I have a question for those who participate in the PGV program through investments with Mercan - are there those who have ALREADY received their first residence card - did everything go according to plan, is everything okay?
If there are those with an experience of re-obtaining a residence permit WITH Mercan (so called extension of residence permit; obtaining a second residence permit after the expiration of the first one) please share briefly how it was.
It is important for me to understand whether everything is going well for those who participate in the PGV program through Mercan’s investments. I can’t find actual info about final result as first/second residence card for Mercan clients, and this worries me as I am at the beginning of the process.
Some Mercan clients have been using a separate mailing list to share updates of a more private nature. Of those who have been updating the status spreadsheet, six have received their first residence cards between December 2021 and June 2022, and another three (including me) have completed their biometrics appointments. That’s out of 20 who have submitted their applications to SEF between November 2020 and November 2022.
As with everybody else, the process is taking much longer than we had expected. Hope this helps.
Some of the projects are questionable. How does a new hotel in Lagos, Algarve qualify for the min. 280k euro capital investment? It doesn’t appear to be in rehabilitation and location is definitely not low density. I even worked out where construction site is - it’s literally just behind the marina de lagos!
I haven’t seen a copy of the subscription agreement but some earlier posts suggests that the investment is made via debt/Promissory Note. How does this model fall under a fund or commercial property? I have reasons to believe investor will not meet the GV eligibility requirements. Happy to be proved wrong. Has any one here worked out how Mercan is bypassing this? @Olga
I couldn’t find a CMVM number for Mercan and they don’t use “FCR” suffix - which implies a fund. Is there a transfer of deed/part deed taking place as part of purchase>?
Some of the projects are questionable. How does a new hotel in Lagos, Algarve qualify for the min. 280k euro capital investment?
Sorry, I have no idea, but I’m sure you can ask the Mercan representatives directly.
I haven’t seen a copy of the subscription agreement but some earlier posts suggests that the investment is made via debt/Promissory Note.
The GV investor buys a fractional share of the land, hires Mercan to build the hotel, and then leases it to Mercan to operate. The repurchasing terms are specified in the build-lease contract.
I have reasons to believe investor will not meet the GV eligibility requirements.
I’ve personally already received pre-approval and completed my biometrics appointment, so my particular investment did seem to qualify.
To my understanding, A new building(not renovation on an old building ) in ARU(Urban Rehabilitation Area defined by Gov) , is also the same as rehabilitation.
Algarve itself is low-density even though some cities in it are not. but it should be consider in region concept instead of city, a court decision in January 2021 define that the Algarve is low-density.
So if you have more info about the qualification of Mercan Algarve projects, pls let me know ,i am going to pay mercan in near future. thanks.
To my understanding, A new building(not renovation on an old building ) in ARU(Urban Rehabilitation Area defined by Gov) , is also the same as rehabilitation.
Algarve itself is low-density even though some cities in it are not. but it should be consider in region concept instead of city, a court decision in January 2021 define that the Algarve is low-density.
So if you have more info about the qualification of Mercan Algarve projects, pls let me know ,i am going to pay mercan in near future. thanks.
Because we use real names and locations in that mailing list. That in turn allows us to talk a bit more about personal tax situations and such without being too exposed.