The Golden Visas destined for tourist developments, created 2790 jobs until 2022. With the new measures, Portugal loses an investment in Tourism in the order of 600 million euros
Residence Permits for Investment Activities – ARI – known as Golden Visas, created 2790 jobs within the scope of tourist developments and by 2022. The data was advanced to the Portuguese agency news Lusa, by the Portuguese Association of Residential Tourism and Resorts (APR).
According to the Portuguese Association of Residential Tourism and Resorts, quoted by the Lusa agency, the Government’s announcement of the extinction of Golden Visas in the foreseen manner and for investment in tourism, led to the cancellation of projects in typically tourist areas and in the interior of Portugal. This Association underlined that “investments in tourist projects canceled after the announcement of the end of the ARI, worth 600 million euros, would create 1,570 additional jobs, direct and indirect, in tourist areas or inland”.
The Portuguese Association of Residential Tourism and Resorts – APR – alleges that the arguments presented by the Portuguese Government, within the scope of the More Housing measures, are unfounded. Pedro Fontainhas, executive director of APR and in statements to the Lusa agency, underlined that “the arguments that ARI in tourist developments do not create jobs and are not channeled to the interior are obviously unfounded, just as the conjectures of that ARIs contribute to rising prices, favor money laundering, or are prohibited by the European Commission”.
In the voice of the APR, “the complete extinction of the ARI under the Mais Habitação program, without protecting investments in tourist developments, is a measure with serious economic and credibility impacts for Portugal, disconnected from the reality of the country and its regions, and extemporaneous”.
The Portuguese Association of Residential Tourism and Resorts presented to the Government several proposals for amendments to the legislation that revokes golden visas, and which included several measures, including the revision of the minimum amount necessary for investment in a tourist product to be eligible for obtaining a Residence Permit for Investment Activities, ARI.
In global terms, the Golden Visa Portugal Program, created in October 2012 with the aim of attracting foreign investment to the country. In 2023, between January 1st and February 28th and according to official data from the Foreigners and Borders Service, the investment raised through this Program surpassed the barrier of 55.2 million euros.
