Portuguese foreign minister Paulo Portas, on Monday, promised residency permits to all who will invest in Portugal. This is considered as part of their strategy to invite more non-European investors to their country.
Cities in Portugal may witness more Indian investors.
Visit to India
During his visit to India, Portuguese foreign minister Paulo Portas extended the offer of residency permits to Indian realty investors who decide to invest in Portugal.
Strategic Advantages
Highlighting the strategic location of Portugal, Portas noted that this would effectively open the doors of Europe to Indian realty investors. Moreover, investment in Portugal is expected to provide access to the entire European Union countries.
Golden Residency Permit
Portugal has already approved the golden residency permit, which allows non-European citizens full access across the European countries in the Schengen area. To qualify, the investor must either invest in real estate or start up an industry in Portugal.
Crisis Recovery
Portugal, which is struggling to recover from a financial crisis, is actively seeking Indian investments to aid in its economic revival. Portugal is one of the first European nations to be hit by the financial crisis.
Investment Criteria
According to the golden residency permit, residency permits will be granted to those who invest €1 million in the country. Additionally, those who invest half a million euros in the real estate sector or start a business will also receive residency permits. The objective of attracting foreign investors is to create more job opportunities in Portugal.
Meeting in New Delhi
While addressing a meeting in New Delhi, organized by the Confederation of Indian Industry (CII), Portas explained this policy to a group of businessmen.
Similar Policies
Similarly, British Prime Minister David Cameron visited India last month and proposed a comparable policy to Indian investors, inviting them to invest in Britain.
Future Prospects
Portugal’s move to tie visas to investment will facilitate worry-free access to Europe. This residency permit may also lead to the possibility of gaining permanent residence and Portuguese citizenship in the future.
Early Adopters
Indian investors have already begun taking advantage of this policy, which became effective in January 2013. Portas stated that one of the first residency permits was given to an Indian who invested in the travel and tourism sector in Portugal.