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Large investors, who allocated millions of euros to Portugal through the Gold Visadecided to pick a fight with the Agency for Integration, Migration and Asylum (AIMA). At least 35 of them filed a lawsuit with the Tax Administrative Court, in Lisbon, demanding urgency in issuing the residence cards to which they are entitled. According to lawyer Catarina Zuccaro, who represents the investors, some have been waiting for the documentation for four years. The judge responsible for the case issued the notification to AIMA on Wednesday afternoon (10/23).
The Golden Visa was announced by the Government of Portugal as a guarantee for Portuguese nationality. In other words, anyone who invested from 500 thousand euros (R$ 3 million) in the purchase of properties in the country would have the right, after five years, to obtain Portuguese nationality. “There are cases of investors who each invested 6 million euros (R$36 million) in the purchase and revitalization of old properties in Lisbon and Porto, but they are being treated with disregard”, says the lawyer. “These investors are paying taxes in the country and spending on property maintenance, as they cannot even sell them”, he adds.
According to Catarina, investors who feel harmed by AIMA’s slowness complain that the lack of documentation is harming family members, as their children would like to study at Portuguese universities, but are prevented from enrolling. She says that, until then, the Administrative Court had been refusing actions against AIMA filed by Gold Visa holders on the grounds that there was no urgency to issue the documents, as many do not live in Portugal — they are forced to spend a few days per year in the country. “But now, understanding is starting to change”, he emphasizes.
Expensive card
Each citizen card for Visa Gold investors costs 5.4 thousand euros (R$ 32.4 thousand) compared to 56.58 euros (R$ 339) for immigrants from countries in Community of Portuguese Speaking Countries (CPLP) and 397 euros (R$2382) for other citizens. All investors individually paid 533.90 euros (R$3.2 thousand) for analyzing the documents. The group defended by Catarina Zuccaro includes investors from Pakistan, the United Arab Emirates, Saudi Arabia and China. “Their dissatisfaction with this situation is great. After all, they followed all the requirements defined by the Government and paid dearly”, he says. Golden Visas for investments in real estate are over, but It is still possible to invest in companies and funds de private equity.
Not total, it is estimated that close to 400 thousand cases are pending at AIMA. To try to unlock them, the Government launched, last June, a package of measures, including the launch of 15 new AIMA centers to assist immigrants, of which only those in Porto and Braga have not yet been opened. When contacted, AIMA did not respond until the publication of this article, but the space remains open for any position.
