ISSUE 16§Other ways for qualifying for a Golden Visa included:transferring a minimum of €1 million to a Portuguesebank account; purchasing a minimum of €1 millionworth of shares; investing at least €1 million in aPortuguese company; or creating a minimum of tennew jobs for Portuguese citizens.for the economy in Portugal, it may have been at theexpense of the country’s denizens.This could ultimately prove to work to their advantage,however, if it pushes the government to focus ondirecting the wealth that has come into Portugal asa result of schemes like the Golden Visa back to localresidents.It’s easy to see why the program was so successful; itgave expats looking for a way to live or work in Portugalan easy way to obtain a visa, while ensuring largeinvestments in the Portuguese economy, bolsteringbusinesses, real estate, and creating new jobs, whileprotecting Portuguese culture and investing in thefuture development of science and technology.Wealth that is invested in the development of domesticindustrial infrastructure, enabling the country as awhole to rise as a stronger, wealthier country among itsEuropean neighbours.Yet it hinged on foreign investment and, inevitably,resulted in a lot of real estate being bought anddeveloped by foreign parties. While the property marketboomed, local residents struggled to keep up. So, whilethe Golden Visa has arguably done a great deal of good2 121
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