Andre Jordan speaks out on the recent political attacks on Portugal’s Golden Visa programme
Chamber member Andre Jordan, of Portugal’s Andre Jordan Group, known as the ‘father of Portuguese tourism’, was appointed an OBE by the Queen in 2021 for his services to the Duke of Edinburgh’s International Award.
Below he defends the role of Portugal’s Golden Visa programme in attracting new foreign investors and residents to Portugal.
DEMAGOGY AS AN INSTRUMENT OF POLITICAL ACTION
“I am sorry that two Portuguese women with brilliant careers, one a diplomat and a potential candidate for the Presidency of the Republic, and the other the leader of a high profile political party, have decided to exploit the ignorance of a large part of the Portuguese population by denouncing the economic impact of the country’s “Golden Visa” programme.
This programme grants residence permits to foreigners for five years, renewable annually, via the purchase of a property for a minimum value of 500,000 Euros. At the end of this period, they can apply for Portuguese citizenship, which is not automatically granted.
Contrary to what the two complainants allege, there is no fiscal “free” or “shame” here, but rather the opposite. The scheme creates new taxpayers, in terms of paying other related taxes, such as IMI. Often, once established in Portugal, the new resident also transfers his or her tax residence here, leading to much more tax being paid.
These Golden Visa investments represent an important contribution to the creation of new capital in Portugal, bringing new jobs, and impacting on commerce, banking, and many ancillary services, from medicine to law, to home services and the education of children.
I can confirm that there is no speculation on the part of these investors, – they buy for residence in Portugal or as a safe investment. It is also true that some of them transfer their companies (or part of them) to Portugal as well. This also makes a valuable contribution to various sectors of the Portuguese economy.
Since its creation, the Golden Visa programme, which also exists in several of our ‘competitor’ countries including Spain, has already brought in to Portugal investments totalling around 9 billion Euros.”
Article by André Jordan, December 2021