An IMGW News Report
Portugal has launched an investigation into the activities of several venture capital funds linked to Golden Visa applicants from North Asia, Southeast Asia, and the Middle East. The probe follows complaints from lawyers familiar with the sector, according to Schengen.News.
The inquiry focuses on allegations that some Golden Visa funds have been offering investors a “guaranteed buyback agreement.” Such agreements promise applicants the return of their full investment upon the fund’s maturity while securing permanent residency. A “buyback agreement” typically involves a seller agreeing to repurchase a property at a predetermined price if certain conditions are met. While common in real estate, the legality of fund managers or third parties offering these arrangements remains uncertain. The main concerns are the legal frameworks governing these funds and the entities promoting such agreements.
This investigation comes one year after Portugal’s President, Marcelo Rebelo de Sousa, enacted the ‘More Housing’ bill, introducing significant changes to the Golden Visa Programme. Notably, the real estate investment route—once the scheme’s most popular option—was removed to address the country’s housing crisis. Despite this, other investment routes under the programme remain available.
Interest in the Golden Visa Programme continues, despite scrutiny over alleged irregularities. Political uncertainty in the United States, particularly with Donald Trump’s return to the political stage, has led to a significant rise in US citizens exploring second passport options. Portugal, Malta, and Greece have seen a surge in enquiries from American investors seeking alternative residency and citizenship pathways. According to the Agency for Integration, Migration and Asylum (AIMA), family applications for Portugal’s Golden Visa rose from 1,588 in 2022 to 2,901 in 2023, while individual applications increased from 1,281 to 1,554.
As Portugal evaluates the legality of guaranteed buybacks, the Golden Visa scheme’s appeal remains strong among global investors seeking stability and opportunity.
