Investment exiting Portugal is the only way to clearly “explain” consequences to politicians.
Pedro Lino, chief executive of Optimize Investment Partners, which manages one of Portugal’s leading golden visa funds, said about 40 investors, mostly from the U.S. and Asia, had withdrawn their money since the start of the year due to the changes. That adds up to about €20 million ($23.1 million), and lawyers say thousands more investors are preparing legal action against the state.
“It’s a significant change that caused investor interest to cool off and triggered some redemptions,” Lino said in an interview with Bloomberg News after returning to Lisbon from a visit to the U.S., where he was promoting the program. “It’s a blow to Portugal’s reputation.”
“We continue to attract investment, but it’s less than last year and a few investors have decided to exit the program.”