Portuguese Deputy Prime Minister Paulo Portas said the government was willing to "improve" and "perfect" the golden visa residency scheme on Thursday.

"This government is willing to perfect and improve the (gold visa) system, which is relevant to bring investment and generate growth and employment in our country," Portas told the parliament.

"Putting an end to this program, as the PCP (Portuguese Communist Party) seems to want to do, is a mistake that will be immediately taken advantage of by other countries that compete with us in the same sector," Portas added.

Portas said the country didn't have the conditions to "throw away investment," following criticism by opposition parties regarding the scheme.

The golden visa scheme started in 2012, giving wealthy investors the chance to reside in Portugal as well as visa-free travel in the Schengen zone if they invest 1 million euros (1.25 million U.S. dollars) in capital, purchase real estate worth of 500,000 euros or create at least 10 jobs in the country.

Portugal has so far granted foreigners 1,775 gold visas.

Last week, 11 including three Portuguese senior officials were detained on suspicion of corruption, money-laundering and embezzlement, linked with the gold visa scheme.

Portugal has just ended a 78-billion-euro bailout program with its international lender -- the European Commission, the International Monetary Fund and the European Central Bank -- in May this year. Endit

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