Portugal’s PJ police have arrested eight people in connection with a multi-million-euro property scam known as Operation “Chave Dourada” (Golden Key).
The investigation began in July 2025, after foreign citizens with Residence Permits for Investment – commonly known as “Golden Visas” – reported that homes they owned in Portugal had been sold without their knowledge. The properties were not occupied, as the owners lived abroad.
Investigators quickly found that more victims were affected. The group allegedly used forged documents, including identity papers, powers of attorney and payment records, to carry out fake sales.
These documents were then presented to lawyers and solicitors, who authenticated them and submitted them online to land registry services under simplified administrative procedures, PJ police say in a statement. This allowed the properties to be officially registered in the names of buyers who, in many cases, had false or even non-existent identities.
Once the group had control of the properties and the registration titles, they changed the locks and moved quickly to sell them at prices below market value. Sales were often made through investors or real estate intermediaries.
In some cases, before selling the properties to unsuspecting buyers, the suspects transferred ownership again to another false identity, repeating the same fraudulent registration process to further conceal the scheme.
The money obtained was then channelled through a complex laundering system. This included buying and selling luxury vehicles, as well as moving funds through multiple bank transfers between accounts linked to companies controlled by the group.
According to investigators, the main suspect had no known legitimate income and relied entirely on profits from the scheme. He allegedly directed the activities of the other suspects, who acted under his instructions.
As part of the operation, police carried out 10 searches, both residential and non-residential, in the Lisbon area, in the presence of judicial authorities and legal representatives.
Authorities seized a large amount of evidence, including high-end cars, cash, fake documents, and computer and telecommunications equipment.
So far, several properties have been recovered, along with significant financial gains from the fraudulent sales. This includes a bank balance of around €1.5 million.
The suspects, aged between 26 and 62, are due to appear for their first judicial interrogation, where the court will decide on the appropriate measures to be applied.
