TNAG-1223-FCO40-1533-Relations-between-Hong-Kong-and-Macau-1983 — Page 47

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MACAU: PROPERTY SALES AND RESIDENCE RIGHTS

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2.

Thank you for your letter of 3 February.

7

Robert Cottrell's story in the Financial Times attracted some attention in the Portuguese press as well. Correio da Manha of 26 January quoted from it extensively, and added some detail.

3.

The Trafalgar housing project is part of a general campaign to attract investment in Macau. The Hong Kong Chinese newspaper "MingPao" apparently published in December copies of a speech by President Eanes, and letters from the Portuguese Prime Minister, Pinto Balsemao, and the Vice Prime Minister, Freitas do Amaral to John Wu, Managing Director of Trafalgar and Director of the Macau based Portuguese Association of Investments, promoting foreign investment.

4.

The appeal for investment is based on new conditions established by Decree Law 233/82 of 18 June 1982 which amended the new nationality law (Decree Law 264-B/81 of 3 September 1981) to take account "of foreigners who, still not resident in Portugal, are already resident in Macau". (I attach a copy and a translation.) As I understand it the law entitles those foreigners who have a residence in Macau to apply for Residence in Portugali if they have certain specified investments in Portugal. The law does not mention the Taipa development specifically, but as Robert Cottrell says those who invest may apply for naturalisation after six years, and in this case residence in Macau will be deemed equivalent to residence in Portugal. A list of suitable investments and amounts will be revised annually. The list includes Portuguese treasury bonds, and investment in Portuguese companies or property. Alternatively foreign currency can be deposited in the Portuguese Caixa Geral de Depositos, but this alternative is only valid for one year.

Removal of investment means loss of residence rights. The law was followed by a protocol between the Government of Macau and the Servico de Estrangeiros, which deals with immigration, which took effect on 15 January 1983

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