For years, the Portugal Golden Visa program has been a popular option for non-EU citizens seeking residency in the country. The program, which grants residency to investors who meet certain criteria, has boosted Portugal’s economy, bringing in millions of euros in investment each year. However, 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. It was in this context that the measure of apparently ending the Portugal Golden Visa program was grafted.

However, with this said, the Golden Visa program will not come to an end. On 19 July 2023, the Portuguese parliament voted to restructure the program. There will simply be changes to what type of investment will qualify for the scheme – namely, real estate investments are no longer eligible for the program.

The latest update, from 21 August, is that the Portuguese President has vetoed the Mais Habitaçāo Bill, meaning that it will now be sent back to Parliament to be reassessed. 

In this article, we’ll take a closer look at the latest announcements and what it means for current and future investors.

 

21 August Update: Portuguese President vetoes the Mais Habitacão Bill  

After thoughtful consideration and well-built argumentation, the Portuguese President, Marcelo Rebelo de Sousa, vetoed the “Mais Habitação” Bill. This Bill is intended to address the housing issue in Portugal and includes the end of the real estate investment path within the Golden Visa program. 

What happens now?

The Bill will be sent back to the Parliament to be reassessed on the topics raised by the President. The veto can then be overturned by the Parliament through a new voting process. The Assembly is currently on summer recess and should reconvene on 6th September, where discussions around the Bill will be taken up again. The Socialist Party can vote on the Bill again without changes, with a simple majority.  However, given the President’s clear warning that the Bill is, as of now, inefficient, it is fair to anticipate a new debate. 

How long do investors have to invest in real estate under the Golden Visa? 

It is hard to predict an exact time, but it is fair to assume that investors have until the end of September to invest in the real estate pathway of the Golden Visa.  

To note 

If and when the new Golden Visa law passes, eliminating direct or indirect real estate investment options, the program will continue to exist. The types of investment are as follows:   

  1. €500,000 in collective investment structures, namely funds and others not directly or indirectly related to real estate 
  2. Setting up or entering the share capital of existing companies, alongside the creation of jobs and a minimum investment of €500,000 
  3. Donations and other types of liberalities under artistic and/or scientific domains 

Prior to this, the Assembly of the Republic of Portugal convened on 19 July and gave its approval to the final version of the Mais Habitação bill, which included significant changes to the Golden Visa regime. Notably, all real estate investment options, whether direct or indirect, will be eliminated under the new law.

Alongside the investment options mentioned above, the key implications of this legislation are as follows: 

  • All pending SEF (Foreigners and Borders Service) applications will be evaluated according to the laws in place at the time of their submission 
  • The minimum stay requirement for maintaining 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 are guaranteed under the same terms as main applications 
  • Investment routes related to real estate and capital transfer are no longer eligible 
  • The law will take effect the day after its official publication 

Note that investors can still apply for Golden Visa real estate related investment options under the current legislation.

 

How Global Citizen Solutions Can Help You

The Portugal Golden Visa program is not ending, but the option to invest in real estate is, and this is your final chance to apply for this investment route. The law, as of today, remains in force, but we cannot, at this stage, guarantee how long the eligibility for real estate investment will last.

If you have decided to seize this final opportunity here’s what we can do for you.

  1. Firstly our onboarding team can help you obtain your personal Portuguese tax number (known as a NIF) in two days. We can then open a bank account or an escrow, which takes between two to four weeks.
  2. Alongside this, your will meet your immigration and legal team to discuss your personal and family circumstances and help you gather all the documents required for your application.
  3. Our investment teams will help you familiarize yourself with the market and assist you in understanding all the eligible options for the program, which includes real estate, investment funds, and cultural projects.

You’ll have three teams working in parallel to help you streamline your application while coordinating with each other. To provide you with an example, we will ensure that you won’t make the investment until all your documents and preparations are ready for your application to be viable and ready to be submitted.

Main applicant

Spouse or partner

Child or parent

Passport

Address

Occupation

Tax identification

Clean criminal record

Certificates

Note. Tax identification, criminal record, and certificates need to be legalized.

In times like these, time is of the essence. Global Citizen Solutions can ensure that your Golden Visa application process is a smooth one.

