ARI PROGRAM - SUSPENSION OF THE ANALYSIS OF APPLICATIONS OF RUSSIAN CITIZENS

On Saturday the 26th, the Portuguese Ministry for Foreign Affairs, stated that SEF would pre-emptively suspend the analysis of the applications of Russian citizens, issued under the current residence permit for investment program.

The Minister clarified that this decision was taken since the sanctions´ regime approved by the European Union following the current situation is "dynamic." The Minister added that "It is very likely that more Russian citizens linked to the Russian regime will be sanctioned in the coming days”.

Following such announcement, no further information was provided by the Portuguese government or by SEF on this matter. We expect to receive additional information about this temporary suspension in the coming days.

It is highly credible that, as the Minister has mentioned before, this suspension´s aim is to halt the process for all Russian investors that are in the process of obtain the Residency Permit, while the list of sanction Russian national is not divulged by the European Union, as a way to safeguard the effect of such sanctions.

There is currently no indication that this decision will be converted into a ban for Russian citizens to access the ARI Program, nor that the suspension will be maintained once the Portuguese Government has more clarity regarding the list of sanctions.

Mercan Properties will continue to follow-up on this matter and will update this announcement as soon additional information is made available.

Finally, we, at Mercan Properties would like to extend a vote of solidarity to all, and we remain, even so more now, fully committed to assist our investors, agents, and partners with any and all support we are able to provide.