Portugal Golden Visa update - the clock is ticking
The Portuguese Golden Visa Program was introduced in 2012 to encourage foreign investment in the country. However, in February 2023, the government announced that the program will be terminated for new applicants as a measure to tackle the country’s housing crisis. The announcement has caused confusion and uncertainty, with some investors rushing to apply before the program ends. In this article, we’ll provide a comprehensive guide on the termination process and what it means for investors.
When Will the Portugal Golden Visa End?
Although the government has announced the termination of the Golden Visa Program, the decision has not yet taken effect. The process involves a public discussion with relevant stakeholders, a new Meeting of the Council of Ministries, and a vote by Parliament. If approved, the proposal will be sent to the President, who may accept it or request changes.
It is important to note that current Golden Visa holders should still be eligible for renewal. However, the exact date of the termination is still unclear, and investors are advised to apply as soon as possible.
What Does the Termination Mean for Investors?
The termination of the Golden Visa Program means that new applicants will no longer be eligible for residency in Portugal through real estate investment. However, the Portuguese government has clarified that the new law will not apply retroactively to current applications and renewals. Applications and renewals will be accepted until the new law is published.
Pending applications and future renewals will transition to the D2 Entrepreneur’s Permit, which will have a reduced residency requirement of 7 days per year. This means that investors who have already applied or are in the process of applying for a Golden Visa will still be able to obtain residency in Portugal.
New applications for residence permits related to investments, support for artistic production, or the recovery and maintenance of cultural heritage in the country will still be accepted. This means that investors who are interested in these areas can still apply for residency in Portugal.
It is important to note that while the government has stated that current Golden Visa holders will still be eligible for renewal, some conditional renewals may apply for applicants who applied through the purchase of a real estate property in Portugal.
Navigating the Transition Period
The termination of the Golden Visa Program has caused uncertainty and confusion among investors. However, it is important to note that abrupt and disruptive measures are not commonly adopted in Portugal. Investors are advised to wait for the final approval of the changes to the Golden Visa Program.
However, investors who wish to apply for a Golden Visa before the changes come into effect can do so by securing their investment. Financial and immigration firms facilitating Portugal Golden Visa applications are urging those who wish to apply to do so as soon as possible.
The termination of the Golden Visa Program in Portugal has caused confusion and uncertainty among investors. While the exact date of the termination is still unclear, investors are advised to apply as soon as possible. Current Golden Visa holders should still be eligible for renewal, and pending applications and future renewals will transition to the D2 Entrepreneur’s Permit. Investors who are interested in other areas such as artistic production or the recovery and maintenance of cultural heritage in the country can still apply for residency in Portugal. It is important to wait for the final approval of the changes to the Golden Visa Program and to navigate the transition period by securing investments.