We have two reliable industry sources now claiming that the popular Golden Visa program being operated by Portugal is being abused in the same illegally-discounted manner as the unfolding scandal involving Saint Kitts and Saint Lucia CBI/CIP sales, meaning that there are agents reportedly manipulating contracts, pricing, and loan information. Given that we have not, as yet, seen any hard evidence that this is occurring, we caution all companies in the investment migration industry, local agents, independent lawyers representing applicants, and financial institutions that are accepting deposits to immediately initiate a due diligence inquiry, to confirm that all transactions to which they are a party, even indirectly, to insure that there is no fraud or deception, and it is strongly suggested that they obtain an Opinion of Counsel in confirmation.
We note that some of the companies that have been linked to the sale of illegally-discounted contracts of Saint Kitts and Saint Lucia CBI have now ceased to sell Caribbean region economic citizenships, and have now shifted their focus to Portugal's Golden Visa residency program, and any such transactions by these firms should be closely examined to determine whether they are in strict compliance with the laws and regulations governing Portugal's Residency by Investment program. We will be conducting our own investigation, and will report back forthwith.
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