golden visa Portugal -
https://www.investgoldenvisa.com. CTG has built up its stake to 23 percent since then. It also bought a 49 percent stake in EDP's unit EDP Renewables for 359 million euros in late 2012 and invested 2 billion euros buying minority stakes in wind energy projects.
The Cypriot and Maltese governments have two months to take action. Without meaningful changes, the commission could refer them to the bloc's Court of Justice and ultimately it can ask the court to impose penalties. ($1 = 0.8467 euros) (Reporting by John Chalmers and Francesco Guarascio; additional reporting by Chris Scicluna in Valletta; Editing by Alex Richardson)
Millennium bcp - China's Fosun International bought a 16.7 percent stake in Portugal's largest listed bank in 2016. It has subsequently raised its holding to 27 percent, which is worth around 1.2 billion euros at current market prices.
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Victoria Li, who has spent the past five years working for Chinese companies coordinating real estate investments in Portugal for Chinese residence-seekers in Europe, is doubtful that Chinese investors would consider other options.
EDP - China Three Gorges bought a 21 percent stake in late 2011. It paid 2.7 billion euros for the stake, a premium of 53 percent at the time. CTG beat Germany's E.ON and Brazil's Eletrobras in the privatisation dictated by the terms of the country's bailout.
Malta's Finance Minister Edward Scicluna said on Tuesday the country was replacing its current scheme with a new programme that would introduce tighter vetting of applicants, who will have to be residents of the islands for a year before their applications can be considered.
The European Commission said the decision was taken because the two member states granted nationality - and thereby EU citizenship - without requiring "a genuine link with the country", as passport holders were not obliged to reside there.
China's state-owned international investment company CNIC holds a five percent stake in EDP, which it has acquired in the market since 2015. It last raised its holding by two percent at the end of last year. The two state-owned companies' stakes are counted towards one holding by the Chinese state.
LISBON, May 14 (Reuters) - Chinese companies have become major investors in Portugal, first drawn by cheap assets at the time of the country's 2011-14 bailout by the European Union and IMF, and now involving a $10.8 billion offer for all of power utility EDP.
Cyprus said last week it was suspending its citizenship-for- investment programme, ditching a scheme the government had acknowledged was open to abuse after an investigation by Al Jazeera, a media outlet.
Many wealthy Chinese have also moved to Portugal, taking advantage of the country's "golden visa" scheme that allows foreign individuals to buy property valued at 500,000 euros ($600,000) or more in return for residency.
BRUSSELS, Oct 20 (Reuters) - The European Union's executive said on Tuesday it was launching legal action against Cyprus and Malta over their investor citizenship programmes, also known as "golden passport" schemes.
The Socialist government announced over the weekend a range of guidelines for its second term in office, one of them outlining plans to review the programme with the intention of spreading investment across the country.
Chinese investment through the golden visa programme dropped 11% in the first nine months of 2019, in line with a slowdown in foreign direct investment from China across Europe. In contrast, investment from Brazilians rose by 46.5%.
Under the scheme, applicants have various investment options, including putting 250,000 euros into arts and culture, 350,000 euros into scientific research, or simply creating 10 jobs in Portugal through investing in a local company.
The commission has refrained from launching legal actions against EU states that sell residence permits, also known as "golden visa schemes", without requiring investors to stay in the country for a meaningful period, despite a European Parliament resolution urging such a move.
LISBON, Oct 28 (Reuters) - Portugal's government is to review its 'golden visa' programme which grants residence to non-EU foreign investors with a view to redirecting such investment from a red-hot property market in big cities to depopulated areas in order to create new jobs.
"People aren't interested in investing in anything beyond houses," she told Reuters. "It's too risky, they don't see potential for growth in sectors beyond tourism. They are doing this for the visa for them and their children, not for the investment."
The "Authorisation of Residence for Investment Activity" policy, commonly known as the golden visa programme and aimed at foreigners ready to invest 250,000-500,000 euros in Portugal, has attracted 4.8 billion euros ($5.3 billion) of investment since its launch in 2012.
However, 90% of this investment has gone into the property market, sending house prices soaring and contributing to the growing issue of rising rents for locals in the two main cities, Lisbon and Porto.