One out of ten golden visas were refused by SEF Portugal during the first 5 months of this year , according to data provided by SEF. This was revealed by Dinheiro vivo.
Until May 2018, the SEF refused 112 applications for golden visa scheme. 726 new visas were approved, representing investments worth over 431 million euros, 22.6% less than in the same period.
Thus the current refusal rate for Portugal golden visa is 10% which is till bit high. In 2016 the UK visa refusal rate was at all time high at 14.4%.
The amount of investment raised since the start of the ARI program now stands at € 3.84 billion .
Um em cada 10 pedidos de visto gold foi chumbado este ano https://t.co/L8n1H5KrP0 pic.twitter.com/9GEDFzbiT7
— Dinheiro Vivo (@dinheiro_vivo) June 9, 2018
The news report also highlights growing risks of the tax evasion and money laundering in Portugal.
The OECD also sees these programs as an open door to tax evasion. In February it launched a consultation in which it drew attention to gaps in the standards used by banks to record customer information when they are beneficiaries of residence by investment. They allow, for example, not to declare all places of residence for tax purposes, limiting the exchange of information with tax authorities.
The European Commission recently announced such schemes will be monitored and a report will be published by the end of the year.
Read more at: dinheirovivo.pt (in Portuguese only)