Start your application today and secure your Portugal Golden Visa. Click here to see how we can help you with your Golden Visa application.

 

Can I Still Apply for a Golden Visa?

Yes, you can still submit your Golden Visa application, but if you are interested in applying for the real estate option, you should begin your application now, as this investment option will not be eligible under the new law.

The current law, as of today, remains in force, but we cannot, at this stage, guarantee how long the eligibility for real estate investment will last.

 

The Future of the Portugal Golden Visa Program

The Golden Visa program will not come to an end. On 19 July 2023, the Portuguese parliament voted to restructure the program. There will simply be changes to what type of investment will qualify for the scheme – namely, real estate investments – both direct and indirect – are no longer eligible for the program. The latest development is that the President has vetoed the Mais Habitação Bill and sent it back to Parliament to reassess.

 

Golden Visa Ending: Fact Check

Portuguese law

To date, nothing has changed. On 16 February, the Portuguese government proposed a change to the law that would end the Golden Visa program.

A proposal is not the law. The Parliament is the only body that can vote to amend the law, and only the President of Portugal can ratify it. Parliament has voted to keep the Golden Visa, albeit ruling out real estate investments. Until this happens, Portuguese law stands. At present, the President has vetoed the Mais Habitação Bill and sent it back to Parliament, deeming it to be inefficient, and Parliament will now reassess it.

After all the necessary steps are completed, the final proposal is sent to the Diário da República for official publication, taking effect on the day following publication. From then on, the new law stands. 

When could a new law come into force?

It is difficult to estimate whether the next steps will take place fairly quickly or suffer from various obstacles that delay the outcome of this proposal, making it impossible to accurately anticipate the exact deadline for each of them to take place. 

Can I still apply?

Yes, you can still apply for the Portugal Golden Visa. If you are interested in investing in the real estate option, you should begin your application now before the new law comes into force.

Frequently Asked Questions about the Portugal Golden Visa Ending

Is the Portugal Golden Visa really ending?

The Golden Visa program will not come to an end. On 19 July 2023, the Portuguese parliament voted to restructure the program. There will simply be changes to what type of investment will qualify for the scheme – namely, real estate investments are no longer eligible for the program.

On 21 August, the President vetoed the Mais Habitação Bill and sent it back to Parliament, deeming it to be inefficient, and Parliament will now reassess it.

When is the Portugal Golden Visa program officially ending?

The Golden Visa program will not come to an end. On 19 July 2023, the Portuguese parliament voted to keep the program but with significant modifications. There will be changes to what type of investment will qualify for the scheme – namely, real estate investments are no longer eligible for the program.

On 21 August, the President vetoed the Mais Habitação Bill and sent it back to Parliament, deeming it to be inefficient, and Parliament will now reassess it.

It’s hard to tell if the next steps will happen quickly or face delays, making it impossible to predict exact deadlines.

What should investors do if they are currently in the process of obtaining a Portugal Golden Visa?

These new measures will only apply to new applications. All applications that have already been filed, even if not yet pre-approved, are not affected by this change in the law. Under the Portuguese Constitution, a new law cannot have retroactive effects. SEF (Portuguese Immigration and Border Force) are obliged to follow current Golden Visa legislation. This is why it is business as usual, and you can still apply for the Golden Visa.

Can I still apply for the Portugal Golden Visa?

Yes, you can still apply for the Golden Visa. If you are interested in applying for the real estate option, you should begin your application now. 

Contact the team at Global Citizen Solutions, who can help with your application process. What can be done today in terms of your application? The team can begin gathering the documentation needed for obtaining your NIF and opening your bank account in Portugal.

Will current Golden Visa holders be affected by the end of the program?

All pending SEF (Foreigners and Borders Service) applications will be evaluated according to the laws in place at the time of their submission 

Will there be a new investment program to replace the Portugal Golden Visa program?

The Golden Visa is not going to come to an end. However, the new law will rule out real estate investments as an eligible investment option.

On 21 August, the President vetoed the Mais Habitação Bill and sent it back to Parliament, deeming it inefficient. Parliament will now reassess the Bill.

Can there be retroactive effects?

Under the Portuguese Constitution, a new law cannot have retroactive effects.