Porto mayor says city ‘forgotten’ in Golden Visa policy

Rui Moreira

The Mayor of Porto, Portugal’s second largest city, believes that his town has been left out of the Golden Visa policy, as businessmen applying for the program are mainly looking at investing in Lisbon and the Algarve region. Speaking to reporters after a week-long visit to Macau, Rui Moreira said that Porto “has remained forgotten” in the implementation of the Golden Visa scheme, which has allowed non-EU businessmen to invest in Portugal while being granted a residency permit and access to the Schengen area markets.
“Our feeling is that, when it comes to the Golden Visa and [other policies launched] to attract investment, Porto has been forgotten. It’s not for me to say why, but indeed when we assess this further, the way it has been handled addresses Lisbon and the Algarve or Douro regions in particular. But it has not yet reached Porto, I don’t know why” he explained.
Through the Golden Visa scheme, non-EU citizens are granted a residency permit in Portugal if they choose one of three investment options: acquiring real estate with a minimum value of EUR500,000; transference of capital equal or higher than EUR1 million; or founding of a company providing at least 10 job positions.
Since its inception, the Golden Visa program has been dominated by investors from mainland China (see also page 2).
Rui Moreira said that they are responsible for changing this trend, leading future investors consider Porto as an option. He recalled that the hospitality industry is growing in Portugal’s second largest city and, as such, tourism is seen as a sector that could be further expanded.
“There’s a set of buildings available and, reasonably, we would like Chinese businessmen to make this investment, attracting a particular audience,” he added. He stated that while Porto manages to provide very interesting hotels, there is also “room for growth” in the tourism and hospitality industry.
Porto is one of Macau’s twin cities, but the city’s mayor stated that the agreement signed in 1997 has never been properly explored.
Visiting Macau following an invitation from the local government, Mr Moreira and members of Macau’s administration discussed opportunities for future cooperation, focusing on specific areas such as tourism, urban rehabilitation, creative industries, environment and water treatment matters.
Business cooperation between Porto and Macau could be enhanced within the creative industries, he said, as well as in entrepreneurship initiatives that utilize hi-tech resources developed by the University of Porto. “In this sense, we have a competitive advantage,” he said.
During his time in Macau, Porto’s mayor also paid a visit to authorities in neighboring Shenzhen, where they signed a cooperation agreement. Shenzhen and Porto have already established business ties, as companies in the Chinese city have been indirectly supplying products to Porto, including optical fiber.
The agreement draws on a wealth of cooperation pacts to strengthen bilateral relations on trade, tourism, harbor services, wine production, football, and exchange study programs.
Rui Moreira met yesterday with the government’s spokesperson Alexis Tam. During his visit in Macau, Porto’s mayor also met with the Chief Executive and other government officials.

CE due to visit Portugal next year

The mayor of Porto has invited Macau’s Chief Executive to visit the city next year. Rui Moreira told reporters yesterday that they are expecting Macau’s leader to agree to the visit. Porto’s mayor is hoping that Chui Sai On will be able to visit the city next Spring, although it depends on arrangements between the local authorities and the government in Portugal. He added that Macau’s leader has previously shown an interest in visiting the city.