The ARI – Authorisation for Residence through Investment – scheme saw a 49 percent fall on the €921.31 million generated in 2014.
There was continuity in the target of such investment with both years seeing the bulk of the investment, €418.08 million in 2015, going into real estate, with €48.18 million generated through capital transfers.
The drop in fast track visa revenues stems in large part to the police operation Labyrinth that went public in November 2014 and allegedly involving fraud in the awarding of such visas.
This led to a redrafting of the rules that saw 766 visas granted over the course of 2015, down from the 1,526 handed out in 2014.
Since 8 October 2012, when the scheme was enacted, and through to the end of 2015, a total of 2,788 gold visas have been awarded resulting from investments of €1.69 billion with €1.53 billion stemming from property investments.
However, throughout much of 2015, the visa scheme was effectively suspended due to the impact of bringing in new rules and regulations and the lack of an appropriate framework in the meanwhile.
Whilst the new measures came into effect on 3 September 2015, there remain no official figures for visas awarded under the auspices of the new framework.
The ongoing operation Labyrinth saw five of eleven defendants remanded into custody over alleged corruption and the resignation of the then Minister of Internal Affairs, Miguel Macedo.