Lisbon won’t extradite Chinese investor with ‘golden visa’

Portugal on Tuesday refused to extradite a Chinese investor with a so-called “golden visa” who has been sentenced to 10 years in jail for corruption in his home country, the LUSA news agency reported.

The man, in his 40s and the subject of an international arrest warrant, was arrested in March.

But a judicial source told LUSA that the crimes of fraud and breach of trust for which he was convicted in China had no equivalent in Portugal.

In a bid to attract foreign capital, Portugal began awarding “golden visas” in late 2012 to foreigners who invest 500,000 euros ($675,000) for at least five years.

The visa offers free movement throughout Europe’s 26-nation Schengen Area.

Responding to criticism in the case, the Portuguese government said the arrest warrant had not yet been issued when the visa was awarded.

Lisbon hopes the programme will generate more than 500 million euros in foreign investments this year.

Last year Portugal issued 471 of the visas to investors — most of them from China.