Portugal’s Judicial Police are investigating bribery in the Paulo Portas 'Golden Visa' scheme for rich foreigners.
The enquiry is looking closely at those senior officials who have the power to decide on the allocation of these valuable visas, and those estate agents that have been acting illegally.
According to the police there already are strong signs of corruption in the handing out of these visas for non-EU immigrants who make property investments for sums over €500,000 in return for a range of tax advantages that many locals have started to resent, viewing the scheme as one that offers unfair and advantageous tax treatment for those with more money than those already resident in Portugal and shouldering an ever-increasing tax burden.
The Golden Visa fraud investigations are focusing on two areas; officials involved in handing out the visas, and complicit real estate agencies in the top-end areas in Lisbon, Cascais and the Algarve.
Implicated are senior executives in the Ministries of Justice, Internal Affairs, the Security Information Service, the Foreign and Borders Service (SEF) and the various real estate companies.
The Judicial Police have been investigating those it suspects of involvement in kickbacks and money laundering for several months, in close, efficient coordination with the Central Department of Investigation and Penal Action.
Golden visas were created in October 2012 with the aim of attracting foreign investment. The scheme has boosted the growth of the top-end real estate sector, but may have led those that have abused the system down that path to huge fines and prison.
