Many Chinese ‘Golden Visa’ holders feel let down a deceived by the Portuguese government which they feel has not kept its side of the bargain.
Investors from China who have spent a minimum of €500,000 on a property to qualify for a range of tax and travel benefits, annually have to reapply for visas, under the terms of the Golden Visa scheme, but these are taking a disproportionate amount of time to be approved.
Portugal’s Foreign and Borders Service has denied that admitted processing delays mean visas are taking as long as a year and stated in response that "by the end of this year renewals will be resolved" and that the allegation was "mistaken."
Holders of Golden Visas need to come to Portugal for at least seven days each year but Chinese property owners wanting to return to renew residence permits have had to join the queue for normal visas despite their preferred status.
"We have already made the investment, we are tired of waiting and people feel cheated," said property entrepreneur Jiaojiao Yao in an interview on TSF radio, adding that the corruption scandal that discredited the whole scheme has given "a terrible image of Portugal."
The president of the League of Chinese in Portugal, Y Ping Chow says he is aware of hundreds of similar cases and that investors say the government is guilty of "fake propaganda" aimed at Golden Visa candidates.
"The minimum investment was €500,000, but I have friends who have spent €2 or €3 million, and groups who have invested €10 or €15 million," all of whom are suffering SEF delays and some already have started to sell off their assets in Portugal.
The SEF still refused to admit the delays are taking a year, but admitted to, "some delay in renewals".
In a classic government tactic, a working group has been set up to speed up the renewal process and the SEF management guarantees that "by the end of this year, renewals will be updated."
The Chinese are by far the largest group to take advantage of the Golden Visa programme which started in October 2012. By the end of September 2016, 2,879 Golden Visas had been issued to Chinese citizens of the 3,888 issued in total.
The Chinese and other non-EU nationalities have spent €2.14 billion on high end property to the delight of estate agents.
