Changes to the "golden visas" will not damage Brazilian investments in Portugal

Unlike the Portuguese program, Brazilian golden visas have had little demand.

Unlike the Portuguese program, Brazilian golden visas have had little demand.

  |  Divulgação

The Portuguese Secretary of State of the Economy said today that he is sure that the changes in the rules for granting "golden visas", approved by the Assembly of the Republic, will not affect the investments of Brazilian citizens in Portugal.

"Of course [that the investments will continue]. Brazilians are in a phase of rediscovering Portugal and maybe we are rediscovering Brazil ourselves. We have so many opportunities that it will not be for this reason that we will no longer have investments by Brazilians in Portugal," said João Neves when questioned by Lusa on the subject at the Portuguese Chamber of Commerce, in the city of São Paulo, in Brazil.

"When making a decision, there are always aspects that can be understood as positive and negative. The 'golden visas' are an instrument of exceptional nature, they have never been the center of the investment attraction policy in Portugal", he added.

The Portuguese Secretary of State made a brief trip to the South American country, which started in Rio de Janeiro and ends today in São Paulo, where he was present in two meetings with businessmen.

The first event took place at the headquarters of the largest business association in the country, the Federation of Industries of the State of São Paulo (Fiesp), and the second at the Portuguese Chamber of Commerce, where he presented the Government's investment attraction plans and also talked about the benefits of business partnerships between Brazilian and Portuguese companies.

According to João Neves, the change in the golden visas is a "signal to the market" that the Government would like "these investments to be directed towards ongoing opportunities outside the Lisbon and Porto areas".

The limitation in the granting of "Golden visas" to real estate investments in municipalities of the interior or in the autonomous regions of the Azores and Madeira was approved this month, in the discussion of each individual section of the State Budget for 2020.

The secretary of state said that Brazilian businessmen didn't ask him questions about the changes in the "golden visas".

"The approved law determines that some regions of Portugal are no longer eligible for access to the 'golden visas', but there is much more territory to explore. We have a lot of diversity, we have things that, from the point of view of these investments, are capable of valuing better in the future than the opportunities in Lisbon and Porto", defended the government official.

"The opportunities have not come to an end, they are different, and we are very interested that this movement spreads across the country", stressed the member of the Portuguese Government.

João Neves exemplified that people who plan to go, for example, to Lisbon or Cascais due to the real estate market do not need "golden visas", as this type of investor already knows the country and, in recent years, they also got to know better its real estate market.

Brazil is the second country with the largest number of "golden visa" concessions issued in Portugal, surpassed only by China.

In January, the Foreigners and Borders Service informed Lusa that investment from Brazil increased by 6.3% last year, compared to 2018, to a total of 158,1 million euros (210 'golden' visas).