point, since the introduction of this new legislation we have already sold four properties to families in both China and Russia, who intend to live here full time and have already toured the local international schools to ensure their children can be educated in English.
Remember we, as EU citizens, can easily travel throughout the world; spare a thought for the Chinese and South Africans, for example ,who have no such freedom. For them they often have to apply for specific visas every time they want to travel.
Now they have the same option as us, buy in Portugal, enjoy it, travel freely in Europe and be rid of the corruption of their own countries.
So far these four clients have generated over three million in investment and have paid IMT/buying costs of around €180,000, plus they will boost the economy when they are here.
With other countries like Spain likely to follow suit, I am of the firm opinion the Portuguese Government have been swift to act, have set up an efficient process and instigated a scheme that will benefit them, existing residents and the new residents who have significant spending power.