Funds slam end of Golden Visas
The Portuguese Association of Venture Capital (APCRI) has slammed the ‘blind termination” of the country’s Golden Visa programme.
It says that Portugal is a country that needs to attract a lot of overseas capital (Portugal lacks own capital) and says that the Government’s decision to end the Authorisation of Residency for Investment (ARI) – known commonly as the Golden Visa – is having and will have disastrous consequences”.
“Portugal needs to attract a lot of overseas capital to boost its economic and business development” and the end of the Golden Visa should “only be restricted to real estate and not to preventing foreign investment in companies”, states the APCRI.
The association has already alerted the Secretary of State for Finances, João Nuno Mendes for the “disastrous consequences” of scrapping the Golden Visas not just for the real estate option of the programme as announced by the Government in February when it announced its ‘More Housing’ programme, but also for other options.
These options are: a) the creation of companies and jobs, b) support of scientific and technological research and development, c) artistic sponsorship, and d) capital investments in funds and venture capital aimed at the capitalisation of Portuguese companies.
The APCRI points out that “Portugal needs to attract a lot of foreign capital to boost the economic, social, cultural, business, and scientific and technological areas of the country”, and Portugal’s “lack of capacity in attracting international investors to venture capital which is still well below the European average.”
According to the APCRI, international investors (including the European Investment Fund) represent 37.8% of funds netted, while the European Union average is 72%.