Portugal extends Residency scheme with Green Visas

The Portugal Parliament has approved the extension of the Residency scheme for Green Visas. It was approved by a majority of the lawmakers. The motion by the 2 far-left parties for ending the scheme was rejected.

Green Visas are a kind of Golden Visa programs. These have been criticized in Brussels for exposure of EU nations that operate them to risks of corruption.

The ruling Socialists in Portugal have said that they will not end the Visa program. It has resulted in stable cash flow by non-EU investors chiefly into real estate. This is majorly from Turkey, Russia, China, and the Americas. The addition of Green Visas was approved by the lawmakers while rejecting the proposal to end the program.

The environmental and PAN animal-rights party lawmaker Andre Silva said that it is crucial to reinforce an open and multicultural society. It is thus vital creating an extra scheme for attracting overseas investment of ecological nature, added Silva.

Overseas nationals will qualify for Residency in Portugal for the investment of minimum 500,000 Euros. This is in Renewable Energy, Ecotourism, Organic Agriculture and other environmental projects contributing to a reduction in carbon emissions.

The current scheme offers Visa-free travel through the Schengen Area in Europe and Residency for investments. This includes for creating jobs, setting tech firms, and property. Other nations in EU like Cyprus, Greece, Malta, and Spain also have similar programs.

 A report by the European Commission is scheduled to be published this week offering guidelines to member nations for managing such programs. It includes the background checks for applicants, as quoted by the News MB.

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