Portugal’s government to moderate the proposed changes to the Golden Visa program

What's happened? The Portuguese government has published the final version of the "More housing" bill, which includes some significant changes to the "Golden Visa" program. The proposed version will be considered by the country's parliament in the coming weeks. Opponents of change can breathe a sigh of relief: the authorities have relented on several key points.

The situation. Originally the government announced a possible termination of the «Golden Visa» program back in November 2022 and later proposed that all applications submitted after February 16, 2023 should not be valid. However, no exact dates or amendments had been settled.

And now the key provisions were finally presented:

The law should not have retroactive effect. This means that the program will remain open for new applications until new legislation is published.

Valid golden visas will be converted to a D2 visa, but without the 183-day stay requirement. Initial Golden Visas that have not yet been issued, as well as current Golden Visas up for renewal, will be converted to D2 (entrepreneur) visas. However, their holders will not be subject to the 183-day annual presence requirement in Portugal that normally applies to the D2 visa class. However, the Government is offering to maintain a minimum seven-days-a-year regime for such visa holders.

Investor visas will continue to be available for cultural investments. The government is now proposing to allow investment based residence permits to individuals who invest in support of "artistic production and the recovery or maintenance of cultural heritage." Such investments will require the approval of one or more competent authorities, which will conduct a review of the adequacy of the investment. These are the Portuguese Agency for Investment and Foreign Trade, the Development Bank, the Agency for Competitiveness and Innovation and some others.

What to expect? In the coming weeks, the Parliament of Portugal will consider the law. According to immigration lawyers familiar with the parliamentary agenda, there are at least 45 days left before its possible entry into force. Therefore, investors still have time to apply in order to take part in the program.

Source: Investment Migration Insider

Photo by Liam McKay on Unsplash

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