The entity states that the end of the ARI (Residence Permit for Investment, better known as golden visas) "for tourist units, in particular, is an erroneous and extemporaneous measure that appears just one year after the last review and barely three or four months after it was passed in parliament".
According to the entity, this measure, included in the Government's Mais Habitação plan, could lead to "the immediate suspension of investments of more than 600 million euros and, consequently, the creation of more than 1,000 jobs, which some of the associates of the APR had forecast for the next two years".
At the same time, according to the APR, the measure could generate the "loss of the contribution of each new foreign investor in the Portuguese economy, which, after 5 years, is about 6 times the value of its initial investment".
According to data released by the association, last year, when "it was already impossible to invest in ARI for housing in urban centers, 534 million euros of investment were raised, that is, a potential of more than three billion euros to five years", they highlighted, guaranteeing that "this is equivalent to 1.3% of the national GDP [Gross Domestic Product]" and 18% of the Recovery and Resilience Plan (PRR).
Disconnected with reality
The APR understands that "the complete extinction of the ARI would be a measure with serious economic and credibility impacts" for the country, "disconnected from the reality of the country and its regions, and extemporaneous", adding that "worse would be to end suddenly and completely with the ARI".
"We would potentially be hitting, in a potentially irreparable way, essential sectors for Portugal that need foreign private investment - tourism, energy, health, logistics, among others - in the medium term, since the State does not have the capacity to respond, not even with the PRR".
At the same time, "taking into account how recent the last changes to the regime are, the overwhelming majority of the investments that have been carried out since its entry into force are still in the development and/or construction phase", and the introduction of immediate change would "make it unfeasible or at least imply a high loss of income in many of these projects still under development".
Last week, Pedro Fontainhas, executive director of APR, told Lusa that the organisation disagrees with the announced end of golden visas and asked the Government for "reflection" to carry out studies.
Typical of the far left, in Portugal or elsewhere, to despise the rich and successful to the extent of cutting their noses off to spite their faces. The end of the Golden Visa will lead to job losses and lower incomes for those who provide services to Golden Visa holders - as cleaners, estate agents, restaurants, tradespeople. This undesirable result happens when political dogma and fanaticism trumps common sense and reasonableness.
By Billy Bissett from Porto on 09 Mar 2023, 12:40
The lefties always have a loud voice as the media will always amplify, as I always say in my home country (SA). Governments should look after their tax payers, but democracy eventually leads to them pandering to the net recipients of the tax payer funded benefits
By Andy Rissik from Lisbon on 09 Mar 2023, 14:25
Totally agree with @Billy Bisset.
But then again, that's what Socialists want, isn't it?
- NO ONE else is allowed to even try and do better than you do. Meritocracy is a lie.
- We should ALL be EQUALLY POOR and miserable. And if anyone else does any better, they are either chastised or shunned for even considering to try and do better for themselves.
Has a Socialist ever considered that if EVERYONE tried to better themselves, perosnally and economically, they would collectively raise the standard of the country automatically? Or are they too lazy to think that way and would just rather do the bare minimum to get by?
By Michael Veiga from Lisbon on 09 Mar 2023, 14:30
Socialists this socialists that. Do you people even know what you're saying? Of course not. Your intelligence is obviously extremely low and you just babble about stuff like sheep and regurgitate redundant "opinions".
By Jeff BB from Beiras on 12 Mar 2023, 22:14