Golden Visas and NHRs net Portugal €15Bn

 In News

Since their introduction in 2012, Portugal’s Golden Visa scheme and Non-Habitual Residents programme has netted Portugal €15Bn in revenues.
Luís Lima, President of the Portuguese Real Estate and Estate Agent Professionals (APEMIP) says that the two schemes helped lift Portugal out of the recession and has slammed calls by left-wing parties to add further taxes on property.
“It is undeniable that the Non-Habitual Residents tax regime (NHR) has brought investment to Portugal, it has helped to restore city centres, has generated employment, and brought money into the country, both via direct taxes such as the IMI and IMT property taxes and through indirect taxes” he said.
Luís Lima estimates that around 80% of foreigners that have benefitted from the NHR regime have bought property in Portugal which in direct investment alone represents around €9-11Bn for Portugal.
“If this isn’t bringing advantages to the country then I don’t know what is” he told the weekend newspaper SOL.
He went on to say that Portugal’s Golden Visa scheme had bagged Portugal €4Bn since it was introduced in November 2012.
“To claim as the Bloco Esquerda party is saying that the NHR regime has lost Portugal €432 million in taxes and cannot see any advantages in the argument for is completely false and they obviously have short memories and have forgotten the stagnation and crisis that the real estate sector went through” he added.