British financial crime expert defends end of ‘gold’ visas in Portugal
According to the Foreigners and Borders Service (SEF), in nine years almost 6,200 million euros were raised through this instrument, most of it corresponding to the purchase of real estate.
British journalist Oliver Bullough said this Monday that the ‘gold’ visa system in Portugal no longer makes sense to overcome the financial crisis, because it may seem that people want to hide money from taxes.
“I can see [os vistos ‘gold’] in circumstances where the economy for political reasons, after the crisis, but not “it continues, now for political reasons” [o país] no longer need” foreign investment in this way, saidough to Agência Lusa, during a presentation in London of the book “Butler to the World”.
“Perhaps you can be forgiven during a crisis, but normal times are very difficult to explain. Who is the type of person who will buy visas? We know, because we can see who they are. People who have business ideas can get views in other ways,” argued the British journalist.
The Residence Permit for Investment (ARI) granting program was launched in October 2012 during the sovereign debt crisis.
According to the Foreigners and Borders Service (SEF), in nine years almost 6,200 million euros were raised through this instrument, most of it corresponding to the purchase of real estate.
Expert presents gaps in the British financial system in book
After living in Russia for several years, Bullough has published several books on financial crime, money laundering and tax evasion, namely “Moneyland” in 2018 and now “Butler to the World” [Mordomo do Mundo].
In moving gaps in the legislative and UK systems that allow for UK financial transactions and operations, there are various gaps in the legislative and financial systems moving.
“An example of ‘golden visits’ for rich countries that want to move to the UK”, like Portugal, Greece or Italy, he writes.
Bullough cites a study by the British Migration Program Consultative Commission which it examined in 2014 and concluded that “while it was beneficial it was not beneficial to the UK as a whole, at the same time inequality and at the same time beneficial therefore, social problems”.
The scheme was only implemented in February, when it became known that for years it was used by recognized companies and family members of oligarchs, which suspended men from studies or family institutions.
They all met Russian President Vladimir Putin.
Bullough considers the impact of the ‘golds’ on the British economy to be questionable.
“Applicants creating ‘gold’ visas do not come to the UK for wealth companies, they come to avoid taxes and scrutiny,” the book states.
The European Commission today asked Member States for countries to “immediately revoke” citizenship-by-investment regimes, golden passports, and control residency regimes, ‘gold’ visas, programs with “increased risks” due to Ukraine.
Recalling that “European citizenship or access to Russian countries is fundamentally supported by some European countries or those who support shelter in Ukraine having acquired citizenship or access to the EU” throughout these regimes, Brussels asks Europeans to bear “the risks to the EU” ” withdrawing concessions from these oligarchs.
The Portuguese Government guaranteed that the citizen with the “gold” list Portugal was part of the Russian visa of the European Union (EU) at no time seen in the European Union (EU).