Following a ministerial meeting held on 16 February 2023, the Portuguese Government presented a package of measures to respond to various concerns within the scope of the housing policy in Portugal. In this context, the measure of apparently ending the Portugal Golden Visa program was grafted. Nevertheless, despite these statements, the Golden Visa program will not be scrapped. The Portuguese parliament made a decision on 19 July 2023 to revamp the program, resulting in alterations to the eligible investments that qualify for the scheme. Specifically, real estate investments - both direct and indirect - will no longer be considered eligible for the program. To see more details on this, you can consult our article here: Golden Visa Ending: Everything We Know So Far.Currently, investors can still apply for Golden Visa real estate related investment options under the current legislation. However, if you are interested in this investment option, you should begin your application now.
19 July Update: The Golden Visa Will Not Come to an End
On 19 July, the Assembly of the Republic of Portugal convened and approved the final version of the Mais Habitação bill, introducing significant changes to the Golden Visa regime. Notably, all real estate investment options, whether direct or indirect, will be eliminated under the new law. The main implications of this legislation are as follows:
- Pending SEF (Foreigners and Borders Service) applications will be assessed based on the laws in effect at the time of their submission.
- The minimum stay requirement to maintain residence permits will remain at an average of 7 days per year.
- Renewals of residence permits will follow the same initial rules as before.
- Family reunions will be granted under the same terms as primary applications.
- Investment routes involving real estate and capital transfer will no longer be eligible.
- The law will become effective the day after its official publication.
- €500,000 in collective investment structures, such as funds not directly or indirectly related to real estate.
- Setting up or investing in existing companies, creating jobs, and making a minimum investment of €500,000.
- Donations and other contributions related to artistic and/or scientific domains.