Ending golden visas across the country "is scandalous"

The President of the Government of Madeira classified this Monday (July 10, 2023) as "scandalous" the decision of the Republic to end golden visas, with application to the entire country, announcing that he will insist on a proposal for an exception for the autonomous regions.

"I think it is scandalous that this centralist decision has been applied to the whole country," the head of the Madeiran executive (PSD/CDS), Miguel Albuquerque, told the Lusa news agency.

The Government's proposal to end new residence permits for investment in housing was approved last Thursday, in the Assembly of the Republic, with the favorable votes of PS, BE and PCP. The rule revoking residence permits for investment, known as golden visas, was one of the proposals contained in the More Housing program .

"Golden visas were only in force in Madeira for one year"

The President of the Madeiran Government, Miguel Albuquerque, pointed out that "golden visas have only been in force in Madeira for one year, unlike Lisbon and Porto which have been in force for more than 10 years".

For the Madeiran Social Democrat leader, the situation in this autonomous region "is completely different from what happens in Lisbon", adding that "measuring the consequences and motives according to the Lisbon gauge is wrong".

In view of this decision by the Assembly of the Republic, which rejects the exception regime for the autonomous regions, the Regional Government will "make a proposal in this regard", he announced. Miguel Albuquerque argued that this decision "greatly harms foreign investment", which is important for the regional economy.

Extra tax on AL is "ridiculous"

Miguel Albuquerque also considered "ridiculous" the extraordinary tax on Local Accommodation (AL), also approved in the Assembly of the Republic and which determines that the revenue generated in the autonomous regions revert to the coffers of the archipelagos, adding that Madeira will also present a proposal for exception.

"It's another scandal. But this is the socialism we have, Jacobin, centralist, which does not take into account the realities of the country," he said.

The island governor assured that Madeira "is not interested" in this source of revenue because it has been betting "on lowering taxes", contrary to what happens at the national level. "Last year we had a tax burden on the continent, thanks to socialism, the highest ever - 36.6% of GDP (Gross Domestic Product), in Madeira it is 28% - because we understand that the economy works if we return money to families and companies and people have the right to have their business, earning your money in local accommodation and this money circulating in society and being reinvested, is not to be captured by the State machine", he emphasized.

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